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Monday, June 24, 2019

Digital Wallet Transactions will Reach $9 Trillion in 2024

The benefit of a digital wallet is that, for both online and offline transactions, it enables the wallet user to easily make secure, quick transactions, thereby removing the requirement for a plastic card -- or the need to enter bank account details for every online purchase.

For the 'unbanked' populous across the globe, the availability of a digital wallet and cryptocurrency on a mobile phone will provide a means of financial inclusion, both as an alternative to cash payments and as a way of accessing services such as personal loans and savings accounts.

Digital Wallet Market Development

For the savvy digital wallet provider, the fintech revolution in online payments and person-to-person remittance has enabled several new players to achieve a growing presence across the global financial services and retail ecosystems.

In some cases, this transition enables vendors to provide offline or online payments on their own and via third-party storefronts, together with consumer loyalty programs, bill payments and other financial transactions.

According to the latest worldwide market study by Juniper Research, the number of people using digital wallets will increase from 2.3 billion in 2019 to nearly 4 billion -- that's ~50 percent of the world’s population -- by 2024. This will push digital wallet transaction values up by more than 80 percent to about $9 trillion per year.

New growth is expected to be fueled by online payments for remote purchases. The study found that increases here would be driven by a greater volume of transactions conducted via stored credentials. For example, in the U.S. market, annual spend per digital wallet is expected to increase from around $3,350 this year to more than $6,400 by 2024.


Furthermore, Juniper believes that usage would be boosted by the increased security for online payments afforded by the introduction of Secure Remote Commerce (SRC) standards during the second half of 2019, with transactions protected via tokens and dynamic cryptograms.

Meanwhile, the ongoing challenge posed to NFC-based contactless wallets by the emergence of digital wallets based on QR codes means that growth may be boosted by the implementation of EMVCo standards.

However, Juniper believes that the primary opportunities for QR code wallets outside their Chinese heartland will occur in developing Asia, where there is a scarcity of POS infrastructure and merchants can use smartphones to fulfill QR-based transactions.

Outlook for Digital Wallet Growth Opportunities

The market study findings also enabled the comparative assessments of 14 national and 22 international digital wallet offerings, combining analyses of product range and banking partnerships with customer feedback to gauge their growth prospects.

"The Juniper Innovation Index and Leaderboard enable us to see at a glance precisely where these wallets are positioned relative to one another and how well placed they are to capitalize on the opportunities afforded to them," said Dr Windsor Holden, head of forecasting and consultancy at Juniper Research.

Friday, June 21, 2019

Cloud IaaS Revenue will Reach $150.7 Billion in 2023

Demand for cloud computing Infrastructure-as-a-Service (IaaS) is expected to drive the current $45.6 billion market toward $150.7 billion by 2023 -- that's a compound annual growth rate of 27 percent, according to the latest worldwide market study by Frost & Sullivan.

Enterprises are using cloud services for strategic benefits such as supporting digital transformation efforts rather than for tactical ones, like reducing IT infrastructure costs and the hardware or software maintenance burden.

This market shift has changed the way enterprises choose and manage their IT infrastructure, and led them to deploy applications across multiple infrastructures, from on-premises private cloud to public cloud (multi- and single-tenant), resulting in higher demand for IaaS offerings.

Hybrid Multi-Cloud Market Development

"As the mix of deployment models and best-of-breed cloud IaaS vendors becomes increasingly diverse, single-tenant IaaS will gain revenue share over multi-tenant services," said Maiara Munhoz, senior industry analyst at Frost & Sullivan.

Meanwhile, the emergence of cloud brokerage and cloud management platforms is boosting the trend of hybrid and multi-cloud deployment strategies, making managed cloud services providers key in supporting enterprises and their CIO or CTO requirements.

Frost & Sullivan analysts believe that managed service providers (MSPs) will support their customers with workload assessment and placement, workload migration, and hybrid cloud integration.

The North America region continues to be the most mature cloud IaaS market globally, followed by EMEA, but they are expected to gradually make room for the APAC and LATAM regions.

Some countries in APAC, such as Japan and Australia, are more mature, while India, China, Singapore, South Korea, and Hong Kong are fast-growing markets.

