#IoT Insurance Market report

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IoT Insurance Market - Forecast (2022 - 2027)

The Global market for Iot Insurance is forecast to reach $3,123.3 million by 2026, growing at a CAGR of 18.7% from 2021 to 2026. IoT-Connected insurance uses the data from internet-connected devices and telematics to improve the understanding of risks. It is a new approach that is based on use of sensors and digital technologies to monitor the state of an insured risk transforming rough data in usable and actionable information. Advances in IoT insurance can improve the productivity, overall profitability of the business and the risk profile of the portfolio. Through IoT, insurers can better connect with customers adding important touch points in particularly sensitive phases like acquisitions and claims. It is observed that automation can cut the cost of the claims process by as much as 30% and IoT connected devices have helped some life insurance and health insurance companies lower their premiums by as much as 25%.

Report Coverage

The report: “Iot Insurance Market– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Iot Insurance market. By Type – Health Insurance, Life Insurance, Property and Casualty Insurance and Others. By Application – Life and Health Insurance, Home and Commercial Buildings, Automotive and Transportation, Business and Enterprise, Consumer Electronics and Industrial Machines, Travel, Agriculture and Others. By Geography - North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle East and Africa)

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Key Takeaways

Advances in IoT insurance can improve the productivity, overall profitability of the business and the risk profile of the portfolio.

IoT technology presents opportunities for insurers to reduce and mitigate losses, improve underwriting and enhance personalization of products and services.

Automation in insurance can cut the cost of claims process by as much as 30%

North-America is expected to hold a significant share in the IoT Insurance market due to growing awareness and faster adoption of IoT technology.

IoT Insurance Market Segment Analysis - By Type

The most important type of insurances are life insurance and health insurance which accounted for 44% share combined in 2020. Life insurance is something that pays out a sum of money either on the death of the insured person or after a set period. On the other hand health insurance covers the cost of hospitalization, visits to the doctor’s office and prescription medicines. The rising usage of digital technologies in this sector will drive market growth.

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IoT Insurance Market Segment Analysis - By Application

IoT insurance is applicable to almost all industries like automobile, manufacturing, agriculture, healthcare, hospitality, retail, finance, transportation and smart homes and buildings. Automotive industry is one of the industries most benefited after introduction of IoT. IoT devices such as in-car sensors, smartphones, and smart appliances can send insurers data on product usage and driving habits among other behaviours. In turn, this data will be fed into AI algorithms that allow insurers to offer risk based pricing and other popular services.

IoT Insurance Market Segment Analysis – By Geography

North America held the largest market share at 35% in 2020 among regional markets due to increasing awareness and rapid implementation of IoT in various industries in countries in this region. In addition, rising use of smart devices which deliver real-time insights to allow insurance companies in this region develop advanced insurance solutions. And also presence of international players in this region such as Google LLC, Microsoft Corporation, IBM and other drives the market in this region.

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Iot Insurance Market Drivers

Mitigation of risk

In traditional method, insurers have used proxy data to identify the risk of loss for an asset. Internet of things (IoT) gives insurers access to real-time, individual, observable data on an asset’s risk of loss. This data is directly actionable for risk pricing and mitigation. IoT sensors monitor the behavior and actions which are causative of risk so that insurers can create algorithms based on observed behavior directly to pricing models. In this way insurers can similarly leverage this data for risk mitigation by providing timely and specific feedback to customers.

Rising demand for cloud services

The insurance industries dealing with huge volumes of sensitive data and documents are ready to integrate cloud technology in to their digital eco system. It enables insurers to use their IT resources more efficiently, reducing the cost of acquiring and maintaining infrastructure. Cloud based applications change the way of creating and delivering their products and services, managing risks and claims, collaborating with channel members and partners and communicating with customers, agents and brokers. Thus, cloud services in the insurance industry helps drive the market growth.

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Iot Insurance Market Challenges

Data privacy and security

Data privacy and security is utmost important when it comes to technology. IoT comes along with cyber-risks, in fact, much more than any other technology. Meaningful customer engagement would require the insurer to collect and process data at each point, facilitated by IoT. Without establishing the trust it would be difficult to obtain personal data from customers. A significant amount of data is generated from the application of connected devices from wearable devices to connected homes and telematics devices in smart vehicles. Most of the customers are skeptical about their personal data remains secured and how it is utilized by insurers.

Iot Insurance Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Iot Insurance market. The Iot Insurance market is dominated by major companies such IBM Corporation, SAP SE, Oracle Corporation, Google Inc., Microsoft Corporation, Cisco Systems Inc., Accenture PLC, Verisk Analytics Inc., Concirrus, LexisNexis.

Acquisitions/Technology Launches/Partnerships

In Oct 2020, LexisNexis and Yonomi Smart Home have joined forces to develop an innovative turnkey home insurance internet of things (IoT) solution. It includes a smartphone app that participating policy holders can download the app which uses smartphone and device sensors to find common IoT devices in the home, which creates a data feed to LexisNexis risk sloutions.

In May 2019, Concirrus and willis Re, has entered in to strategic partnership to transform speciality re-insurance products by leveraging data from internet of things (IoT).

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Alternative Data Market Size, Status and Forecast 2030

Alternative Data Industry Overview

The global alternative data market size was valued at USD 7.20 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 50.6% from 2024 to 2030. The key drivers attributed to market expansion include the significant increase in the types of alternative information sources over the last decade. While web scraping and financial transactions are the most common sources, the emerging sources, including mobile devices, social media, satellites, sensors, IoT-enabled devices, and others, are gaining wider popularity. As such, the companies are actively expanding their offering by gathering information from all such sources.

The rising demand from hedge funds is expected to boost market growth significantly. More than half of hedge fund managers are now using it to gain a competitive edge by generating outperformance and supporting the risk management processes. More than 400 companies are engaged in selling alternative data to hedge funds, thereby contributing significantly to market revenue. Alternative data refers to the undiscovered which is not within the traditional sources such as SEC filings, financial statements, press releases, and management presentations. It is compiled from various sources such as e-commerce portals, public records, social media, financial transactions, web traffic, mobile devices, sensors, satellites, etc.

Gather more insights about the market drivers, restrains and growth of theAlternative Data Market

Applying specific analytics to this compiled set yields additional insights that were previously unknown, and are used by investors to evaluate investment opportunities. As this new information is a crucial differentiator that contributes to the alpha (market outperformance), the buy-side entities, such as hedge funds, mutual funds, private equity funds, pension funds, unit trusts, and life insurance companies, are actively using it to build fundamental investment models to outperform the market.

Alternative data, compared to the usual financials gathered from traditional sources, is difficult to utilize in strategic plans. It is often unstructured, lacks specific patterns, and is collected very frequently. Thus, the investors need expert personnel and various technologies, including analytics platforms, fluid data architecture, data science, and testing tools, to leverage the meaningful information from it. Further, Artificial Intelligence (AI) tools, such as machine learning and Natural Language Processing (NLP) are gaining popularity for analysis. AI-enabled processing increases information generation and helps to extract hidden patterns. As such, AI-based analytics tools are anticipated to boost the growth of the market for alternative data over the forecast period.

While most companies utilize various sources and tools to gain insights and predictive capabilities, regulatory constraints are expected to be the primary challenges for the market players. The increasing emphasis on regulations such as California Consumer Privacy Act (CCPA) and the General Data Protection Regulation (GDPR), along with other privacy regulations, pose threats to some of the alternative data sources. For instance, sources such as mobile devices, social media, and mobile application usage often conflict with consumer privacy issues. Any dataset that companies analyze needs to be completely free from Personal Identifiable Information (PII). Therefore, the providers’ compliance with privacy policies is a crucial factor for sustaining the market.

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The global natural language processing market size was valued at USD 27.73 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 40.4% from 2023 to 2030.

The global mobile application market size was valued at USD 252.89 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 14.3% from 2024 to 2030.

Key Companies profiled:

1010Data

Advan

Dataminr

Earnest Research

M Science

Preqin

RavenPack

Thinknum Alternative Data

UBS Evidence Lab

YipitData

Key Alternative Data Company Insights

Some of the key players operating in the market include UBS, M Science LLC, and RavenPack.

UBS provides data-driven insights by harvesting, cleansing, and connecting numerous data items across various specialized areas. The company provides insights for more than 1,000 companies of all sizes on a subscription basis to its Evidence Lab Innovations platform subscribers. UBS offers insightful datasets across more than 55 specialized products. The company’s various types of alternative data offerings include geospatial data, pricing data, sentimental data, social media data, and transaction data, among others.

M Science LLC is a data-driven research and analytics firm that provides critical customer insights to leading financial institutions and private & government corporations. The company integrates data science and technology, and financial models to transform raw data into actionable insights, enabling its customers to make smarter and more informed decisions. It caters to automotive, consumer durables, internet & telecommunication, and media industries.

Thinknum Alternative Data and Earnest are some of the emerging alternative data companies.

Thinknum Alternative Data organizes, processes, and analyzes public data from the web and offers over 300 companies (across the globe) unique real-time insights. The company’s clients include hedge funds, universities, internet companies, and investment firms. Its clients access these datasets via an Application Programming Interface (API) and User Interface (UI). A few critical datasets include job listing sites, LinkedIn profiles, and Facebook followers, among others.

