For the savvy digital wallet provider, the fintech revolution in online payments and person-to-person remittance has enabled several new players to achieve a growing presence across the global financial services and retail ecosystems.
The artificial intelligence (AI) market was valued at $21.5 billion in 2018 and will reach 190.6 billion by 2025 — that’s a CAGR of 36.6 percent. Major drivers are big data, cloud-based applications, and demand for intelligent virtual assistants.
Enterprises are using cloud services for strategic benefits such as supporting digital transformation efforts rather than for tactical ones, like reducing IT infrastructure costs and the hardware or software maintenance burden.
Predictive Maintenance solutions market has reached $3.3B in 2018 and is forecast to grow at 39% to $23.5B by 2024. It is estimated that in 2024, adopters of Predictive Maintenance will save $188B in costs on top of other benefits such as improved regulatory compliance and enhanced safety.
via IoT Analytics
Devices connected to the Internet, including machines, sensors, and cameras that are the Internet of Things (IoT), continues to grow. IDC forecasts there will be 41.6 billion connected IoT devices generating 79.4 zettabytes (ZB) of data in 2025.
The market for factory simulation software products will grow at a compound annual growth rate of 11 percent to reach $4.1 billion for over 172,000 users in 2030, according to the latest worldwide market study by ABI Research.
“Mainstream economics has largely failed to keep up with the rapid pace of digital transformation, and it is struggling to find practical ways to address the growing power of dominant tech companies. If the discipline wants to remain relevant, then it must rethink some of its basic assumptions.”