Outlook for Cloud IaaS Applications Growth

Going forward, it will be essential for vendors of cloud computing IaaS to invest in integrated services, on-premises and in the public cloud. For further growth opportunities, vendors should:

  • Offer more advanced services in the cloud -- such as containers and serverless architecture -- and tools for enterprises to manage, analyze, and act on their data.
  • Support hybrid deployment models, as enterprises realize that a single cloud or deployment model will not address all their application requirements.
  • Partner with MSPs to deliver training, programs and features to support them.
  • Invest in educating clients on cloud computing technology, as enterprises still need guidance on how to use cloud services to meet goals for business innovation and digital transformation.

Tuesday, June 18, 2019

Factory Simulation Software Revenue will Reach $4.1B

Simulation software applications have more upside growth potential across the globe. Industrial companies have already applied the software for use cases to build manufacturing systems, deploy new production lines, and evolve factory planning methodologies.

While no single manufacturing technology drives this transformation movement, simulation software now holds the potential to act as a significant catalyst for a new Industry 4.0 platforms.

Simulation Software Market Development

If simulation software can accurately predict the effects of other technologies on the core goals of manufacturers -- i.e. more production, more uptime, improved time to market, improved quality, fewer delays, more efficiencies, greater utilization of assets, all at lower costs -- then companies will deploy more technologies at scale with greater confidence.

The market for factory simulation software products will grow at a compound annual growth rate of 11 percent to reach $4.1 billion for over 172,000 users in 2030, according to the latest worldwide market study by ABI Research.

Vendor revenue includes software that uses computer modeling to analyze how production might work in any given factory or situation, and implement virtual commissioning to test proposed changes and upgrades before they're put into effect.

"Today, many manufacturing enterprises have started to use simulation software, but most have not yet realized the added benefits of using simulation software as part of a larger smart manufacturing platform or to virtually test other new technologies," said Nick Finill, principal analyst at ABI Research.

Cloud-based platforms can help to provide a similar user interface for simulations from the different points of view of process engineers, operations support managers, plant engineers, and control engineers.

Companies can assign user roles so that engineers only see and modify the details and information that they need for their job or level of expertise, and engineers in different locations can work on different parts of the same model.

The new research uncovered that this customization process increases manufacturing data security, speeds up the simulation process, and makes the product easier to use.

Outlook for Automotive Simulation Apps Growth

According to the ABI assessment, the automotive industry represents the largest opportunity globally, with $1.8 billion in factory simulation software revenues forecasted for 2030.

"Automotive manufacturing leads the way for many transformative technologies and therefore has a higher demand to simulate those technologies. It also has an edge on most industries in sheer size and organizational transformation, with more holistic solution deployments due to cross-functional technology transformation teams," concludes Finill.

Friday, June 14, 2019

Digital Money Transfer will Reach $525 Billion by 2024

The World Bank estimates that remittance flows to low- and middle-income countries reached $529 billion in 2018, an increase of 9.6 percent over the previous record high of $483 billion in 2017. All global remittances -- including money transfer flows to high-income countries -- reached $689 billion in 2018.

Mobile and online (digital) money transfer offerings will continue to transform the market. New technologies, such as blockchain, will further accelerate the trend.

Money Transfer Market Development

According to the latest worldwide market study by Juniper Research, international digital remittances will reach $525 billion by 2024 -- that's up from an estimated $332 in 2019.

The mobile channel will become increasingly popular; accounting for 41 percent of international digital money transfers by volume in 2024 -- that's up from 33 percent in 2019.

Meanwhile, blockchain-based payments have the potential to increase digital payments further, as the technology has a high possibility of disrupting existing business models.

Juniper recommends that traditional money transfer operators aggressively pursue partnerships to effectively leverage blockchain technologies for future transformation.


According to the Juniper assessment, by utilizing a blockchain-powered network, operators can offer their customers a much faster, cheaper and more transparent service.

Solutions such as RippleNet and IBM Blockchain World Wire are set to transform the sector, by connecting diverse sets of partners in different markets to enable more effective payments.

This is an opportunity for traditional money transfer operators to change the way they operate -- reorienting their business models around the inherent benefits that blockchain enables.

The rise of fintech players -- such as TransferWise and WorldRemit -- has meant that traditional money transfer operators have had to evolve rapidly, with Western Union and MoneyGram both focusing on digital strategies going forward.

Outlook for Digital Money Transfer Apps

However, mere digitization of strategies is not sufficient. Juniper found that fintech players offer a superior user experience, with heightened transparency on fees a crucial differentiator.

