Cognitive Computing Market to Witness Considerable Boom in Revenue

Every day, 2.5 quintillion bytes of digital data is generated, as per an article published on the website of Forbes, in 2018. Humans, with all the conventional analysis techniques, are only able to study a small fraction of this data. The huge unstructured data sets often contain valuable information, which can potentially drive revenues for organizations. This is why, the need for a technology which can convert the unstructured sets into structured data is dire. With the usage of artificial intelligence (AI) technologies, such as machine learning (ML) and natural language processing (NLP), to accomplish the task, the cognitive computing market is growing across the world.

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The use of AI by companies for increasing their sale is trending around the world. Nowadays, companies are strongly focusing on giving their customers recommendations or suggestions on what to buy, when they visit their website. This is done by analyzing their past behavior, which helps in better recommendations. By integrating AI, particularly ML, with cognitive computing, predictive search becomes even more effective, which is why companies are increasingly using this combination.

Around the world, North America has been the largest cognitive computing market, on account of the development of new business platforms and fast adoption of cloud-based solutions. Additionally, Canada and the U.S. have strict rules for enterprise data security, which is another reason behind the dominance of the continent on the industry. In the coming years, the usage of this technology would surge the fastest in Asia-Pacific, as a result of the swift adoption of big data analytics, rapid digitization in industries, and focus of companies on higher returns on investment.

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Such solutions can be deployed on the premises as well as on the cloud, of which cloud deployment has been more popular in the past. This is credited to the fact that this deployment type reduces the need for procuring expensive information technology infrastructure and hiring personnel. This helps in substantial cost savings for companies, which is even more important for SMEs. Additionally, vendors of cognitive computing solutions on the cloud are engaged in a stiff competition, mainly regarding the cost of their services. Thus, to increase their position, they are offering cost-competitive cloud products, which is further helping in their rising adoption rate.

Therefore, as the volume of data on servers, internet, cloud, and computers increases, a rising number of organizations will turn to cognitive computing.

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What is Leading to Robust On-Demand Logistics Market Progress?

The major drivers for the on-demand logistics market are the increasing efficiency of product transportation by trucks, convenience, cost-effectiveness and real-time tracking advantages offered by this model, and expanding e-commerce sector. From $9.1 billion in 2019, the market revenue is expected to massively rise to $75.0 billion by 2030, at a 21.1% CAGR during the forecast period (2020–2030). On-demand logistics refers to the communication between end users and shippers via online platforms, which also provide additional features, such as global positioning system (GPS)-based vehicle tracking, time scheduling, and order booking.

On-Demand Logistics Market

Based on vehicle type, the market is bifurcated into medium/heavy commercial vehicle (M/HCV) and light commercial vehicle (LCV). Of these, LCVs led the on-demand logistics market in 2019, as a large number of service providers use these vehicles for last-mile delivery, in cases that do not involve the transportation of heavy goods. During the forecast period, the M/HCV bifurcation would grow faster, as shipping firms are purchasing them to transport heavy stuff for large businesses, which are looking at high-volume goods transportation to reduce their costs.

The market is also growing on account of the increasing efficiency of trucks, which are the preferred mode for high-volume terrestrial product transportation. In conventional logistics, after delivering the goods, trucks often return empty, which leads to wastage of fuel and extra operational costs for Service providers. Additionally, a broker liaisons between the shipper and customer, for which the charges can be as high as 18% of the shipment cost. As on-demand logistics helps deal with all such challenges, companies are rapidly embracing this concept.

Geographically, North America held the largest revenue share in the on-demand logistics market in 2019, as trucks conduct almost 70% of all product transportation in the U.S. Additionally, the region faces a considerable shortage of drivers, which becomes a problem when the orders suddenly increase. This is leading to the shift in companies’ preference to a more-efficient goods transportation model, thereby driving the market. During the forecast period, the highest CAGR would be experienced by Asia-Pacific (APAC), owing to the rising e-commerce sales and consumer awareness regarding the concept.

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Hence, as the e-commerce sector prospers and people become aware about a better shipping method, on-demand logistics is forecast to witness widespread adoption in the coming years.

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Why are Small and Medium Enterprises so Significant for Voice over Internet Protocol (VoIP) Software Market Growth?

The major reasons behind the prosperity of the VoIP software market is the growing demand for the software from small and medium enterprises (SME) and increasing focus of companies on improving their productivity. In 2019, the market generated a revenue of $15,114.3 million, which is expected to surge to $30,441.5 million by 2025, at a 13.4% CAGR during 2020–2025 (forecast period). VoIP sends multimedia and communication data over the internet, instead of conventional phone lines.

