Digital Lifescapes

The COVID-19 pandemic has been a growth driver for the transformation of remittance services, partly due to the closure of traditional money transfer agent locations as part of numerous national market lockdowns. Many of the major domestic and international remittance providers -- both those with physical branches and agent networks -- and digital-only players have posted significant growth in their online customer base during 2020. In contrast, consumer cash transactions fell sharply in 2020. Although there may be a return to cash-use post-pandemic, digital remittance use will likely become a permanent trend in customer behavior. Online Instant Payments Market Development According to the latest worldwide market study by Juniper Research, digital domestic money transfer transaction values will rise from $2 trillion in 2020 to $3.4 trillion in 2025 -- driven in part by the rapid growth of mobile money transfers. Mobile transactions will represent an 89 percent share of total global tra...

Modern business communication and collaboration solutions are an essential platform for a distributed workforce. The global COVID-19 pandemic has brought these platforms to the forefront of digital transformation. Together, they'll form a foundation for many 'digital workspace' deployments. These multifaceted offerings aren't deployed because they're the best technology. They're used to drive meaningful advances in employee productivity, agility, and flexibility that are proven to help achieve desired business outcomes. The Unified Communications & Collaboration (UC&C) market grew 29.2 percent year-over-year and 7.1 percent quarter-over-quarter to reach $13.1 billion in the fourth quarter of 2020 (4Q20), according to the latest worldwide market study by International Data Corporation (IDC). IT vendor revenue growth was also up by an impressive 24.9 percent for the full year of 2020 to reach $47.2 billion. Regardless, not all the IT vendors benefited from...

Next-gen mobile technology is being deployed globally, and cloud-native apps on fifth-generation (5G) networks will drive advances within the IT security industry. According to the latest worldwide market study by ABI Research, 5G network security will be a $9 billion enterprise market opportunity in 2025. The deployment of cloud edge computing infrastructure and network-function virtualization (NFV), plus API-driven platforms, and the isolation capabilities of network slices provide significant growth opportunities for new offerings. Both security software and services will be in demand from large enterprises seeking to leverage Massive Machine-Type Communications (mMTC), and Ultra-Reliable Low Latency Communication (URLLC) technologies. 5G Network Security Market Development "Initial spending on security will be by Communication Service Providers (CSPs) as they focus on securing their own mobile infrastructure and network. As CSPs advance, there is an opportunity for them to rec...

Business and technology leaders must address the key IT Security and Risk Management issues, as the COVID-19 pandemic impact accelerates demand for digital transformation, and creates new challenges for traditional cybersecurity practices. "The first challenge is a skills gap. 80 percent of organizations tell us they have a hard time finding and hiring security professionals, and 71 percent say it’s impacting their ability to deliver security projects within their organizations," said Peter Firstbrook, vice president at Gartner . Other key challenges facing IT security and risk leaders in 2021 include the complex geopolitical situation, increasing government regulations, the migration of workloads off traditional data networks, more endpoint device diversity, and a shifting cyber-attack environment. The following trends are expected to have a significant potential for disruption. Comprehensive IT Security Market Development A cybersecurity mesh is a modern security approach t...

More organizations are adopting new technologies that improve online commerce automation. Conversational commerce is the process by which end-users of smart devices are able to leverage them for commercial purposes, including applications within the retail and banking sectors. The ecosystem for conversational commerce has evolved with many telecom providers acting as the primary point of connection between the end-users of these devices and the brands, enterprises and financial institutions that provide them to their customers. According to the latest worldwide market study by Juniper Research, the total spending over conversational commerce channels will reach $290 billion by 2025 -- that's an increase from $41 billion in 2021. This forecast growth represents a rise of 590 percent over the next four years. Conversational Commerce Market Development Juniper analysts predict that communications platforms that provide the connection between brands and end-users will be crucial in inc...

The Chief Information Security Officer (CISO) role has gained new importance, due to increased cyber threats. Moreover, the COVID-19 pandemic has had a significant impact on security-related IT investment in Europe, which will continue to grow rapidly in 2021. During the pandemic, organizations have been re-architecting their IT security perimeters to protect operations and critical data. The pandemic, and measures to curb it with remote working, have pushed the enterprise network outwards and heightened the risk for CISOs. According to the latest worldwide market study by International Data Corporation (IDC), overall investment in IT security within Europe is projected to exceed $35.6 billion during 2021 with a compound annual growth rate (CAGR) of 8.8 percent between 2020 and 2024 -- now forecast to reach $46.4 billion in 2024. IT Security Market Development The banking sector traditionally has the highest spending on IT security due to the particularly sensitive customer data that i...

The global COVID-19 pandemic has accelerated changes in many industries. One of the most impacted was the pharmaceutical sector that had to reimagine business processes and rapidly adopt new technologies. It's yet another example where applying cloud computing had become a strategic imperative. Today, next-generation pharma concepts are fueling ongoing innovation. In particular, the industry’s unique characteristics are driving investments in Digital Transformation by forward-looking pharmaceutical manufacturers.  According to the latest worldwide market study by ABI Research, digital factory revenue will top $4.5 billion in 2030 with spending by pharma manufacturers on data analytics forecast to grow by a 27 percent CAGR and reach $1.2 billion in 2030, as these companies evolve to boost productivity. Pharma Digital Transformation Market Development That said, the industry’s competitive dynamics require pharmaceutical firms to optimize their production lines to maximize yield for t...