"While traditional operators have launched digital solutions, they have yet to adopt transparent pricing of transfers. Unless operators accept this requirement, they will continue to lose market share. Innovation must be the number one priority," said Nick Maynard, senior analyst at Juniper Research.

Tuesday, June 11, 2019

Worldwide IT Services Revenue Exceeded $1 Trillion

More CIOs and CTOs seek vendor expertise as demand for digital transformation guidance grows. Worldwide revenues for IT Services and Business Services totaled $513 billion in the second half of 2018 (2H18) -- that's an increase of 4.5 percent year-over-year, according to the latest study by International Data Corporation (IDC).

For the entire year, worldwide IT services revenues crossed the $1 trillion mark in 2018. Annual growth accelerated slightly to 4.3 percent. This largely reflects overall healthy corporate IT spending sustained by large enterprises' cautious yet optimistic business outlook.

"Steady growth in the services markets are driven by continued demand for digital solutions across the regions with the Americas continuing to contribute to the bulk of the revenue growth," said Lisa Nagamine, research manager at IDC.

IT Services Market Development

Looking at different services markets, project-oriented revenues (i.e. consulting, integration, application development, etc.) continued to outpace outsourcing and support & training. They grew by 6.4 percent year-over-year in 2H18 to $194 billion and 5.8 percent to $380 billion for the entire year.

The growth was led largely by business consulting and application development markets. Business consulting grew 9.1 percent to $63 billion in 2H18 and 8.3 percent to $123 billion for the year. Custom application development (CAD) grew 8.3 percent to almost $24 billion in 2H18 and 7.5 percent to $46 billion for 2018 (compared with only 5.1 percent in 2017).

Market growth was largely due to strong results in the United States. As traditional U.S. enterprises and government agencies continue to tackle and adopt digital transformation, strategic consulting remains critical in larger projects. Digital transformation is also driving up new application development work.

In managed services, revenues grew 3.8 percent to $240 million in 2H18 and 3.6 percent to $473 million for 2018, which is on par with real worldwide GDP growth. Application-related managed services revenues (hosted and on-premise application management) outpaced infrastructure and business process outsourcing (BPO), growing by 5.8 percent to $41 billion in 2H18 and 5.6 percent to $80 billion for 2018.

Like application project work (CAD), application outsourcing serves as a vehicle for buyers to access new app skills (i.e. cloud, analytics, machine learning, etc.), as well as modernizing legacy apps via external providers. IDC expects application-related managed services to continue to outperform other outsourcing segments.

According to the IDC assessment, IT Outsourcing (ITO) continued to decline due to flat or negative growth in the mature geographic markets. This was offset somewhat by moderate growth in horizontal business process outsourcing (BPO).

On a geographic basis, the United States, the largest services market, grew by 4.8 percent to $233 million in 2H18 and 4.6 percent to $459 million for 2018, a moderate acceleration. Strong economic growth in the U.S. despite policy uncertainties, coupled with moderate but steady government spending increases, have kept both corporate and government IT spending robust.

Western Europe, the second largest market, grew by almost 3 percent to $266 billion for 2018, much slower than the U.S. but in-line with IDC's previous estimate and more than twice as fast as real GDP growth for the region. This was driven largely more application-related activities in the region, notably CAD and application outsourcing.

Asia-Pacific (excluding Japan) growth cooled slightly to 6.2 percent with revenues of $110 billion, partially reflecting economic angst over the impending trade war between the U.S. and China, and the economic slowdown in key mature markets (i.e. Australia/New Zealand, South Korea).

Japan enjoyed a slight growth uptick, as business results from the major Japanese services vendors posted slightly higher than expected in 2H18, mainly due to continuing demands for system renewal.

Outlook for IT Services Growth in Emerging Markets

Other emerging markets in the region continued to show robust growth (i.e. India, the Philippines, Indonesia, Vietnam, etc.) However, their impact on growth was limited by their size. Overall growth for the entire APeJ region remains at around 5 percent for 2018.

In other emerging markets, both Latin America and Central & Eastern Europe (CEE) saw faster growth in 2018 than the previous year. Except for Venezuela and Argentina, and to some degree Colombia, major Latin American markets are in economic recovery, which drove both corporate and government IT spending.

All foundation markets showed better growth last year. In CEE, most major geographic markets grew between 6 percent and 15 percent, mainly boosted by dynamic economic growth and increased tax revenues. However, in sheer revenue size, CEE is still the smallest geographic market.

