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The Rise of Generative AI in Finance

As an independent management consultant specializing in the tech sector, I've witnessed numerous technological advancements reshape vertical industry workflow and horizontal job functions. However, few innovations have shown as much promise to revolutionize business operations as Generative AI (GenAI). A recent Gartner market study has shed light on the transformative potential of this technology, particularly in the realm of finance. The findings reveal a significant shift in how finance leaders perceive and plan to implement generative AI, signaling a new era of data-driven decision-making and operational efficiency. The Gartner assessment provides compelling insights into the expectations and priorities of finance leaders regarding GenAI adoption. One of the most striking statistics is that 66 percent of finance leaders believe GenAI will have its most immediate impact on explaining forecast and budget variances. GenAI in Finance Market Development This high percentage undersc
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Emergence of Very Low Earth Orbit Satellites

As a seasoned industry consultant with roots dating back to the early days of Low Earth Orbit (LEO) satellite networks, I've witnessed firsthand the evolution of satellite technology and its transformative impact on global communications connectivity. Today, we stand on the cusp of another significant leap forward with the emergence of Very Low Earth Orbit (VLEO) satellites. A recent market study by Juniper Research sheds light on this emerging technology and its potential to revolutionize various industries. VLEO Satellite Market Development VLEO satellites, operating at altitudes between 150 and 450 kilometers above the Earth's surface, represent a new frontier in satellite technology. These satellites offer unique advantages over their higher-orbiting counterparts, including enhanced imaging resolution, lower latency, and improved operational efficiency. As the demand for high-resolution Earth observation and faster communication speeds continues to grow, VLEO satellites are

Public Cloud Spend Tops $800 Billion in 2024

The global public cloud services market is continuing phenomenal growth, driven by digital transformation initiatives and a fundamental shift in how IT organizations function. This trend is fueled by several factors, including the increasing adoption of remote work models, the need for greater agility and scalability, and the ever-growing volume of data that organizations need to store and process. According to the latest market study by International Data Corporation (IDC), the public cloud services market will reach $800 billion in 2024, with a five-year compound annual growth rate (CAGR) of 19.5 percent. Public Cloud Services Market Development "Vendors are focused on being strategic partners to their customers by delivering highly performant, developer-friendly, trustworthy, and secure offerings that help users deliver intelligent applications more efficiently," said Adam Reeves, research director at IDC . This growth is being fueled by several key trends: IDC highlights

Industrial WLANs Drive Efficiency and Agility

The market for industrial facilities networking is undergoing a significant transformation. Operational Technology (OT) networks, traditionally reliant on wired connections, increasingly embrace wireless solutions. This shift is driven by several factors, including the need for greater flexibility, improved efficiency, and the emergence of new applications fueled by the Internet of Things (IoT).  At the forefront of this transformation lies a utilization of the 6 GHz band in industrial Wireless Local Area Networks (WLANs), a communication innovation. Industrial WLAN Market Development According to the latest worldwide study by ABI Research, they forecast a surge in industrial WLAN access points supporting the 6 GHz spectrum, with shipments rising from 2 percent in 2023 to 71 percent by 2030. The growth of industrial WLANs can be attributed in large part to the limitations of traditional wired networks. Dense deployments of sensors, robots, and other connected devices create a constant

Why CEOs Crave Digital Business Growth

For the past decade, navigating uncertainty has been a defining characteristic of the Global Networked Economy. From economic downturns to tech-driven disruptions, leaders have had to adapt in the face of constant change. According to Gartner's latest worldwide market study, there's a significant shift in C-suite priorities. Survey results reveal a focus on digital business growth, with CEOs identifying it as the top priority. About 73 percent of CEOs ranked growth as their primary objective, a 17 percent increase compared to 2023. This sentiment is underscored by the finding that 60 percent of CEOs plan to increase hiring in 2024. Digital Business Market Development "Along with the increased focus on growth, the survey showed a relatively weak position for cost management, suggesting that most CEOs and senior business executives believe the most challenging economic times are past," said David Furlonger, VP Analyst at Gartner . Several key factors are contributing to

