Trends in Cybersecurity
Cybersecurity refers to various practices that protect devices, networks, and data from unauthorized access or for criminal use while maintaining the integrity and confidentiality of information.
While it has grown to encompass a variety of modes of information protection practices, cybersecurity as a distinct discipline gained traction when the first computer “worm” was created by Robert T. Morris at Cornell University in the 1980s. He initially sought to measure the size of the internet by counting the number of connections on the web by infecting UNIX systems with his program. However, a programming error resulted in machines getting repeatedly infected, thereby causing information networks to clog and systems to crash.
This subsequently resulted in the creation of computer viruses in the 1990s which caused email services around the world to fail. Subsequently, antivirus software began to be developed to spot malware and prevent them from affecting devices, networks, and information. Organizations worldwide began to recognize in earnest the threat posed by emails from untrusted sources and attachments contained therein. The virus spread from corporate email accounts had the potential to tarnish an organization’s legitimacy severely.
This later evolved into the infamous credit card hacks of the noughties, besides the “Mafiaboy” attacks on companies like Amazon, Dell, Dell, eBay which both resulted in hundreds of millions of dollars lost on compensation to victims of data breaches.
More recently, 40 million credit and debit card records were stolen from retail giant Target in 2013. Consequently, the workforce gap for cybersecurity professionals is expected to be 1.8 million by 2022, per the 2017 Global Information Workforce Study.
Industries at significant risk of cyber attacks include E-commerce/retail, healthcare, banking, and financial services, government, and military for their stores of data. Small businesses worldwide, for example, are often unable to spend on adequate resources to protect data.
Healthcare is another frequent target for its vast storage of personal data of patients that are maintained by several organizations providing the service, besides financial details. The industry has therefore instituted strict compliance standards aiming to detect any vulnerability. Healthcare entities are thus best recommended to have their networks and systems locked down to ensure HIPAA compliance. Worryingly, India has no comprehensive law in place to regulate the collection and protection of confidential patient information.
It is essential that banks, credit unions, etc take appropriate steps to prevent illicit access to customer information and ensure that information once processed, is securely disposed of off.
Government and military security breaches typically involve foreign powers attempting to spy on and negatively impact competitors or cybercriminals seeking to monetize troves of personal information in national, state, or local databases.
In March 2018, the US city of Atlanta was crippled by a ransomware attack lasting 2 weeks and costing $3 million. The very next month, the tiny Caribbean nation of Sint Maarten faced a total shutdown for an entire day. The FBI has stated that 4000 ransomware attacks occur daily, while other sources claim that over 200,000 new malware samples are generated every day.
In the present day, Advanced Persistent Threats (APTs) have begun to shape up as the most potent source of attacks. Essentially APTs are attacks by third parties gaining unauthorized access and remaining undetected for a long time. The threat is amplified by the intentions of the body's planning, funding, and running them. They exploit inadequate IT hygiene and human error to scourge for sensitive data and systems harboring them.
Lately, organizations have begun to simulate attacks on their networks and data via red teams, which nonetheless won’t be effective if vulnerabilities thus exposed aren’t remedied immediately.
Prominent cybersecurity service providers include Cisco, Symantec, Amazon (AWS), BAE Systems, Lockheed Martin, CyberArk Software, IBM, McAfee, Palo Alto Networks Microsoft (Azure), etc which provide an expansive gamut of cybersecurity solutions such as cloud and email security, multi-factor authentication, firewalls, VPN, network security, endpoint security, access security, malware protection, web security, database protection, and encryption, among others.
With the prevailing lockdown in several countries to tackle the global Covid-19 pandemic, online communication platforms have become essential for households and institutions to function. This has resulted in a surge in domain registrations over the past few weeks, several of whom have been found to display suspicious characteristics. Besides, numerous phishing websites have been detected for other platforms such as Google classroom. As such, it is recommended that users refrain from accessing emails and attachments from unfamiliar sources, being wary of misspelled email and website names, exerting due caution while ordering online, etc.
Organizations in this domain are increasingly leveraging emerging technologies such as machine learning and are driven by the emergence of AI, IoT, Blockchain, etc. The growth of the cybersecurity market is also a credit to the widespread proliferation of cloud computing services across industries. Investments from countries such as India, South Korea, Oman, Canada, Italy, Qatar are expected to boost demand for novel cybersecurity solutions catering to industries as varied as BFSI, manufacturing, aerospace, defense, ed-tech, healthcare, etc.
Grid-Scale Battery Storage
Grid-Scale Battery Storage is a collection of methods used for energy storage on a large scale for later use to provide electricity or other grid services when needed.
There are several battery chemistries available for Grid-Scale Battery Storage, including, lithium-ion, lead-acid, redox flow, and molten salt. They all differ in key technical characteristics and each has its own set of advantages and disadvantages.
Globally, the market for this technology is dominated by lithium-ion chemistries. There has been a 70% decline in the cost for lithium-ion chemistries over the years 2010 to 2016, due to technological innovations and increased manufacturing capacity, leading to a rise in the popularity of the technology.
Also, the global grid-scale battery market was valued at USD 0.90 Billion in 2017 and is expected to reach USD 5.9 Billion by 2023, at a CAGR of 35% between 2018 and 2023.
Since the times, the electrical grid has existed, there has been the need of storing energy so as to use during the times of peak demand and regulate frequency. In the past, the major chunk of this extra energy used to come from the conventional fossil fuel plants which were fired up and down basis the demand. But with the time as the renewable resources started making up for the resources for power generation, the need for stable and flexible energy storage technologies continues to increase. In the present day, nearly all worldwide electricity storage capacity (especially large-scale energy storage) is made up of pumped hydro water – the potential to generate vast loads in seconds makes it an extremely valuable storage resource.
Non-pumped hydro energy storage worldwide has grown from 0.34GW in 2010 to 6 GW in 2017. The bulk of this explosive growth is from battery energy storage systems – specifically, lithium-ion chemistries.
There has been a constant increase in the need for system flexibility and need for a decrease in the costs of battery technology, which has led to Battery Storage systems, in general, to play an increasing role in the power system in recent years.
Technology Impact on Industries:
Healthcare Industry: Batteries play a key role in many applications in the Healthcare industry. They are used for increased safety of operation and for having the freedom to move certain instruments in and around the hospital. However, the battery used in medical applications needs to meet very high standards for reliability, efficiency, and safety in all applications where they are used. Energy storage systems are not directly linked to patients, nor they are operated by doctors. They are the next step to uninterrupted power supplies (UPS) which have been traditionally used as a power backup system for the most critical applications such as IT Network critical infrastructure and Emergency room devices, etc. There is also an economic benefit on the electricity bill. Using such systems, they can directly control the usage profile of the electricity and reduce high power peak demands, which results in lower bills.
BFSI (Banking, Financial Services, and Insurance) Industry: The energy storage market is projected to realize over USD 625 B in projected investments. It will require venture capital and strategic investors to scale the battery companies that reduce costs, have longer discharge duration, extend life cycles, and improve safety.
There have also been major mergers and acquisitions happening in this domain.
Provided all this data, a greater number of people are becoming interested in investing in this sector, some are driven by the financial returns, while others seek out environmental or social returns (Impact Investing). Hence, this sector will observe a positive effect due to the rise of the Grid-Scale Battery Storage industry.
Technology Impact on Geographies:
North America: Research in energy storage has dramatically increased after the first U.S. oil crisis in the 1970s and also with the increase in the performance and the reduction in the cost of the rechargeable batteries. Also, 2.5% of delivered electric power in the U.S. comes is cycled through the storage facilities.
Europe: France and Germany, along with other European countries, are increasing share of renewable energy in their energy mixes. In France, it is approximately 20% and in Germany, it is around 32%. However, there is a lack of definition of energy storage in the current EU legislation which leads to certain barriers. However, EUROBAT is of the opinion that storage should be considered as the fourth component of the energy system, after generation, transmission, and distribution. Also, there are countries like Spain, where new laws on self-consumption risks preventing any positive possible developments for renewable and storage. It will require close collaboration of all the concerned parties to set the EU on the path of decarbonization, energy security, and independence.
APAC: The Asia-Pacific region is going to develop as the largest market for battery energy storage, accounting for the 45% share of the global markets. Countries such as China, India, Japan, South Korea, and the Philippines are going to focus on the frequency regulation in the energy grid to normalize the variation in power generation from the renewables.
Middle East and Africa: There’s a high disparity between the countries in terms of renewable penetration and capacity margin. Some are doing really good while some might turn up late for the party.
Abu Dhabi is the home to the world’s largest ‘virtual battery plant’.
Latin America: Energy storage is in the early stages of deployment in Latin America. However, this sector promises to become significant because the region plans to diversify its sources of power generation. Also, the policymakers and the private companies in the region are actively working in this domain to restructure power markets.
Top companies providing Grid-Scale Battery Storage:
- Fluence, a Siemens and AES company, is a global leader in the market for energy storage technology and services
- NextEra Energy, Inc. – The company has consolidated revenues of approximately USD 17.2 Billion and employ 14,000 people
- BYD Company Ltd. – Established in 1995, the company is the largest supplier of rechargeable batteries on the globe
- Samsung SDI – The company is one of the global leaders for the Lithium-Ion Battery for IT application such as Cell Phone, Note PC and Industrial Application
- Parker Hannifin Co. – The company manufacture and sell motion and control technology
Effect of COVID-19 on technology and industry:
The industry isn’t much affected due to COVID-19 and as per the top management of various companies, they are busier than ever and also hiring and onboarding employees remotely. They are also able to manage all their operations and development work remotely. However, they have suspended all the travel for the safety of their employees, customers, vendors, partners, and communities. Also, supply chains for the battery space were shaken by the early 2020 impact of COVID-19 on its biggest supply base, China.
Also, the technology is being promoted by various local governments in order to make an economic recovery, while permitting no-touch processes for the small plants.
Future of technology:
This technology is one of the options that can be also used for renewable energy integration and enhance power system flexibility. Hence, it may be used even more for the purpose. The energy storing systems are providing voltage support, peak shaving, and load leveling, which helps utilities to reduce operational costs and delay adding infrastructure.
Although Lithium-ion is dropping in price, it is going to be expensive for most of the grid-scale applications. As of now, they are unable to store more than four hours' worth of energy at a price that makes sense. And also, it poses a fire risk, and the ability to hold a charge fades over time.
But for now, the technology is available, it is maturing and being deployed. It has a long way to go.