Earnest is a data analytics company that provides critical information on consumer spending habits to government agencies, corporations, management consultants, and institutional investors by utilizing real-time data. The company uses tools for fundamental analytics of retail pricing, healthcare claims, consumer spending, and foot traffic to offer structured datasets with clear and correlated signals. These datasets are computed to understand national health trends and consumer habits.

Recent Developments

In April 2023, Thinknum Alternative Data launched new data fields to its employee sentiment datasets for people analytics teams and investors to use this as an 'employee NPS' proxy, and support highly-rated employers set up interviews through employee referrals.

In September 2022, Thinknum Alternative Data announced its plan to combine data Similarweb, SensorTower, Thinknum, Caplight, and Pathmatics with Lagoon, a sophisticated infrastructure platform to deliver an alternative data source for investment research, due diligence, deal sourcing and origination, and post-acquisition strategies in private markets.

Order a free sample PDF of the Alternative Data Market Intelligence Study, published by Grand View Research.

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Food Refrigerated Warehousing Market: Global Industry Analysis

Introduction to Food Refrigerated Warehousing Market

The Food Refrigerated Warehousing Market plays a critical role in ensuring the safety, quality, and longevity of perishable goods across the global food supply chain. These warehouses use advanced refrigeration technologies to store food products at optimal temperatures, preventing spoilage and maintaining freshness. The market is witnessing significant growth due to increasing consumer demand for frozen and refrigerated foods, technological innovations in cold storage facilities, and the expanding global food trade. Additionally, the rising focus on food safety regulations and sustainable storage solutions is driving the adoption of energy-efficient refrigeration systems.

The Food Refrigerated Warehousing Market is Valued USD 25.1 billion by 2024 and projected to reach USD 88.9921366690256 billion by 2032, growing at a CAGR of 15.1% During the Forecast period of 2024-2032.. Cold storage facilities serve as an essential component of the supply chain, particularly for perishable goods such as dairy, meat, fruits, and vegetables. The market has seen a strong surge, driven by advancements in cold chain logistics, increasing globalization of the food trade, and improved energy-efficient storage solutions. Growing urbanization and the expansion of e-commerce for grocery products further bolster this sector.

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Major Classifications are as follows:

By Type

Vapor Compression

Evaporative Cooling

Blast Freezing

Others

By Temperature Range

Chilled (0°C to 15°C)

Frozen (-18°C to -25°C)

Deep-frozen (Below -25°C)

By Application

Bread

Meat

Dairy

Beverages

Fruits & Vegetables

Seafood

Key Region/Countries are Classified as Follows:

◘ North America (United States, Canada,) ◘ Latin America (Brazil, Mexico, Argentina,) ◘ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia) ◘ Europe (UK,Germany,France,Italy,Spain,Russia,) ◘ The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South

Key Players of Food Refrigerated Warehousing Market

Trenton Cold Storage, Nichirei Logistics Group, Partner Logistics, Oxford Cold Storage, Kloosterboer, Nordic Logistics & Warehousing, Conestoga Cold Storage, Cloverleaf Cold Storage, Congebec, Burris Logistics, Hanson Logistics, Interstate Cold Storage, Henningsen Cold Storage, and Others.

Market Drivers in the Food Refrigerated Warehousing Market

Growing demand for frozen and perishable foods: Consumers are increasingly relying on frozen products, driving the need for enhanced cold storage infrastructure.

Technological innovations: Automation, IoT, and energy-efficient refrigeration systems are revolutionizing the sector.

Global food trade expansion: Increased export and import of perishable food items across the globe necessitate reliable cold storage facilities.

Market Opportunities in the Food Refrigerated Warehousing Market

Expansion of e-commerce for food delivery: The surge in online grocery shopping has increased demand for cold storage solutions.

Sustainability and green storage technologies: Companies focusing on energy-efficient and eco-friendly storage solutions can tap into a growing market of eco-conscious consumers.

Emerging markets: Countries in Asia-Pacific, Latin America, and Africa present lucrative opportunities as cold chain infrastructure develops in these regions.

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Market Opportunities of Video Telematics Market

Expansion in Emerging Markets: Increasing demand for fleet management solutions in emerging economies presents a significant growth opportunity.

AI-Powered Innovations: The integration of AI and predictive analytics can revolutionize fleet safety and efficiency, offering new business models.

Partnerships with Insurance Companies: Video telematics offers insurers a way to monitor driver behavior, reducing risk and allowing for dynamic pricing models.

Conclusion

The Food Refrigerated Warehousing Market is evolving rapidly, driven by increasing demand for frozen foods, technological innovations, and global trade expansion. While the industry faces challenges related to energy consumption and high infrastructure costs, the opportunities for growth, especially in emerging markets and e-commerce, are significant. Sustainable, efficient, and technology-driven solutions will likely define the future of this market.

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How Technology is Revolutionizing Fund Support Solutions 

Fund support solutions often include investor onboarding, managing shareholder relations, conducting financial audits, integrating digital commerce, market research, creating multimarket funds, and managing debt conversion. As the banking, financial services, and insurance (BFSI) sector rapidly expands, stakeholders are increasingly adopting the latest fintech innovations to optimize these processes. This post explores how technology is revolutionizing fund support solutions. 

Understanding the Scope of Fund Support Solutions 

Risk analysis and developing effective portfolio strategies require in-depth market research, company profiling, and rigorous due diligence. Consequently, the demand for fintech that facilitates automation is growing globally. Numerous fund support solutions have also emerged to simplify fund admissions, automate investment research, and provide comprehensive feasibility reports. 

To scale operations effectively, global bankers, financial advisors, and auditors must explore technological integrations while maintaining consistent accounting practices, round-the-clock fund management, and high data quality. Moreover, technologies that track evolving policies on taxation, sustainability disclosures, and wealth management are essential for minimizing compliance risks. 

How Technology is Revolutionizing Fund Support Solutions 

1| Forecasting Fund Performance 

Predictive analytics uses historical data combined with machine learning (ML) to predict a fund's future performance. These predictive tools help in risk assessments, enabling portfolio managers to make balanced investment decisions. As a result, financial professionals can enhance their screening and profiling processes, leading to more accurate reporting. 

Prescriptive analytics, an advanced stage of predictive technology, uses artificial intelligence (AI) to recommend risk management and portfolio diversification strategies. However, implementing such technologies requires robust fund data solutions, as high-quality datasets are critical for generating accurate AI recommendations. 

2| Real-Time Data Streaming and Edge Computing 

Real-time data streaming and edge computing technologies capture data near its source as soon as an event occurs, providing immediate insights to relevant devices for fund support solutions. This approach enables access to higher-quality datasets, as edge computing can filter data based on relevance or other criteria before dissemination. 

While related to the Internet of Things (IoT), these applications focus on tracking market trends, company activities, media coverage, and risk exposure. Enhanced decentralized processing capabilities also reduce the workload on central servers for financial advisory firms. 

Furthermore, companies need to collaborate with auditors, safety inspectors, and compliance assessors who may require instantaneous data delivery through custom streaming platforms. Real-time access to a company’s operations, accurate accounting, and legal compliance bolsters investor confidence. However, while implementing this technology in public companies is straightforward, it can be more challenging for private enterprises. 

3| Blockchain and Smart Contracts 

Technologies like blockchain and smart contracts create secure, unchangeable databases that record transactions, ownership, contracts, and partnerships. Blockchain technology can reduce transaction times by minimizing the need for extensive cross-verification, which typically delays high-value transactions through traditional banks. 

This shift promises a faster transition to transparent financial management. At the same time, blockchain can streamline fund operations and investment support, benefiting all BFSI stakeholders. By promptly reflecting fund changes, blockchain and smart contracts support informed wealth management decisions. 

Conclusion 

Regardless of the specific role within the financial sector—whether it’s investment research or sustainability auditing—modern technology enhances record-keeping, data sharing, and risk assessment, contributing to more effective fund support solutions. 

For example, Deloitte has demonstrated the benefits of integrating blockchain technology with private equity operations and tax evaluations, highlighting how limited partners (LPs) can gain from tokenized share ownership. 

Similar initiatives are gaining traction among regulators and private companies worldwide, pointing toward a promising future for fintech applications. 

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A Strategic Approach to Material Handling Equipments Procurement Intelligence

The global material handling equipments category is anticipated to grow at a CAGR of 5.85% from 2023 to 2030. Key factors driving the growth of the category include innovations in technology and the incorporation of Industry 4.0 into logistics infrastructure and warehouse management systems, growing need for expedited delivery, improved warehouse operations, and effective order fulfilment. In addition, the category is also being fuelled by rising e-commerce combined with shifting customer preferences is advancing last-mile delivery robot capabilities, and growing industrialization and the need for automation in material handling machinery. However, costly initial outlay for the purchase and upkeep of the product offered in the category places limitations on companies, especially small and medium-sized ones (SMEs). This may hinder the growth of the category during the forecasted timeframe.

