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The global smart & sustainable technologies is one of the fragmented industries in the world which comprises several sectors such as communication, enterprise application, networking, payment, EdTech, computing & storage, testing, next generation technologies, and electronic security. These sectors have been witnessing radical transformation with companies focusing on research & development investments to ensure sustained growth.
Global Market Insights focuses on the technological developments in the smart & sustainable technologies industry. It also tracks changes & developments in the industry dynamics and covers market information regarding the following segments:
Communication: Communication technology includes unified communication, cellular communication, industrial communication, optical communication, and telecommunication. Major organizations are moving away from traditional communication tools, such as email and telephone, to advanced tools such as collaboration software, unified communication tools, cloud telephony & cloud-based apps. Enterprises are emphasizing enhancing their customer experience through the integration of AI and machine learning technologies into their communication tools.
The rapid adoption of innovative communication tools across the BFSI, retail, IT & telecom, healthcare, education, and manufacturing sectors has propelled the market demand for innovative & robust communication tools. As enterprises are emphasizing their regional presence in newer geographies, the effectiveness of synchronous & asynchronous communication functions plays a vital role in ensuring a positive outcome for business processes.
Networking: Networking involves technologies including SD-WAN, Wi-Fi-6, 5G, network automation, and AI enablement. These technologies are transforming the way enterprises manage their network infrastructures by offering improved performance & security. They also reduced complexities and the cost of various networking functions. The commercialization of 5G networks has significantly influenced the demand for wireless networking in digital payments, industrial networking, BYOD trend, and wireless communication.
The proliferation of advanced technologies, such as AI and machine learning, in networking devices has aided enterprises in managing their network infrastructures, reducing network downtime & improving business productivity. The significant development in various networking technologies has influenced new regulations related to data privacy & security.
Enterprise Application: An enterprise application is a software system platform that is designed and developed to be operated in a corporate environment such as government or business. With the use of enterprise applications, firms at any level (small, medium, or large) can optimize their resources, time, and employee management through automation. Companies utilizes enterprise application to integrate business areas such as Customer Relationship Management (CRM), Virtual Desktop Infrastructure (VDI), ERP and Supply Chain Management and Enterprise Asset Management. Its ability to offer accurate and real-time information flow among different departments of enterprises is majorly driving market growth. Enterprise applications is used by end-user industries including manufacturing, BFSI, healthcare, retail, telecom, government, aerospace, defense, and others.
Enterprise applications are evolving at a rapid space as they are progressing from mere conventional on-premises apps and shifting towards cloud computing technology including SaaS (Software as a Service) and PaaS (Platform-As-A-Service), to get better solution at reduced cost. Further, enterprises are also to design user-friendly applications. Increasing use of IoT devices is also increasing the use of IoT in enterprise applications. The major technological advancements happening is integration of technologies such as Artificial Intelligence (AI) which provides improved process efficiency, data driven organizational workflow, preplanning performance patterns and others benefits. Cyber security and IoT are also major factors considered in designing enterprise applications. Increasing research expenditure, user friendly software launch, acquisitions and designing secure applications are major factors considered by market players to cater rising demand for enterprise applications.
CRM solutions come a long way from just a customer data storage software to being an important source of relationship intelligence for the whole customer lifecycle. In order to move towards cost-cutting and better efficiency customers are shifting towards SaaS (Software-as-a-Service), PaaS (Platform-as-a-Service) and IaaS (Infrastructure-as-a-Service) systems. To meet customers changing needs and expectations CRM software are witnessing technological advancements. AI powered customer support is the major advancements spreading its reach across the market. AI based CRM software assist enterprises in customer service, lead management and next best option. In order to cater rising demand from enterprises due to increasing digitization, market players are focusing on steps such as collaborations with tech giants and investments in new technology to improve their CRM platforms.
Integration of cloud-based services, Internet of Things and personalized solutions are some of the current trends that are gaining pace in the market meeting changing needs of the enterprises. Integration of IoT with ERP leads to greater supply chain management, increased insights, enhanced forecasting, improved asset maintenance and better energy management. Increased focus on cost effective solution is leading market players towards providing cloud-based services. Apart from this, big players are acquiring small players to strengthen their product portfolio I specific offerings such as process management.