Quantum computing harness the power of the “Qubit” i.e. the unit of measurement of information in order to improve the method of storing information and provide it to produce efficient and effective algorithms in the field of classical computing. Computers encrypt information in terms of zeros and ones even though they are more efficient and faster. One very simple way of understanding Quantum computing is to understand the way classical computers work. The classical computer holds information in terms of zeros and ones, while on the other hand quantum computers use “Qubit” which practically works the same as bits but can hold the value that is much more complex in nature which can be negative, a complex number, a series of number, percentages, etc.
The process of information processing in Quantum computers also works in a very different way. While in the case of classical computers which works in a Deterministic manner i.e. when computations are done on the same kind of input the results will always lead to the same output. On the other hand, the new-age- computing working method is totally Probabilistic i.e. the measurements or the answers are based on probabilities and then reduced to either 0 & 1. Meaning, the problems are run thousands of times, providing a sample or a possibility of answers to the same kind of input. Then statistics are used to rank the sample outputs base on the likelihood of the answer and choose the correct ones which provide increased confidence in the answer.
Origin of Quantum Computing:
In 1981, theoretical physicist Richard Faynman at MIT presented a difficult situation that “classical computers cannot simulate the evolution of quantum systems in an efficient way”. Since then the spark of quantum computing began. It was after 10 years in 1994 that, Peter Shor presented a mathematical algorithm to factorize large integers exponentially far faster than the classical algorithms. Further, in 1996, Lov Grover invented a quantum database searching algorithm that provided a quadratic simulation in a more efficient way than ever. The problems which were before solved using random or brute force search can now be done with a 4X speed. May other researchers during the decade have had their contribution towards it like Paul Benioff and David Deutsch. Twenty years later in 2017, IBM Research presented the first commercially usable quantum computing, and thus, the race to enter the new era of quantum computing began.
Evolution of Quantum Computing:
Since the inception, High profile companies and Academics concentrated on Research and High-Performance Computing are in partnerships to evolve the skills needed and leverage it to produce better results every day. The notable partnership can be found between Google and the University of California Santa Barbara, between Delft University of Technology and Intel. In addition to these, there are investment agencies funding the research towards the future. Government all around the globe are also lending their hands to develop these platforms, for example, the Australian Government funded AUD$ 25 million over 5 years to develop a silicon quantum integrated circuit. The Canadian Government in September 2016 has also invested $76 million in the University of Waterloo’s program to tackle quantum challenges namely, developing universal quantum processors, long-distance quantum communications, and quantum sensors. The United States, European Commission(EU), Chinese Academy of Sciences have also entitled themselves in such programs.
Impact on Industry:
The industry impact of quantum computing is huge and far beyond our processing capabilities. The computing power can be used across various industries for example in Financial Services it will be promising in evaluating the portfolio options with interconnecting dependencies. In Healthcare Industry it will be helpful in determining protein folding and discoveries of drugs, prediction of the effects of various drugs, optimizing the adverse effects, etc. Further in Manufacturing Industry, it will be promising to see its solution towards the problems of Supply Chain i.e. problems in optimizing procurements, productions of units, and distribution of goods. Media and Technology industry will also face its evolving stage with this powerful technology. It will be useful in determining the ad scheduling and the revenue maximization tailored on a customer basis.
Quantum Computing Research Labs & Companies:
- D-Wave Systems is popularly known as the world’s first quantum computing company. The company is indulged in discovering breakthroughs across, physics, manufacturing, engineering works, computer science, etc. to solve the world’s complex problems. It has developed and integrated about 4 generations of quantum computers to date which has applications throughout Optimization, Pattern Recognition, Image analysis, Bioinformatics & Medical Research, Manufacturing Processes Optimization, etc.
- 1QBit which was founded by researchers and entrepreneurs in 2012 has a knack to take over the quantum theory to its application in various fields across mathematics, engineering, physics, operational research, etc. This is more of an industry-oriented research-based company that beliefs in working with its partners to leverage the technology to solve industrial problems that possess a high degree of complexity in calculation and computations.
- Regetti is yet another company involved in the same technology in integration with cloud services. They are in service of building superconducting quantum processors and computers to power the machines that can be integrated into any cloud service.
There are various other companies in this field namely, Google Research, Microsoft Quantum Computing, IBM, Intel Toshiba, and Alibaba Group leveraging the power of high-performance computing to develop business and complex solutions to the world.
Effect of COVID-19 on Quantum Computing: The fight against the Coronavirus is where everyone needs to contribute their part of the whole. The quantum computing community has also come into play in the cause. IBM Research has been developing models and algorithms to help identify the elements and compounds helpful in producing medicines for the virus. The IBM supercomputer played thousands of simulations in few days of time which would have taken months to determine compounds likely to bind to the protein around the Coronavirus which helps the virus to infect the cells of the host.
Further, the D-Wave Systems what we know of yet uses the quantum annealing system which helps to determine and optimize network systems. As told by the Japanese company Sigma-i Co. which is studying the D-Wave System to the Wall Street Journal that it has the capability to determine and helps in solving problems such as sending the patients to the right hospitals in the right time to avoid the burdening on the healthcare systems of the country.
Future of Quantum Computing:
The quantum computer is not going to replace the processors embedded in the processors in personal computers or smartphones anytime soon. It will be best to use them for solutions to problems in the industry related to optimization, creating simulations, addressing the machines, etc. There are going to be issues in the technology related to high funding costs, but the results are groundbreaking and significantly very error-free. Still, apart from the ground realities, it is expected to grow strongly towards 2030.
5G is set to enhance connectivity across networks. This is especially important as the number of Internet of Things (IoT) connected devices rises, along with the amount of data they generate.
The fifth-generation mobile network or it is also called the Internet of Things Era or the 5G network was first offered by South Korea on December 1, 2018.
Evolution of wireless networks.
The first generation of mobile networks i.e. 1G was launched by Nippon Telegraph and Telephone (NTT) in Tokyo in 1979. By 1984, NTT had laid out 1G to cover the whole of Japan. Motorola’s DynaTAC became one of the first ‘mobile’ phones to see widespread use of the 1G network in 1983 in the US.
With the launch of the 2G network, calls could be encrypted and digital voice calls were clearer enough with less static and background crackling. One could also send text messages, pictures, and multimedia SMS with the GSM handsets.
The third generation of mobile networks or 3G or more popularly called the ‘Packet-Switching’ Revolution, was launched by NTT DoCoMo in 2001. This network connectivity helped the users to access the data from any location of the world, made the international roaming services a possibility and allowed video conferencing such as on Skype and video streaming for the first time. The first 3G phone was launched by Blackberry in the year 2002.
The Streaming Era i.e. the era of fourth-generation mobile network or the 4G which apparently yielded the Reliance a huge profit and significantly increased the number of smartphone users in India.
4G facilitates gaming services, HD videos, and HQ video conferencing.
The catch was that while changing from 2G to 3G was as straightforward as exchanging SIM cards, cell phones should have been explicitly intended to help 4G. This helped gadget makers scale their benefits drastically by presenting new 4G-prepared handsets and was one factor behind Apple's ascent to turn into the world's first trillion-dollar organization.
By the mid-2000s, engineers realized that 3G and even 4G systems wouldn't have the option to help such a system. As 4G's inertness of somewhere in the range of 40ms and 60ms is unreasonably delayed for continuous reactions, various specialists began building up the up and coming age of versatile systems.
In 2008, NASA helped dispatch the Machine-to-Machine Intelligence (M2Mi) Corp to create IoT and M2M innovation, just as the 5G innovation expected to help it. This paved the way for the launch of 5G. In the same year, South Korea came up with the 5G network.
How 5G functions:
5G is built on millimeter waves which are a new section of very high spectrum upwards of 20 Gigahertz, all the way near to 96 Gigahertz. In other words, this means data is transmitted at a very high frequency, which gives very fast net surfing on the device. This means downloading a gigantic play store game like PUBG within seconds or running YouTube videos without buffering or downloading a whole season of a Netflix series in the blink of an eye. But, as said, nothing good comes without a cost. The problem is that the higher the frequency lower is the range of the network. This means that 5 gigahertz does not travel the same as the 2.4 gigahertz spectrum. We can get a good 4G network even when we are at enough distance from the tower containing nodes transmitting the waves but this is not the same with 5G. Even when we are very near to a 5G tower such as 100 meters away, we may face a glitch in the network. Also if there is an obstacle in between the tower and our phones such as a tree or a building, the network strength slows down.
This is not the only problem, to operate on the 5G network; one would need a high-end 5G phone which comes very expensive.
To solve the problem of range as mentioned earlier, the data provider companies need to build a blanket of 5G nodes tower across the whole city. The nodes must be huge in number and near to each other so that one can switch between the networks, instead of one large tower at one distant place in the city(in case of the 4G network). This helps to operate on a 5G network with less interruption. But building such an infrastructure where we can cover an entire city or an entire country with such 5G nodes would be exorbitantly expensive and would take many years.
The other drawbacks of such a fast network are heat, the battery of the device and upload
Impact of 5G network in various industries:
Manufacturing-5G networks can help production operations to become more flexible and efficient while enhancing safety. The manufacturers can enhance “smart factories,” which leverage automation, artificial intelligence, augmented reality, and IoT. Tethered and untethered robots can be controlled, monitored, and reconfigured remotely with the 5G mobile network
Retail-With 5G one can think of VR dressing rooms and mobile AR experiences in stores and at home. 5G’s low latency provides mobile AR/VR applications without motion sickness. With 5G, it will be practical to try on an array of outfits virtually from the comfort of our home.
Financial Services- 5G technology is poised to catalyze the digitization, from internal operations to customer engagement of the financial services.
The increased speed allows users to make payments transactions instantly on their devices.
5G connectivity can also be helpful to wearable devices to share biometric data with financial services to authenticate user identity instantly and accurately.
Among the companies sell 5G radio hardware and 5G systems for carriers include Altiostar, Cisco Systems, Datang Telecom/Fiberhome, Ericsson, Huawei, Nokia, Qualcomm, Samsung, and ZTE.
Out of these the best-positioned companies to take advantage of the 5G growth include Ericsson, Nokia, and Qualcomm.
Talking about the future of technology, it is manifold. One can think of a robot with AI performing a critical surgery with the doctor instructing if sitting at the other part of the world with the help of a 5G network. We can also think of the end of the buffering of YouTube videos. Especially under the circumstances as of now in the world like the novel COVID-19, 5G can be of great use. It is a great opportunity for service providers to stimulate their working on the 5G network as most of the firms are working online from home and need a stronger connection for the online meetings and net surfing. Moreover, the schools and colleges are also going digital with online teaching and assignments submissions and online tests. The 5G network providers can be a great benefit if they provide such a fast network now.