Robotics & automation, internet of things (IoT) & data analytics, smart & connected systems, artificial intelligence (AI), digitization, and sensors & communication. Robotics & automation can improve speed, precision, flexibility, and quality while lowering labor expenses, human error, injuries, and downtime. For instance, automated guided vehicles (AGVs) integrated with navigations systems, cameras and sensorscan move goods and materials across the plant on their own. In addition, utilization of IoT & data analytics enables businesses in real-time optimizing, controlling and monitoring of technology and equipments. For instance, a business can use barcode scanners, GPS, and RFID tags to monitor the condition, status and location of its products and materials. Furthermore, a business can optimize and align the material handling process with its overall plant operations and company goals by utilizing smart & connected solutions.

The category for material handling equipments exhibits a moderately consolidated landscape, with majority of the share in the market being held by few of the global players who seek to maintain competition by implementing both organic and inorganic strategies as part of their core growth plan. The players are utilizing strategic activities like mergers, acquisitions, and new product launches to increase their competitive share and improve material handling operations through the quick adoption of cutting-edge technologies. For the purpose of making a significant market penetration, they regularly supply a range of specialist devices to their end users across nations. In addition, they are investing heaving in research & development to enhance their product lines. Despite intense competition, buyers in the category possess low negotiation capability as the market is ruled by few of the large players who leave less scope for switching to other options or let small regional players survive for long.

Order your copy of the Material Handling Equipments Procurement Intelligence Report, 2023 – 2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis

Cost of equipment, financing, insurance, fuel expenses, and repairs & maintenance constitute the total cost of ownership for the products offered in the category. The factors that drive the prices of the equipments include demand & supply, manufacturer, model & safety features, and resale value.Prices of equipment are impacted by the laws of supply and demand. Prices decrease as a result of increased competition among firms for machinery. Purchasers benefit if a certain equipment is oversupplied in the market. In addition,there are many equipment manufacturers, but only a handful control the market. The annual sales of new and second-hand equipment around the world reflect the fact that many businesses only purchase one or two specific brands of machinery. In the U.S., the price of high-rise crawler excavator ranges between USD 99,500 to USD 124,500. The price of diesel forklift ranges between USD 5,900 to USD 9,500.

Asia-Pacific region dominates the global material handling equipments category, holding substantial share of revenue. Growth of the region is attributed to the continuous rise of food retail sector which aims to boost the speed and effectiveness of picking & sorting processes, hence, requiring the need for the products offered in the category. In addition, strong economic growth in China, India, and several ASEAN nations is responsible for the expansion of the Asian market, which in turn has contributed to the overall growth of the region. Selecting an equipment that doesn’t incurs high cost of maintenance, thoroughly observing the space where the equipment will be deployed in order to get the relevant machinery (i.e. not too big, nor too small), selecting a supplier that is reliable and offers the equipments which are safe and doesn’t compromise on the quality, and comparing multiple suppliers to get the best deal are some of the best sourcing practices considered in this category.

Material Handling Equipments Procurement Intelligence Report Scope

• Material Handling Equipments Category Growth Rate: CAGR of 5.85% from 2023 to 2030

• Pricing Growth Outlook: 4% - 8% increase (Annually)

• Pricing Models: Cost-plus pricing, Competition-based pricing

• Supplier Selection Scope: Cost and pricing, Past engagements, Productivity, Geographical presence

• Supplier Selection Criteria: Industries served, years in service, geographical service provision, types of equipments, power output, propulsion type, on-site assistance, regulatory compliance, and others.

• Report Coverage: Revenue forecast, supplier ranking, supplier matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model

Browse through Grand View Research’s collection of procurement intelligence studies:

• Drilling Equipment & Consumables Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

• Heavy Mining Equipment Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

Key Companies Profiled

• BEUMER Group GmbH & Co. KG

• Crown Equipment Corporation

• Daifuku Co., Ltd.

• Fritz SCHÄFER GmbH & Co KG

• Hyster-Yale Materials Handling, Inc.

• Jungheinrich AG

• Kardex Holding AG

• KION Group AG

• KUKA AG

• Liebherr-International Deutschland GmbH

• Mitsubishi Heavy Industries, Ltd.

• Toyota Industries Corporation

Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.

Our services include (not limited to):

• Market Intelligence involving – market size and forecast, growth factors, and driving trends

• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships

• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing

• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions

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Telematics Market | Current Insight with Future Aspect Analysis 2024–2030

The Telematics Market was valued at USD 9.8 billion in 2023-e and will surpass USD 21.3 billion by 2030; growing at a CAGR of 11.7% during 2024 - 2030. The report focuses on estimating the current market potential in terms of the total addressable market for all the segments, sub-segments, and regions. In the process, all the high-growth and upcoming technologies were identified and analyzed to measure their impact on the current and future market.

The report also identifies the key stakeholders, their business gaps, and their purchasing behavior. This information is essential for developing effective marketing strategies and creating products or services that meet the needs of the target market. The report also covers a detailed analysis of the competitive landscape which includes major players, their recent developments, growth strategies, product benchmarking, and manufacturing operations among others.

Understanding Telematics

Telematics involves the use of GPS technology, telecommunications, and informatics to transmit and store data from vehicles and other remote objects. This data is used to improve efficiency, safety, and productivity. Common applications include fleet management, navigation, vehicle tracking, and driver behavior monitoring.

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Current Trends in the Telematics Market

Increased Adoption in Fleet Management: Fleet management systems have become integral to logistics and transportation companies. Telematics helps in route optimization, fuel consumption monitoring, and predictive maintenance, leading to cost savings and increased operational efficiency.

Growth of Connected Vehicles: The rise of the Internet of Things (IoT) has paved the way for connected vehicles, which are equipped with telematics systems to provide real-time data. This connectivity enhances features like traffic updates, emergency services, and vehicle diagnostics.

Regulatory Compliance and Safety: Governments worldwide are implementing stringent regulations to enhance road safety and environmental protection. Telematics systems help companies comply with these regulations by providing detailed reports on vehicle emissions, driver hours, and maintenance schedules.

Insurance Telematics: Usage-based insurance (UBI) is gaining traction, with insurers using telematics data to offer personalized premiums based on driving behavior. This not only incentivizes safe driving but also helps in reducing the overall cost of insurance.

Integration with Autonomous Vehicles: Telematics plays a crucial role in the development and deployment of autonomous vehicles. It provides the necessary data for navigation, obstacle detection, and vehicle-to-vehicle (V2V) communication, making self-driving cars safer and more reliable.

Key Innovations Driving the Telematics Market

Advanced Data Analytics: With the explosion of data generated by telematics systems, advanced analytics and machine learning algorithms are being used to derive actionable insights. This helps in predictive maintenance, risk assessment, and improving overall vehicle performance.

Enhanced Connectivity: The rollout of 5G networks promises to enhance the capabilities of telematics systems. Faster data transmission and lower latency will enable real-time monitoring and control of vehicles, leading to improved safety and efficiency.

Integration with Smart City Initiatives: Telematics is becoming an integral part of smart city projects, helping in traffic management, pollution control, and efficient public transportation. Integration with urban infrastructure can lead to a more connected and sustainable urban environment.

Blockchain Technology: Blockchain is being explored to enhance the security and transparency of telematics data. It can provide a tamper-proof record of vehicle data, which is crucial for insurance claims, vehicle histories, and regulatory compliance.

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Future Prospects of the Telematics Market

Expansion in Emerging Markets: Developing countries are increasingly adopting telematics solutions to improve transportation infrastructure and logistics efficiency. This presents a huge opportunity for market players to expand their footprint.

Rising Demand for Electric Vehicles: The shift towards electric vehicles (EVs) is creating new opportunities for telematics. EVs require sophisticated telematics systems for battery management, charging station navigation, and energy optimization.

Collaboration and Partnerships: Strategic partnerships between telematics providers, automotive manufacturers, and technology companies are likely to drive innovation and market penetration. Collaborative efforts will result in more comprehensive and integrated telematics solutions.

Focus on Customer Experience: Enhancing customer experience through personalized services, such as in-car infotainment and tailored insurance products, will be a key differentiator. Companies that prioritize customer-centric innovations are likely to thrive in the competitive market.

Conclusion

The telematics market is on an exciting trajectory, with continuous advancements in technology and expanding applications across various sectors. As telematics systems become more sophisticated and integrated, they will play a pivotal role in shaping the future of transportation, logistics, and smart cities. Businesses and consumers alike stand to benefit from the enhanced efficiency, safety, and connectivity that telematics promises to deliver.

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Future of Commercial Insurance Software Solutions in India: What to Expect

The Indian commercial insurance market is undergoing a rapid transformation, driven by technological advancements and changing customer expectations. As businesses seek to streamline operations, enhance efficiency, and improve customer service, the demand for robust and innovative commercial insurance software solutions is on the rise. This blog explores the key trends shaping the future of commercial insurance software solutions in India and highlights the potential benefits that these solutions can offer.

The Growing Importance of Commercial Insurance Software Solutions in India

Commercial insurance software solutions play a crucial role in enabling insurance companies to manage their operations effectively. These solutions automate various processes, from policy issuance and underwriting to claims processing and customer service. By leveraging technology, insurers can reduce manual errors, improve accuracy, and enhance overall efficiency.

Key benefits of commercial insurance software solutions:

Streamlined Operations: Automation of repetitive tasks, such as policy administration and claims processing, leads to significant time and cost savings.

Enhanced Efficiency: Advanced analytics and reporting capabilities provide valuable insights into business performance, enabling insurers to identify areas for improvement.

