Scope of Global Managed Care Industry Reports-
Managed care plans are a type of health insurance which have contracts with healthcare providers and medical facilities to give hospital care at decreased costs to the patients. These providers construct the managed care network who decides how much patients planed care will pay. Managed care is mainly planned to decrease needless health care costs through different type of mechanisms such as incentives for physicians and patients to choose less costly forms of care, programs for reviewing medical relevance for specific services, increased beneficiary cost sharing, controls on inpatient admissions and stay time, introduction of cost-sharing incentives for outpatient surgery; contract selection with health care providers, and the thorough management of high-cost health care cases. The managed care program can be provided in different types settings such as Health Maintenance Organizations and Preferred Provider Organizations.
Global Managed Care Industry Market is valued at USD XX billion in 2019 and expected to reach USD XX billion by 2026 with the CAGR of XX over the forecast period.
Increasing prevalence of chronic diseases, growing geriatric population, government initiatives on making healthcare industry more affordable and growing adoption of healthcare insurance among consumers are the major driving factors of managed care industry. Different than typical healthcare insurances, managed care enforces limitations on utilization by agreeing which practitioners and which services are covered, and frequently also the number of permissible visits. Managed care comes in many forms and new structures continue to develop, making service portfolio more diverse which boosts the managed care market. The market is more established in western region due to government policies and consumer awareness about the service, for instance, since more than 20 years, managed care has become the major form of health care in many parts of the USA. Over 70 million Americans have been registered in HMOs (health maintenance organizations) and nearly 90 million have enrolled in PPOs (preferred provider organizations). It is popular among consumers and viewed as necessary for using healthcare services efficiently because it mainly helps in lowering the hospital cost and treatment costs. Many structures of managed care have evolved with time. For instance, now the types of HMOs comprise staff model, group model, network model, independent practice association (IPA), and mixed model HMOs. it depends on capitation and other incentives to control costs, along with the usage of nonphysician practitioners in lower-intensity treatments. The group practice structure of HMOs enables updated coordination between primary care and specialty practitioners. These types of improvement have boosted the market growth of managed care. The cost saving advantages of Managed care can be estimated from the fact that, organizations that are providing Medicaid programs with lower cost prescription drugs, leads to as much as USD 6.5 billion in net savings in fiscal year 2018, according to a recent report published by America’s Health Insurance Plans (AHIP)
Recent Development- Modernization of Medicaid in USA
Medicaid managed care plans of USA are modernizing telehealth solutions and telehealth coverage, addressing social elements of health, and providing access to care and informed provider selection for patients, specified a study conducted by the Menges Group for America’s Health Insurance Plans (AHIP).
The report found out that, Medicaid managed care plans cooperate with their state counterparts to provide good public private partnerships customized to meet the needs of each individual states in USA as well as the populations that are served by that states Medicaid program which shows the effectiveness of Medicaid program.
The report found that, one way in which Medicaid managed care plans had an advantage compared to fee-for-service plans was in managed care plan on telehealth solutions.
In USA most of the states were fairly hands off with this injunction. Only one plan made any specifications regarding the populations the telehealth tools must serve. Ultimately, Medicaid managed care plans centralized their efforts on telepsychiatry, remote monitoring, virtual urgent care and chronic disease management support
Managed Care Industry Trends 1- Business model transformation:
Multiple changes for example, reduction of additional funding from the Affordable Care Act are combining to provide resistance against profit pool business in healthcare. New business models that create substantial healthcare value will be critical in this resistance. For instance, payers are now considering the next generation managed care model with more engagement in care delivery which comprises integration of patient’s care journey are deemed as more profitable.
Managed Care Industry Trends 2- Healthcare reform:
The 2020 presidential election in USA is keeping healthcare in forefront, which is expected to affect managed care plans of this country significantly. Even if all main healthcare regulatory reforms have occurred in the aftermath of a recession, affordability issues experienced directly by consumers through cost sharing raise the demand of change in managed care system. Proposals and policies will evolve more, including “Medicare for All,” “Enhanced ACA,” or other substitutes, which results in high uncertainty and need scenario planning. However, a few general issues will also hinder the market, such as guaranteed issue without medical underwriting, catastrophic coverage for all, means-tested subsidies, and a managed care model with rising risk transfer to providers. It is expected that in 2020, in broader perspective payers, providers, and other service players who are working successfully in Medicare Advantage will have an advantage in future.
