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Showing posts from June, 2023

Global Retail Spend via Chatbots to Reach $72B

Chatbots are now integrated within messaging software, mobile apps, websites and online services that use Digital Assistants as a form of communication. Chatbots can also be hosted on APIs in a variety of digital channels such as Over-the-Top messaging apps and telecom provider Rich Communications Services platforms. According to the latest worldwide market report by Juniper Research, global retail spend over chatbots is forecast to reach $12 billion in 2023 -- that's growing to $72 billion by 2028. AI Chatbot Market Development Increasing by 470 percent over 5 years, much of this growth will be driven by the emergence of cost-effective open language models, most notably ChatGPT, in regions such as North America and Europe. Open language models consist of large neural networks that are trained on substantial quantities of online information and learn through low levels of human supervision. According to the Juniper assessment, they are implemented into chatbots to automate function

Why Most Enterprise IT Roles are Transforming

Savvy CEOs have high expectations that their Information Technology (IT) organization will be a strategic enabler of Digital Transformation. However, there is often a mismatch with the IT talent demand, and their internal IT team's digital business skills. The roles and activities performed by IT professionals must evolve dramatically due to the demand for convergence of modern software development technologies, cloud computing platforms, and the creation of Everything-as-a-Service offerings. Many IT professionals will find themselves in hybrid roles that combine traditional development activities with activities that formerly were associated with operations professionals who historically had few or no development-oriented responsibilities. Enterprise IT Role Market Development A new International Data Corporation (IDC) market study provides an extended census and forecast with detail for both traditional IT operations roles, and these new hybrid roles. The data shows that a dramat

New Consumer Technology Growth Opportunities

The impact of technology is seen in nearly every industry, and every region of the world. The Global Networked Economy is in a perpetual state of evolution. This creates both challenges and opportunities. Following the COVID-19 global pandemic, the market saw some recovery due to rising demand from remote working and the need for a connected ecosystem. Now there are new overarching issues affecting the global supply chains for many consumer electronics sectors. According to the latest worldwide market study by ABI Research, these conditions have led to weaker demand, but with technical advancements in Artificial Intelligence (AI), Fifth Generation (5G) mobile connectivity, and new form factors, 2023 will be a recovery year for the consumer technology market. Consumer Technology Market Development "In smartphones, the replacement cycle followed by the migration to 5G smartphones and eagerness to embrace new form factors like foldable devices will be the main growth drivers for acce

Fearless CFOs Lead Digital Growth in 2023

Savvy leaders in the C-suite continue to invest in digital transformation that fuels net-new growth, regardless of global economic volatility concerns. Other leaders, consumed by fear, are undecided or already retreating.  Rising prices and interest rates along with other economic factors beyond a company’s control are leading CFOs to show the most concern about profitable growth, inflation, and balance sheet health in 2023, according to the latest market study by Gartner. Yet nine out of 10 CFOs plan to fund organic growth in 2023 at the same level or greater levels than their investment in 2022. Digital Growth Market Development "Macroeconomic factors that companies can do little to nothing about have created an uncertain setting in 2023, and have also led to many sleepless nights among CFOs," said Shannon Cole, senior director at Gartner . Borrowing has become more expensive, and inventory and fixed-asset values remain volatile, which inevitably leads to downstream income

Private Wireless Network Demand for New Apps

Wireless communication networking continues to evolve. More enterprise IT organizations are envisioning new applications that empower frontline and corporate employees to streamline mobile workflow. A public cellular network relies on shared infrastructure and resources which are utilized by numerous other subscribers. In contrast, private cellular networks are prevalent among businesses aiming to increase privacy, safety and control over a network used exclusively by their employees and guests. Private Wireless Network Market Development   According to the latest market study by Juniper Research , enterprise spend on private networks will near $10 billion globally by 2028 -- that's rising from $1 billion in 2023. Growing by 722 percent, the three vertical industries driving the market were identified as: Manufacturing (35 percent), Energy (20 percent), and Public Services (16 percent). The need for private networks that can support high device densities and operate over large geo

The Future of Work Gains Momentum in APeJ

Within the C-suite of forward-thinking organizations, something remarkable is happening. More executive leaders are now focused on an inspirational alternative to the legacy status quo "Return to Normal" mindset. According to the latest market study by IDC, Asia Pacific excluding Japan (APeJ) "Future of Work" spending is forecast to grow at a CAGR of 18.4 percent and reach $196.2 billion by 2026. IDC expects APeJ FoW spending to grow at a year-over-year rate of 19.9 percent in 2023 compared to 21.5 percent in 2022. Despite the slowdown of the growth rate, the total spending of the market continues to increase over the forecast period. Future of Work Market Development IDC defines the Future of Work (FoW) as a fundamental change to the work model to one that fosters human-machine collaboration, enables new skills and worker experiences, and supports a re-imagined physical workplace and border-less digital workspace. This IDC market forecast presents spending forecast

Smart Energy Market is Poised for Rapid Growth

Climate change has already driven many CFOs and other senior executives to explore the most effective ways to ensure access to electricity that meets demand in the Global Networked Economy. Escalating energy prices pose a formidable obstacle to business leaders worldwide. During 2023, those prices will surge to a global $1.73 trillion enterprise spend on electricity consumption -- which considers the electrification acceleration of vehicle fleets and robots. As a result, the C-suite is now compelled to reassess their energy purchase agreements with utilities, contemplate installing renewable micro-grid systems, and prioritize energy efficiency. To do so, enterprises will invest $70 billion on smart energy solutions by 2030. Smart Energy Market Development In response, ABI Research has launched its Smart Energy for Enterprises and Industries research service to guide leaders on navigating the globally disrupted energy markets, achieving energy independence, and transitioning to renewabl

Digital Transformation Empowers Government IT

Across the globe, the future for leaders of government agencies who crave digital business transformation progress is looking good. Artificial intelligence (AI) and no-code or low-code solutions will enable them to overcome software development challenges. Worldwide government IT spending is forecast to total $589.8 billion in 2023 -- that's an increase of 7.6 percent from 2022, according to the latest worldwide market study by Gartner. "Global challenges like inflation and workforce scarcity and their local repercussions are testing the abilities of government CIOs to respond with appropriate service delivery mechanisms and organizational accountability," said Apeksha Kaushik, principal analyst at Gartner . Government IT Solutions Market Development In addition, the ongoing IT Great Resignation and the competing demand from the commercial sector have forced governments to re-examine their approaches to counterbalance internal talent scarcity. In 2023, government IT organ

Prepaid Card Transactions Reach $3.98 Trillion

The financial payments sector has experienced rapid growth. New payment methods have been adopted and enhanced by financial service providers, as we increasingly move towards a global cashless society. Traditional financial IT vendors and payment solution providers are learning to adapt. This will include companies who operate in the prepaid cards marketplace. Prepaid cards are a well-established technology, and part of the evolving payments market. Even so, there have been many new developments and transitions that create opportunities for growth. Digital Prepaid Card Market Development According to the latest worldwide market study by Juniper Research, the value of digital prepaid card transactions will exceed $3.98 trillion globally by 2028 -- that's up from $528.7 billion in 2023.  By 2028, the value of digital prepaid card transactions will represent just under 60 percent of total prepaid cards spend, up from 15 percent in 2023, demonstrating the rapid growth of Fintech soluti