Managed private branch exchange (managed PBX), session initiation protocol (SIP) trunking, and hosted private branch exchange (hosted PBX) are the three categories, when the market is segmented by technology. Among these, SIP trunking held the largest share in 2019, as it supports on-premises public switched telephone network (PSTN) connectivity, which results in its high demand. Apart from this, the adoption of hosted PBX is also significant, with companies preferring it over managed PBX. As it is cloud based, it reduces the need for expensive information technology (IT) infrastructure.

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Another reason hosted PBX is trending in the VoIP software market is that the feature-rich voice solutions it provides over the cloud are reliable, apart from being cost-effective. Further, it lets organizations manage their communication operations better and scale them up or down as per requirement. Therefore, with businesses aiming to achieve maximum profitability, by reducing their expenditure, while not compromising on their productivity, they are shifting to cloud-based VoIP solutions, particularly hosted PBX.

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Based on end user, the VoIP software market is divided into consumers, small and medium enterprises (SME), and large enterprises. In 2019, the market was dominated by large enterprises, which will continue holding the largest share during the forecast period. However, the fastest progress would be witnessed by SMEs, as such solutions can help reduce telecommunication costs by up to 30%. Such technology is easy to deploy, use, maintain, and troubleshoot, which automatically decreases the expenditure. Additionally, calls can be done on VoIP at considerably lower rates compared to traditional telephone lines.

Further, with this technology, the need for separate cabling, which is required for conventional telecommunication systems, is eliminated, as companies can simply procure a software-based softphone. It also declutters the premises, reduces the risk of the cables catching fire, and offers the convenience of adding more components, owing to the flexibility of scalability. Another advantage associated with VoIP is the ease of maintaining and altering the system, since the operations are carried out by the software, instead of hardware.

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Product Analytics Market Analysis, Growth Opportunities and Recent Trends by Leading Manufacturers & Regions

The global product analytics market is projected to generate a revenue of $38,049.5 million in 2024, advancing at a 18.8% CAGR during the forecast period (2019–2024). The key driving factors of the market include the surging adoption of smartphones, rising focus of product teams to offer personalized services and products to their customers, shift from web-based internet surfing to mobile-based internet surfing, and advancements in cognitive technologies. In terms of service type, the market is divided into professional and managed services.

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The professional services category dominated the product analytics market in 2018 due to the increasing demand for expert training and insights into the deployment and usage of advanced analytics solutions and growing requirement for consultancy. In terms of deployment type, the market is classified into cloud-based and on-premises. The cloud-based classification held the larger share of the market in 2018 and is further projected to grow at the fastest pace during the forecast period. The reason for this is that the cloud-based deployment allows fast data access to product teams, which improve customers’ behavior tracking to gain competitive edge, and flexible storage. 

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When industry is taken into consideration, the banking, financial services, and insurance (BFSI) category is expected to account for the largest share of the product analytics market during the forecast period. This is attributed majorly to the shift in preference from conventional banking to digital banking, rising demand for personalized banking services, improved customer service experience, and growing preference of customers toward digital channels. The enterprises are increasingly adopting intelligent analytics in order to enhance their interactions with the customers, which leads to the business’s sustainability, growth, and profitability.  

A key driving factor of the product analytics market is the advancements in cognitive technologies. The cognitive technologies, which include deep learning technologies, such as convolutional neural networks, are based on the human brain’s ability to learn through inference and decomposition. These technologies are projected to become the standard approach for the processing of complex data streams produced for offering active insurance products to the customers as per their individual activities and behavior. 

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Which Region Offers Brightest Growth Prospects for Private Healthcare Insurance Market Players?

Three type of plans are generally available in the private healthcare insurance market — medical insurance, income protection, and disease insurance. Disease insurance provides coverage and benefits for certain types of diseases and conditions, including cancer, heart attack, multiple sclerosis, paralysis, coma, and renal failure. Such plans reimburse patients for every medical expense incurred and every day spent at a hospital. These benefits can be availed upon the disease occurrence, after diagnosis, or during treatment.

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Similarly, the medical insurance plans offered by the private healthcare insurance industry players reimburse a part of the several costs incurred, such as those for hospital beds, ambulatory patient services, and emergency services. Such plans offer cover for prescription drugs, hospitalization, laboratory services, substance use and mental health disorder services, and pediatric services. Different from both these types of coverages, income protection offers policyholders regular financial assistance, if they are unable to work due to a disease or injury and suffer loss of income.

In the U.S., the demand for private healthcare insurance is increasing on account of the rise in the geriatric population, surging medical expenses, growing incidence of chronic diseases, and government funding for such policies. As per the Aging in the United States report published by the Population Reference Bureau, the number of people in the country above the age of 65 will cross 98 million by 2060. As the elderly are hospitalized quite often, due to their susceptibility to various diseases and physical injuries, the demand for insurance is rising.