Managed Care Industry Trends 3- Healthcare ecosystems:
The rapid advancement in digital technology and artificial intelligence as well as machine learning will accelerates the changes in healthcare industry which also will positively affect the managed care industry. Major technology giants are engaged in a trillion-dollar battle to win share in the public cloud and to hold consumer mindshare and engagement. Because of this, they are financing billions of R&D dollars into their platforms to make services easily available among customers and for different types of applications such as predictive analytics, that accelerate innovation. Regulators are working on interoperability and freeing up data to be applicable around the patient. In turn, these digital advances create a synchronized environment of collecting data and analyzing them efficiently and automatically for the development of consumer-centric personalized health and social care ecosystems which also positively affect the managed care industry.
Managed Care Industry Trends 4- Medicaid Expansion:
Medicaid expansion is another trend in 2020, that will affect the managed care market. Though Medicaid expansion legislation was passed in 2018 and come in to effect in 2019, referendums and legislation are still incomplete in many places throughout the United States such as Kansas, North Carolina, and Wyoming. Referendums for expansion are anticipated on the 2020 ballot in at least four states. The Medicaid expansion legislation greatly affects healthcare organizations and patients because it means more people have access to healthcare than previous policies. Health systems expected to be ready to care for this increasing number of patients without negotiating quality and also confirming they achieve CMS standards of care in order to obtain reimbursements. In turn, critical care hospitals and small healthcare organizations started merging and contracting specialty services with other companies.
Managed Care Industry Trends 5- Consumerism:
The patients are taking their care decisions based upon costs, their knowledge of the full scope of options available to them based on research and trustworthy sources of information from internet, and by applying their use of technologies. Within this trend, consumers are progressively searching for the best value at the lowest cost that is the most suitable to their lifestyle. In turn, healthcare providers have been asked by government bodies to respond with price transparency and effective quality outcomes. Other than that, new gadgets such as wearable devices help consumers in managing certain conditions.
With over 80% of consumers researching their healthcare choices online and the increased dependence on the reputation of a hospital, physician or provider before making healthcare decisions, costs and publicly reported quality scores are important. In many countries, the Centers for Medicare and Medicaid Services (CMS) has planned, but not finalized such as new price transparency measures where all hospitals will have to show the prices they negotiate with payers for standard services and items in order to inform patients about general costs.=
By SEOTeam | 25 Jun 2020Continue Reading
Scope of Global Fitness Equipment Industry Reports-
Fitness equipment can be defined as any apparatus used at the time of physical activity to improve body strength. Fitness equipment includes products such as weightlifting machines, treadmills, stationary bikes, and others for physical exercise and are precisely used in a fitness club, home, hotels, gym, and corporate offices. These equipment help in maintaining weight, reduce excessive fat and improve stamina. Fitness equipment may also comprise wearable accessories such as footgear, gloves and hydration packs. It is basically segmented in to two basic areas such as aerobic or cardio fitness equipment, designed to give a user a fitness workout to burn off calories and lose weight and strength/muscular fitness equipment tone bodies muscles.
Global Fitness Equipment Industry Market is valued at USD 11.139 billion in 2019 and expected to reach USD 14.384 billion by 2026 with the CAGR of 3.72% over the forecast period.
Technological development in fitness sector, increasing consumer awareness about fitness & improvement in personality, increasing facilities given and promotions done by employers as well as insurers to their employees in terms of staying healthy as well as growing disposal income are driving the market of fitness equipment. For instance, the internet have made it possible for the people to create gym facilities in their home due to easy availability of information which helps them in developing custom made fitness solution which have greatly improve the market as more people are using these equipment as they do not want to go to gyms. Functional fitness is another factor which drives the market as it provides the benefit of achieving body transformation anywhere. This requires minimal equipment and guided experience by digital platform. Integration of fitness equipment with new technology such as AI and machine learning along with innovation of various fitness monitoring devices has greatly helped the customers to fitness equipment industry as well as gyms. For example, an AI program created by Asensei company, puts sensor in client’s workout cloths to monitor movements. It can provide highly specific instructions on how to move body and at present it works for yoga and rowing. Such types of innovation is creating opportunities for fitness equipment market to broaden its horizon from traditional gym facilities to the consumer oriented market.