Improved Customer Experience: Personalized customer service, faster claim settlements, and convenient digital channels contribute to a positive customer experience.

Regulatory Compliance: Insurance software solutions India can help insurers comply with complex regulatory requirements, reducing the risk of fines and penalties.

Emerging Trends in Commercial Insurance Software Solutions

Several trends are shaping the future of commercial insurance software solutions in India. These trends include:

1. Cloud-Based Solutions: The adoption of cloud-based insurance software solutions India is gaining momentum, offering scalability, flexibility, and cost-effectiveness. Cloud-based solutions eliminate the need for on-premises infrastructure, allowing insurers to focus on their core business.

2. Artificial Intelligence and Machine Learning: AI and ML are being leveraged to improve underwriting, claims processing, and fraud detection. Predictive analytics can help insurers identify potential risks and make more informed decisions.

3. Internet of Things (IoT): IoT devices are being integrated into commercial insurance policies to provide real-time data and enable risk-based pricing. For example, telematics devices can track driving behavior to determine insurance premiums.

4. Blockchain Technology: Blockchain offers the potential to streamline the insurance value chain by providing transparency, security, and efficiency. It can be used for smart contracts, claims processing, and reinsurance.

The Role of Technology in Transforming Commercial Insurance

Technology is playing a pivotal role in transforming the commercial insurance landscape in India. By embracing innovation, insurers can:

Improve Customer Satisfaction: Offer personalized products and services, faster claim settlements, and convenient digital channels.

Enhance Operational Efficiency: Automate processes, reduce costs, and improve decision-making.

Gain a Competitive Edge: Differentiate themselves from competitors by leveraging technology to provide superior value.

The Future Outlook for Commercial Insurance Software Solutions in India

The future of commercial insurance software solutions in India looks promising. As technology continues to evolve, insurers can expect to see even more innovative solutions that address the specific needs of the Indian market. By investing in technology, insurers can position themselves for long-term success and stay ahead of the competition.

Indicosmic Infotech Ltd. is a leading provider of commercial insurance software solutions in India. With our expertise and innovative approach, we help insurers modernize their operations, improve efficiency, and deliver exceptional customer experiences. Contact us today to learn how our solutions can benefit your business.

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Cancer Diagnostics Market to Reach USD 204.55 Billion by 2031, Growing at 6.89% CAGR | SkyQuest Technology

SkyQuest projects that the global Cancer Diagnostics Market will attain a value of USD 204.55 Billion by 2031, with a CAGR of 6.89% during the forecast period (2024-2031). Cancer diagnostics is a method of identifying various cell lines, proteins, and indications that lead to the presence of a cancerous tumor. This increase is mostly due to rising cancer prevalence around the world, improved awareness of early detection, more financing for cancer research and development, technological breakthroughs in diagnostic testing, and an increase in the number of private diagnostics centers.

Download a detailed overview: https://www.skyquestt.com/report/cancer-diagnostics-market

Browse in-depth TOC on "Cancer Diagnostics Market"

Pages – 157

Tables - 149

Figures – 78

Hospitals are Expected to Dominate the Market Due to Increase in Healthcare Expenditure

Hospitals are estimated to be the largest shareholder in the cancer diagnostic markets. This is due to increasing cancer-associated expenditures in developed nations as well as developing nations. Medical services such as hospitalizations, outpatient hospital services, physician/supplier services, home health care etc., are now the part of healthcare expenditure & reimbursements for the chronic disease including cancers. Therefore, the hospital segment is also expected to grow faster during the forecast period.

Diagnostic Laboratories is the Fastest Growing Sector Due to Increasing Demand for Advanced Diagnostic Tests

The diagnostic laboratories segment is the fastest growing in the global cancer diagnostics market after hospital sector. This growth is driven by the increasing demand for advanced and specialized diagnostic tests, which are often more extensively available in dedicated diagnostic laboratories than in hospital settings. There is a trend towards early detection and personalized medicine, adding to the increase in demand for the diagnostic services provided by these laboratories.

Growing Cancer Patients Makes North America the Leading Region in this Market

The global cancer diagnostics market was dominated by the North America region and contributed a major market share in 2023. This is due to the increasing incidences of cancers in the US, and Canada because of aging population, unhealthy lifestyles, rising rate of obesity and others. This has led the biotechnology and pharmaceutical companies to focus on cancer diagnosis. Whereas additional legislation and reimbursement frameworks in the region have also fueled the market's growth.  

Cancer Diagnostics Market Insights:

Drivers

Increasing Government Initiatives to Spread Awareness about the Benefits of Early Diagnosis

Growing Prevalence of Cancer Cases

Increased Healthcare Investments and Insurance Coverage

Restraints

Side Effects of Radiation

Higher Diagnostics Costs

Accuracy Issues Leading to False Positives or False Negatives

Prominent Players in Cancer Diagnostics Market

Abbott Laboratories

Agilent Technologies

Becton, Dickinson and Company (BD)

bioMérieux SA

Danaher Corporation

F. Hoffmann-La Roche Ltd.

GE Healthcare

Hologic, Inc.

Illumina, Inc.

Koninklijke Philips N.V.

Key Questions Answered in Cancer Diagnostics Market Report

What is the current market size for Cancer Diagnostics Market?

What is the competitive landscape looks like in the Cancer Diagnostics Market?

What are the key challenges in the Cancer Diagnostics Market?

This report provides the following insights:

Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of Cancer diagnostics  market.

Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.

Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Cancer diagnostics market.

Market Development: Detailed analysis of potential regions where the market has potential to grow.

Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.

Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.

About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.

Contact:

Mr. Jagraj Singh

Skyquest Technology

1 Apache Way,

Westford,

Massachusetts 01886

USA (+1) 351-333-4748

Email: sales@skyquestt.com Visit Our Website: https://www.skyquestt.com/

[market-insider]

Asset Management Market: Detailed Insights on Size, Share, and Growth Potential

The global asset management market size is anticipated to reach USD 3,677.39 billion by 2030 and is projected to grow at a CAGR of 36.4% from 2024 to 2030, according to a new study conducted by Grand View Research, Inc. The three key trends that will drive the market growth are the rise of high-net-worth individuals (HNWIs) from emerging populations, the government-incentivized shift to individual retirement plans, and the expansion of sovereign wealth funds (SWFs). With increasing assets and associated costs, market vendors must maintain or increase their technology and data management investment to maximize distribution opportunities and comply with regulations and reporting. Moreover, the factors driving the market growth include the need to reduce equipment downtime and ensure optimum utilization of the available resources. The increased awareness of the benefits of IoT-based asset management solutions bodes well for the market's future growth. Advances in the latest technologies, such as the Internet of Things (IoT), Artificial Intelligence (AI), and infrastructure automation, coupled with the continued integration of analytical and business intelligence tools in asset management solutions, are also expected to drive the market growth.

Asset Management Market Report Highlights

Based on component, the strategic asset management service segment is expected to register at the fastest CAGR of 36.1% from 2024 to 2030, owing to the involvement of development and planning in maintaining infrastructure assets

Based on asset type, the digital assets segment is expected to register at the fastest CAGR of 32.5% from 2024 to 2030. Digital assets, such as software licenses, intellectual property, and digital content, are becoming increasingly valuable for organizations across industries. With the proliferation of digital technologies and the shift toward digital business models, managing and safeguarding these assets has become paramount. As a result, the demand for digital asset management solutions, including powerful tracking mechanisms and access controls, is rising

Based on function, the repair and maintenance segment is expected to register at the fastest CAGR of 38.3% from 2024 to 2030. Assets such as equipment, transportation, machinery, and infrastructure require regular maintenance for proper functioning and extended life. Hence, the demand for repair & maintenance solutions is anticipated to gain significant traction over the forecast period

Based on application, the aviation asset management segment is expected to register at the fastest CAGR of 35.9% from 2024 to 2030., in line with an increase in air passenger volume and the launch of new aircraft models

The growing demand for cloud-based asset management solutions from the large number of SMEs based in the Asia Pacific will help in market growth. Furthermore, the expanding middle class, higher life expectancies, investors' gradual transfer from deposits to financial assets, and longer pension durations have resulted in a need to manage valuable asset data is driving up demand for AM solutions and is expected to drive the market growth in Asia Pacific region

For More Details or Sample Copy please visit link @: Asset Management Market Report

Asset management will take center stage as demographics and markets shift. Banks and insurers will be hampered by regulation because it will force them to abandon proprietary investing and other core businesses. Furthermore, as the world's population ages, retirement and healthcare will become significant challenges that only asset management can handle. Asset managers will be in high demand as capital is raised to support growing urbanization and cross-border trade. Furthermore, asset managers will be at the forefront of SWFs' efforts to diversify their vast pools of assets. The market value will need to be communicated systematically and consistently.

Customization and scalability have become critical considerations for buyers of asset management solutions. Organizations are demanding asset management solutions that can be customized to their specific workflows and requirements. In addition, the high demand for scalable solutions can be attributed to the growing focus of organizations on proactive approaches to accommodate future growth and changing business needs without disruption. Suppliers are addressing these demands by offering flexible and scalable solutions that can adapt to the evolving needs of their customers, ensuring long-term satisfaction and value delivery. These interconnected trends reflect the changing dynamics of the market, where suppliers and buyers collaborate to leverage technology and innovation for enhanced asset management capabilities.

