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Showing posts from April, 2023

Mobile Device Market Still Awaiting Recovery

The mobile devices market has experienced three years of unpredictable demand. The global pandemic, geopolitical pressures, supply chain issues, and macroeconomic headwinds have hindered the sector's consistent growth potential. This extremely challenging environment has dramatically affected both demand and supply chains. It has led to subsequent inflationary pressures, leading to a worsening global cost of living crisis suppressing growth and confidence in the sector. In tandem, mobile device industry stakeholders have become more cautious triggering market uncertainties. Mobile Device Market Development Operating under such a backdrop, the development of mobile device ecosystems and vendor landscapes have been impacted severely. Many of these market pressures persisted throughout 2022 and now into 2023, borne chiefly by the smartphone market. According to the latest worldwide market study by ABI Research, worldwide smartphone shipments in 2022 declined 9.6 percent Year-over-Year

How Cloud Fuels Digital Business Transformation

Across the globe, many CEOs invested in initiatives to expand their digital offerings. User experience enhancements that are enabled by business technology were a priority in many industries. Worldwide end-user spending on public cloud services is forecast to grow 21.7 percent to a total of $597.3 billion in 2023 -- that's up from $491 billion in 2022, according to the latest market study by Gartner. Cloud computing is driving the next phase of digital transformation, as organizations pursue disruption through technologies like generative Artificial Intelligence (AI), Web3, and enterprise Metaverse. Public Cloud Computing Market Development "Hyperscale cloud providers are driving the cloud agenda," said Sid Nag, vice president at Gartner . Organizations view cloud computing as a highly strategic platform for digital transformation initiatives, which requires providers to offer new capabilities as the competition for digital business escalates. "For example, generativ

Subscription Payments will Exceed $15.4 Trillion

The recurring subscription payments market is undergoing significant growth, primarily driven by the acceleration of consumer adoption. The market deals with periodic subscriptions to a variety of goods and services offered as an alternative payment model. While subscriptions have existed for a long time, their use in the consumer products marketplace is still evolving. Despite the usage being relatively new, the proliferation has been rapid and has spanned many different vertical markets. Recurring Payments Market Development According to the latest worldwide market study by Juniper Research, the transaction value of recurring payments will exceed $15.4 trillion globally in 2027 -- that's up from $13.2 trillion in 2023. This relatively slow growth of 17 percent reflects that recurring payments are a well-established market, but also disguises a rapid change of payment methods in the space, with Open Banking and Digital Wallet payments outstripping overall growth. As more retail me

AI-Centric Systems Spending to Surpass $300B

ChatGPT is trained to follow instructions in a 'prompt' and provide a detailed response. Prompt Engineering is a concept in artificial intelligence (AI), particularly natural language processing (NLP). While this topic has gained much attention, it's merely a sub-sector of the greater AI market upside. According to the latest worldwide market study by International Data Corporation (IDC), global spending on AI -- including the software, hardware, and services for AI-centric systems -- will reach $154 billion in 2023, that's an increase of 26.9 percent over 2022. The ongoing incorporation of AI into a wide range of products will result in a compound annual growth rate (CAGR) of 27 percent over the 2022-2026 forecast period, with spending on AI-centric systems expected to surpass $300 billion in 2026.   AI-Centric Systems Market Development "Companies that are slow to adopt AI will be left behind – large and small. AI is best used in these companies to augment human

Digital Transformation Enabled by Wireless Apps

Wireless communication solutions in the enterprise continue to gain momentum from new technologies and associated software applications. Across all industries and geographies, the demand has increased substantially over the last couple of years. Meanwhile, the Wireless Local Area Network (WLAN) market is growing in complexity with the new Wi-Fi standards, 6 GHz spectrum availability, Internet of Things (IoT) connectivity integration, disruptive business models, and more value-added services. Enterprise WLAN Market Development Furthermore, the evolution of cellular and WLAN technologies is pushing CIOs and CTOs to consider deploying heterogeneous Wi-Fi + 5G networks that can optimize performance, cost, reliability, and enable new use cases fundamental to digital transformation. These market dynamics and innovative solutions can drive enterprise WLAN infrastructure revenues to reach $14.5 billion by 2028, according to the latest worldwide market study by ABI Research. ABI analysts will n

Why CEOs Must Invest in Business Technology

Throughout most industries, CEOs are focused on their digital transformation initiatives. While the economic outlook for this year includes many uncertainties, one thing remains certain -- the role of technology as the enabler for digital business growth. With that reality in mind, worldwide Information Technology (IT) spending will total $4.6 trillion in 2023, an increase of 5.5 percent from 2022, according to the latest market study by Gartner. Despite continued global economic turbulence, all regions worldwide are projected to have positive IT spending growth in 2023. Business technology investment is somewhat resilient to market conditions. Business Technology Market Development "Macroeconomic headwinds are not slowing digital transformation," said John-David Lovelock, vice president at Gartner . "IT spending will remain strong, even as many countries are projected to have near-flat gross domestic product (GDP) growth and high inflation in 2023." Prioritization

New Digital Payment APIs Growth Potential

The global financial services market continues to evolve. With the rise of digital payment options, the ability to facilitate payments quickly became a vital element in the current convenience-driven Fintech landscape. Payment cards have previously been the end products of complex payment systems. They have also been instrumental in advancing the underlying payments technology infrastructure, constituting the cornerstone of a fully functioning payments ecosystem. Regardless of their evolution and popularity, plastic cards now stand at a crossroads and face new competition from purely digital payment platforms. The most prominent examples of such platforms are Digital Wallets and Superapps.  Fintech Payments Market Development According to the latest worldwide market study by Juniper Research, the number of payment cards issued via digital platforms will reach 1.3 billion annually by 2027 -- that's up from just 500 million in 2023. This growth of 170 percent reflects the growing int

Aligning Technology with Business Outcomes

Historically, the Chief Information Officer (CIO) role was considered the leader of enterprise Digital Transformation initiatives. The belief was based on the notion that the primary skill set required was Technology expertise. However, IDC now predicts that the focus has shifted to Business expertise, talent development, and digital growth strategy. This revelation is just one of IDC's predictions for 2023, and beyond. Digital Transformation Market Development CIOs who demonstrate a mix of strategic purpose and people skills can now co-lead with their business counterparts -- to demonstrate and align new technologies for sustainable business outcomes. "In this new world, the role of the CIO has evolved to be one that is a digital business enabler using technology to compete," said Linus Lai, chief analyst at IDC A/NZ. IDC's top CIO Agenda predictions are as follows: Chief Business Technology Officer: By 2026, 60 percent of CIOs will find their roles being challenged