Recent Development- Technogym becomes IRONMAN’s Official Global Fitness Equipment Partner.
01 April 2020
IRONMAN Group has declared Technogym as its official global fitness equipment Partner. The partnership will start work with the recently announced IRONMAN Virtual Racing (VR) Series.
The IRONMAN VR Series will be provided through the IRONMAN Virtual Club. This is an innovative web-based platform that permits athletes to train and compete from anywhere around the world, while providing earning activity-based points and engaging with the community.
The partnership will also comprise Technogym’s participation with the 2020 IRONMAN World Championship in Kailua-Kona, Hawai, along woth the 2020 IRONMAN 70.3 World Championship in Taup?, New Zealand, scheduled for October and November, respectively.
With the new partnership, IRONMAN athletes will obtain unique access to Technogym’s range of treadmills, smart trainers, exercise bikes, group cycling bikes, rowers, wellness tools and upper body trainers.
Over 50 million people globally seemingly train with Technogym equipment daily. established in 1983 in Cesena, Italy, Technogym has become a leader in cardio, strength and functional equipment. The company has been an official supplier to the previous seven Olympic Games and has been selected for the next Olympic Games in Tokyo as well.
Fitness Equipment Industry Trends 1- Training with free weights
free weight training was trending in 2019 and is continuing to be a trend in 2020 as these instruments are both used by professionals and unprofessional customers. Free weights such as barbells, kettlebells, dumbbells, and medicine ball are in demand among young customers as they are more aware about their health. Instructors begin by teaching proper form for each free training equipment and then progressively increase the resistance once the correct form is accomplished.
Fitness Equipment Industry Trends 2- High-tech fitness at home
It is not only studios & gyms that are upgrading to the high-tech treatment; people are expected to increasingly upgrade their at-home workouts in 2020, too. When considering home fitness, the first think comes to mind are treadmills and elliptical machines, but the future of home exercising is much more than this. Working out at home in 2020 will be more creative and exciting than ever due to rapid technological development in IT sector. Smart technology is now making fitness equipment smarter by incorporating technology such as machine learning and Artificial Intelligence, by which a range of fitness equipment are coming to market such as intelligent rowing machines and weightlifting systems, full-length fitness mirror that works as a personal trainer etc.
Fitness Equipment Industry Trends 3-Functional fitness training
This is a trend which helps in using strength training to enhance balance, coordination, muscular strength, and endurance to improve activities of daily living generally for older adults but also in clinical populations. Functional training mainly works on movements that work the muscles a human being uses most for everyday tasks. Functional training comprises many different movements such as pulling, lifting and squatting and the demand of necessary equipment for functional training is also increasing. The aim of functional training is to control the body in the best possible way and to develop a positive body feeling. This trend is a predominantly important type of training for older adults and it ensures a more long-term, injury-free, health, and fitness plan.
Fitness Equipment Industry Trends 4- Body Weight Training
Body weight training mainly uses minimal equipment, making it more affordable. Not limited to just push-ups and pull-ups, this trend enables people to get back to the basics with fitness. Scalable deployment methods with minimal equipment is making it more popular among customers. Body weight training is an inexpensive way to exercise due to uses of minimal equipment which helps the fitness equipment market to focus on innovating new modular equipment which can be taken to anywhere.
Fitness Equipment Industry Trends 5- Personal training
One-on-one training remains to be a trend as the profession of personal training becomes more accessible online, in health clubs, in the home, and in worksites that have fitness facilities. Due to easy availability of personal trainer, now customers are making their own gym inside their home which also boosts the sale of fitness equipment. Personal training comprises fitness testing and goal setting with the trainer working individually with a client to prescribe workouts specific to clients. This trend is helping in expansion of the fitness equipment market in 2020.
Fitness Equipment Industry Trends 6- Wearable technology
Wearable technology is one of the main trends as it is directly affecting the fitness equipment market in a positive way, which includes products such as fitness trackers, smart watches, HR monitors, and GPS tracking devices. Some of the branded wearable devices include fitness and activity trackers like those manufactured by Fitbit, Samsung Gear Fit2, Misfit, Garmin, and Apple. These devices help in tracking HR, calories, sitting time, and much more. All these devices generate interest among consumers on trying to use it in gyms and by doing exercises which also indirectly helps the fitness equipment market.=
By SEOTeam | 24 Jun 2020Continue Reading
Global Big Data Market -
Global Big Data market is valued at USD 114.39 billion in 2018 and is expected to reach USD 237.33 billion in 2025 growing at a CAGR of 10.99% over forecast period.