Trends in Edge Computing
While with an increasing amount of data, cloud computing is today’s one of the most vital technological adaptations for almost all the industries, it still becomes a challenge when it becomes important to apply the findings of data analysis in the time frame of seconds which is impractical through cloud computing. In the form of a solution comes edge computing, which enables data processing at the device end only and hence saves the need to transfer huge amounts of data to the cloud server.
As HPE says, let’s define Edge Computing as, “Edge computing is the practice of processing data near the edge of the network where the data is being generated, instead of in a centralized data processing warehouse.”
Following are the driving factors for the edge computing technology:
- Varied connectivity and data mobility
- Need for real-time decision making
- Localized compute power.
- New storage and security needs
- Intermittent power
Hence, edge computing is the technology that allows real-time processing, data stream accumulation, and data processing of large data near the device only
Origin and Evolution:
Finding the traces of edge computing back to the 1990s with the launch of Content Delivery Network, to 2001 as Pervasive computing and Peer-to-peer overlay networks, to the introduction of Cloud computing in 2006, finally, the term fog computing/edge computing was coined in 2012.
In 2012, fog computing was introduced by Cisco for dispersed cloud infrastructures. The idea was to promote IoT scalability, i.e., to handle a huge number of IoT devices and big data volumes for real-time low-latency applications. Referring to Gartner’s Hype Cycle, Edge computing sits on the peak of Cloud computing.
Impact industry and geography wise:
The following are the advancements that edge computing brought in the industries to improve efficiency and marketing.
- Transport Industry - Introduction of autonomous vehicles, schedule management, tracking, monitoring, efficiency improvement, location-based advertising, after-sales service, and others.
- Retail Industry – Activity monitoring, HR redesign, Staff allocation based on consumer behavior, inventory optimization, real-time personalized promotions, after-sales service improvements, retail-store energy management, improved billing handling, and smart consumer relationship management.
- Entertainment Industry – Real-time consumer interest engagement, tracking, and personalized content delivery.
- Public Sector – Air quality monitoring, congestion lanes analysis, surveillance to better mitigate emergencies, automatic pickup of waste, structural monitoring of streetlights, water leak identification, smart meters, and others.
- Energy – Real-time safety tracking in mines and oil rigs, Monitoring to improve human productivity, performance maintenance, improving R&D by using data, identifying equipment needs on mines and oil-rings.
- Cross Vertical – Drones in defense a, energy management using sensors, task automation, CCTV cameras, and audio monitoring to give a real-time response, video through Alexa, cross-selling, and augmented reality.
- Advanced Industries – Condition-based maintenance in airplanes and defense equipment, next-gen designs, satellite performance enhancements, ship navigation and tracking of shipping containers.
- Healthcare – Active drug tracking enabling counterfeit drug reduction, energy management in hospitals, inventory optimization using RFID tracking, increased nursing efficiency, fitness, and wellness improvement, and patient tracking.
- Infrastructure – Work-site safety tracking, improvement in human productivity through tracking, data leveraged R&D, operation management, sales analytics in construction and proactive equipment maintenance.
- Chemicals and Agriculture – Condition-based maintenance, activity monitoring, health monitoring of livestock, location tracking of livestock, and use of precision farming.
- Banking – Insurance solution reducing collision and theft.
- Consumer – Usage-based designs for homes, energy conservation at homes, and pre-sales analytics.
Top companies using Edge Computing:
While we can see top players like Cisco, HPE, Dell, Amazon, Microsoft, Google, IBM, there are some other players like Saguna, ClearBlade, and Rigado that offer a variety of products and services in the technology. Examples include Azure IoT Edge service, Amazon’s Lambda Edge, Dell’s PowerEdge C-series, and FogHorn.
Effect of Covid-19 on technology and industry:
While the use of cloud computing is increased significantly due to an increase in e-services, especially like Microsoft Azure seen a 500 percent increase in services like teams and meetings. The same effect is seen on edge computing. In the end disaster management of the service providers and effective service, modification can give a positive lift to the increase in the customer base of edge computing and force the USD 200 billion business prediction to further high.
Future of technology:
We have stepped into the age where we will be soon surrounded by small computing devices in homes and workspaces, factories, and farms, even in public areas. As soon the number of services is rising, data is increasing and hence it becomes vital to handle that data instantly and efficiently. This will force all the consumer sectors forcing technology players to have a significant role in it. The edge computing technology will bring a further revolution with customizations in the form of solutions for diverse industries and requirements.
Trends in Blockchain Market
A blockchain is a shared set of data which is managed by peer to peer network for the digitally changeless transaction of financial accounts by the study of secure transactions also known as cryptography. It is near real-time and decentralized.
In 1991, Stuart Haber and W. Scott Stornetta visualized and started working on the blockchain. In 1992, they upgraded their system and introduced Merkel trees that took a turn for better efficiency thereby facilitating the collection of more documents on a single block. This technology was discovered by a group of people or a single person by the name Satoshi Nakamoto in the year 2008. The identity of this person is still unknown. The invention of the first digital currency is known as Bitcoin was done by using blockchain technology. He then in 2009, released the white paper about technology which tells us how the technology was well furnished to improve the digital trust given the localized aspect.
Blockchain technology evolved, and the evolution began after its discovery in the bitcoin. In the phase 2008-2013, it could be called as bitcoin phase, the first bitcoin purchase of 10,000 BTC takes place. Ever since the bitcoin is in the trend or news, many numbers of applications have been introduced. The second phase in 2013-2015, could be called as Ethereum development, which was born by the upgrade with respect to bitcoin, till then the marketplace of the bitcoin surpassed $1 billion. Vitalik Buterin, who developed this, differentiated the bitcoin with Ethereum by the aim of allowing the implementation of the smart contracts. This technology helped in making the data impossible to tamper with so that the cost of the activities reduces and the fraudulent activities too which resulted in the increase of market cap in cryptocurrency. In the third phase with the emergence of decentralized applications in 2015-2018, many large enterprises started investing in this technology and by hiring professionals for this. NEO project and IOTA were launched. After 2018, blockchain now demands to come in most of the real-life business scenarios and industry 4.0 revolution by using solutions and approaches to this technology.
Technology impacted many sectors such as IT, BFSI, healthcare, etc. In the IT sector, there are digital payment systems development, business integration, so, the companies are getting more projects based on that and new applications are emerging which is fruitful for the sector. Using the backend database by the IT industries, creating websites and apps for the money exchange and transfer, etc are some examples. In the healthcare sector, through medical records ensuring that only certain people can see certain aspects of the record, improve the insurance claim process, enhance medical research, etc. With this technology, patients can easily connect and get the data automatically from the healthcare providers. In the BFSI sector, it has been noticed that technology has reduced transaction costs and complexity. Increased security by the use of cryptography, and the speed of the transaction as well.
Now, talking about the countries which have been impacted the most such as China, Singapore, Israel, and the US. Blockchain is in the list of priorities for China and in the light of it Singapore is promoting the use of this technology, and the government is highly supportive in this case. Even the Israeli startups are using this technology in different sectors such as cybersecurity, BFSI, etc. China region is based on more industrial specific regulations.
There are companies that provide products based on this technology to create a great user-friendly environment and satisfy the needs of their customers. Some companies are CIS (Cyberinfrastructure Inc.), HashCash consultants, Consensys (provides developer tools), etc. Product development, design, and testing also can be done easily with this technology. The top companies are using this for enhancing the speed of their desired projects. Cryptocurrencies are been used by some organizations and some have banned the use of it. Some companies are already isolating the major problem parts with this technology.
Due to Covid-19, many industries have lost their pace, here comes the blockchain technology and how it has impacted the industries. Healthcare sectors, Digital payment, Groceries retail are in demand due to this pandemic. The companies are using this technology to track donations, insurance claims, data, and supply chain systems. Many leaders are coming with innovative ideas to reduce the loss faced during this crisis. It has boosted the healthcare systems and almost all the countries are utilizing this technology for the advancement of the new applications and growth of the companies. Before this pandemic, many factors threatened the cryptosystem now, it is the new trend. Example of tracking the patients: Aarogya Setu app by the Indian government.
Now, by seeing all this, the future of this technology looks bright because it is already finding the use in some sectors, and many other companies will invest in this by seeing the insights. By providing trust and transparency it will cover the companies with new applications. It is a powerful technology can’t be ignored.
Trends in Robotic Process Automation
Robotic Process Automation (RPA) is an effective, lower-cost machine is basically machines or robots involved in robotic process automation, in a real sense, they are not robots, as they are software that is inside on a PC and interacts directly with applications. By making it easier for the people to use such robotic applications, software robots automate routine business processes, such as gathering and comparing data from different systems, adjusting insurance claims, or processing orders. It is said that Robotic process automation tools have become part of their organization, the giant business leaders are paying more attention to robotic process automation because as the technology has the potential to reduce the efficiencies of man labor. In this way, it can help in increasing their productivity and reduce their costs.
It is also predicted that automation technology, such as robotic process automation (RPA), will have a potential economic impact of nearly $6.7 trillion by 2025. It is also expected that the automation sector will be going to impact economically e.g. 3D printing, cloud technology, autonomous vehicles. Given these statistics, it’s obvious the growth of RPA is frequently increasing day by day, and maybe sooner RPA will grow into one of the leading technology platforms and is it will be very important for business outcomes and performance.
The major sector which will go to impact by RPA are:
Banking and Finance – Banks need to deal with multiple queries every day. From application status to balance inquiry and etc. it gets really very difficult for the bank to respond is the available time. So, in this way RPA can provide better customer service and respond like a human employee in lesser time, also RPA improves the quality of the process and increases productivity.
Insurance– In insurance companies are still considered as paper-based work. RPA is currently working in the insurance sector that how it can reduce their man labor Automation is increasing efficiency by adding significant value to processes. Many insurance agencies are working on automation to reduce their business procedures and increase effective working in the company.
Healthcare– Outdated systems that make healthcare workers do needlessly repetitive tasks are being advanced to help the process run faster. For example, many healthcare companies struggle to verify health insurance eligibility for potential customers due to highly manual processes. With RPA, the medical supply distributors can verify thousands of patients’ insurance eligibility daily while saving time and cost.
Retail– RPA has become one of the best ways of improving the service industry in the retail sector. Like adding automation in all these departments like taxation, auditing, or HR are some of the areas where RPA is best suited. Reports from hundreds of stores, gathered together to validate the cash register. These reports are now recorded in individual file transfer protocol server with the help of RPA.