Across the globe, savvy government leaders within developed nations are investing in much-needed infrastructure for the 21st Century. In many cases, that will include a variety of new technologies that will be required to effectively participate in the Global Networked Economy. As an example, according to " The American Jobs Plan " fact sheet: Generations ago, the federal government recognized that without affordable access to electricity, Americans couldn’t fully participate in modern society and the modern economy. "With the 1936 Rural Electrification Act, the federal government made a historic investment in bringing electricity to nearly every home and farm in America, and millions of families and our economy reaped the benefits." Broadband internet is the new electricity. It is necessary for Americans to do their jobs, to participate equally in school learning, health care, and to stay connected. Meanwhile, worldwide government Information Technology (IT) infras...

The emerging concept of regulatory technology (Regtech) has taken on new importance within the financial services ecosystem and beyond. During the COVID-19 pandemic, regulatory compliance has become more complicated. Today, Regtech is a highly dynamic and rapidly evolving market.  Regtech solutions will also become important within commercial areas other than financial services, as more regulated vertical industries seek to ease their government oversight compliance burdens. Meanwhile, digital onboarding and how to 'onboard remotely' in a safe, user-friendly way that respects Know Your Customer (KYC) regulations has become of critical importance during the global pandemic. Global Regtech Market Development According to the latest worldwide market study by Juniper Research, spending on Regtech systems that enable banks and other heavily regulated sectors to meet their ongoing compliance requirements will exceed $130 billion in 2025 -- that's up from $33 billion in 2020. Juni...

Like so many other innovators across the globe, forward-thinking organizations in the Asia-Pacific region are reinventing themselves with a goal to fuel renewed digital business growth. As economic activities return to pre-COVID pandemic levels, these savvy leaders are building technology-enabled business models. Cloud computing has emerged as the core foundation of this renewed business technology focus, leading to Asia-Pacific public cloud services spending growth of over 38 percent to $36.4 billion in 2020, according to the latest market study by International Data Corporation (IDC). "Cloud services have addressed more than cost management challenges during the COVID-19 pandemic. Cloud services and technologies have been the basis for the rapid introduction of new digital services to support remote workers and online customers, and it’s been the speed of implementation and low up-front costs that have enabled that," said Chris Morris, vice president at IDC . Cloud Computin...

Both telecom service providers and large enterprises from different vertical industries are driving significant growth of private mobile network deployments within Australia, China, Japan, New Zealand, South Korea, and Singapore, according to the latest market study by ABI Research. Together they will create a $7 billion market opportunity by 2025 within the Asia-Pacific region -- accounting for more than 65 percent of global private network revenues. By 2030, developed markets in North America and Europe will account for more than $16 billion -- representing 25 percent of global private network revenues. "These findings show the great regional variability that we see for private network deployments," said Leo Gergs, research analyst at ABI Research . Private Mobile Networks Market Development Two primary factors are creating the drive for private networks. One, a rising number of national spectrum liberalization initiatives are allowing enterprises access to licensed mobile ...

The 'future of work' for call center or contact center employees will include more 'flexible working' location options. Seventy percent of customer service and support employees want to continue to work from home (WFH) at least once a week after the pandemic ends, according to the latest market study by Gartner. In September 2020, Gartner surveyed 5,000 employees, including 550 customer service professionals, and found that service employees who traditionally did not have many opportunities to WFH are now used to it and like it, and they wish to continue in some capacity once the pandemic is over. This is in line with most service leaders who believe WFH is here to stay post-pandemic. Eighty-one percent of service leaders believe between 30 percent to 80 percent of their workforce will primarily be working from home two years from now. Future Hybrid Workforce Market Development "As service leaders weigh the future of their work from home programs, they’ll have to b...

Leading the way forward, fintech vendors have offered a variety of digital payment solutions across regional financial service markets. Plus, due in part to the disruptive COVID-19 global pandemic, and the move away from cash-dependent payment methods, digital wallets are now gaining broad adoption. According to the latest worldwide market study by Juniper Research, the number of unique digital wallet users will exceed 4.4 billion globally in 2025 -- rising from an estimated 2.6 billion in 2020. Juniper analysts found that mobile phone wallets are driving this impressive 70 percent growth, as fintech mobile app payments rapidly scale across geographical and vertical industry markets. Digital Payment Market Development Furthermore, the increasing alignment between in-person and remote commerce channels is leading to greater use of smartphone app wallets, with web app wallet use confined to high-value purchases or complex bill payments. Juniper Research recommends that retailers and othe...