Big data is a field that treats ways to analyze, steadily extract information from, or otherwise deal with data sets that are too large or complex to be allocated with by traditional data-processing tender software. Data with many cases offer greater statistical control, while data with higher complexity may lead to a higher false detection rate. Big data challenges include seizing data, data storage, data analysis, search, allotment, transfer, visualization, querying, updating, information privacy and data source.
Leading industry players such as IBM, HP, Google, SAP, Cloudera, and Oracle, are progressively investing in R&D, for the development of unified big data solutions to provide improved analytics and integrated management of data. Companies are focusing on mergers and acquisition to diversify their product portfolio with big data and mainframe technologies. For example, in 2015, Microsoft acquired revolution analytics to enlarge its business for cloud base platform. Likewise, IBM acquired Cloudant and Cleversafe to fortify its cloud platform business.
Big Data Analytics –
Analytics provides a competitive advantages for businesses. The real-time speech analytics market has been seen its first sustained adoption cycle beginning in 2019. The concept of customer journey analytics is predicted to grow steadily, with the goal of improving enterprise productivity and the customer experience. Real-time speech analytics and customer journey analytics will gain significant popularity in coming years.
Continuous Intelligence –
Continuous intelligence is a system that has combined real-time analytics with business operations. It processes historical and current data to provide decision-making automation or decision-making support. Continuous intelligence leverages a variety of technologies (optimization, business rule management, event stream processing, augmented analytics, and machine learning). It recommends actions based on both historical and real-time data.
Continuous intelligence promises to provide more effective customer support and special offers designed to tempt specific customers. The technology has the potential to act as a core nervous system for organizations such as trucking companies, airlines, and railroads. These industries could use continuous intelligence to monitor and optimize scheduling decisions. Continuous intelligence is a fairly new technology, made possible by augmented analytics and the evolution of other technologies.
Augmented Analytics –
Augmented analytics automates the process of gaining business insights through advanced artificial intelligence and machine learning. An augmented analytics engine automatically goes through an organization’s data, cleans it, and analyzes it. As a last step, it converts the insights into actionable steps with little supervision from a tech person. Augmented analytics can make analytics available to smaller businesses by making it more user-friendly.
In coming years, augmented analytics will become the primary purchase of businesses trading with analytics and business intelligence. Internet businesses should plan on adopting augmented analytics as their platform capabilities mature (or finding a cloud that offers augmented analytics). The technology has disrupted the analytics industry by merging artificial intelligence and machine learning techniques to make developing, sharing, and interpreting analytics easier.
In-Memory Computing –
In-memory computing describes the storage of data inside the random-access memory (RAM) of specific dedicated servers, instead of being stored in complicated relational databases running on relatively slow disk drives. In-memory computing has the added benefit of helping business customers (including banks, retailers, and utilities) to detect patterns quickly and analyze massive amounts of data easily. The dropping of prices for memory is a major factor in the growing interest of in-memory computing technology.
In-memory technology is used to perform complex data analyses in real time. It allows its users to work with large data sets with much greater agility. The problems of using in-memory computing are becoming fewer and fewer, the result of new innovations in memory technology. The technology provides an extremely powerful mass-memory to help in processing high-performance tasks. It offers faster CPU performance and faster storage, while providing larger amounts of memory.
Cloud Usage –
The public cloud is a computer processing service offered by third-party contractor, for free or for a fee. The public cloud is available to anyone willing to use it. Public cloud usage continues to grow, as more and more organizations turn to it for services. Around 41 % of businesses are expected to start using public cloud platforms in 2020.
The hybrid cloud and multi-cloud strategies are becoming increasingly popular solutions. Often, organizations will choose to adopt multi-cloud and hybrid strategies for handling a variety of different cloud computing projects, depending on the project needs. Taking advantage of the various best-suited tools and solutions available at different clouds allows organizations to maximize their benefits. Despite the benefits, using multiple clouds can make monitoring expenses, governance, and cloud management more difficult.
Global Big Data Analytics Market –
Global big data analytics market was valued at USD 10.58 Billion in 2018 and it is expected to reach USD 61.89 Billion in 2025 growing at a CAGR of 28.71% over forecast period.