Companies that are providing RPA are:
When most of the industries have affected so much like the tourism industry, aviation industry, pharmaceutical industry and etc. are slowed down due to the economic recession by COVID-19, Its successful implementation across various sectors during COVID-19 has embarked on the upsurge in its future demands undeniably.
Moreover, experts predict that any economic recession in the future will augment the capabilities of imbibing RPA. Experts, from strategists at leading investment firms to Nobel Laureates, warn of an “imminent” global recession, exacerbated by a US$13 trillion global stockpile of negative-yielding debt. In this downturn, businesses will need to find new ways to increase efficiency, drive revenue, and meet customer needs. With 85% of the RPA market still untapped, the economic slowdown will encourage all businesses to dive into automation. In fact, current Automation Anywhere customers are already increasing investments to hedge against a declining economy.
Automation is already having an impact on organizations in deploying systems at present. RPA potential is now grabbing the concentration of IT consulting, advisory firms. Opportunities and career growths in RPA are amazing. Today, IT is considered as the human labor industry by this automation there will be more scope in the market. The demand for RPA is booming as RPA marketing is increasing in the industry.
Trends in Automation
Automation is the technology by which routine-based, repetitive, or complex work can be performed without or minimal human assistance. The origin of automation was first coined in 1947 in the automobile industry to describe the use of automatic devices in a mechanized production line. This term was given by D.S Harder, an engineer manager at the Ford Motor company. Automation has evolved over the years from robotics to intelligent automation. In early 1950 the term was widely used in a manufacturing context, but later with the technology advancement such as cloud computing, AI, and RPA, it’s being used in many industries such as transport, utilities, defense, health, operation, and lately, information technology.
In 21st Century automation has brought a digital revolution in the industry. Automation is helping in many ways such as productivity, cost-saving, and quality control. Automation has its impact on industries such as healthcare, BFSI, retail, logistics, etc. In healthcare, artificial intelligence is helping in everything from medical records management to diagnosis. This technology is improving health outcomes and save time, early disease detection, identify higher-risk patients, improving care accessibility through AI chatbots, and health apps. In banking, a large number of business processes have been automated by deploying robotic process automation (RPA) such as accounts receivable, IT access requests, fraudulent account closure, and insurance claims. Which is enabling staff to focus on core functions and more rewarding tasks. Even the Retail industry is not far from leveraging these technologies they have also implemented RPA to optimize the business process. The retail companies are using consumer data to understand their buying pattern with the help of a deep learning algorithm and accordingly offering their product. Let take an example of Amazon Go stores with customers able to purchase products and money will be deducted through the mobile app without being checked out by a cashier or using a self-checkout station.
In the era of digital transformation, every technology organization wants to be an automation product provider or automation integrator. Due to automation in the last few years many AI/ML, IoT based start-up has entered in the market. There is a large number of top companies that are helping organizations to become automated such as Siemens, ABB, Honeywell, Schneider Electric, Mitsubishi electric Amazon, Microsoft, Google. Amazon is currently leading the cloud computing market and helping a large number of nontech in automation.
The effects of pandemic COVID-19 are felt across the globe and have a significant impact on technology industries. Technical product-based companies are not able to produce any hardware due to complete shutdown. Services quality is impacted such as internet services due to a shortage of workforce. From a positive perspective, automation is acting as a boon for the healthcare industry in this pandemic situation. Chatbots have been used by hospitals to answer the common query of people, which is helping in reducing the work of first-line healthcare agents and doctors who are receiving a lot of standard questions. Mobile Application is used to speed up the screening process for potential patients by collecting their health information on mobile. Even all the data can be used for pattern finding through data analytics. In the hospital, robots are used for the patient assistants, regular check-ups, and test sample collection to avoid medical staff coming in contact with the patient. The industry should see this COVID-19 as an opportunity and work together to make use of technology to fight against this pandemic.
Today with rapid development in AI and robotics technology, robots can perform all complex tasks without considerable human intervention. Automation is not only executing repetitive tasks but also augmenting workforce capabilities significantly. Automation will strengthen connectivity and reliability in a hyper-competitive market.
The Internet of Things (IoT) is an architecture of interlinked processing gadgets, mechanical and propelled machines consisting of incredible identifiers (UIDs) that have the intensity to transfer information through a system without the interference of human-human or human-PC communication. IoT is the grid of physical entities or objects embedded with electronics, software, sensor, and network connectivity which assists these objects to accumulate & exchange data.
IoT enables an object to be accessed and monitored remotely across pre-existing connectivity infrastructure, inventing prospects for more direct assimilation between the material world and PC centered system and stemming in enhanced effectiveness, precision, and economic advantage. Objects in the IoT sagacity can indicate a wide range of devices like heart monitoring transplants, bio-chip trackers on firm faunas, and electric immobilizers in seaside waters. Automobiles with in-built sensors, DNA scrutiny devices for ecological or food or pathogen monitoring, deceased fire-fighters in search and rescue operations. These devices assemble valuable data with the support of numerous prevailing technologies and then unconventionally stream the data amongst supplementary devices.
The meaning of the Internet of things has developed because of the combination of numerous advances, continuous examination, AI, ware sensors, and installed frameworks. Traditional fields of incorporated frameworks, wireless sensor structures, regulator frameworks, robotization (involving home and constructing computerization), and others all enhance to empower the Internet of things. In the buyer showcase, IoT innovation is generally synonymous with items relating to the idea of the "savvy home", covering gadgets and apparatuses, (for example, lighting installations, indoor regulators, home security frameworks and cameras, and other home machines) that help at least one normal environments, and can be controlled through gadgets related with that biological system, for example, cell phones and keen speakers.
Certain recognized examples for IoT applications in today’s world are:
- Fitness trackers/wearable devices (e.g., Jawbone Up, Fitbit, Pebble)
- Home Automation (Examples: Nest, 4Control, Lifx)
- Industrial asset monitoring (GE, AGT Intl.)
- Smart energy meters
Technology origin & evolution:
The central idea of a setup of smart devices was deliberated historically in 1982, with a customized Coca-Cola vending appliance at “Carnegie Mellon University” forming the first Internet coupled device, capable to account its stock and whether afresh loaded beverages were cool or not.
- Mark Weiser's 1991 journal on universal computing, "The Computer of the 21st Century", as well as theoretical aspects such as “UbiComp and PerCom” fabricated the modern vision of the IoT.
- In 1994, Reza Raji explained the notion in IEEE Spectrum as “Small packets of data to a large set of nodes, so as to integrate and automate everything from home appliances to entire factories".
- Between 1993 and 1997, numerous companies recommended solutions like “Microsoft's at Work or Novell's NEST”. The area attracted momentum when Bill Joy envisaged device-to-device interaction as a segment of his "Six Webs" outline, shown at the WEF(World Economic Forum) at Davos in 1999.
- The phrase "Internet of things" was possibly devised by “Kevin Ashton of Procter & Gamble”, subsequently by MIT's Auto-ID Centre, in 1999. At that instance, he observed radio-frequency identification (RFID) as indispensable to the IoT(Internet of things), which would permit processers to achieve all individual objects.
- Stating the IoT as "simply the point in time when more 'things or objects' were connected to the Internet than people", Cisco Systems anticipated that the IoT was "born" between 2008 and 2009, with the things/people relationship increasing from 0.08 in 2003 to 1.84 in 2010.
Technology impact industry-wise:
To understand how IoT is affecting an assortment of ventures in end-use industries, Forbes Insights, in association with Intel, led a review of 700 officials acquainted with their association's usage of IoT programs.
Banking and Financial Services: Companies in this segment are additionally well ahead regarding visual investigation reception - 51% report they have created and executed capacities utilizing cameras and visual sensors associated with AI and examination frameworks. Cell phones are the main endpoint decision for money related organizations (referred to by 51%), alongside cameras and sensors (48%). While monetary firms have various objectives in their IoT endeavors, most articulated is the need to extend the availability of their systems (31%), alongside utilizing IoT as a vehicle for more noteworthy security (30%).
Healthcare: Healthcare associations are additionally driving the path with IoT, with 55% having genuinely vigorous organizations set up. In human services, sound gadgets and cell phones are the most fundamental gadgets being used, referenced by 46% of respondents in the area. Representative observing is the most pervasive use case (41%), alongside checking offices and improving client encounters (each referred to by 38%). The larger part, 57%, likewise utilizes visual investigation to improve their degrees of client support and patient consideration.
IT and Communications: For media communications suppliers and different correspondences organizations, the versatile upheaval is underscoring the move to IoT. About portion of the interchanges organizations spoke to in the review, 53%, either have IoT installed into their procedures or have it in key business regions. In interchanges organizations, the most pervasive IoT information sources incorporate sound gadgets (45%), trailed by cell phones (42%). The most pervasive application is preventive upkeep (44%), trailed by endeavors to expand worker profitability (40%).
Retail: Half of the retail officials in the study, 51%, report having vigorous IoT endeavors in progress—either conveyed across offices or broadly over their ventures. A larger part, 53%, likewise report utilizing visual investigation somewhat, empowering a more noteworthy comprehension of client inclinations and conduct. The most conspicuous IoT information sources incorporate PC frameworks (51%) and sensors (47%). For retail associations, the principle use cases are empowering business change (44%) and giving preparation upgraded by enlarged augmented simulation (43%).
Technology impact geography wise:
Americas have the highest percentage proportion of IoT technology leverage followed by Europe & APAC regions.
Major Key companies list also include:
- AT&T Inc.
- Bosch Software Innovations GmbH
- Cisco Systems, Inc.
- Huawei Technologies
- IBM Corporation
- Intel Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- Siemens AG
Effect of Covid 19 on technology (IoT applications) and industry (enterprise needs):
- Cost (CAPEX) must be diminished
- Better business straightforwardness is required
- Procedures become progressively robotized
- Supply chains and assembling limit become adaptable/strong
- Diminished enthusiasm for customer IoT gadgets
- Remote resource get to gets significant
- Advanced Twins help with situation arranging
- New uses for rambles
- Explicit IoT wellbeing applications flood
- Track and Trace arrangements get utilized all the more widely
- Brilliant city information stages become key
- Increment in simple to-introduce IoT retrofit arrangements
Future of technology:
BFSI holds a significant offer regarding the market income of the worldwide web of things (IoT) advertise, in 2019. The BFSI section at the long last use industry is the most worthwhile fragment among others. This development is essentially because of the developing interest in IoT arrangements in the financial business to screen the stockpile of fluid money in different branches, ATMs, bank accomplices, and others. IoT arrangements likewise help to gather the valuable data of the clients. The key advantages of utilizing IoT arrangements in the financial business is offering simple to-get to administrations to both charge and Mastercard clients.