Market players engage in technology partnerships and collaborations to develop advanced asset management solutions and roll out asset management services for their customers. For instance, in August 2023, SAP SE agreed with Software AG to incorporate its Intelligent Asset Management Suite, which includes Asset Performance Management (APM), with Software AG's Industrial IoT Platform, Cumulocity IoT. The collaboration was aimed at helping customers derive advantages from seamless product integration and a closed-loop approach to asset performance management.

List of Major Companies in the Asset Management Market

ABB Inc.

Adobe Systems Inc.

Brookfield Asset Management Inc.

Honeywell International Inc.

IBM Corp.

Oracle Corp.

Rockwell Automation, Inc.

Siemens AG

WSP Global Inc.

Zebra Technologies Corp.

Hitachi, Ltd.

[thenicheresearchde]

The Future of Mobility: Electric Motorcycles and Their Impact on Cyber Insurance

The transportation landscape is evolving rapidly, with electric vehicles at the forefront of this change. Among these, the Electric motorcycle is gaining significant attention for its efficiency, environmental benefits, and cutting-edge technology. As the market for electric motorcycles expands, it presents new opportunities and challenges, especially in areas like market research and cyber insurance. In this article, we explore the intersection of these sectors and how they shape the future of transportation.

The Rise of Electric Motorcycles

The global market for Electric motorcycle is experiencing rapid growth, driven by increased environmental awareness, government incentives, and advancements in battery technology. These motorcycles offer a sustainable alternative to traditional gasoline-powered bikes, with zero emissions and lower operating costs. As consumers become more conscious of their carbon footprint, the demand for electric motorcycles continues to surge.

Market research firms like The Niche Research play a crucial role in analyzing this growth. They provide valuable insights into consumer behavior, market trends, and the competitive landscape, helping manufacturers and stakeholders make informed decisions. By understanding the market dynamics, companies can tailor their strategies to meet the evolving needs of consumers and capitalize on the opportunities presented by electric motorcycles.

The Role of Market Research Firms

The expansion of the Electric motorcycle market has also led to increased interest from Market research firms. These firms are essential in gathering and analyzing data to predict future trends and assess the market's potential. The Niche Research specializes in providing comprehensive market analyses, including consumer preferences, technological advancements, and competitive benchmarking. Their reports offer a roadmap for companies looking to enter or expand within the electric motorcycle sector.

By leveraging the expertise of Market research firms, businesses can stay ahead of the curve, identify emerging trends, and mitigate risks. This knowledge is particularly valuable in a rapidly changing industry where technological advancements and consumer preferences can shift quickly.

Cyber Insurance in the Electric Motorcycle Industry

As the electric motorcycle industry grows, so does the reliance on advanced technology and connectivity. Modern Electric motorcycles are equipped with sophisticated software, IoT devices, and GPS systems, making them more vulnerable to cyber threats. This increased risk has led to the rise of Cyber insurance, which is designed to protect against the financial losses associated with cyberattacks.

Cyber insurance is becoming a necessity for manufacturers, dealers, and even consumers in the electric motorcycle industry. Policies typically cover data breaches, ransomware attacks, and other cyber-related incidents. As the industry continues to innovate, the demand for comprehensive cyber insurance coverage will only increase.

The Niche Research highlights the growing importance of Cyber insurance in their market reports. They emphasize the need for businesses to invest in robust cybersecurity measures and insurance policies to protect their assets and reputation. By understanding the risks and potential liabilities, companies can make informed decisions about their cyber insurance needs.

Conclusion

The Electric motorcycle industry is poised for significant growth, driven by technological advancements and changing consumer preferences. Market research firms like The Niche Research provide invaluable insights that help businesses navigate this evolving landscape. At the same time, the increasing reliance on technology makes Cyber insurance a critical component of risk management for all stakeholders in the industry. As we look to the future, the intersection of electric motorcycles, market research, and cyber insurance will play a pivotal role in shaping the transportation industry.

[tushar38]

Video Telematics Market: Driving Fleet Safety and Efficiency

Introduction to Video Telematics Market

The Video Telematics Market is growing rapidly as fleet operators adopt advanced technologies to enhance safety, efficiency, and performance. Integrating video with telematics enables real-time monitoring, providing valuable insights into driver behavior, vehicle conditions, and road safety. With applications across various sectors—logistics, insurance, public transport—video telematics offers companies a way to optimize fleet management while reducing operational risks and costs. The global market is driven by demand for enhanced security, increasing regulation, and technological advancements in AI and cloud computing.

The Video Telematics Market is Valued USD billion in 2021 and projected to reach USD billion by 2028, growing at a CAGR of During the Forecast period of 2024-2032. This market has applications across industries like transportation, logistics, and insurance, helping companies reduce costs, improve driver safety, and comply with regulatory standards. The integration of AI, cloud, and IoT technologies has significantly enhanced the capability of video telematics, leading to widespread adoption.

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Major Classifications are as follows:

By Type:

Integrated Systems

Standalone Systems

By Application:

Buses

Heavy Trucks

Other Applications

Key Region/Countries are Classified as Follows:

◘ North America (United States, Canada,) ◘ Latin America (Brazil, Mexico, Argentina,) ◘ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia) ◘ Europe (UK,Germany,France,Italy,Spain,Russia,) ◘ The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South

Key Players of Video Telematics Market

SmartWitness (Sensata Technologies), MiX Telematics, Verizon Connect (Verizon Communications Inc.), Omnitracs (Solera Holdings, Inc.), FleetCam, VisionTrack, Lytx, Inc.,Nauto, Inc., SureCam, LightMetrics, Inc., Netradyne, Geotab Inc., AT&T Inc..

Market Drivers in Video Telematics Market

Increased Demand for Fleet Safety: Companies are increasingly focused on reducing accidents and improving safety, which video telematics facilitates through real-time monitoring.

Regulatory Compliance: Governments worldwide are mandating stricter vehicle safety standards, pushing for more advanced telematics solutions.

Technological Advancements: The integration of AI, machine learning, and IoT with telematics is fueling growth, enabling predictive analytics and smart reporting.

Market Challenges in Video Telematics Market

Data Privacy Concerns: The use of real-time monitoring may raise privacy issues among drivers, leading to resistance in adoption.

High Implementation Costs: The initial costs of setting up video telematics infrastructure can be a barrier for smaller companies.

Integration Complexities: Integrating video telematics systems with existing IT and fleet management platforms can pose technical challenges.

Market Opportunities of Video Telematics Market

Expansion in Emerging Markets: Increasing demand for fleet management solutions in emerging economies presents a significant growth opportunity.

AI-Powered Innovations: The integration of AI and predictive analytics can revolutionize fleet safety and efficiency, offering new business models.

Partnerships with Insurance Companies: Video telematics offers insurers a way to monitor driver behavior, reducing risk and allowing for dynamic pricing models.

Conclusion

The Video Telematics Market is positioned for substantial growth due to its critical role in enhancing fleet management and road safety. While challenges like high initial costs and privacy concerns exist, the market is driven by strong demand for real-time monitoring, regulatory compliance, and cost-saving solutions. As technological advancements such as AI, IoT, and cloud computing continue to evolve, they will open new avenues for innovation and growth, making video telematics a transformative force in fleet management.

[industrynewsupdates]

Ocean Freight Procurement Intelligence 2024 - 2030: Trends and Insights

A critical component of global supply chain management is ocean freight procurement. The global market size was estimated at USD 75.8 billion in 2023. The rise in the coordination of logistics and the acquisition of goods or services from suppliers, including vessel chartering, container ships, cargo handling equipment, and other essential items, for prompt and cost-effective product delivery has shaped the dynamics of the maritime supply chain.

Two of the top technological trends in the maritime and shipping industry are the introduction of smart containers and the increasing use of sensor technology. These technological advancements are having a positive impact on supply chain operations in the face of multiple disruptions in the world. Smart containers are now used in conjunction with IoT sensors to provide better supply chain visibility in this category. For instance, Hapag Lloyd utilizes IoT devices from Nexxiot and Orbcromm to offer data on container or shipment levels on their proprietary platforms. In 2024, according to industry experts, 23 -26% of containers globally are expected to be equipped with IoT devices by the end of 2026.

The maritime freight sector is taking major steps in exploring several sustainable options for the industry. Ocean freight was responsible for transporting nearly 80% of the global trade volume as of May 2024. Shipping companies /ocean freight service providers are increasingly focusing on comprehensive reports of their scope 1, 2, and 3 emissions and working to reduce them. This can be attributed to the increased IMO's CII regulations, coupled with the high sustainability awareness among companies. As of March 2024, the shipping industry contributed 2-3% of the world's greenhouse gas emissions. In 2023, Forbes estimates noted that a 10% reduction in cruising speed can drop fuel usage by almost 30%. Smart indicators are helping companies to weigh the containers properly to avoid cargo spoilage and damage. Alternative fuels, such as biofuels and hydrogen, are increasingly being adopted by shipping companies to minimize environmental impact.

Order your copy of the Ocean Freight Procurement Intelligence Report, 2024 - 2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis

This fragmented industry comprises a diverse array of players, encompassing feeders, LNG and tankers, containers, river transportation, bulkers, and long ocean runners. Each of these entities operates within distinct business verticals or cross sectors, each characterized by its own set of operations. Companies are increasingly expanding their service product portfolio, launching new facilities in strategic locations, and integrating new technologies to meet their customers’ demands better.

