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Showing posts from January, 2024

Enterprise IT Spending will Reach $5 Trillion

CEOs continue to invest in digital business technologies to stay ahead of their competition, enter additional markets, unlock new revenue streams, and streamline commercial operations. Worldwide information technology (IT) spending is forecast to reach $5 trillion in 2024 -- that's an increase of 6.8 percent from 2023, according to the latest global market study by Gartner. This estimate is down from the previous quarter’s forecast of 8 percent growth. While Generative AI (GenAI) had significant hype in 2023, it may not significantly change the growth of IT spending. Enterprise IT Market Development "While GenAI will change everything, it won’t impact IT spending significantly, similar to IoT, blockchain and other big trends we have experienced," said John-David Lovelock, vice president analyst at Gartner . Moreover, 2024 will be the year when organizations actually invest in planning for how to use GenAI. However, enterprise IT spending may be driven by more traditional

Huge GenAI Adoption in Banking and Fintech

Generative AI is revolutionizing the way organizations work, boosting growth and unlocking unprecedented levels of productivity. From crafting hyper-personalized marketing campaigns that resonate with individual customers to automating tedious tasks and fostering seamless workforce collaboration, GenAI's applications are rapidly expanding across diverse industries. This evolution is particularly evident in areas like marketing, where GenAI can generate targeted ad copy and content that drives conversions, and in workforce collaboration, where it can automate repetitive tasks and streamline communication channels. However, unlike the broader AI landscape, GenAI's implementation has faced challenges in heavily regulated industries like banking and new fintech services. Adapting its capabilities to comply with strict regulations and ensuring data privacy remain key hurdles to overcome. As these challenges are addressed and GenAI's potential is further explored, we can expect e

How GenAI-based Tools Transform Software

As a savvy CEO, you may believe that your organization is an IT innovator. But are you ready to become a Generative Artificial Intelligence (GenAI) pioneer in your industry? If not, why are you hesitant? International Data Corporation (IDC) predicts that by 2028, GenAI-based tools will be capable of writing 70 percent of enterprise software tests -- decreasing the need for manual testing, and resulting in improvements to test coverage, software usability, and code quality. According to the IDC assessment, 48 percent of enterprises in the Asia-Pacific region consider code review and testing as one of the important tasks that AI could most effectively help developers streamline. GenAI Tools Market Development IDC research shows that the top areas of emphasis for utilizing AI/ML with testing include prioritizing tests, discovering the underlying cause of failed tests, creating test cases, plus self-healing and testing procedures. GenAI for test automation is becoming more popular amongst

70 Billion Reasons to Rethink IoT Security

As new devices increasingly connect to the cloud for centralized storage, data analytics, real-time monitoring, and updates, we must ask: Are we prepared for the security implications of this brave new world? The number of Internet of Things (IoT) end-user devices and IoT edge nodes such as home appliances, personal wearables, industrial robots, and even connected drones is quickly increasing. ABI Research forecasts that by 2026, the installed base of connected devices will reach more than 70 billion installations, creating an expansive IoT attack vector in the IoT applications environment. IoT Security Market Development Most of these devices are low-power, storage limited, and with weak computational power, which means these devices are increasingly connecting to the cloud environment for centralized storage, data analytics, real-time monitoring, remote access, and updates in firmware and software. Connecting to the cloud environment creates yet another compromise vector for these de

GenAI: C-Suite Braces for Rapid Advances

While the vast majority of CEOs anticipate a significant upside growth potential from artificial intelligence (AI) adoption, there are others in the C-suite who are fearful of the impact. Rapid Generative AI (GenAI) adoption is the top-ranked issue for the next two years for Legal, Compliance, and Privacy leaders, according to a recent survey by Gartner. "Increases in capability and usability have prompted rapid and widespread company adoption of GenAI," said Stuart Strome, director of research at  Gartner . Generative AI Market Development While AI regulation is still being developed, however, uncertainties and unforeseen risks abound. Businesses will have to contend with these challenges to ensure the ethical and legal use of this powerful new technology. Gartner identified four areas that business leaders need to address: Limited Visibility into Key Risks The ease of adoption, widespread applicability, and the ability of GenAI tools to perform a range of different busines

Soft POS Transactions will Reach $11.8 Billion

Societal shifts have affected how retail customers shop. The move toward a 'cashless' society was accelerated during the COVID-19 pandemic, leading to more eCommerce transactions and online spending. Meanwhile, in-store retail Point of Sale (POS) terminals transformed. Traditional hardware-based POS systems evolved into specialized solutions, which provide compact mobile terminals. However, the arrival of software-based 'Soft POS' solutions will disrupt this market. Soft POS Market Development All POS systems process payment transactions by forming a connection between a buyer’s and a seller’s respective bank accounts for the transaction to occur, and actioning the exchange of funds. According to the latest worldwide market study by Juniper Research, the global transaction value processed via Soft POS solutions will reach $11.8 billion by 2028, which is up from $1 billion in 2023. New growth will be driven by Apple’s launch of 'Tap to Pay', coupled with the Soft

The Diverse Landscape of 5G App Growth

The global 5G mobile communications sector continues the remarkable progress across many key markets. As of Q3 2023, the world added 537 million 5G wireless connections, bringing global totals to 1.6 billion, which represents an increase of 71 percent over the past year. This growth trajectory suggests an optimistic outlook for the future of 5G adoption according to 5G Americas, and the latest market data from Omdia research. "The global 5G landscape shows positive momentum as innovation and collaboration continue to be the mainstays for long-term progress," said Chris Pearson, president of 5G Americas . 5G Networks Market Development Looking ahead, Omdia forecasts that the global 5G connection base will likely reach 1.8 billion by the end of 2023 and 7.9 billion by 2028, as 5G-Advanced network improvements are implemented and work towards 6G is completed. While this represents a significant expansion, it is important to note that this growth may not be linear.  Factors such

GenAI: The Next Wave of Marketing Innovation

The landscape of Marketing and IT is undergoing a seismic shift, driven by the relentless evolution of Artificial Intelligence (AI). New AI apps are rapidly seeping into every facet of business, reshaping customer experiences, streamlining operations, and enabling workflow automation. This presents a vast opportunity for CMOs and CIOs, yet also a disruptive force demanding rapid adaptation. To stay ahead of the AI trend, these key decision-makers must become active participants. International Data Corporation (IDC) predicts that by 2027, Generative AI (GenAI) will assume 30 percent of traditional marketing mundane tasks -- such as website optimization, data analysis, customer segmentation, and hyper-personalization. GenAI Applications Market Development According to the IDC survey results, 37.8 percent of CMOs indicated they have already begun implementing GenAI technologies. Also, 51 percent of CMOs say their top business objective in the next 12 months is to improve lead generation

Net-Zero Energy Buildings Gain Independence

Imagine a building that operates like a self-sufficient island, generating its own clean energy to power everything from lights to air conditioning, all while leaving no carbon footprint. That's the essence of a net-zero energy building, a revolutionary concept poised to transform the real estate landscape. Think of it as cutting the cord on your monthly energy bills, slashing greenhouse gas emissions, and attracting eco-conscious building tenants -- all while potentially boosting your asset value. The count of net-zero energy buildings worldwide will experience significant expansion in the coming years, according to the latest worldwide market study by ABI Research. Net-Zero Energy Buildings Market Development Driven by climate change imperatives, policy support, and maturing technologies, the market is forecasted to grow at a 29 percent Compound Annual Growth Rate (CAGR) through 2027. "With buildings accounting for over one-third of global energy consumption, the real estate