Further, the rising reception of distributed computing arrangements over the globe is foreseen to animate the development of BFSI with a noteworthy CAGR during 2019-2026. In agribusiness, field-based sensors are fit for estimating soil dampness and speak with climate stations for the most recent conjectures. This information is utilized by huge cultivating tasks and brilliant farming plans of the government are probably going to use the advantage by progressing usage of savvy IoT sensors.
Market Dynamics - Smart Cities
- Need for public safety and communications infrastructure
- Increasing demand for IoT
- An increasing number of government initiatives and the PPP model for smart cities
- Optimizing the use of energy
- Citizen empowerment, engagement and willingness to adapt technology enhancements
- Lack of standardized and uniform technology
- Privacy and security concerns
- Poor operational efficiencies in developing countries
- Lack of technology advancements in emerging countries and developing economies
- Increasing demand for green initiatives and environmental concerns
- Booming sectors and developing economies for smart cities technology growth
- Rising demand for system integrators to provide end-to-end solutions
- Emerging 5G technology across the globe
- IoT boom will increase smart cities market adoption
- Unclear strategic goals and lack of structure KPIs
- Huge initial Investments
- Lack of Knowledge and skills among people
- Data privacy concerns
Market Dynamics - Smart Retail
Smart retail, a lot of different brilliant innovations, for example, availability, coordination, enormous information examination, and IoT that are intended to give the buyer a more prominent, quicker, more secure, and more astute experience when shopping. It permits the setup of items and administrations customized to singular inclinations, and viable, proficient client correspondences and maintenance. An expanding the selection of cell phones has seen enormous development in the previous decade attributable to the declining cost, improved way of life, and Internet omnipresence.
Smart Retail is something that the world is presently awakening to. In-store versatile promoting is getting progressively increasingly complex and is being utilized increasingly more by retailers around the world.
On the off chance that you haven't moved your store into the energizing new universe of smart retail effectively, at that point maybe right now is an ideal opportunity to begin thinking about how you can execute the advancements to get it going – and it isn't as hard nor even as costly as you would suspect. There are, basically, four components to savvy retail – internet business, guides, cell phones, and a keen retail location (POS).
North America has an enormous number of general stores, hypermarkets, departmental stores, and different sorts of retail locations, for example, Food City (US) and Schnucks Markets, Inc. (US) that have actualized POS arrangements, programmed capacity and recovery system, savvy trucks, electronic shelf labels (ESLs), and self-checkout system in their premises. Attributable to this, North America held a significant portion of the brilliant retail advertise in 2019.
- Adoption of Smartphones is increasing day by day
- Developing Need for Better Customer Services and Shopping Experience
- Diminishing Cost of Electronics Components
- Rise of New Technologies Creates New Revenues for Retailers
- Developing Relevancy of Omni-Channel Commerce
- Developing Affluence of Expanding Middle-Class Population
- Winning Socio-Economic and Demographic Trends Favor Robust Growth
- Upgrades in Location and Voice Technologies
- Various diversities in state policies and local influences
- Lack of skilled professionals to implement new technologies
- The slowdown of economy causing businesses to survive only at this time
- High CAGR in FMCG industry
- Application of IoT in the Retail sector
- Robust urbanization leads to an increase in the demand for advanced smart retail solutions for foot-traffic monitoring applications
- Continuous increase in global population
- Information Security and Privacy Concerns with new advanced technologies
- High Maintenance of Advanced Computing Systems
- Hesitance of Retailers
- various diversities in the state policies and local influences
Market Dynamics - 5G Technology
- The major driving factors are the lower latency in 5G, the growing adoption of virtual networking architecture in telecommunications, and growth in mobile data traffic are diving the market.
- The 5G infrastructure market is primarily driven by the rising demand for M2M connections across various industries.
- ISP could provide various services with different performance characteristics such as download speed, latency or download usage limits on the same physical network to meet a particular need.
- 5G technology is going to surpass the speed of all preceding technologies which will make people highly curious about the new technology but has also captivated the attention of service providers, global companies, and other entities in the telecommunications industry.
- Applications that require enhanced mobile broadband such as 4K, 8K, or 3D video or virtual reality, a certain number of performance indicators such as spectrum efficiency, peak data rate, and area traffic capacity can only be reached at the expense of others, such as latency or connection density.
- Massive simultaneous connection of connected objects needs to be managed
- Ultra-reliable and low latency communication are required, the number of simultaneous connections, data rates, and spectrum efficiency may be reduced.
- North America holds a major share of the 5G infrastructure market as it is one of the leading markets in terms of R&D activities in 5G technology, network design/deployment, and presence of key market players.
- Huge opportunities for smart cities to grow through 5G sensors as information will be transmitted in real-time to central monitoring locations.
- India-based Tech Mahindra is building 5G use cases with US-based hospitals to help manage remote surgeries that will require seamless network connectivity. The voice-over-5G market is moderately competitive and with the advancement in the 5G infrastructure, new players are also expected to enter the market
- Keeping operating and maintenance costs low. Hardware required for 5G networks can significantly increase operating expenses
- Building complex and dense networks
- 5G networks require ultra-low deterministic latency to properly function. Legacy networks simply cannot handle this speed and volume of data
- Given the highly distributed, connected, and sometimes remote nature of 5G networks, new consideration must be given to potential cybersecurity issues that arise.
- 5G technology raises certain public health concerns due to radiofrequency (RF)
- It is difficult to access the locations owned by various stakeholders, which would hinder the large- scale deployment of 5G network
Market Dynamics - AR & VR
- Mobility: It can be used anywhere.
- Innovation: To have a superior customer experience
- Affordability: Many companies in this industry try to offer AR & VR services for the lowest prices possible.
- Flexibility: It can be used on different platforms.
- Health issues: It may be harmful to eyes and other aspects if used for a longer duration.
- Data breaching: It is one of the common problems that this industry face. Loopholes in the security system are something that can be fixed permanently.
- Enterprise and consumer segments showcase the highest growth rate during the forecast period.
- The gaming industry showcased significant growth.
- The surge in the penetration of smartphones in emerging economies such as China and India.
- High adoption of AR & VR technologies in various segments of industries.
Countries like the US, India, China increased the adaption of these technologies in the media and entertainment industries.
- Lack of mobile connectivity: Not everyone has access to smartphone especially for developing countries
- Integrate into daily life: Many consumers don't see much value in those products.
- Technology limitations: Not every device support such features as of now.
Market Dynamics - Blockchain Technology
A Blockchain is a technology, which has the “blocks, where the information is stored” of virtual digitalized information in a network connected through nodes. A Blockchain is a digitalized form of storage of transactions. In this, the transactions are recorded in the blocks, where the previous transactions are intact. The blockchain is being boomed in the market due to the transactions are very transparent, low maintenance cost, and ease of work/settlements. Blockchain technology is being used in various fields of studies, such as Human resources, Government, Law, etc. The Blockchain has data encryption, where the data is protected from the hackers and misusers of the data.
- The primary driver of the blockchain allows only to add the data, where no one can edit or delete the data in it.
- The transactions and events are being time-stamped and are arranged in chronological order.
- Every origin of transactions/events can be easily identified and tracked through the links and intent of technology.
- Every change in the information will be distributed and updated at the same time without any failure, which makes the work and updates with less time.
- The blockchain has greater transparency and any change would not be possible in the transactions a database.
- The validation of numerous protocols are involved, which makes the hurdles to the entry of the duplication of the data.
- Even the work is being automated by the systems, the exact accuracy is not guaranteed, Sometimes we need the Modifications/deletion of some data, in this case, it is very restrained to the blockchain technology.
- As blockchain is publicly available, every individual is being provided the private key to access their funds. In case, the private key is lost, the money will be of no value and it will be lost and unaccounted.
- The growth of blockchain is very huge, cannot be into the drives for the storage. The chance of losing the network nodes is very high if in case the data is very big and too large to store and download.
- The primary restrain includes the scalability of the blockchain network. As data is based on network congestion, it requires to be developed more before it is being implemented in the day to day life.
- The data mining is a very huge scale and it is being done on the global level, it will be very easy to decrypt and in control of the dark web and hackers. This reflects the threat to the data in the blockchain technology.
- In large scale business, the implementation cost is heavy and require a lot of energy to make sure the data is not being hacked and enable the privacy and security of the blocks.
- As we are improving technology, but we are facing many challenges in the copyrights and ownerships. This area can be tapped and used as the opportunity to develop and implement the blockchain technology.
- The financial services are moving ahead of them digitally. This makes the utilize of blockchain technology for digital asset management and maintains the data in the blocks for easy and convenient.
- The use of the Internet of things (IoT) needs a lot of storage to keep the data outflow and generated from the IoT. The area of IoT can be huge scope for the opportunity to implement Blockchain Technology.
- The cloud storage, cloud computing, and Forecast of the projections need the data to be stored and need the encryptions which make the opportunity to be of Blockchain Technology.
- All the business are moving toward virtually, this makes use of the data utilization and storage of the customer's data, orders and its status, this can be handled in a better and convenient way in the blockchain technology ease of use.
- Every industry is having a challenge of updating of the data in the respective companies in the industry. This updating of the data is hugely possible by the data centralization of the requirements of blockchain technology.
- The primary need of the human skilled labor to handle and maintain the blockchain technology without any hindrances, as it may cause a huge loss to the business, if in case interrupted in between.
- The regulations of the recent development of the blockchain technology are over skeptical by the respective government. There is a lot of regulations to be followed in alignment with the government and its procedures.
- For any update of the company working culture, it needs the improvement of the standard of living, which is possible only when a business expands. As many businesses are being in starting early stage, the adoption of blockchain technology is a very huge burden for the business,
- The data at present in some businesses are being locally and following their need and convenient, it is a great challenge for the current business to integrate their data and there is also, there is lack of awareness.
- On a day to day business, the blockchain technology is going and the number of network operations is also increasing. This makes the users lack the standardization and interoperability of the data from one served provider to another provider.
- To implement the blockchain technology, we need to be more collaborative with the various new departments in the business and it makes an additional cost, where the perfect and expected returns s are not yet assured in the business.
Market Dynamics - Logistic Industry
Connected logistics is an interdependent set of communication devices, joints, and Internet of Things (IoT) technologies that change the key logistical processes to become more customer-centric by sharing data, information, and facts with the supply chain partners.
Market Dynamic: Market Dynamics may be a basic concept for supply, demand, and pricing economic models. When there are continual changes in the supply and demand of a product or a group of products in a given market, the price signals are created. Market dynamics describe these dynamic price signals.