Friday, June 07, 2019

How Cloud and AI Influence IT Investment Strategy

The pace of change from a traditional capital-intensive IT infrastructure model to a more flexible hybrid multi-cloud services model is influencing enterprise spending trends across the globe.

Worldwide IT spending is forecast to total $3.79 trillion in 2019 -- that's an increase of just 1.1 percent from 2018, according to the latest global market study by Gartner.

IT Infrastructure Market Development

"Currency headwinds fueled by the strengthening U.S. dollar have caused us to revise our 2019 IT spending forecast down from the previous quarter," said John-David Lovelock, vice president at Gartner. "Through the remainder of 2019, the U.S. dollar is expected to trend stronger, while enduring tremendous volatility due to uncertain economic and political environments and trade wars."

In 2019, technology product managers will have to get more strategic with their portfolio mix by balancing products and services that will post growth in 2019 with those larger markets that will trend flat to down.

According to the Gartner assessment, successful IT product managers in 2020 will have had a long-term view of the changes made in 2019.

The data center systems segment will experience the largest decline in 2019 with a decrease of 2.8 percent. This is mainly due to the expected lower average selling prices (ASPs) in the server market driven by adjustments in the pattern of expected component costs.

Moreover, the shift of enterprise IT spending from traditional (non-cloud) offerings to new, cloud-based alternatives is continuing to drive growth in the enterprise software market.

In 2019, the market is forecast to reach $427 billion -- that's up 7.1 percent from $399 billion in 2018. The largest cloud shift has so far occurred in application software.

However, Gartner expects increased growth for the infrastructure software segment in the near-term, particularly in integration platform as a service (iPaaS) and application platform as a service (aPaaS).

"The choices CIOs make about technology investments are essential to the success of a digital business. Disruptive emerging technologies, such as artificial intelligence (AI), will reshape business models as well as the economics of public- and private-sector enterprises. AI is having a major effect on IT spending, although its role is often misunderstood," said Mr. Lovelock.

Outlook for AI Applications Spending Growth

Gartner believes that AI is not a product, it is really a set of techniques or a computer engineering discipline. As such, AI is being embedded in many existing products and services, as well as being central to new development efforts in every industry.

Gartner’s AI business value forecast predicts that organizations will receive $1.9 trillion worth of benefit from the use of AI this year alone.

Monday, June 03, 2019

How Financial Services Disruption Created Opportunities

The term 'Fintech’ has been applied to describe the transformation taking place in the financial services sector across the globe. Traditional forms of payment such as cheques have been displaced by debit and credit cards. In turn, contactless payment and digital wallets will likely replace the cards.

Moreover, new and evolving banking business models have resulted in both the legacy financial services industry and fintech start-ups investing in digital technologies. Initially, the focus was an organization's website or automating aspects of their customer service call center.

Now the focus has shifted to service delivery via smartphone software apps. The savvy financial services start-up entrepreneurs embrace innovative methodologies to differentiate themselves from the incumbents, but the CIOs and CTOs at traditional banks are now starting to catch-up.

Fintech Market Development

According to the latest worldwide market study by Juniper Research, driven by the increasing acceptance of alternative approaches to traditional banking solutions, fintech platform revenues will reach $638 billion by 2024 -- that's up from an estimated $263 billion in 2019.

Technologies such as artificial intelligence (AI), machine learning, big data analytics and blockchain will be the cornerstone of fintech platform deployments. These systems will fundamentally alter the way financial services are delivered and enable fintech platforms to become the new standard.

The innovative applications of these technologies will make new use cases mainstream -- including smart contracts, loan underwriting using AI to analyze non-traditional data sources, and personalized insurance policies based on IoT-generated data.


Besides, with rising customer acceptance of new business models, traditional financial services institutions are reacting to these changes. Incumbents are attempting to replicate the fintech firms’ offerings. As an example, with digital banking offshoots (Marcus from Goldman Sachs) or new services (HSBC’s Wealth Compass).

According to the Juniper assessment, banking incumbents will likely apply new strategies to appeal to customers outside their normal target audience, such as millennials, to develop the market for their services and thereby attain future revenues.

Where incumbents find that they cannot easily replicate the fintech platforms, they are partnering with fintech start-ups. For example, the Austrian banking group Bawag is using Spotcap’s lending-as-a-service platform to support SME lending.