Smart Grid Growth Reaches the Tipping Point

The world's electrical grids require significant modernization to handle the transition to renewable energy sources and enable more efficient energy distribution and consumption. Enter the smart grid that uses digital technologies to automatically monitor energy flows, integrate renewable sources, and self-heal from outages. According to the latest worldwide market study by Juniper Research, the benefits of smart grid adoption include cost savings for utilities, a reduction in environmental impacts, improved grid reliability, and greater consumer control over energy usage. However, significant barriers are slowing widespread smart grid deployment globally. Smart Grid Market Development The financial incentive for utilities to invest in smart grid infrastructure is now overwhelmingly clear. Juniper forecasts that worldwide savings from smart grids in terms of reduced energy and emissions costs will grow from just $84 million in 2024 to $290 billion annually by 2029 -- that's a 2

$4 Trillion Digital Transformation Upswing

As a C-suite leader, you're constantly bombarded with investment opportunities. In today's large enterprise arena, few initiatives hold the same potential as Digital Transformation (DX). Yet, securing ongoing buy-in from the board and other key stakeholders hinges on a clear understanding of market momentum and the return on investment that DX promises.  A recent IDC worldwide market study sheds valuable light on this critical topic. Let's delve into some key takeaways and explore what they mean for your organization's tech strategy. Digital Transformation Market Development The IDC study describes a market surging toward investment adoption maturity. Worldwide spending on DX technologies is forecast to reach $4 trillion by 2027, reflecting a compound annual growth rate (CAGR) of 16.2 percent. This exponential growth signifies an opportunity for industry leaders to leverage digital business tools and strategies to gain a competitive edge, with Artificial Intelligence (A

Our Future Reality is Augmented or Virtual

As an independent management consultant, I've had a front-row seat observing how emerging technologies are transforming industries across the globe. One trend that can no longer be ignored is the rise of Augmented Reality (AR) and Virtual Reality (VR). According to the latest ABI Research forecast, the global AR and VR markets are poised for explosive growth over the next six years, projected to increase 60 percent and 44 percent respectively from 2024 to 2030. AR and VR Apps Market Development The implications of this forecast are significant. We are on the cusp of a new era where immersive digital experiences will revolutionize how we work, learn, receive healthcare, manufacture products, and entertain ourselves online.  A potent fusion of AR/VR hardware and software innovations -- combined with Artificial Intelligence (AI) capabilities -- is supercharging these emerging technology applications. "Together with continual improvements in hardware, allowing for more user-friend

GenAI Sparks Public Cloud Spending Surge

The business technology landscape is undergoing a continued shift in IT infrastructure. The public cloud, once a fringe player, has become the undisputed engine driving IT innovation and digital business growth. As executives grapple with their digital transformation initiatives, scalability, agility, and cost-efficiency remain paramount. The public cloud delivers on all these fronts, and Gartner's recent forecast underscores this reality. Worldwide public cloud end-user spending is projected to reach $675 billion in 2024, a significant increase from  $561 billion in 2023. This growth is driven by Generative AI (GenAI) and software application modernization. Public Cloud Computing Market Development Cloud Infrastructure as a Service (IaaS): This foundational layer, comprising compute, storage, and networking resources, is anticipated to reach $180 billion in 2024. This underscores the continued demand for core cloud infrastructure as organizations migrate workloads and application

Electric Vehicle Global Market Momentum

The time has come. The global transition to electric vehicles (EVs) is rapidly accelerating, propelled by government initiatives to reduce carbon emissions and mitigate climate change.  As concerns over the environmental impact of traditional internal combustion engine (ICE) vehicles mount, nations worldwide are implementing aggressive policies to spur the adoption of EVs and the deployment of vehicle battery charging infrastructure. According to the latest global market study by Juniper Research, this driving force of progressive government intervention is catalyzing EV transformation growth. Electric Vehicle Market Development Juniper analysts have reviewed the pivotal role government policies are playing in shaping the future of the EV market. They highlight the various incentives, subsidies, and mandates introduced by countries globally to encourage rapid EV adoption. One of the most striking findings from the Juniper Research study is the projected 194 percent growth in the total