The global market for intelligent business technology solutions continues to evolve, as more CIOs and CTOs seek ways to automate routine tasks and associated business processes. The solutions have gained momentum in the marketplace as offerings matured and became mainstream across many industries. Worldwide revenues for the artificial intelligence (AI) market -- including software, hardware, and services -- are forecast to grow 16.4 percent year-over-year in 2021 to $327.5 billion, according to the latest worldwide market study by International Data Corporation (IDC). Artificial Intelligence Solutions Market Development By 2024, the market is expected to break the $500 billion mark with a five-year compound annual growth rate (CAGR) of 17.5 percent and total global revenues reaching $554.3 billion. Among the three technology categories, software represented 88 percent of the total AI market revenues in 2020. However, it is the slowest growing category with a five-year CAGR of 17.3 perc...

Enterprise IT Security investment in critical infrastructure has been consistent over the last 12 months, regardless of huge disruptions from the global Covid-19 pandemic. The resulting effect has been mostly in increased demand for secure 'remote working' connectivity. Cybersecurity spending announced by governments has not really changed significantly, with most maintaining similar funding planned in previous years, and an average year-on-year growth rate between 5 percent and 10 percent. According to the latest worldwide market study by ABI Research, cybersecurity spending for critical infrastructure (CI) will increase by $9 billion over the next year to reach $105.99 billion in 2021. IT Critical Infrastructure Market Development The primary challenge of the Covid-19 pandemic has been for CI operators to ensure that systems and services keep running smoothly, despite an increasingly distributed and remote enterprise workforce. As such, greater emphasis has been placed on ens...

The quest to accelerate digital transformation has advanced technologies that enable the rapid development of new applications and associated eCommerce business models. Now, CIOs and CTOs must support line of business leader demand for more open innovation and strategic commercial advantages. As a result, the worldwide low-code development technologies market is projected to total $13.8 billion in 2021 -- that's an increase of 22.6 percent from 2020, according to the latest worldwide market study by Gartner.  The surge in remote development during the global COVID-19 pandemic will continue to boost low-code adoption, despite ongoing IT cost optimization efforts. Low-Code Software Market Development "While low-code application development is not new, a confluence of digital disruptions, hyper-automation, and the rise of composable business has led to an influx of tools and rising demand," said Fabrizio Biscotti, research vice president at Gartner . Low-code, applied as a ...

The mobile voice communication services market has been prone to technological disruption and over-the-top (OTT) software application innovation. Over the past decade, the mobile voice services landscape has been profoundly affected by several ground-breaking advances in new technology. These include the penetration of artificial intelligence (AI) and machine learning in communication services, the rise of highly customized OTT mobile voice and messaging apps, and the deployment of superior cellular wireless connectivity modes -- such as 4G LTE and 5G technology. Mobile Communications Market Development Looking ahead, demand for video calling solutions will drive additional growth opportunities. According to the latest worldwide market study by Juniper Research, the number of mobile video calling services reached 1.8 billion globally in 2020 -- rising from 1.2 billion in 2019. This represents a growth of 50 percent over 12 months, as the global COVID-19 pandemic fuelled the need for mo...

As more enterprises adopt a 'hybrid work by design' model, we'll witness the rapid evolution of traditional offices and digital workspaces, plus a new and compelling approach to executive leadership that will drive innovation and productivity -- fueling exponential digital business growth. IDC has completed a worldwide market study that contextualizes their 'Future of Work' predictions for 2021. The ongoing transformation of the environment for typical office-based knowledge workers has been one of the hottest topics of discussion among CEOs and their leadership team. With the COVID-19 pandemic significantly impacting every aspect of office work, there is growing interest in developing a holistic strategy that focuses on business technology upgrades, and the culture of organizations, to deliver an enhanced experience that will result in a sustained competitive advantage. Global 'Future of Work' Market Development "Every aspect of 'Future of Work...

Enterprise decision-makers are seeking to identify the best deployment models for a trial private cellular wireless network initiative. Many of the CIOs and CTOs at progressive companies and forward-looking public sector agencies are already defining requirements for fifth-generation (5G) infrastructure investments. With 5G deployments proliferating, the importance of network slicing for the enterprise domain is set to grow. According to the latest worldwide market study by ABI Research, the demand for 5G slicing will be propelled primarily by heavy industry verticals. Industrial manufacturing, cellular vehicle-to-everything (C-V2X), and logistics alone will potentially generate cumulative revenues of $12 billion by 2026, representing a significant portion of an overall 5G slicing market that will likely exceed the $20 billion mark. 5G Network Slicing Market Development Much of the upside growth discussion at present focuses on how various industry verticals can alleviate the operation...

Given the ongoing reports from the SolarWinds Orion breach, most senior executives agree that Information Technology (IT) security must be a priority that includes all enterprise leaders in the decision-making process of ensuring that all assets are fully protected. The big picture : new revelations suggest that the access gained into SolarWinds software was only one part of a broader Russian hacking campaign that impacted other providers. And the initial point of entry, or the ultimate goal, remains unknown. Furthermore, the primary target was stealing intellectual property (IP), instead of customer data. Why is this fact significant? Most public company cyber insurance policies do not cover losses from the theft of intellectual property assets. Therefore, these losses directly impact the firm's shareholders. Cybersecurity Solutions Market Development By 2025, 40 percent of boards of directors will have a dedicated cybersecurity committee overseen by a qualified board member -- t...