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Showing posts from August, 2023

AI Semiconductor Revenue will Reach $119.4B

The Chief Information Officer (CIO) and/or the Chief Technology Officer (CTO) will guide Generative AI initiatives within the large enterprise C-Suite. They may already have the technical expertise and experience to understand the capabilities and limitations of Gen AI. They also have the authority and budget to make the necessary investments in infrastructure and talent to support Gen AI initiatives. Enterprise AI infrastructure is proven to be expensive to build, operate and maintain. That's why public cloud service provider solutions are often used for new AI use cases. AI Semiconductor Market Development Semiconductors designed to execute Artificial Intelligence (AI) workloads will represent a $53.4 billion revenue opportunity for the global semiconductor industry in 2023, an increase of 20.9 percent from 2022, according to the latest worldwide market study by Gartner. "The developments in generative AI and the increasing use of a wide range AI-based applications in data c

Credit Scoring Service Spending will Reach $44B

Credit scoring is a method that lenders use to predict the probability a borrower or counter-party will default on loans, or incur additional charges for repayment -- also known as measuring credit worthiness. The method is a key tool in making credit affordable for individuals and businesses. It links credit products to risk potential, connecting borrowers to secondary capital markets and increasing the amount of funds available. This securing process establishes risk predictability dependent on a number of factors, determined by financial indicators and other publicly available information reported by the credit bureaus. Credit Score Market Development According to the latest worldwide market study by Juniper Research, they now forecast credit scoring services will grow by 67 percent to $44 billion by 2028. Juniper anticipates that emerging markets will experience the greatest growth -- projecting the African & Middle Eastern region to grow by 117 percent over the forecast period

Demand for Quantum Computing as a Service

The enterprise demand for quantum computing is still in its early stages, growing slowly. As the technology becomes more usable, we may see demand evolve beyond scientific applications. The global quantum computing market is forecast to grow from $1.1 billion in 2022 to $7.6 billion in 2027, according to the latest worldwide market study by International Data Corporation (IDC). That's a five-year compound annual growth rate (CAGR) of 48.1 percent. The forecast includes base Quantum Computing as a Service, as well as enabling and adjacent Quantum Computing as a Service. However, this updated forecast is considerably lower than IDC's previous quantum computing forecast, which was published in 2021, due to lower demand globally. Quantum Computing Market Development In the interim, customer spend for quantum computing has been negatively impacted by several factors, including: slower than expected advances in quantum hardware development, which have delayed potential return on inve

Industrial Cloud Computing Apps Gain Momentum

In the manufacturing industry, cloud computing can help leaders improve their production efficiency by providing them with real-time data about their operations. This has gained the attention of the C-suite. Total forecast Industrial Cloud platform revenue in manufacturing will surpass $300 billion by 2033 with a CAGR of 22.57 percent, driven by solution providers enhancing platform interoperability while expanding partner ecosystems for application development. ABI Research found the cloud computing manufacturing market will grow over the next decade due to the adoption of new architectural frameworks that enhance data extraction and interoperability for manufacturers looking to maximize utility from their data. Industrial Cloud Computing Market Development "Historically, manufacturers have built out their infrastructure to include expensive data housing in the form of on-premises servers. The large initial upfront cost of purchasing, setting up, and maintaining these servers is

Contact Center as a Service Gains AI Benefits

Enterprise leaders with large customer care organizations are exploring Artificial Intelligence (AI) applications to improve their online customer experience, increase operational efficiency, and reduce costs to improve profitability. Trained AI can be used to automate tasks, such as answering routine questions, freeing up contact center agents to focus on more complex inquiries. AI can also be applied to personalize the customer experience by recommending new offerings. Additionally, AI can be deployed to analyze vast amounts of existing customer data to identify support trends and patterns, which can be used to improve the overall customer experience. Customer Care AI Market Development Worldwide Contact Center (CC) and Conversational AI, including virtual assistant end-user spending is projected to total $18.6 billion in 2023 -- that's an increase of 16.2 percent from 2022, according to the latest market study by Gartner. "Near-term investment growth rates for CC and CC Con

Banking-as-a-Platform Services to Reach $49B

Banks that adopt Artificial Intelligence (AI) to enable better customer success and business experience are moving towards a Banking-as-a-Platform (BaaP) operating model to fuel new digital revenue growth. The main strategic goal of a Platform banking business model is to become involved in strategic Fintech partnerships which can improve their product offering for both retail and corporate clients. Each platform is largely self-contained in producing business and technology outcomes, and autonomous in prioritizing its work to meet growth goals and clearly defined areas of specialization. BaaP Market Development According to the latest worldwide market study by Juniper Research , global revenue from BaaP services will increase to $49 billion globally in 2028 -- that's up from $4 billion in 2023. BaaP can help traditional banks regain their competitive edge against NeoBanks. Through collaboration with innovative vendors, traditional banks can offer new services from partners, includ

Disruption for Legacy On-Premises IT Software

Legacy on-premises IT software is expensive to maintain and upgrade. It can also be difficult to scale and manage, especially as businesses grow and evolve. Besides, legacy software vendors often lock customers into long-term contracts, making it difficult to switch to a more cost-effective solution. Cloud-based software is more scalable and cost-effective than legacy on-premises software. It's also easier to manage and upgrade, and there are no long-term contracts. As a result, large enterprise CEOs are eager to free themselves from the clutches of high-cost IT software vendors and move to the cloud. Worldwide revenue for enterprise applications software will reach $483.1 billion in 2027 with a five-year compound annual growth rate (CAGR) of 9.6 percent, according to the latest market study by International Data Corporation (IDC). Enterprise Software Market Development Nearly all this forecast growth will come from ongoing investments in public cloud software, which is expected to

Generative AI will Fuel Digital Business Growth

Artificial Intelligence (AI) is a powerful tool to drive digital business growth, make better decisions, and personalize offerings to customers. As a result, forward-thinking CEOs are now actively pursuing AI investments to gain a competitive advantage. Generative AI apps originated with tools such as ChatGPT and Stable Diffusion. According to the latest worldwide market study by ABI Research, Generative AI is forecast to add more than $450 billion to the enterprise market across twelve different vertical industries over the next seven years. Gen AI already has hundreds of compelling use cases across these enterprise verticals. But accuracy, performance, and enterprise readiness will mean that use cases will come in three distinct waves. Generative Artificial Intelligence Market Development "Content-heavy verticals like marketing and education are already seeing disruption across a range of job roles in the first wave of adoption," said Reece Hayden, senior analyst at ABI Res