The total cost of ownership (TCO) for an ocean freight service provider includes the cost of cargo ships/mega-ships, fuel and surcharges, port, demurrage and detention charges, labor, customs clearance charges, terminal handling costs, insurance and ancillary charges. Many factors can influence freight rates, including the distance between origin and destination ports, size and weight of cargo, type of cargo shipped, full container load or less than container load, and market conditions.

For this category, low-cost country sourcing entails taking advantage of the benefits provided by countries with competitive shipping rates, well-functioning port facilities, and other factors that support cost-efficient marine transportation. For instance, nations having robust and integrated port infrastructure can efficiently handle large cargo volumes, thereby helping reduce the handling charges and transit times. Ports having automated technology with modern equipment can streamline the flow of products, minimize delays, and save costs. A few instances of nations that can be considered strategic hubs or locations ideal for shipping routes to gain wide market access include China, India, Singapore, Thailand, and Mexico.

The marine infrastructure in China is well-developed, with major ports such as Shanghai, Shenzhen, Ningbo-Zhoushan, and Guangzhou. The Asian giant is also one of the largest shipping container exporters in the world. It provides competitive shipping rates and a diverse selection of transportation alternatives, making it a desirable place for ocean freight sourcing. Similarly, with its long coastline and strategic location, India has several major ports, such as Mundra Port, Nhava Sheva (Jawaharlal Nehru Port or JNPT), Chennai Port, and Syama Prasad Mookerjee Port (formerly Kolkata Port). These places serve as crucial hubs for maritime trade. Competitive rates for shipping can be offered for shipments to and from Asia, Europe, and the Middle East.

Browse through Grand View Research’s collection of procurement intelligence studies:

• Helium Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

• Nitrogen Procurement Intelligence Report, 2024 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

Ocean Freight Sourcing Intelligence Highlights

• The market is fragmented. There is intense competitive rivalry between different carriers and shipping operators. This industry often faces the problem of overcapacity, where supply exceeds demand. Despite being under a contract with a carrier, a shipper or forwarder may resell capacity at a higher rate than the initial contract, which, in turn, leads to intense price competition.

• Three main ocean alliances dominate this ocean freight/maritime shipping industry. These are 2M, Ocean, and THE. These players command a higher negotiating power as they have access to and can provide a broader range of services across major trade routes.

• Bunker fuel, which is a primary fuel for ships, is a significant cost component in the TCO. Fluctuations in oil prices can directly impact the bunker fuel costs.

• During the procurement of this category services, companies/clients evaluate suppliers to determine if they can provide various container options based on the type of goods being shipped. They also assess whether suppliers can offer specialized equipment for perishable or temperature-sensitive products and accommodate oversized cargo. 

Ocean Freight - Key Suppliers 

• Mediterranean Shipping Company (MSC)

• A.P. Moller - Maersk

• CMA CGM Group

• China COSCO Shipping Corporation Limited

• Hapag-Lloyd AG

• DB Schenker AG

• DSV A/S

• Hellmann Worldwide Logistics Inc.

• Nippon Express Co., Ltd

• DHL Group

• Kuehne + Nagel International AG

• C.H. Robinson Worldwide, Inc.

• Kerry Logistics Network Limited

• Dachser Group SE & Co. KG

• GEODIS S.A

Ocean Freight Procurement Intelligence Report Scope

• Growth Rate: CAGR of 4.8% from 2024 to 2030

• Pricing Growth Outlook: 10 - 22% (Annually)

• Pricing Models: Volume-based, ad-valorem pricing, flat or fixed rates, spot or contract rate pricing models.

• Supplier Selection Scope: Cost and pricing, past engagements, productivity, geographical presence

• Supplier Selection Criteria: Cargo handling capacities, FCL or LCL, cargo insurance, temperature control capabilities, online tracking, technical specifications, and other operational and functional capabilities

• Report Coverage: Revenue forecast, supplier ranking, supplier matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model

Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.

Our services include (not limited to):

• Market Intelligence involving – market size and forecast, growth factors, and driving trends

• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships

• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing

• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions

[omshinde5145]

Dark Fiber Market Share, Key Market Players, Trends & Forecast, 2024–2030

The Dark Fiber Market was valued at USD 6.4 billion in 2023 and will surpass USD 12.5 billion by 2030; growing at a CAGR of 10.0% during 2024 - 2030. the importance of robust, high-speed, and reliable communication networks cannot be overstated. While much attention has been focused on innovations like 5G, satellite internet, and cloud computing, one critical component operates largely in the shadows: dark fiber. This article delves into the dark fiber market, exploring its significance, growth drivers, and future potential.

Dark fiber refers to unused or unlit optical fibers that have been laid down but are not currently in use by any service provider. These fibers, also known as unlit fiber, are often laid during the construction of telecom networks but remain dormant until they are needed. The term "dark" refers to the fact that no light pulses are being sent through the fibers, as they are not yet connected to any transmission equipment.

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The Growth of the Dark Fiber Market

The dark fiber market has witnessed significant growth in recent years, driven by several factors:

Data Explosion: The exponential growth in data traffic, fueled by the proliferation of IoT devices, cloud computing, and video streaming services, has created an insatiable demand for bandwidth. Service providers are increasingly turning to dark fiber to meet this demand, as it allows them to quickly and cost-effectively expand their network capacity.

5G Rollout: The deployment of 5G networks is a key driver of dark fiber demand. 5G requires a dense network of small cells, each of which needs to be connected by high-speed fiber-optic cables. Dark fiber provides the necessary infrastructure to support these connections, making it a critical component of 5G networks.

Enterprise Demand: Large enterprises, particularly those in data-intensive industries such as finance, healthcare, and technology, are increasingly opting for dark fiber to secure dedicated, private networks. This approach offers greater control over network performance, security, and scalability, making it an attractive option for businesses with high data demands.

Cost-Effectiveness: Leasing dark fiber can be more cost-effective in the long run compared to leasing lit fiber services. By using dark fiber, companies can light and manage the fiber themselves, offering flexibility and potentially reducing costs as their data needs grow.

Government and Infrastructure Projects: Governments around the world are investing in digital infrastructure to boost economic growth and ensure future connectivity. These initiatives often include the deployment of dark fiber to provide a scalable foundation for future communication networks.

Market Segmentation

The dark fiber market can be segmented based on various criteria, including:

Fiber Type: Single-mode vs. multi-mode fibers.

Network Type: Metro vs. long-haul networks.

Application: Telecom, BFSI (Banking, Financial Services, and Insurance), healthcare, IT, and others.

Geography: North America, Europe, Asia-Pacific, and other regions.

North America currently dominates the dark fiber market, driven by the high demand for advanced communication infrastructure and the presence of major technology companies. However, Asia-Pacific is expected to witness the highest growth rate in the coming years, fueled by rapid urbanization and increasing investments in 5G and smart city projects.

Challenges in the Dark Fiber Market

Despite its growth potential, the dark fiber market faces several challenges:

High Initial Costs: The cost of deploying dark fiber can be substantial, especially for long-haul networks. This can be a barrier for smaller companies or those with limited budgets.

Maintenance and Management: While dark fiber offers flexibility, it also requires companies to manage and maintain the network themselves, which can be resource-intensive.

Regulatory Hurdles: In some regions, regulatory challenges can slow down the deployment of dark fiber networks. Navigating these hurdles requires careful planning and a thorough understanding of local regulations.

Competition from Lit Fiber Providers: Some companies may prefer to lease lit fiber services from traditional telecom providers, which can offer easier management and bundled services. This competition can impact the growth of the dark fiber market.

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The Future of Dark Fiber

The future of the dark fiber market looks promising, with several trends expected to drive its growth:

Edge Computing: The rise of edge computing, which brings data processing closer to the source of data, will increase the demand for dark fiber. As more data is processed at the edge, the need for high-capacity, low-latency networks will grow, making dark fiber an attractive option.

Smart Cities: The development of smart cities, which rely on interconnected devices and systems to improve urban living, will require extensive fiber networks. Dark fiber will play a key role in supporting the infrastructure needed for smart city initiatives.

Global Connectivity: As the world becomes increasingly interconnected, the demand for international and intercontinental fiber-optic networks will rise. Dark fiber will be essential in enabling these global connections, supporting everything from international business operations to global internet traffic.

Conclusion

The dark fiber market is a silent powerhouse in the world of modern connectivity, providing the backbone for many of the technologies and services we rely on today. As data demands continue to soar and new technologies emerge, the importance of dark fiber will only grow. Companies and governments alike are recognizing the strategic value of dark fiber, and its market is poised for significant expansion in the years to come. Whether you're an investor, a telecom provider, or an enterprise with high data needs, dark fiber represents a key opportunity in the evolving landscape of global connectivity.

[torindia]

Buy Semiconductors IC Ship: A Comprehensive Guide to Sourcing and Shipping Integrated Circuits

The semiconductor industry forms the backbone of modern technology, powering everything from smartphones to advanced computing systems. Integrated Circuits (ICs) are the fundamental building blocks of these devices, making their procurement and shipping critical for manufacturers and tech companies worldwide. This comprehensive guide delves into the essential aspects of sourcing and shipping semiconductor ICs, ensuring that you navigate the complex process efficiently and cost-effectively.