Big data analytics is the IT offerings which utilizes several data mining for example text mining and predictive modeling. They help telecom service providers to extract real-time activities and support decision making in business. Telecom companies store huge amount of data consisting of customer details, in their databases. With the help of big data analytics, data can be first sorted, mined, processed and then stored systematically.
Big Data Industry Trends 1
Predictive Analytics –
Predictive Analytics offers personalized insights that lead organizations to create new customer responses or purchases and encourage cross-sell opportunities. Predictive Analytics supports technology to participate into various domains like finance, healthcare, automotive, aerospace, retailing, hospitality, pharmaceuticals, and engineering industries.
Big Data Industry Trends 2
Edge Computing –
Edge Computing has been into the technological space streaming network performance for quite a while now. All credit to edge computing that data analytics is partially dependent on the network bandwidth to save data locally close to the data source. Edge Computing makes data to be controlled and stored away from the silo setup closer to end users with processing taking place either in the device itself or in the fog layer or in the edge data center.
Big Data Industry Trends 3
Open Source –
Open Source will witness more free data and software tools to become available on the cloud. Nowadays, small organizations and start-ups alike will benefit the most of this data trend. Open source analytical languages like R, a GNU project related with statistical computing and graphics has seen a huge acceptance credit to the open source wave.
Big Data Industry Trends 4
Quantum Computing –
Tech giants like IBM, Microsoft, Google and Intel, fight against each other to work thoroughly in a bid to build the first quantum computer. Quantum Computing enables seamless data encryption, weather prediction, solving complex medical problems, real conversations and better financial modeling to make organizations develop quantum computing components, algorithms, applications and software tools on qubit cloud services.
Global Big Data Analytics in Healthcare Market –
Global Big data analytics in healthcare market is valued at USD 20.37 Billion in 2018 and it is expected to reach USD 71.56 Billion growing at a CAGR of 19.66% over forecast period.
Big data analytics in healthcare is the complex procedure of inspecting big data to discover evidence including hidden patterns, market trends, unknown correlations, and customer preferences, which can help organizations to make informed clinical and business decisions. The field of healthcare analytics is huge, spanning multiple diverse areas, particularly clinical delivery, operational productivity, and personalized medicine.
Precision Medicine and Research Get a Big Data Boost –
Precision medicine promises to move away from a one-size-fits-all approach to medicine, to treating individuals by using therapies and treatment plans specific to them. It does so by tapping reams of data from tools such as mobile biometric sensors, smartphone apps and genomics.
Additionally, collaborations and partnerships between researchers and healthcare organizations are permitting organizations to build out pools of data that they can use to build better personalized healthcare representations. These novel capabilities are still in early days and minor expects big data capabilities and policies to grow to allow patient data to constantly inform health research.
Cutting Costs with Patient Data Analytics –
Many healthcare organizations are already using predictive analytics and the majority of them believe that predictive analytics will save the organization 25 % or more in annual costs over forecast period.
One of the many ways that predictive analytics help cut costs is by dropping the rate of hospital readmissions. Furthermore, the technology can help to forecast operating room demands, optimize staffing, streamline patient care and make way for a better pharmaceutical supply chain.=
By SEOTeam | 18 Jun 2020Continue Reading
The global artificial intelligence market is valued at USD 22.59 Billion in 2018 and expected to reach USD 357.26 Billion by 2025 with the CAGR of 48.35% over the forecast period
Artificial intelligence (AI) is a branch of computer science referred to building smart machines capable of performing tasks automatically. In 1956, the term artificial intelligence was invented, since then AI has become more popular technology just because of its data volumes, advanced algorithms and improvements in computing power and storage. AI can be adapted through progressive learning algorithms to let the data do the programming. It also finds structure and regularities in data thus the algorithm acquire a skill that the algorithm becomes a classifier or a predictor. The combination of Internet of Things (IoT), sensors and artificial intelligence have the ability to connect with large volumes of data and learn patterns in the data to automate tasks for a variety of business profits. This technology operates by combining large amounts of data with fast, iterative processing and intelligent algorithms enabling the software to learn automatically from various patterns or features in the data.