However, the Juniper analyst believes that the challenge would be to effectively integrate these partnerships, keeping friction low and maintaining control of the overall customer experience.

Outlook for Fintech Applications Growth

"The distinction between the fintech suppliers and traditional incumbents will blur in the 2020s; digital engagement will become the norm," said Michael Larner, market analyst at Juniper Research. "The winners will be those that provide personalization allied to an outstanding customer experience."

Meanwhile, the market study findings uncovered significant regulatory burdens imposed on financial institutions after the 2008 financial market crisis also mean that direct entry, beyond partnerships, remains unlikely in the near term for even large technology companies.

Friday, May 31, 2019

Global Cargo Tracking Revenue will Reach €1.8 Billion

Applications for the Internet of Things (IoT) are helping to transform the global cargo sector. According to the latest market study by Berg Insight, the number of active tracking devices deployed for cargo loading units -- including trailers, intermodal containers, rail freight wagons, air cargo containers, cargo boxes and pallets -- reached 6.1 million worldwide in 2018.

Growing at a compound annual growth rate (CAGR) of 27.3 percent, the number of devices is expected to reach 20.4 million by 2023.

Cargo Tracking Market Development

Trailer telematics is today the most developed market, followed by tracking devices for general cargo applications and intermodal containers. The markets for rail freight wagon and air freight cargo tracking are considerably smaller but will grow substantially during the coming five years.

The total market value for trailer and cargo container tracking solutions reached at the same time an estimated € 857 million in 2018. The market for remote tracking solutions for cargo containers has entered a period of healthy growth that will continue for several years.

Growing at a CAGR of 16.3 percent, the total market value is forecasted to reach €1.8 billion in 2023.

Berg Insight ranks ORBCOMM as the largest vendor of tracking solutions for cargo loading units, having a significant installed base of trailers as well as containers. ORBCOMM is together with SkyBitz, Omnitracs, Spireon and I.D. Systems the leading players on the North American trailer telematics market in terms of the number of active units.

The European trailer telematics market is substantially smaller than the North American and is dominated by Idem Telematics, Schmitz Cargobull, CLS Group and Transics/WABCO.

On the market for container tracking solutions, three major vendors are Malaysia-based Envotech and Sierra Wireless and Geoforce based in the US. Mecomo and Agheera, both based in Europe, are strong vendors in the adjacent swap body segment.

Future Telematics, Intermodal Telematics and Nexiot based in Europe and Amsted Rail based in North America are significant vendors of tracking solutions for rail freight wagons. Sensitech, Roambee and OnAsset Intelligence are moreover notable players in the general cargo segment, also offering solutions for air freight cargo tracking.

Technological developments in the telematics industry in recent years have resulted in more advanced tracking solutions. "Today’s telematics solutions generate an increasing amount of data on the status and location of cargo and cargo loading units," said Martin B├Ąckman, analyst at Berg Insight.

Outlook for Cargo Tracking Applications Growth

Along with the development of more capable tracking solutions, low-end solutions are becoming increasingly affordable. According to the Berg assessment, the price for real-time tracking technology is now at a point where customers find it viable to track also low-value goods such as non-perishable food.

This enlarges the addressable market significantly and tracking of trailers, containers, rail wagons and cargo boxes is expected to become increasingly common in the next decade.

Monday, May 27, 2019

Why Traditional Retailers Must Adopt AI Innovation

The North America retail market is an example of incumbent disruption and slow-moving, executive responses to technology-fueled change. The world's largest consumer-driven economy is likely a precursor to market shifts that will impact retailers across the globe.

Clearly, prior success with traditional retailer business models is no indication of the potential for future performance. The emergence of eCommerce giants such as Amazon and eBay from the mid-1990s has created a long-term challenge for most old-school retailers.

Many legacy in-store retailers have met this challenge by attempting to offer a compelling omnichannel experience, where the physical retail and online channels merge through the use of solutions such as 'click and collect'.

While this has improved the customer experience, it has not prevented the disruption of traditional retailers, with multiple large-scale insolvencies -- including Toys R Us and Sears. Therefore, the surviving retail CxOs must further adapt their business models in order to compete and prosper.

Start by following the market leaders. There's already momentum behind leveraging the tools that the leading eCommerce pioneers have used to such great effect, primarily Artificial Intelligence (AI).