- Decreasing Cost of Sensor
- Need for Operational Efficiency
- The emergence of IoT connecting device
- Decreasing the number of non-delivery shipments
- Minimizing the route of delivery & Pickup
- Converting the fixed salary employee to per piece employee
- Outsourcing of delivery executive (Saves Bonus, Pf)
- Lack of governance standard
- Lack of Business opportunity due to Covid-19
- Natural Climatic Condition
- Trading Rules & Regulation
- Lack of control of manufacturers on logistics service
- Logistics security & safety issue
- Lack of data management & interoperability
- Network challenge of vehicle
- Make availability of vehicle as per customer need
- To get the high skilled labor/route knowledge
- Sorting machine of the shipment
- Packaging & packing (handling fragile goods)
- Palletizing & depalletizing
- Handle the cold chain Shipments(maintaining the same temperature)
- Increase in the number of high tech vehicles.
- Increase innovation in mobile technologies
- Increase logistic Transparency
- Shipments should get a track with Real-time value with the help of (AI)
- Perform urgent shipment delivery through Drone Machine
- Electronic Delivery Device & Payment of Shipment
Market Dynamics - Solar PV
In the last decade, a rapid increase in global warming made global leaders think about its effects on the earth's climate and take necessary measures to control it. During this, solar energy has gathered all global attention and it has been seen as an alternative source of energy. Solar energy is unconventional energy, which is harnessed by using technologies such as solar thermal and photovoltaic cells. Solar energy is a convenient renewable solution toward growing greenhouse emissions and global warming.
- The solar photovoltaic market is higher for the ground-mounted utility-scale solar energy segment than the rooftop segment, as they are mainly used for commercial and utility purposes.
- Ground-mounted solar energy for commercial or utility projects is economical due to the economies of scale, number of installation, and operation and maintenance efficiencies
- Measures were taken by various international agencies and regions for reducing the carbon footprint and decarbonization of the energy sector. It’s expected to have around 13% of solar energy share in the total energy generation by 2030, with more than 2000 GW of installed capacity.
- In 2018, the top five countries of the solar PV market are China, the United States, Japan, India, and the United Kingdom. In terms of cumulative capacity, the top two countries are China and Japan, which accounted for about two-thirds of the global solar PV addition.
- Technological advancements such as monocrystalline wafer have led to cost reductions in both installation and operation & maintenance prices.
The solar energy market is driven by an increase in global warming and provision of government incentives such as subsidies, waiver of Inter-State Transmission System (ISTS) charges and losses, financing solar rooftop systems & tax rebates to install solar panels. A decrease in water footprint associated with solar energy systems has fuelled their demand in power generation sectors. In addition, the feed-in tariff (FIT) is also the main driver for the growth of the solar energy market.
solar power plants have a greenhouse gas footprint due to the production of PV system components and installation of the system. China is a major importer of Solar PV component but due to COVID-19, the global supply chain has been impacted and most of the projects in China, the US, Germany, and South Korea are delayed. In addition, overall climatic conditions and geographical latitudes restrain the growth of the solar energy market, especially in snowfall- and rainfall-prone regions.
Small-scale solar installation should be promoted such as a rooftop solar system by creating a regulatory framework that incentives small-scale PV installation. Smart cities will create more opportunities for solar energy systems such as smart building, solar-powered urban lighting, solar-powered charging points, solar mobility, and much more innovation in the coming years. Solar & storage installation will reduce network costs and optimizes solar supply.
Solar energy requires high capital cost, the business needs external support in the form of incentives or policies to be economically feasible, thus increasing dependence on government policy reforms. China is a central hub of the PV components such as Solar PV cells and modules and crises like COVID-19 will disrupt the solar energy market. The distributed and intermittent nature of solar energy makes it difficult for utilities to rely on solar PV for their baseload. Land scarcity and the skilled worker is also one of the major challenges for emerging countries.
Market Dynamics - Automotive Industry
- Economic Conditions: When monetary conditions are good, individuals are bound to buy new vehicles offering momentum to the business.
- Consumer Demand and Interests: There is a growing demand for more choice. The market for specialty vehicles is developing, as buyers request more variety of body shapes and styling. This has led to a variety of body shapes being constructed on standard platforms.
- Globalization: Today, the modern global automotive industry operates in a globally competitive marketplace. Globalization of the car business has been incredibly quickened during the last half of the 1990s because of the development of significant abroad offices and the foundation of mergers between giant automakers worldwide.
- Technological Innovations: Automotive organizations look to exploit refined innovation to address the competitive pressure and to meet expanded client desires on quality and cost
- Government & Regulations: Legislation is a significant driver of the business; emanations and reusing enactment have a solid effect both on vehicle advances and development. In numerous nations, governments have forced severe ecological guidelines managing efficiency and discharge control on vehicle makers.
- Environmental Impact: The global automotive industry is feeling the squeeze from ecological and client requests. The business is confronting issues with respect to efficiency, gas outflows, security, and reasonableness. Moreover, the competitive pressures on cost, quality, performance, and manufacturability of the vehicles today are bigger than ever.
- Fuel economy and CO2 emissions: One of the major issues facing the automotive industry in the 21st century is the environmental change resulting from rising CO2 emission. Vehicles produce greenhouse gas emissions during their entire life cycle, with CO2 emissions from the transport sector accounting for about 20 % of total CO2 emissions in the EU. Most vehicle-related CO2 emissions result directly from the use of the vehicles (85 %), while the other 15 % is a result of the manufacture of the automobiles, including material production.
- Steel’s contribution: The presentation of new guidelines for wellbeing and crash improvement has provoked the steel business to create steel with interesting microstructural blends and higher qualities, for example, DP, CP, TRIP and TWIP, which aid in reducing component size and weight.
- Weight reduction: When it comes to lightweight materials, the first thought often starts with low-density materials such as aluminum, magnesium, or carbon-fiber-reinforced materials, resulting in a negative perception of traditional steels because of their high density.
- Light vehicle: Vehicle sales volumes in the course of the most recent couple of months propose that customer demand is gradually moving towards diesel-fuelled 'Utility vehicles' being propelled via automakers.
- Auto components: Over the most recent decade the Indian auto part industry has risen as one of India's quickest developing and all-inclusive serious assembling divisions. The nation's auto part industry has likewise indicated extraordinary advances in terms of quality, spread, ingestion of more up to date advances, talented labor at a sensible cost, and adaptability.
Market Dynamics - Cloud Computing
- Reduced Operations Cost - The services are free from capital expenses. Businesses can use the server and infrastructure capacity of the cloud service providers and buy what they use.
- Mobility and Flexibility- Cloud services offer access to business data and software from anywhere, anytime making the company mobile.
- Quick Deployment - cloud computing gives you the advantage of rapid deployment. So, once you plan to use the cloud, your entire system is often fully functional in only a few minutes.
- Increased Business Agility - Updates are more quick and effective in the cloud deployment. It also helps employees save their time and focus more on business goals.
- Security: Data is very secured. If your computer isn't working but your data is stored within the server.
- Downtime: cloud computing servers are based on the internet, server downtime is a possibility and no cloud service provider can promise a 100% uptime.
- Privacy: Anything that involves DATA must address security and privacy. We must not forget what happened at Code Space and therefore the hacking of their AWS EC2 console, which led to data deletion and therefore the eventual shutdown of the corporate.
- Limited control: Cloud services run on remote servers that are completely owned and managed by service providers, which makes it hard for the businesses to possess the extent of control that they might want over their back-end infrastructure.
- Growing adoption of massive Data, analytics, AI, and the Internet of Things is predicted to push the cloud market.
- Rise within the number of SMEs to make new revenue opportunities for cloud vendors
- Online retailing and cloud technologies have significantly disrupted the retail and commodity vertical resulting in the adoption of cloud computing mainly for storage, backup, and security services.
- Increased automation and agility, need for delivering enhanced customer experience, and increased cost savings and return on investment are the main growth factors for the cloud computing market.
- Lack of resources and expertise is additionally one among the main challenges faced by the cloud industry
- Cloud computing is affordable but modifying the cloud to the customer’s demand is often sometimes expensive.
- Companies nowadays don't use one cloud instead they're using multiple clouds, when a corporation uses multi-cloud there are numerous complexities faced by the IT team.
- IT doesn't always have complete control over infrastructure delivery, provisioning, and operation. This has increased the problem of IT to supply the required governance, compliance, risks, and data quality management.
FINTECH Market Dynamics
In the past, the technology was used in the financial industry, but restricted to the back-end process and used only for the handling of the customer database. In the current evolving of the various changes and updates, technology is being used in every area of banking. Here the trend of using technology in every aspect of the financial industry is being encouraged. The technology in finance is familiarly known as FINTECH.
- The aim of the financial companies to make the tasks to be performed in a very quick manner is one of the key drivers of FINTECH.
- Many customers are also being technically enabled; this makes that the banks need to implement the technology as a part of the financial services.
- The process of automation and monotonous tasks cannot be performed by humans without losing interest. This challenge can be overcome by FINTECH.
- The process of accuracy through technology is more accurate than human work. This factor can be major in the FINTECH.
- The reduction of the employee cost for the organization will be a leading factor to take the FINTECH as a part of the functioning of the organization.
- In most sectors of customers are lacking technical knowledge.
- Improper maintenance of the technological devices in the front end, cause the complete work pending.
- There is a requirement for the complete updating of technical skills for the customers.
- Change of customer experience from traditional banking to the technology-based banking will not ease of conversion.
- All the technical platforms in various banks will not be the same and user friendly.
- FINTECH enables the banks for serving the customer around the clock.
- The cost of maintenance to the bank is more beneficial, in comparison with the human intervention.
- The technical based banking can be more accurate and friendly with an accuracy of work.
- The chance of fraud and involving the undue influence of scams can be overcome with the help of FINTECH.
- Even remote areas can be operated with the FINTECH. With low cost and human power according to the requirements.
- The dark web is the biggest challenge to be faced by the users of the FINTECH.
- The maintenance of the skilled human resource to maintain and monitor FINTECH based services.
- In most of the areas, the literacy rate was very few and most people lack tech-based education awareness.
- The maintenance of cybersecurity and its surveillance is the most essential challenge to the users.
- The FINTECH is very complicated to handle and all staff many are not well equipped talented.