Global Artificial Intelligence Dynamics:
The growth of the artificial intelligence is primarily driven by some key factors such as growing demand for AI in almost every industry vertical to enhance business productivity, increased application scope of artificial intelligence in surveillance, new advances in analytics technologies such as computer vision and time series analysis and rising penetration of digital technologies. In manufacturing industry, artificial intelligence can analyze factory IoT data as it streams from connected equipment to predict expected load and demand using recurrent networks with the help of deep learning network used with sequence data. Machine learning has the potential to improve around 20% more production capacity through predictive, optimized maintenance of machines. In addition, AI is being largely adopted in the healthcare industry for dosing drugs and different treatment in patients and for surgical procedures in the operating room.
Furthermore, increased use of Artificial Intelligence (AI) brings social and economic benefits to the industries and growing government departments initiatives which are deploying AI applications are other major factors driving the growth of artificial intelligence market. For example; it has been estimated that AI could add an additional USD 814 billion to the UK economy by the end of 2035 at the annual growth rate of GVA from 2.5 to 3.9%. Artificial Intelligence (AI) investment is gaining significant drive with around 42% of companies planning to invest in the next five years, whereas 21% top of the one in five companies that already invested in AI during the last year.
The software market for artificial intelligence is anticipated to hold the major market share during the forecast period. It is due to a rising need for AI platforms for various types of software development. Top performing companies heading to use AI for marketing. For example; Netflix saved around USD 1 billion in annual revenue by improving its recommendation algorithm. The digital streaming platform giant Netflix revealed that it escaped thousands of canceled subscriptions by improving its personalized recommendation algorithm. It shows that Netflix has successfully recognized the trends in artificial intelligence and used them for superior market its services.
Recently, Japan passed a bill to build AI-powered super cities addressing societal issues.
In May, 2020; Japan has passed a bill to form super cities which resolves societal issues using latest digital technologies such as artificial intelligence. This bill is passed aims to boost the sweeping change of regulations across various fields to support the creation of super smart cities. Depopulation and an aging society will be the primary focus of the super cities. The emerging technologies such as big data and artificial intelligence will be the basic pillars to successfully tackling the city issues. Large amounts of data will be effectively collected and organised from across administrative organisations.
European states implementing Artificial intelligence for optimized mobile communication:
European states are setting up the 5th generation of mobile communication, so that researchers and scientists are already working on its optimization. The EU Project named Artificial Intelligence Aided D-band Network for 5G Long Term Evolution takes together partners from research and industry from five countries. The main objective of this project is to develop energy-efficient and reliable mobile communication links based on frequencies in the D-band 130—174, 8 GHz. With its combined bandwidth of more than 30 GHz, the D-band is perfectly suitable for quick data transmission.
Artificial Intelligence enabled chips are the biggest trend in Artificial Intelligence. The growth of the artificial intelligence enabled chips is expected to reach revenue of around USD 89,185 Million in 2025 from USD 6,529 Million in 2018. While to brands have already started integrating AI-Enabled Chips and it will soon be added to the latest smartphones. It is essential due to the fact that AI required specialized processors along with the CPU. The extra hardware part is required to execute the mathematical computations that are needed for AI models. Therefore, these AI-enabled chips will transform the task in easier mode with artificial intelligence technology such as facial recognition, natural language processing & object detection and computer vision.
Many leading companies are producing AI-Enabled Chips that can help in improving the performance of AI applications. For example; NVIDIA, Qualcomm and AMD that are making AI-Enabled Chips in an effort to get the operational benefits. In fact, Qualcomm is launching its new AI-Enabled Snapdragon processors in 2020 that will be able to perform 15 trillion operations per second with efficiency.
Many industry verticals are heading towards automated machine learning in the coming years. Conventional machine learning tools are relatively complex and expensive in the real time for all business operations. So that the use of automated machine learning which enables even ML inexperienced professional to use machine learning algorithms and techniques without being an expert in the technology. For example the tools like Google Cloud AutoML can be used to train custom made and high quality ML models though having the minimum required machine learning expertise will have become more popular in the next few years.
The integration of artificial intelligence and cloud computing has immense potential to transform the market approaches and create new methods of improvement. Artificial intelligence has huge potential and is the technology of the future but the integration of AI also needs skilled employees and huge infrastructure. To deal with this, Cloud Computing can provide better support even if companies don’t have any computing power and access to large data sets. Companies can still gain the benefits of artificial intelligence through the cloud without spending huge amount of money.