Emergence of indoor positioning system (IPS) is gaining significant pace in EAM industry. Indoor positioning has opened up a new dimension to asset tracking and is easier to access. IPS make activities such as indoor tracking, indoor mapping, and indoor navigation easy. Market players are majorly focusing on providing solutions that can solve underlying problem of particular company instead of offering a standardized product. Apart from this industry players are emphasizing on raising investment to expand their regional offerings and cater rising demand from different parts of the world.
Payments: Payment industry consists of infrastructure or network that enables businesses, consumers, and other organizations to transfer funds. It includes monitoring, storing, and transferring of financial data. The industry comprises digital banking & digital lending, cryptocurrency, mobile proximity payments, payment processors & gateways, and anti-money laundering/ fraud prevention & detection. The technologies such as digital banking and payment gateways are utilized across different industries including retail & e-commerce, BFSI, pharmaceutical, IT & telecom, industrial, government, and energy. Increasing use of online payment application or contactless payment methods from the consumers for completing transactions will accelerate the payments industry growth across the globe.
Growing focus from government authorities in transitioning to digital economy infrastructure will propel the industry expansion. Cloud-based storage of financial information supports the government in managing and monitoring all the transactional data seamlessly. Additionally, increasing focus from market players in improving the security aspects of the digital payment systems will fuel the industry growth. Companies are emphasizing on designing solutions that reduces chances of cyberattack leading to monetary losses or exposure of private information. Also, companies offering automated teller machines (ATMs) and related services are integrating cryptocurrency technology in the existing or new systems, enabling the individuals to buy and sell crypto assets. Generalization of crypto assets in daily transactional activities will drive payments industry.
Increasing focus from technology developers in designing and developing intuitive wallet services and alternative cryptocurrencies, will propel the industry growth. Companies are emphasizing on building secure and easy to use cryptocurrency applications for completing transactions. In addition, introduction of supportive framework for trading cryptocurrency will expand the market in the future. Availability of favorable government regulation with essential digital infrastructure will increase the adoption of the technology. Rising internet penetration and smartphones leading to increase in number of digital payment applications or website users for completing transactions or buying stocks will create growth opportunities for the industry.
Changes in the individuals preferences towards digital payments will spur market growth. Mobile proximity payments applications offer seamless method for completing transaction eliminating the hassle of carrying cash. In addition, Companies with mobile payment applications such as Google Pay, Samsung Pay, and PayPal are focusing on improving the security aspects to further drive the adoption. Mobile wallet developers are introducing attractive cashback and discounts for the users to encourage them to finalize the payment from their application. Also, government authorities are promoting the use of online or cashless mode of payment apps. The transition to cashless economy supports the governing bodies to build a robust and digital ecosystem for accelerating economic growth.
Integration of advanced technologies such as AI and machine learning for enhanced patterns and trends analysis will drive the digital lending market growth. Financial institutes are using evolving technologies for improving decision-making, cost optimization, simplifying compliance for customer, and increase operational effectiveness. Additionally, digital banking services enables the corporates to manage cash and transactions across different banks. Digital banking technology reduces the complexity in conducting transactions and supports the corporate in maintaining payment records in an efficient manner. Growing use of smartphone application for bank-related activities will propel the digital banking and digital lending market. Banking institutes are introducing secured mobile apps that enables customers to complete different tasks including apply for loans and deposit money.
Growing demand for instant mobile-based payments from customers will drive the payment processors and gateways market growth. Individuals are using e-wallets or NFC for payment activities owing to the ease of completing transactions. In addition, the availability of PCI compliant payment gateway portals will fuel the industry expansion. PCI complaint refers to adherence to a range of security standards that are designed to safeguard card information during & after a financial transaction. Increasing trust across consumers and organizations will create growth opportunities for the industry. Rising investment in fintech industry from venture capitalist for developing an advanced set of payment processors and gateway solution portfolio will spur market growth.