Introduction to Semiconductor ICs

What are Semiconductor ICs?

Semiconductor Integrated Circuits (ICs) are miniature electronic devices that contain numerous tiny components, such as transistors, resistors, and capacitors, integrated into a single silicon chip. These chips are the brains behind electronic devices, executing a variety of functions, from simple logic operations to complex processing tasks.

Importance of ICs in Modern Electronics

ICs revolutionized the electronics industry by making it possible to create compact, efficient, and high-performing devices. They are essential in various applications, including consumer electronics, automotive systems, telecommunications, and industrial machinery. As the demand for smarter, faster, and more efficient devices grows, the need for reliable ICs continues to escalate.

Understanding the Market for Semiconductor ICs

Global Semiconductor Market Overview

The global semiconductor market is vast and dynamic, driven by rapid technological advancements and increasing consumer demand. According to market reports, the semiconductor industry is projected to grow at a compound annual growth rate (CAGR) of around 6–8% over the next few years, with significant contributions from sectors like 5G, Internet of Things (IoT), and artificial intelligence (AI).

Key Players in the Semiconductor Industry

Several companies dominate the semiconductor market, including Intel, Samsung, TSMC, Qualcomm, and Broadcom. These companies invest heavily in research and development to innovate and stay competitive. Understanding the major players can help in identifying reliable sources for purchasing ICs.

Sourcing Semiconductor ICs

Identifying Your IC Requirements

Before diving into the procurement process, it’s crucial to clearly define your IC requirements. This involves understanding the specifications, performance parameters, and compatibility needs of the ICs for your specific applications.

Key factors to consider include the primary function the IC needs to perform, technical specifications such as processing speed, power consumption, and pin configuration, and quality standards to ensure the ICs meet industry standards and certifications.

Finding Reliable Suppliers

Sourcing reliable suppliers is vital to ensure the quality and authenticity of ICs. To find dependable sources, start by researching industry reports and customer reviews to gauge the reliability of suppliers. Conduct physical audits of supplier facilities to verify their manufacturing capabilities and quality control processes. Look for suppliers with certifications like ISO 9001, which indicate adherence to quality management standards. Building long-term relationships with suppliers can lead to better pricing, priority service, and more reliable supply chains. Avoid relying on a single supplier; diversifying your sources can mitigate risks associated with supply chain disruptions.

Evaluating Cost and Budget

Cost is a significant factor in the procurement process. When evaluating costs, consider bulk discounts, as buying in bulk often reduces the per-unit cost. Stay informed about market trends that might affect pricing, such as raw material costs and technological advancements. Factor in shipping costs, including insurance and handling fees, and account for any customs duties or import taxes applicable in your region.

The Procurement Process

Request for Quotation (RFQ)

Issuing a Request for Quotation (RFQ) is the first step in the procurement process. An RFQ should include detailed specifications of the ICs, required quantities, delivery timelines, and any other pertinent information. Provide precise technical specifications to avoid ambiguity and allow for some flexibility in delivery timelines to accommodate any unforeseen delays.

Negotiating Terms and Conditions

Negotiating favorable terms and conditions is crucial for securing a good deal. Focus on aspects like pricing, payment terms, delivery schedules, and warranty provisions. Aim for competitive pricing without compromising quality, negotiate payment terms that align with your cash flow, such as net 30 or net 60 days, ensure the supplier can meet your required delivery timelines, and seek warranties that cover defects and performance issues.

Placing the Order

Once terms are agreed upon, place the order formally through a Purchase Order (PO). The PO should reiterate all agreed-upon terms and conditions to avoid any misunderstandings. Reconfirm the IC specifications and quantities, specify the delivery address and any special handling instructions, and clearly state the agreed payment terms and methods.

Quality Assurance and Testing

Importance of Quality Control

Ensuring the quality of semiconductor ICs is paramount to prevent failures in your final products. Implement rigorous quality control (QC) processes to verify the authenticity and performance of the ICs. Conduct incoming inspections upon arrival to check for physical damage and verify specifications, perform functional tests to ensure the ICs perform as expected, and carry out burn-in testing to identify any early-life failures.

Partnering with Testing Labs

Partnering with accredited testing labs can enhance your QC processes. These labs can conduct advanced tests and provide certification of the ICs’ quality and reliability.

Shipping Semiconductor ICs

Choosing the Right Shipping Method

The shipping method chosen can significantly impact the cost and delivery time of the ICs. Consider air freight for fast delivery times, sea freight for cost-effective large shipments, and courier services for reliable and efficient smaller shipments.

Packaging for Safe Transit

Proper packaging is essential to protect ICs during transit. Use anti-static materials and sturdy containers to prevent damage. Anti-static bags protect ICs from electrostatic discharge, cushioning materials prevent physical damage, and clear labeling with handling instructions and contents ensure safe and efficient handling.

Navigating Customs and Regulations

Understanding customs regulations and requirements is crucial for smooth shipping. Ensure all necessary documentation is in place to avoid delays and additional costs. Required documentation includes a detailed commercial invoice, a bill of lading for sea freight shipments, and certificates of origin if required by the destination country.

Insuring Your Shipments

Insuring your shipments can mitigate risks associated with loss or damage during transit. Choose an insurance policy that covers the full value of the ICs and any potential transit-related risks. Opt for full coverage insurance to protect against all risks and select reputable insurers with experience in handling high-value shipments.

Managing Supply Chain Risks

Identifying Potential Risks

Understanding potential risks in the supply chain is essential for proactive management. Common risks include supplier reliability issues, geopolitical factors, and natural disasters. Evaluate the reliability of suppliers based on past performance and market reputation, stay informed about geopolitical events that could impact the supply chain, and consider the impact of natural disasters on your supply chain.

Mitigating Risks

Develop strategies to mitigate identified risks. Diversify your supplier base to avoid dependency on a single source, establish contingency plans for critical components, and maintain safety stock to cushion against supply chain disruptions. Regularly review and update your risk management plans to address emerging threats and ensure the resilience of your supply chain.

Conclusion

Sourcing and shipping semiconductor ICs is a complex but crucial process for the electronics industry. By understanding your IC requirements, finding reliable suppliers, evaluating costs, implementing rigorous quality control measures, and choosing the right shipping methods, you can ensure the efficient and cost-effective procurement of high-quality ICs. Managing supply chain risks through proactive strategies further enhances your ability to navigate the dynamic semiconductor market successfully. With careful planning and execution, you can secure the ICs needed to power your technological innovations and meet the growing demands of the modern world.

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The smart healthcare products market shows immense growth potential in the coming decade. As of 2024, the market is valued at USD 172.76 billion. However, by 2032, it is projected to reach USD 421.57 billion, exhibiting an impressive compound annual growth rate (CAGR) of 11.80% between 2024 and 2032.The smart healthcare products market is undergoing rapid transformation, driven by technological advancements, increasing consumer awareness, and the need for efficient and cost-effective healthcare solutions. These innovative products, which include wearable devices, smart medical equipment, and health monitoring systems, are redefining the healthcare landscape by enhancing patient care, improving outcomes, and reducing healthcare costs.

Browse the full report at https://www.credenceresearch.com/report/smart-healthcare-products-market

Growth Drivers

1. Technological Advancements: The integration of artificial intelligence (AI), the Internet of Things (IoT), and big data analytics is revolutionizing the healthcare sector. Smart devices equipped with these technologies can monitor patient health in real-time, predict potential health issues, and provide personalized treatment plans.

2. Rising Prevalence of Chronic Diseases: With the increasing incidence of chronic diseases such as diabetes, cardiovascular diseases, and respiratory disorders, there is a growing demand for continuous health monitoring. Smart healthcare products offer real-time data and analytics, enabling early detection and timely intervention.

3. Aging Population: The global aging population is driving the need for advanced healthcare solutions. Elderly patients benefit significantly from smart healthcare products that allow for continuous monitoring and remote care, reducing the need for frequent hospital visits.

4. Consumer Awareness and Demand: As consumers become more health-conscious and tech-savvy, there is a rising demand for smart healthcare products that offer convenience, efficiency, and accuracy. Wearable devices like smartwatches and fitness trackers are gaining popularity for their ability to monitor vital signs and physical activity.

Key Products in the Market

1. Wearable Devices: Wearable health devices, such as smartwatches, fitness trackers, and biosensors, are among the most popular smart healthcare products. These devices monitor a range of health metrics, including heart rate, blood pressure, glucose levels, and sleep patterns, providing users with valuable insights into their health.

2. Smart Medical Equipment: Innovations in medical equipment, such as smart inhalers, connected insulin pens, and digital stethoscopes, are transforming patient care. These devices enhance accuracy, improve patient compliance, and facilitate remote monitoring.

3. Health Monitoring Systems: Advanced health monitoring systems, including remote patient monitoring (RPM) and telehealth platforms, enable healthcare providers to track patient health remotely. These systems collect and transmit data from various sensors to healthcare professionals, allowing for timely interventions and reducing hospital readmissions.