Furthermore, artificial intelligence can also be used to determine and manage issues in the cloud. Some technology specialists reported that AI can first be used to automate the workflow of both the private and public cloud computing systems. For example; the most famous cloud leaders in the market that incorporate AI into their cloud services are Amazon Web Service (AWS), Google, IBM, Alibaba and Oracle.
Facial recognition is an artificial intelligence application platform which helps to identify a person with their digital image or facial features patterns. In 2020, this technology is expected to witness a strong growth in the use of facial recognition technology with more reliability and improved accuracy. For example; Facebook’s Deepface program is being used to simply tag users’ family and friends in their photos, and another example of facial recognition in IPhoneX is used as a digital password. At present, people are moving towards personalized options whether it is a shopping or advertising. As a result of this, this technology gain attention for biometric identification to a large extent. Additionally, facial recognition technologies can recognized as a valuable entity in the healthcare sector too for following performing clinical trials and medical diagnostic procedures.=
By SEOTeam | 15 Jun 2020Continue Reading
Scope of Global Technology Industry Reports-
The technology market is the amalgamation of many smaller markets of technology which includes everything from smartphones and other smart devices, to the IoT and virtual reality. It includes many of the innovations that have changed the way people live. Today’s world is driven largely by technology in one form or another. From transport to healthcare to communication, every industrial segment is touched by technological innovation to make work simpler for which the investment into technological research is in the peak now a days.
Global Technology Industry Market is valued at USD 3.443 trillion in 2019 and expected to reach USD 5.131 trillion by 2026 with the CAGR of 5.86% over the forecast period.
Continuous innovation in technology sector such as machine learning, artificial intelligence, augmented reality; growing adoption of technology in every point life such as banking, financial services, entertainment, communication etc.; as well as active government supports and private mega factories large investment in research & development of innovating new technologies are the major driving factors for technology industry. For instance, there are about 44,864 jobs in the U.S. today according to LinkedIn that mention machine learning as a required skill, and 98,371 globally, which shows how prevalent is machine learning in business today. Another example of uses of machine learning can be know from the fact that, approximately 75% of Netflix users go for films recommended to them by the company’s machine learning algorithms. Similarly, innovative technologies such as smart phones, internet of things, automation, new age sensors, block chain etc. are the attractive technologies which force consumers to apply them in their respective ways of life, strengthening the technology industry.
Recent Development- Covid-19 effect on Various Industries
An uncertain business situation due to Covid-19 pandemic is forcing corporates to review and reanalysis their business. Social distancing has become new Norm. Organizations around the globe are understanding the need for operational and systems resilience. Due to lock down, many IT companies have digitized all their processes and invested in cutting edge technology and collaboration tools to support their location-independent delivery models and secure borderless work environments.
Many of the companies in services sector such as banking & other financial services, education, retail, healthcare, food & grocery delivery are forced to embrace technology, automation, cloud and mobility trends for the continuation of their business in this social distancing period. There is a trend of digitization and automation as work from home is starting to become new normal, for which more workloads are being migrated to the cloud to ensure business continuity. Industries such as retail must spend more on IT and IT infrastructure for better application and retail support services.
Manufacturers of industrial equipment and household hardware as well as security product companies are aiming to deliver end-to-end applications, infrastructure and scale digital services as part of customer’s digital transformation strategy. Chemical manufacturers are planning to implement automation solutions and deliver PC as a service (PCaaS). Additionally, present crisis has opened new direction for educational eco system, where digital learning system and online class with the help of messaging apps are the new environment of schools and colleges.
It is estimated that digitization, cloud computing, artificial intelligence and machine learning will dominate post Corona pandemic market. Investors are focusing on companies with strong balance sheets, stable growth, attractive dividend yields and low profit volatility. In India companies such as TCS, Infosys, HCL technologies and NIIT technologies are predicted to be stronger from virus outbreak based on their past records of execution, strong client relationships, strategy on cost control measure etc.