In the coming years, the growth of the private healthcare insurance market would be the most rapid in Asia-Pacific (APAC). This progress will be especially robust in Japan, China, Australia, and India, owing to the growing medical insurance industry, surging awareness of people about healthcare, and rising number of people suffering from chronic diseases. Other reasons for the prosperity of the players in the regional industry are the rise in the medical tourism activities, increase in the healthcare expenditure, and enhancements in the medical infrastructure.

Additionally, several private and public companies are hosting seminars, conferences, and training sessions, which are leading to the rising awareness of the populace in the regional countries about medical insurance and its importance in today’s scenario. For instance, a healthcare insurance conference was organized in Hong Kong in November 2018 by Insurinnovator Connect. It was attended by a large number of insurance providers, primarily those with customers in the APAC region.

Hence, with the growing geriatric population, prevalence of chronic diseases, and healthcare costs, an increasing number of people are opting for private insurance.

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Connected Logistics Market Dynamics Trends, Segmentation, Key Players, Application And Forecast

The connected logistics market is projected to reach $73,846.1 million by 2023 at a 33.0% CAGR during the forecast period (2017–2023). The market is growing due to the increasing adoption of smart devices and demand for temperature-sensitive products’ management and a significant decline in the cost of sensors. In order to make the traditional logistical processes more customer-centric, connected logistics uses a set of advanced network connections, communication devices, and internet of things (IoT). 

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This is achieved by sharing logistical information, historical facts, and relevant data with the supply chain partners. On the basis of platform, the connected logistics market is categorized into connectivity, device, and application management. Out of these, device management occupied the largest share of the market during the historical period (2014–2016) and is expected to dominate the market during the forecast period as well. 

This is due to its assistance in managing, tracking, and securing the smart devices used in the connected logistics ecosystem. Application management, however, is predicted to witness the highest CAGR during the forecast period. In terms of software, the connected logistics market is divided into security, data management, warehouse IoT, asset management, streaming analytics, and network management. Asset management contributed the highest revenue to the market in 2016. 

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However, the security division is expected to grow at the highest CAGR during the forecast period as it offers transportation and logistics providers with protection of logistical operations and critical information during the entire supply chain process. It also monitors the information moving among various computing systems in a connected environment.

The emergence of cloud-based logistics solutions is one of the major trends in the connected logistics market. These solutions enable logistics providers with real-time inventory management and pricing, recognition of equipment and utilization patterns to escalate optimization and eliminate wasteful excess, and office resource flexibility such as universal access to information in real time regardless of time and location. Cloud-based services also have low costs, due to which more logistics operators are becoming inclined to adopt them. This is further leading to the penetration of these solutions in the supply chain management industry.

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How is Rising Need to Recruit Right People Aiding in HR Analytics Market Growth?

Human resource management (HR) is used as an umbrella term for describing the management of employees in an organization. The term ‘human resources’ was coined in the 1960s for the very first time. Human resource management aims at increasing the effectiveness of a business or an organization. The HR analytics market is predicted to advance at a 15.6% CAGR in the coming years, as reported in a P&S Intelligence study. 

Businesses can be small, medium, or large, and depending on the size, appropriate work force is required to carry out activities smoothly. For that, the need for workforce optimization is being felt as it helps in making operations more efficient. Workforce optimization does that by aligning skills and resources to a specific job, empower the HR manager to monitor an employee’s contribution and performance, record performance data in a structured form that helps in decision making, and track work progress and identify missed goals. 

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This helps in developing an understanding of an employee’s strengths and weaknesses. Therefore, by articulating a commendable workforce planning strategy, HR analytics software is helping organizations remain strong and flourish. HR analytics is helping industries, such as retail, banking, financial services, and insurance (BFSI), government, manufacturing, energy & utilities, entertainment, oil & gas, hospitality, automotive, logistics, information technology & telecom, education, and healthcare organize their workflow. 

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The BFSI sector faces a crisis in recruiting new talent and finding a replacement for people nearing the age of retirement or people who leave. Further, as the job profile in this sector is pretty rigid, the BFSI sector doesn’t come across as the ideal choice of workplace for many young professionals. The entire spectrum of work, such as creating, cultivating, and managing the employer–employee relationship comes under human resources.

Therefore, the HR analytics software is helping these organizations in creating a personalized employee experience in the same way as marketing departments work for providing personalized customer experience. Further, the software employs artificial intelligence (AI) and cloud computing to establish trends from the HR data and data from other sources, such as the social media. 

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