Increase in revenue loss due to multiple financial frauds and money laundering activities will propel the market expansion in future. Companies across BFSI, government & public sector, healthcare, IT & telecom, retail, and transportation sector, are actively using transaction monitoring solutions to avoid or report any case of financial fraud. Additionally, growing use of electronic and digital mode of payment from consumers and business will spur the FDP industry growth. Surge in digital transactions has increased the frequency of cyberattacks, which will drive the demand for identity and authentication solutions. Rising cases of illicit cross border money laundering is expected to accelerate the industry growth. Government authorities are using AML-based solutions to identify illegal financial activities between organizations.
Next Gen Technology: Next gen technology includes AI & Analytics, Machine learning, digital twin, DevOps, LiDAR, ad Li-Fi. These technologies are gaining popularity across the globe and are widely utilized across different industries including retail & e-commerce, BFSI, pharmaceutical, IT & telecom, industrial, government, and energy.
Analytics is a branch of computer science that employs machine learning, statistics, and math to discover meaningful data trends. Analytics, also known as data analytics, is the process of combing a large volume of data sets to explore, interpret, and develop new insights. Leading companies use analytics to monitor and enhance every aspect of their operations, from marketing to supply chain, in real-time. Advancements in analytics technology are creating new opportunities as they are predictive, self-learning, and adaptive, helping users to understand data patterns. The increasing deployment of analytics in various industries offers results that are intuitive and uses visualizations that autonomously explore data.
The demand for machine learning will increase as it is used in various industries including BFSI, healthcare, retail, agriculture, manufacturing, automotive, and transportation. The rising adoption of this technology in the healthcare sector is spurring the overall market share as it is being used to predict the probability of various diseases. It is used to generate quantitative insights for diagnosis in the field of reactive and proactive treatment, thus driving the market. Customers can access these tools without the need to own servers or purchase and install the necessary software as the penetration of cloud-based applications is increasing in various industries.
The integration of digital twin technology with IoT, AI, and cloud computing is anticipated to fuel growth. Companies are deploying AI and Industrial Internet of Things (IIoT) technologies to collect & analyze cognitive data from IoT devices and connected products, which can then be implemented in the digital twin model to recreate the effectiveness and usage of the existing system. This allows product engineers & designers to monitor product performance, identify problems, and accurately predict iterations of basic problems. The implementation of these technologies also assists organizations in improving operations and system productive capacity, improving the overall product performance.
Standardization of software updates and accurate estimation of delivery timelines are essential for large corporations to enable timely software deployment. The increased use of automation tools by global companies to minimize manual IT Services Management (ITSM) has created various opportunities. The growing prominence of automated testing and development tools has increased the need for management DevOps solutions. Development and operations analytics are also gaining traction as businesses use analytics to simplify the software delivery lifecycle and obtain deeper insights into automated software testing information. The growing demand for an efficient computing framework and total security while operating in physical, simulated, or cloud environments is expected to drive the DevOps market.
The automotive industry is expected to demand Li-Fi technology to enable Vehicle-to-Vehicle (V2V) communication in connected cars. V2V communication supported by Li-Fi technology will also aid autonomous vehicles in distinguishing between living and inanimate objects. The increasing use of Li-Fi in retail stores for interactive shopping experiences will support market growth as it provides mapping tools for the evaluation and visualization of pedestrian traffic. The increasing use of LED lamps in building lighting creates huge opportunities for Li-Fi-based applications. Li-Fi incorporates the capabilities of high-speed wireless data communication & interior lighting infrastructure as it is very cost-effective and widely used in smart buildings.
The introduction of software solutions that fulfill the increasing demand for LiDAR in mapping solutions for raw data processing and the creation of 3D models for several applications will spur industry growth. The rapid development of autonomous vehicles has created numerous opportunities for the automotive LiDAR sensor market growth. Sensors are widely used in self-driving cars to control braking, speeding, and safety mechanisms in response to changes in the external environment. The 'growing demand for 3D printing in the construction industry will drive the use of LiDAR. Governments in developing countries have also been actively executing projects using advanced mapping technologies, such as LiDAR, to produce high-resolution maps for engineering works and city planning projects.