Future of Work: Skills-Driven Employment

The way we work is undergoing huge changes. Technological advancements like automation, artificial intelligence (AI), and cloud computing are fundamentally altering the landscape of office worker employment. Business leaders are grappling with a new reality: the talent skills gap between their current knowledge workers and the growing demands of digital transformation raising the bar of expectations. A recent  International Data Corporation (IDC) survey of North American IT leaders uncovered the latest employee learning and development insights. Nearly two-thirds of respondents reported that a lack of critical skills has resulted in missed revenue growth objectives, quality problems, and a decline in customer satisfaction. These issues represent a significant drag on a company's top and bottom lines. Future of Work Apps Market Development "Getting the right people with the right skills into the right roles has never been so difficult," said Gina Smith, PhD, research direc

Manufacturers Benefit from GenAI Apps

Digital transformation goals continue to influence large enterprise IT spending. Generative Artificial Intelligence (GenAI) has now emerged as a transformative technology. Its ability to create entirely new business models or designs holds immense promise across industries. Still, a recent market study by ABI Research, presented at the 'Hannover Messe 2024' event, paints a somewhat cautious picture of GenAI adoption in the global manufacturing sector. ABI Research highlighted a strong presence of GenAI at the event, with industrial software vendors showcasing its application in the form of AI assistants and co-pilots. They forecast revenue from GenAI use cases in manufacturing will reach $10.5 billion by 2034. Manufacturing GenAI Market Development "The dominant use cases leverage core strengths of Large Language Models (LLMs) for Programmable Logic Controller (PLC) programming, code generation, step-by-step work instructions, and data enrichment and consolidation,"

The Rise of Open Hybrid GenAI Platforms

Artificial intelligence (AI) has been steadily transforming business, now a new wave is poised to make a seismic impact: Generative AI (GenAI) tool adoption. In fact, we may have already reached the inflection point. Unlike traditional AI that analyzes data, GenAI goes a step further. It applies analysis to create entirely new content, be it realistic images, marketing copy, or innovative product designs. A recent Gartner study revealed that GenAI is the most frequently deployed AI solution in organizations. This is marking the dawn of a new global era in human-machine collaboration. "GenAI is acting as a catalyst for the expansion of AI in the enterprise," said Leinar Ramos, senior director analyst at Gartner . "This creates a window of opportunity for AI leaders, but also a test on whether they will be able to capitalize on this moment and deliver value at scale." Global Generative AI Market Development Gartner's survey found that, on average, only 48 percent

The Cloud Imperative for Telecom Operators

The telecom sector is undertaking an update of its IT infrastructure. As demand for data continues to soar with the proliferation of 5G and new apps, network operators can't rely on their legacy hardware and network architectures. The process of "Cloudification" offers a path to reduce costs, improve efficiency and scalability, plus meet increasingly ambitious infrastructure sustainability goals. According to the latest market study by Juniper Research, cloudification spending by telecom operators will see tremendous growth in the coming years, rising from $26.6 billion in 2024 to $64.9 billion by 2028 -- that's a 144 percent increase in just four years. Telecom Cloud Apps Market Development "Telecom networks are becoming more complex; requiring increasingly automated network management systems. However, operators must insulate mission-critical traffic when reducing power, to guarantee quality of service for enterprises," said Alex Webb, research analyst at

How AI Impacts Data Workload Investment

The importance of data in today's business landscape fundamentally reshapes how CIOs invest in their IT infrastructure. A recent International Data Corporation ( IDC ) market study highlights this trend, revealing insights into spending patterns. The study indicates that structured database and data management workloads are the largest spending category within enterprise IT infrastructure. This is unsurprising, considering the foundational role these workloads play in managing digital business data. However, IDC's worldwide market study also sheds light on a noteworthy shift – spending in some categories witnessed a slight decline in 2023 compared to 2022. Data Workload Market Development This dip could be attributed to several factors. Organizations might optimize their existing data management processes, potentially leveraging more efficient storage solutions or cloud-based data management services. Additionally, the rise of alternative data sources, such as unstructured and