Retail AI Market Development

Chatbots are one example of retail AI in action. The global number of successful retail chatbot interactions will reach 22 billion by 2023 -- that's up from an estimated 2.6 billion in 2019.

According to the latest worldwide market study by Juniper Research, chatbot use by retailers will enable effective automated customer interactions for retailers.

This innovation can deliver high-quality user experiences in a low-resource way, boosting customer retention and satisfaction whilst also reducing operating costs. A crucial enabler of this will be improvements in Natural Language Processing (NLP), which will dramatically reduce the failure rate of chatbot interactions, by making them more natural and valuable for customers.


Juniper analysts anticipate that retailers who do not adopt chatbots will likely experience challenges from more technologically-adept disruptors, who will use chatbots as an extension to the crucial omnichannel retail experience.

The study also found that chatbots leveraged for customer service have a strong potential to reduce costs -- with deployments realizing annual savings for retailers of $439 million globally by 2023, up from just $7 million in 2019.

These potential savings will act as a key ‘pull’ factor, given the margin pressure that many retailers are presently feeling. "By embracing automated customer service with chatbots, retailers can act in a more flexible and efficient way. The wider retail market means that chatbots are no longer a luxury, they are essential," said Nick Maynard, senior analyst at Juniper Research.

Outlook for AI-Driven Retail Innovation

Meanwhile, retail sales resulting from chatbot-based interactions will reach $112 billion by 2023 -- that's up from $7.3 billion in 2019; representing an annual growth rate of 98 percent.

However, the research found these sales will largely be a result of migration from other channels, rather than a new revenue stream. Accordingly, Juniper emphasized that while retailers must adopt chatbots for ease of use, their ROI will come from efficiencies, rather than new growth.

Friday, May 24, 2019

Agriculture's Digital Transformation Enabled by IoT Apps

The global agricultural sector is currently evolving, as applications for the Internet of Things (IoT) technology disrupts more traditional methods of farming. With use cases that target several different segments of the market already available, new solutions are being created to evolve more segments.

The fact that there is no single, specific problem experienced by all farmers and ranchers has led to the development of a variety of different solutions, notably including water usage concerns from the government and projected population growth over the next three decades.

Agriculture IoT Market Development

By 2024, over 2 million farms and 36 million cattle will be connected, according to the latest worldwide market study by ABI Research. There's a significant upside opportunity for IoT apps within the agricultural market -- specifically connected agriculture in field crops, tree crops, and livestock.

For field and tree crops, the primary driver for the introduction of connectivity and the IoT is not only to irrigate sufficiently but also to limit excess water application for usage efficiency and to align with government regulation.

For livestock, it is about collecting data relating to the health of the animals, including birthing activities, as well as knowledge of their whereabouts.

Across all agriculture sectors, the benefits are improved yields, a higher quality product, and greater insight for farmers to more efficiently manage their operations.

Hi-tech systems involving drones can help to enable future farming methods, but a drone’s primary function is to provide high-level aerial imagery, including strategic analysis of large areas of farmland. While this is useful, it is time-consuming and can lack granular information.

"Ground-based sensor-based systems are more insightful and cost-effective for focusing solely on monitoring soil under crops and animal behavior. This is exactly the information farmers need to map out their plan of action to secure the optimum yield," said Harriet Sumnall, research analyst at ABI Research.

The technologies that will power IoT in connected agriculture will heavily rely on gateways and low-power wide area products. LoRa is increasing finding preference in supplier solutions, particularly for sensor-to-node connections.

The cost of connected agriculture system depends upon the number of sensors, with vendor pricing strategies ranging from a single upfront fee and an inclusive subscription to a data management platform (as with Sensoterra), to a zero upfront cost but a data subscription-only model (as with CropX). The former may be preferable for large farms, and the latter better for smaller ones.

Outlook for Connected Agriculture Applications Growth

The reasons for adopting IoT in agriculture are universal – cost reduction, improved productivity, and better profit margins – but the specific prompts in terms of readiness to adopt new applications can be more pragmatic and localized.

For example, in North America, the political climate is proving challenging for the immigrant workforce required by the agricultural sector, and more automation could make up for this lack of manual labor. And, in Europe, farmers are notably younger than elsewhere in the world and are more naturally receptive to adopting new technologies.

"In general, however, there is a lack of education among farmers about the benefits of connected agriculture. This is a vital issue that IT vendors must continue to be active in remedying if Agricultural IoT is to succeed,” Sumnall concluded.