Market Dynamics - Oilfield Services
- Increasing demand for energy and technological developments are key factors to drive growth
- Drilling of new wells in North America for exploration of shale gas
- Increasing investment in deep-water and ultra-deepwater exploration projects
- Increasing consumption of oil and gas resources
- Recent licenses and product launches
- Stringent environment regulations regarding some services such as drilling waste disposal
- Controversies regarding hydraulic fracturing are expected to hamper growth
- Cross-border travel limitations, supply insufficiencies, quarantine and CAPEX reductions are due to the COVID-19 outbreak
- Availability of abundant offshore oil reserves
- Availability of unexplored resources of shale gas
- Increasing investment in research and development activity for production of innovative product
- Growing urbanization in various countries in the Asia-Pacific region
- Dry climate, desert topography, and extreme temperatures are compelling participants to come up with efficient lubricants and cooling gas fo protect and extend the life of the equipment
Combined effect of oil-price crash and virus outbreak pushed many development projects out in time
Market Dynamics - Smart Manufacturing
- Industry 4.0 adoption
- Support from government initiatives
- The growing emphasis on regulatory compliances
- Rapid industrialization in APAC has boosted the manufacturing sector in APAC
- Complexities in implementing smart manufacturing systems and threats related to cybersecurity
- Skilled workforce pose challenges to the growth of the market
- Lack of awareness
- Support from Industrial Internet Consortium (IIC), Smart Manufacturing Leadership Coalition (SMLC), Industry 4.0, and MESA International
- The automotive end-user segment is expected to emerge as the fastest-growing segment over the coming years
- Both industrialized countries and developing economies are aggressively pursuing this avenue is expected to further propel the growth
- The Asia Pacific regional market is likely to grow at a substantial rate owing to rapid industrial growth, increasing foreign direct investments, and establishment of large multinational companies in the sector
- Key players have successfully implemented smart manufacturing in a bid to achieve greater efficiency and effectiveness
- Integration-Expenses which smaller industrial companies find it very hard to justify when the existing machine works perfectly
- Connectivity Requirements are High-wireless connectivity this can represent a change in the network infrastructure design.
- Fragmentation-The challenge in designing and developing solutions for the industrial market is underlined by the varied list of partnerships being formed across hardware and software vendors, telecommunications firms, through to engineering and industrial companies
Market Dynamics - 3D Printing
- Surgical trials on 3D printed organ models lead to minimal risks, proper surgery planning, identifying suitable tools for a particular case, and shrinks surgical complications, consequently, enhancing medical prowess and driving the global 3D printing market demand.
- Designing of new tools and its effective application generates amplifying future prospects for the 3D printing companies.
- The automotive industry is a major driving force to the 3D printing market owing to better customization, lower material wastage, accuracy and less time consumption, and flexible designing.
- Researches on 3D printing organ transplantation are conducted on a large scale to replace the complication of live organ transplantation owing to the cost-inefficiency, inadequate donor availability, and donor-receiver incompatibility. Around 13 people die every day without kidney transplantation. Persistent biomedical engineering advances will increase the efficacy of 3D bio-printed organs and will accomplish sophisticated applications in the medical field in the forthcoming years.
- Finite Selection of materials
- Lack of Skilled professionals
- Stringent government regulations for the sanction of3D printed medical devices.
- High Cost associated with printers
- Unfavorable reimbursement policies
- Biocompatibility Issues
- North America accounted for the largest share of the global 3D printing market in 2017, followed by Europe.
- The weak sale of printers from major players, such a Stratasys Ltd., and 3D systems corporation has influenced the market.
- The market for desktop 3D printers is also expected to grow significantly driven by the increase in demand for desktop 3D printers from consumer products, education, and jewelry verticals.
- Some of the opportunities for 3D printing technology include its potential to enhance manufacturing and supply chain management and untapped market in the verticals such as printed electronics, education, jewelry, energy, and food.
- Limited material variety
- Limited repetition process
- Exorbitant rates of the manufacturing procedure
- The narrow scale of niche expertise
- Equipment installation
IoT Market Dynamics
- The decreasing cost of megabytes increases the amount of money available for investment in large processing systems.
- Cloud and big data offer elastic repositories for storing and analyzing the onslaught of data.
- The Internet world is colliding with the industrial world to create unprecedented opportunities.
- IoT market Fails to establish a Clearly-Defined Business Case
- This market is Enable to Connect, Gather, and Understand the Data
- To implement a product in IoT it has a high cost for implementing it
- IoT technology has been enabling retailers across the globe to connect with both businesses and people enabling new ways of customer engagement.
- Inadequate security and privacy protections for user data
Market Dynamics - Video Communication
Sometimes it's not feasible to travel to discuss business because of time and monitory constraints. Most of the companies face this problem on day to day basis, but there is a way which can solve this problem with the help of technology, it's called Video communication. Due to the recent spread of coronavirus, more than 200 countries are under lockdown, which is a major problem for businesses around the world. This pandemic has created a huge market for video conferencing solutions which can help employees to work from remote places. One such application is zoom, a video conference application whose active users jumped from 10 million in December 2019 to over 200 million in March 2020.
Even though there are many applications like zoom are available, the zoom application was able to hold the maximum market share, applications like these provide free as well as paid services, but most of the organizations are using these solutions when there is no alternative and most companies are less likely to use it on every day, which again hampers the chance of buying service for a long time, and they might prefer this type of solution only when it necessary like the recent COVID-19 crisis.
Still, we cannot ignore the fact that there is a huge potential for services like this, as it can be useful for private as well as public sector organizations including Education, Tech companies, Medical companies. There are many benefits, for example, an employee who wants to pursue part-time education can attend live classes from his convenience.
The challenge for this sector can be a privacy breach, recently many companies experienced security flaws during their meetings, where intruders inserted lewd images into a presentation, hurled racial slurs at participants. Because of this reason, many private companies have banned the use of zoom application, government organizations also banned the use of this application, where the security of data is the top priority.
It will be interesting to see how video communication applications can change the way organizations works & if it can become a new norm in the industry.
Market Dynamics - Artificial Intelligence
- Improvement of operational efficiency in the manufacturing industry and customer service in the retail sector.
- Demand for customized robots that have AI capabilities.
- Rising adoption of cloud computing which is backed by “Analytics as a service (AaaS)” to develop and run intelligent applications.
- AI-enabled with Big data, allows users to enhance and automate complex analytical tasks.
- Handling structured and unstructured data is one of the rising trends in the AL market landscape.
- Reliability of AI algorithms.
- Data privacy is a growing concern.
- In certain cases, AI is unable to perform automated labeling for data.
- Implementation is low in applications that require explanatory features.
- Lack of skilled AI professionals.
- AI can help in marketing by giving businesses insights on which strategy is giving the highest returns.
- AI can be applied in every industry where big data is used to make business decisions.
- Customer service efforts can be improved by automating chat systems.
- Integrations on AI in CRM can help businesses make data-driven decisions.
- Automate spend on marketing so that more attention is paid to important areas.
- Computers require a lot of processing power to perform the calculation in nanoseconds or slower than that.
- People do not have an idea about machines that learn by themselves.
- Creating trust among people that ensures that technology works.
- There are more doubts about this technology, it’s decision-making ability, and if they correct or not.
- Training AI’s to store inputs that produce the best result.
Market Dynamics - Cybersecurity
- Emerging technologies like Machine Learning driven by the emergence of AI, IoT, Blockchain, etc.
- The widespread proliferation of cloud computing services.
- Investments from countries like India, South Korea, Oman, Canada, Italy, Qatar.
- Cybersecurity solutions currently catering to the needs of BFSI, manufacturing, aerospace, defense, ed-tech, healthcare, etc.
- The unwillingness of the customers to pay for adequate resources to protect data.
- Increasing the risk of cyber attacks
- Workforce Gap for cybersecurity professionals
- E-commerce provides a really good opportunity as a lot of businesses are moving online and consumer behavior is changing from offline to the online model.
The corporates provide a huge market potential as a lot of companies use emails to contact each other and this gives hackers an opportunity to spread the virus from one account to another.
- There is a huge talent gap of cybersecurity professionals and it is expected to be 1.8 million by 2022.
- The healthcare industry has instituted strict compliance standards as vast amounts of patient data are supposed to be stored.
- Online communication becoming essential in the pandemic situation for organizations to function.
- Adaption of latest technologies and moving from standard PCs to cloud-based businesses.
- Storage of large quantities of data.
Small businesses are unable to spend adequate resources to protect data.
- Healthcare is one of the sectors that store large quantities of data and is a target to others.
- Foreign powers spying on government and military and breaching their security.
- Advanced Persistent Threat’s(APTs) exploit inadequate IT hygiene and human error to scourge for sensitive data and systems.
- Numerous phishing activities on websites and platforms like Google Classroom
- Accessing emails from unfamiliar sources and maintaining caution while ordering online.
Market Dynamics - Encryption Software
- A growing need for data security and privacy worldwide
- Need for safer transfer of data from one remote location to another
- Sudden rush in the adoption of bring your own device (BYOD) and increased mobility fuels
- Useful for industries including BFSI, IT/telecom, government & public, retail, healthcare, aerospace & defense, media & entertainment
- Systems cannot be encrypted. Lack of proper database configurations, machine reader software, and security layer components may lead to integrity attacks such as malware and viruses.
- Audits cannot be encrypted. One must have independent verification of everything that happens in his network.
- Real-time verification and mitigating attacks in real-time whenever an intruder’s acts compromise the integrity of the network.
- Encryption won’t work when someone insider tries to compromise the credentials of the administrator
- Sometimes the encryption software may give a false sense of security. There is no way to find out whether encryption software is functioning or not. One may never get to know that his data security apps have been hacked.
- With the coming up of more advanced technologies, companies will need encryption to protect their techniques and secret working model.
- The encryption software providers can target large, medium, as well as small scale industries as data security, is imperative for everyone these days.
- Proliferation of IoT
- Need for stronger AI and IoT
- Training of the employees to use the software effectively and efficiently
- Increase awareness among users
- Designing a simple yet effective encryption devices
Market Dynamics - Identity & Access Management (IAM)
The identity and access management market is picking up footing attributable to the rising requirement for consistent the executives and the developing interest for portability arrangements. Additionally, developing digitization is one of the main considerations answerable for the development of the market. Moreover, the organization of cutting edge innovations like a cloud into character and access the board arrangements are relied upon to additionally fuel the development of the market in the coming years. For example, in August 2019, IBM Corporation worked together with Imprivata, an IT security organization, to dispatch a cloud-based character and access the board instrument to help clients of both the organizations to deal with the provisioning, following, and de-provisioning of their clients in their crossbreed on-premises and cloud condition. Identity and access management (IAM) is the security discipline that encourages the approved people to get to the correct assets at the right occasions for the correct reasons. IAM is an answer that causes end-clients to ensure that entrance across different innovative situations is conceded uniquely to the ideal people. Identity and access management arrangements give secure, character-based access to different applications, frameworks, and data from any area. Identity and access management goals encourage ventures to oversee security over a few frameworks by permitting representatives access with a solitary sign-on secret word. Identity and access management arrangements can dodge misrepresented exercises, along these lines maintaining a strategic distance from information misuse. Subsequently, Identity and access management solutions are in effect generally executed by huge and medium-scale ventures just as government divisions.