On-Device AI Transforms Consumer Tech

The past decade has witnessed an explosion in Artificial Intelligence (AI) use cases. From facial recognition software to virtual assistants, AI is rapidly reshaping our digital world. However, most of this AI processing power has resided in the public cloud, requiring a broadband internet connection and raising concerns about personal data privacy. This deployment model is about to evolve. The future of AI is the ability to function directly on our devices, according to the latest worldwide market study by ABI Research. On-Device AI Market Development The research predicts a significant growth in AI chipset shipments, reaching over 1.3 billion units by 2030.  This surge signifies a critical shift towards on-device AI, empowering smartphones, PCs, tablets, and other gadgets with the ability to process AI tasks locally. This transition is driven by two key factors. Firstly, smartphone and PC vendors are prioritizing the development of chipsets specifically designed for on-device AI, par

Reshaping Data Analytics Operating Models

Data has become the lifeblood of forward-thinking organizations. Market leaders leverage vast troves of data to inform decision-making, personalize customer experiences, and optimize operations. However, extracting value from this digital data requires analytics capabilities. Here's where Artificial Intelligence (AI) is becoming a powerful tool to unlock actionable insights. AI Data Analytics Market Development According to the latest Gartner market study, there's a significant shift in how organizations approach data and analytics (D&A) due to AI's growing influence on business outcomes. The study found that 61 percent of organizations actively evolve their D&A operating models in response to AI capabilities. This underscores a critical realization: the traditional approaches to data management and analysis are no longer sufficient. The integration of AI into D&A offers several compelling advantages: Enhanced Data Exploration: AI tools can automatically analyze

Banking as a Service Gains New Momentum

The BaaS model has been adopted across a wide range of industries due to its ability to streamline financial processes for non-banks and foster innovation. BaaS has several industry-specific use cases, where it creates new revenue streams. Banking as a Service (BaaS) is rapidly emerging as a growth market, allowing non-bank businesses to integrate banking services into their core products and online platforms. As defined by Juniper Research, BaaS is "the delivery and integration of digital banking services by licensed banks, directly into the products of non-banking businesses, commonly through the use of APIs." BaaS Market Development The core idea is that licensed banks can rent out their regulated financial infrastructure through Application Programming Interfaces (APIs) to third-party Fintechs and other interested companies. This enables those organizations to offer banking capabilities like payment processing, account management, and debit or credit card issuance without

GenAI Investment Drives Asia-Pacific Growth

Across the globe, digital business transformation has a new catalyst for substantive advancements. Generative AI (GenAI) is about to transform many industries around the world. According to the latest market study by International Data Corporation (IDC), spending on GenAI in the Asia-Pacific region will reach a compound annual growth rate (CAGR) of 95.4 percent between 2022 and 2027. "China is projected to maintain its position as the dominant market for GenAI, while Japan and India are set to become the most rapidly expanding markets in the forthcoming years," said Deepika Giri, head of research, IDC APJ . Asia-Pacific  Generative AI Market Development The IDC market study clearly shows the burgeoning Generative AI landscape in the Asia-Pacific region. Here are some of the most significant insights. Surging GenAI Spending: The study predicts a growth trajectory for GenAI spending in the region. By 2027, expenditures are expected to reach $26 billion, reflecting the widespre

Satellite IoT Poised for Explosive Growth

The Internet of Things (IoT) is transforming industries by enabling vast networks of devices to collect and share data. This data empowers businesses to optimize operations, gain deeper insights into customers, plus develop new products and services. However, a significant hurdle to IoT adoption lies in the limitations of terrestrial networks. Cellular and Wi-Fi connectivity often falter in remote locations, hindering the potential of IoT in these areas. This is where satellite IoT steps in, offering a compelling solution for connecting devices in geographically isolated or underserved regions. Satellite IoT Market Development According to the latest worldwide market study by ABI Research, the Satellite IoT market is expected to reach a value of $4 billion by 2030. This forecast growth surge is driven by: Reduced Launch Costs: The space industry is witnessing a dramatic decrease in launch costs due to advancements in reusable rockets and launcher technologies. This makes it more cost-e