Market Challenges

1. Data Privacy and Security: The widespread use of smart healthcare products raises concerns about data privacy and security. Ensuring the protection of sensitive health information is crucial to gaining consumer trust and complying with regulations such as the Health Insurance Portability and Accountability Act (HIPAA).

2. High Costs: The initial cost of smart healthcare products and the associated infrastructure can be high, posing a barrier to adoption, particularly in developing regions. However, the long-term benefits, including reduced healthcare costs and improved patient outcomes, can offset these initial expenses.

3. Interoperability Issues: The lack of standardization and interoperability among different smart healthcare devices and systems can hinder seamless data integration and sharing. Efforts to establish universal standards are essential to maximizing the benefits of smart healthcare technology.

Future Outlook

The future of the smart healthcare products market looks promising, with continuous advancements in technology and increasing adoption across the globe. Key trends expected to shape the market include:

1. AI and Machine Learning Integration: The incorporation of AI and machine learning in smart healthcare products will enhance predictive analytics, personalized treatment, and clinical decision support, leading to better patient outcomes.

2. Expansion of Telehealth: The COVID-19 pandemic has accelerated the adoption of telehealth services. As telehealth becomes more mainstream, the demand for smart healthcare products that facilitate remote consultations and monitoring will continue to grow.

3. Focus on Preventive Healthcare: There will be a greater emphasis on preventive healthcare, with smart healthcare products playing a crucial role in early diagnosis, health maintenance, and disease prevention.

4. Wearable Technology Advancements: Future advancements in wearable technology will lead to more sophisticated and multifunctional devices, capable of monitoring a wider range of health parameters with greater accuracy.

Key Players  

Apple Inc.

Fitbit Inc. (now part of Google)

Philips Healthcare

Medtronic plc

GE Healthcare

Siemens Healthineers

Samsung Electronics Co., Ltd.

Omron Corporation

Honeywell Life Care Solutions

Qualcomm Life, Inc.

eClinicalWorks

Olympus Corporation

Terumo Corporation

Becton, Dickinson & Company

Cerner Corporation

Stanley Healthcare

Allscripts Healthcare Solutions, Inc.

AirStrip Technologies, Inc.

Segmentations:

By Product

Wearable Activity Trackers

Wearable Biosensor

ECG Wearable Devices

Others

By Distribution Channel

E-commerce

Pharmacy Stores

Others

By End User

Heart Disease Patients

Chronic Renal Failure Patients

Diabetes Patient

Others

Browse the full report at https://www.credenceresearch.com/report/smart-healthcare-products-market

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IT Services Market - Forecast(2024 - 2030)

IT Services Industry Overview

Global IT Services Market size is expected to reach $1,852.65 billion by 2031, growing at a CAGR of 9.5% during 2024-2031. In 2023, Deployment of IT for network management have become the best practices to bring and automate all business operations into a single and simple solution.  The growing popularity of cloud based software and rising concern to automate business processes are continuously increasing the demand for IT services worldwide. The cloud based IT services is experiencing rapid growth among SMEs since 2022 and is expected to capture more than 80% market share by 2025. Similarly, the emerging big data technology and rising number of connected devices across enterprises are increasing the demand for IT service management and information security management platform.

Report Coverage

The IT services market report: “IT Services Industry Outlook– Forecast (2024-2031)”, by IndustryARC, covers an in-depth analysis of the following segments of the IT Services Market.

By Service Type: Professional Services (System Integration (Application Integration, Application Development, Application Testing, Application Lifecycle Management). Infrastructure Integration (Data Center, Security, Mobility, Network and Others), Training and Education, Consulting), Managed Services (Managed Security, Managed Data Center, Managed Network, Managed Mobility, Others), Telecom Services

By Business Function: Finance and Accounting, Human Resources, Sales and Marketing, Supply Chain Management, Operations and Support, Manufacturing

By Organization Size: SME, Large Enterprises

By Deployment Type: Cloud, On Premises

By End User Industry: Banking, Financial Services, and Insurance, Media and Entertainment, Government and Defense, Communication and Technology, Consumer Goods and Retail, Healthcare, Others

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Key Takeaways

• North America dominates the IT services market owing to rising preferences of companies to avail cloud based services.

• The rising penetration IoT based devices and large volume of data generation in enterprises are creating new opportunity for IT services market.

• Cloud based IT services is expected to accelerate the IT services market at a faster pace due to low cost deployment.

• Lack of standardization would lead end users to spend in IT services with uncertain ROI, which may inhibit the IT services industry growth.

IT Services Market Segment Analysis - By End User Type

IT Infrastructure services market is likely to increase at a CAGR of 9.76% during 2024-2031. Most of the companies, these days are facing challenges in maintaining their IT infrastructure functioning and cost. Hence, there are rising number of vendors tapping into this market to provide managed IT services. Similarly, managed Infrastructure are gaining popularity, as it help companies to focus only on their core business activities. The emerging technologies such as big data has also fuelled the growth of IT Infrastructure Services Market. Big Data Market is expected to reach approximately $318 billion by 2025. Similarly, with the growing volume of data, enterprise’s IT infrastructure need to ensure the most stable information security management so as to protect the enterprise data from hackers.  This requirement further accelerate the IT services market from IT infrastructure service application.

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IT Services Market Segment Analysis - By Deployment Type

The cloud based IT services is gaining popularity owing to low cost of deployment. Similarly, with the cloud based IT services, scale up and scale down of businesses can be achieved easily. Thus, cloud based IT services is considered to be the most effective deployment platform by many small and medium sized enterprises in recent time. Cloud based IT Services is expected to grow at a CAGR of 9.98% during 2024-2031. In 2022, approximately 87% of companies worldwide were using some form of cloud based services, out of which 20% companies are likely to choose 100% cloud based services in next 5 years. It is also expected that by 2025, 72% enterprise software will be fully cloud based.

IT Services Market Segment Analysis - By Geography

In 2023, North America dominated the IT services market with a market share of more than 35.23%, followed by APAC and Europe.  The growing adoption of cloud based IT services is driving the IT services market in this region. North America accounts for majority of the cloud traffic globally. According to the Cisco Global Cloud Index, the cloud traffic in the region is poised to grow at a CAGR of 14% during 2024-2031 and will account for nearly 54% of the global traffic by 2025. Similarly, the rising adoption of hosted and managed services is accelerating the demand for cloud based IT services in the region. In 2023, approximately 75% of businesses are using some form of managed services in North America Region, making the region highly potential for IT services market.

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IT Services Market Drivers

• Rising demand for cloud based IT services

Since 2020, most of the industries and enterprises are replacing their on premise software with cloud based software. The cloud based software provides access to entire enterprise applications at an affordable price without any substantial upfront expenditure in software and hardware.  Similarly, the adoption of cloud computing enable enterprises to scale up and scale down their businesses more conveniently. Hence, cloud based IT services is becoming a more useful and cost effective solution for SMEs in recent time. In addition to this, cloud based computing offer new business capabilities and opportunities for the SMEs. As per major IT service providers, cloud based IT services can reduce the cost of IT deployment by approximately 45%-50%. Many startups are investing into this technology looking at the future opportunities and hence, end users are now finding a large number of options to choose their vendors. 

• Emerging big data technology

The volume of data consumption have increased significantly in the wake high speed internet connection, rising industrial automation, and increasing penetration of mobile devices. This rise in data volume are creating enormous opportunity for IT service management. Similarly, with the increase in data volumes, Colocation data center are experiencing high demand. The companies in this sector are increasingly digitizing their operations and services, resulting in their increased dependence on IT Services. Process and manufacturing industries are taking the path of industrial IoT to improve operational efficiencies, which will result in generation of large amount of data and have a positive impact on IT Services market. The Industrial IoT market is expected to reach $100 billion by 2025 growing at CAGR of 18.56% during 2023-2025. Thus, with the evolving big data concept in enterprises and businesses, the IT services market is likely to find opportunity during the forecast period.

IT Services Market Challenges

• Lack of standardization

The success of IT services in businesses depends on multiple factors and is often varied with the companies. Similarly, each business is unique and hence use specific technologies to meet the particular business solution. Thus, due to lack of standardization, it is difficult for businesses to estimate the viability of IT services based on the success factor of same technology in other company.   A typical IT service deployment may cost between $75 to $300 per users. Thus, lack of ineffective IT services may cost a huge financial burden for the enterprises.

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Market Landscape

The IT services market share held by top 5 players were estimated approximately   29.7% in 2023. Acquisition, partnership, and Service differentiation are the key strategies adopted by most of the companies in this market.  IT services top 10 companies include:

Accenture PLC

Capgemini

Cognizant Technology Solutions Corporation

Oracle Corporation

Fujitsu

HCL Technologies Limited

Hewlett Packard Enterprise

Tata Consultancy Services

IBM Corporation

Infosys. 

Acquisitions/Technology Launches

• In December 2023, Analytics cloud platform Alteryx is going private. It’s agreed to be acquired by Clearlake Capital and Insight Partners in a deal valued at $4.4 billion. 

• In December 2023, IT outsourcer Cognizant snapped up Thirdera, a ServiceNow partner based in Colorado, and added almost 1,000 employees to its workforce of almost 350,000.

• In November 2023, Accenture completed its acquisition of Solnet, an IT services provider with deep technology consulting experience for New Zealand government and private organizations across multiple industries