EdTech: Education Technology (EdTech) combines educational practices and IT tools to enhance & facilitate learning at the global level. EdTech includes e-learning, mobile learning, virtual classroom, Learning Management System (LMS), and private tutoring.
Testing: Testing techniques are used widely to compare the actual outcome with the expected outcome. The testing industry includes automation testing, software testing, Non-Destructive Testing (NDT), dynamic application security testing, fiber optic testing, manual testing, IoT testing, cloud testing, and ultrasonic testing, among others. The advent of Industry 4.0 and digitalization across the industrial manufacturing sector is driving the demand for embedded software applications to provide high efficiency & productivity in the industrial sector. The embedded software operates in real-time and prevents software failure that causes operation losses. Companies are also outsourcing automation testing services to develop bug-free software solutions, enhance productivity, and accelerate the demand for testing services during the estimated timeframe. The testing market growth is actively driven by the increasing business risks due to application vulnerabilities and cyberattacks. The increasing incidents of security breaches across the globe are encouraging organizations to deploy advanced application security testing solutions to mitigate the risks of outside attacks.
The testing sector is an umbrella of functional testing and non-functional testing. This further comprises system testing, unit testing, integration testing, smoke testing, regression testing, security testing, performance testing, usability testing, and API testing. Regression testing verifies the performance of the existing software and checks the functionality after the interface & updating with other software products. Mobile applications for online shopping, entertainment, money transaction, etc., also require continuous upgrades to enhance the user experience.
Electronic Security: The global electronic security industry, including enterprise security, cybersecurity & Firewall as a Service, has been witnessing radical transformation with companies focusing on research & development investments to ensure sustained growth.
The surging penetration of various wireless devices, such as smartphones and IoT devices, is fueling the cybersecurity market growth. The reduction in mobile device prices and growing advancements in network infrastructures across the globe are supporting the adoption of smart devices among enterprises & consumers. Different business enterprises are actively investing in cybersecurity due to the increasing incidents of cyberattacks. The increasing use of cloud & AI technologies and the growing demand for secure & reliable platforms are propelling the market growth. In the past few years, there has been an increase in cyber incidents, which has increased the demand for cybersecurity solutions & products globally.
The Firewall as a Service market is growing due to the increasing adoption of technologies such as BYOD, mobilization, and cloud computing. Also, the growing demand is due to its cost-effectiveness and real-time functionalities capabilities.
Computing & Storage: The global computing & storage industry, including the edge computing, cloud computing, encryption, end-user computing, and infrastructure as a Code sectors, has been witnessing radical transformation with companies focusing on partnerships and acquisitions to ensure sustained growth.
To avail the features of edge computing, industry players are focusing on the innovations of different edge-based applications. The adoption of edge computing solutions also offers performance and significant cost benefits to enterprises. The demand for edge computing is increasing owing to its real-time processing, which enhances quick decision-making capabilities.
The growing consumer inclination toward streaming platforms, such as Amazon, Netflix, Disney+, Apple TV, and YouTube, will also support the market expansion. To expand their market presence, companies are focusing on business strategies such as partnerships, mergers, and acquisitions. For instance, in April 2021, Microsoft acquired Nuance, an AI and cloud computing firm, for USD 19.7 billion. This acquisition aided the company to enhance its telemedicine service portfolio.
The growing adoption of securing enterprise IP and reducing financial risks, such as loss of confidential data, is expected to propel market growth. Enterprises are rapidly shifting toward advanced encryption algorithms from traditional cybersecurity methods to ensure that the data present on employee devices is encrypted.
The adoption of end-user computing offers flexible and enhanced security features to enterprises. Several enterprises are deploying virtual desktop infrastructures, which assist them in improving their business productivity. The demand for end-user computing is also driven by the growing trend of digitization that enables enterprises to tap digital opportunities to expand their business capabilities.
Configuration data, automation devices, and programs are used in the infrastructure as a Code deployment & management process. Infrastructure as a Code can also be used in cloud services & hardware including routers, web servers, personal computers, load balancers, and databases. The growing demand for better optimization of business operations is projected to drive market statistics.