Market Trends & Dynamics
• Key players in this market include IBM Corporation, Oracle Corporation, Hitachi ID Systems, Inc., Dell Technologies, CA Technologies, Micro Focus, Bitium, Inc., Okta, Inc., Centrify Corporation, and Core Security SDI Corporation
• Adoption of Blockchain Technology in Identity Management to Tackle Authentication and Authorization Issues
• Artificial Intelligence (AI) and Machine Learning in Identity and Access Management to Sharpen Risk Detection
• Growing emphasis on compliance management and regulatory protocols
• Growing security concerns in organizations for growth & boosting revenues
• Increasing trend of mobility
• Growing demand from BFSI, telecommunications, public, and critical infrastructure sectors
• Cloud-based IAM solutions are expected to gain market traction
• Developing accentuation on consistence the board and expanding pattern of versatility
• Changing situations and circulated IT conditions have made associations defenseless to digital dangers, in this way filling the interest for IAM arrangements
• Risk associated with IAM Market may hamper the market growth
• Lack of trust in IAM-as-a-service providers
• Disappointment from the existing defense mechanism
• Lack of knowledge about IAM solutions
• Lack of effective identity and access management poses significant risks to compliance and to an organization's overall security, which limits the growth of the market
• Increasing cloud & SaaS adoption
• Growing market via Hybrid model- the emergence of the hybrid cloud model
• Growing digitalization and the emergence of advanced technologies
• IAM solutions reduce costs, risks, and enhance the operational efficiency of organizations
• Growing importance of IAM solutions in the BFSI sector- expansion of the banking sector in emerging economies
• Independent processes throughout the organization
• High Security- data theft and privacy risks associated
• Reshaping and safeguard of legacy IT infrastructure into smart traffic solutions
• Challenges related to employee on-boarding and off-boarding
Market Dynamics - Disaster Recovery as a Service (DRaaS)
- It could be a hardware or equipment failure.
- The data can be mistakenly deleted. Suppose an employee of your company accidentally deleted the data which had important information. It could be called human error.
- Cyber-crimes include hacking of the data through activities like malware attack which corrupts the file or data. Your data could become a hostage.
- Data infected with the virus can destroy the data and it cannot be viewed.
- Natural calamities such as flood, earthquake, storm, fire, etc. These calamities can do irrevocable damage to the data.
- Lack of time and money
- If one main (Primary) server is lost, the mini (secondary) is needed. But some organizations think only one back up is enough.
- Lack of focus on compliance.
- Lack of knowledge on the latest data theft & threats.
- No proper plan for recovery and a lack of adequate budget for it.
- Due to COVID-19, organizations are closed and are now facing problems for managing the data that were stored in their offices. Here, comes an opportunity for the cloud
companies to sell their services.
- Cloud brings simplicity to disaster recovery. The level of security infrastructure is enhanced.
- Once the server is planned, cost benefits are being enjoyed by an organization.
- Advancement to the cloud technology makes more organizations to attain this
- A cloud-centric approach to disaster recovery companies can pay as they grow, deducting the taxing burdens of provisioning additional hardware.
- Data recovery demands to decrypt the data, which can be much tougher than before. Encryption becomes a challenge for organizations.
- Mobility: mobile devices' capability to access data, data recovery is also becoming more complex.
- Many customers have no idea of what they are doing technically when they use certain features on their server systems. An additional data layer on top of the normal data structure is then created making recovery complicated.
- Time utilized while recovering the data.
- Limitations in auditing the data.
Market Dynamics - Automobile Industry
- Advancement in technology and innovation: Electric vehicles and charging stations en route.
- The budget car should be focused on the entry segment: Convert from 2 wheelers to entry-level cars.
- Government focus on supporting the industry- Keep the cost of production and indirect taxation low
- Keep the cost of production and indirect taxation low: Robotic manufacturing for less labor and error-free production.
- Innovations in each segment of vehicle: For example, MG Hector has adopted a new technology of the internet car which has the first voice-enabled function.
- One step ahead in invention- bs6/euro 6 emission norms for environmental benefit.
- CVT cars – Fully automatic cars are the future due to heavy traffic in Indian cities. Customers shift from manual to automatic transmission to be studied.
- Lack of production and supply chain due to coronavirus epidemic: No consumer is expecting to buy a vehicle and the stock is already in surplus.
- Taxes on vehicles
- Government regulations like excise duty and pollution strictness
- Low investment in Research and Development
- Due to Bs6 adaptation: Price and maintenance increased
- Introducing fuel-efficient vehicles
- Strategic Alliances: Making strategic alliances can be a smart strategy for Automobile companies with leading manufactures introducing new technology.
- Research & Development in self-driving cars for the future.
- Market Expansion: Entering new markets like Asian & BRIC nations will result in an upsurge in demand for vehicles.
- Also exports to Gulf with left-hand drives and automatic transmission.
- Less skilled labor
- Safety issues in the car: No standardization.
- Environment change resulting from CO2 emissions: Emission from the transport accounting for about 20% of total CO2 emission
- Environmentally friendlier cars with the challenge of adapting to the shift in consumer preferences.
- Infrastructure for E-vehicle: Tata motors have launched E-vehicle (Tata Nexon) with its power charging station installed at the buyer's home as well as in commercial centers. Around the city and highway.
Market Dynamics - Retail Sector
The following is a list of what seems to be driving initiatives in the retail space:-
- Department stores are streamlining and outlet stores are proliferating.
- Private Label stores are growing as luxury Brand sales morph as a result of range extension, % of high ticket item sales will reduce as middle-class consumers are more aware of profiteering price levels.
- Loyalty is not being achieved through discounts, special treatment is what is now wanted.
- Generalist retail technology providers will suffer the greatest market share loss: share will be collected up by new digital age firms and market entrants.
- Self-service in-store will finally take off in the garment sector with usage driven by fitting rather than checkout.
- Entertainment based retailing will develop, celebrity endorsement market will grow.
- Rates will fall and tenancy contracts will favor the occupier, leading to complete Mall and Shopping Centre estates going bankrupt and changing hands more regularly.
- Only 7-8% of the retail industry is functioning at the moment, as the retailers are selling only essential items.
- The situation will be bleak even after the lockdown is lifted as the consumers will be in a reactive mode and will buy only what is needed. After that, a recovery mode is expected.
- The losses of jobs are worrying about the industry the most. “It looks like 20-25% of jobs could be a question mark.
There are a few key areas where the retail sector should be focusing their attention in today's highly-fluid social, economic, and healthy environment.
- Managing demand fluctuations: In `red zone' markets where the virus is spreading, virtually every retail outlet – except grocery stores and pharmacies - has shut their doors. Yet while some retailers are seeing demand fall away and customers shift channels, others are facing unprecedented spikes in demand. Grocery retailers, in particular, are dealing with significant out-of-stock situations on many key products as consumers hoover up supplies perceived to be essential.
- Shoring up the cash reserves: Retailers, particularly those with physical footprints, are rethinking their current cash positions and trying to assess how they will continue to pay the bills should the downturn in demand continue for a prolonged period of time. In particular, retailers should be taking a close look at their current and predicted liquidity profile and assessing any changes in their working capital dynamics or short term cash forecasts.
- Protecting people: The COVID-19 virus has already led to a number of workplace shut-downs and quarantines. Retailers must have a plan that ensures the safety of the employees while also trying to maintain business as usual activities. Beyond simply creating a crisis communications plan, retailers should be thinking about how they will manage their workforce under various different scenarios.
Market Dynamics - Internet Marketing
Internet marketing is the process of promoting a business or brand through internet tools to expand the business to the whole world market.
Internet marketing is a broad term that encompasses a range of marketing tactics and strategies including content writing, email, search marketing, social media marketing.
- Website: The website is often one of the first touch-point a customer has with your company. the website uses smart design and well-crafted content to stand out amongst the crowd. the website guide visitors through the buying process with clearly defined.
- Social Media Marketing: Social media marketing is a very common platform to expand the business in the local market as well as the international market. the social media market is a very easy way to expand the business. Some examples of social media platforms are Twitter, Facebook, LinkedIn, and Instagram.
- Email marketing: Email marketing is a great way to lead and keep existing customers informed. this type of audience has elected to receive information from you and supplying behavior-triggered content at specific intervals helps your customer interaction from becoming dormant.
- Confusion between the local market and the global market.
- It is a problematic thing for companies to decide which strategy should be chosen either it should be global or local.
- Internet marketing is a very big opportunity to expand its business globally with the help of the internet and the company expands there sale as well as market share also. the internet of things changes the total definition of the market. better data will improve product-helping to build with relevance with the customer.
- Strengthen customer relation, the company will have a deeper understanding of the customer demand and trend of the market.
- Having a mobile responsive website: your website needs to be responsive, which is why we have developed a mobile-optimized booking system for tourism companies.
- Making your website dynamics: time is changed now, you need to have more quality content to offer your website visitors one good way to deliver this content is by having a blog on your website.
- Increasing your numbers on social media marketing.
Market Dynamics in the Medical Robots Market
- Technological advancements in medical robots,
- Advantages offered by robot-assisted training in rehabilitation therapy,
- Increase in funding for medical robot research and the issuance of IPOs by medical robot companies
- High initial costs are expected to control market growth
- Technical Complexities are restraints too
- Lack of fitting robot or automation solutions
- Lack of retrofit solutions or solutions compatible with existing equipment
- The increasing demand for entertainment robots in retail for customer engagement is expected to act as an opportunity for players in the global robotics market
- Shortage of skilled labor (especially in developed countries) will be the opportunities for enhancing automation
- Government initiatives such as Industries 4.0 and penetration of IoT and AI
- Safety concerns over robotic surgery devices are expected to limit the growth of the market to a certain extent. According to the FDA, surgical robots have been linked to more than 144 deaths, more than 1,391 injuries, and 8,061 device malfunctions from 2000 to 2013, likely to stall market growth in the coming years.
- Lack of homogenous programming interfaces/platforms
- Lack of skills/experience/training in working with automation
- Lack of integrators across OEMs/geographies