Top Technology Industry Trends 1- 5G Network
5G wireless networks have the capability of supporting 1000-fold gains in capacity, connections for at least 100 billion devices and a 10gb per second individual user experience of extremely low latency and response times. However, the main restraining factor for mobile network carriers is the need of increasing bandwidth and to decrease network costs. Even if 4G technology is still in expansion phase, countries such as US and China are already implanting 5G networks in their infrastructures and it is estimated that the global revenue from 5G network is more than 3.5 billion in2019. The adoption of 5G network can be known from the fact that, 380 operators are investing in 5G networks in form of tests, trials, pilots as well as planned and actual deployments and 88 operators have declared 3GPP-compliant 5G technology in their networks.
Top Technology Industry Trends 2- Artificial Intelligence
AI is one of the latest as well as important technology trends for 2020 and the emerging technology is used mainly by large enterprises through machine learning and predictive analytics. In 2019, the worldwide spending on AI was USD 35.8 billion. Oracle predicts that by 2020, approximately 78% of brands will have implemented AI. AI demand is growing due to the ability of making the routine works automatic, sparing the employees for the works that cannot be possible by machines. The need of collecting, analyzing and organizing vast amount of data has become the main driving point for AI. It is estimated that, worldwide data will increase 61% to 175 zettabytes by 2025. Additionally, until now about 37% of organizations have implemented AI in some form which is 270 percent increase over last four years which shows the high adoption rate of this technology.
Top Technology Industry Trends 3- The Empowered Edge
At present, industries are focusing more on the efficiency and the response rate of computing, by which data analysis is made. And edge computing is becoming more dependable on this scenario. Edge computing takes data storage and computation closer to the businesses and upgrades the response times and saves bandwidth. Additionally, it depends more on the latest trend in technology as the industries are rapidly implementing sophisticated and specialized resources, which is bound to decrease the latency. At present, edge computing is being powered by the rapid growth of the Internet of Things (IoT) and in the future, it is estimated to create an unstructured architecture based on a set of distributed cloud services. The application of it can be known from the example such as drones that directly communicate with the enterprise IoT platform and conduct peer-to-peer exchanges. The latest package delivery drone by Amazon is one such example of edge computing.
Top Technology Industry Trends 4- DARQ (Distributed ledger technology)
Distributed ledger technology comprises blockchain, Artificial intelligence (AI), Extended reality (such as virtual and augmented reality), and Quantum computing, are trending from previous 2-3 years and is expected to continue in 2020. For example, Volkswagen, is already investing in quantum computing to test traffic flow optimization and accelerate battery development. The company is also researching on distributed ledgers to give automatic payments at gas stations, make tamper-proof odometers, protect cars from hackers and so on. Similarly, it is trying to use AR instructions to help service employees repair vehicles.
Top Technology Industry Trends 5- Loud Computing and distributed cloud services
The use of cloud storage and cloud computing are already becoming mainstream by the industries around the globe and the next technological improvement that is going to hit the tech ecosystem is the distributed cloud system. Distributed Cloud operates in connecting the public cloud distributed operation of cloud services to specific locations. It is predicted that by 2020, about 75% of the enterprise-generated data will be processed irrespective of the centralized data center. And this new upcoming technology of 2020 is expected to be a significant breakthrough in the cloud infrastructure. Distributed Cloud is still in its beginning and there is a long way to go. Many organizations are up with their service subsets to be used in a distributed way.
Top Technology Industry Trends 6- Big data
Big data is a technological sector that treats ways to analyze, systematically collect information from, or to deal with data sets that are too large or complex to work on with by traditional data-processing application software. To generally understand the power of Big Data, the example that can be taken is Netflix, who saved close to USD1 billion by using Big Data for customer retention. It is estimated that companies have also increased their profits by 8-10% with big data implementation. Some of the aspects where Big Data is applied are for more effective research and development, for improved business efficiencies, for quicker innovation cycles and for better quality of product/service=
By SEOTeam | 11 Jun 2020Continue Reading
Global Sponsorship Scope:
Sponsorship is a form of powerful marketing aspect that provides certain privileges and benefits to the sponsor. Usually sponsors use the images and logo of the partner and known themselves an official sponsor of the property. Sponsorship is an effective strategy when the sponsors and the property have similar aims, intents and vision. It provides business access, connections, hospitality, affinity & big audience access and also helps to know public insight in a way that can be difficult to achieve own marketing and branding efforts alone. Sponsors and properties working together to create a broader reach to its customers and shared same objectives by multiplying the resources they have and enhancing the relationship with customers. Sponsorship is much great than advertising.
Corporate sponsorship is a practice of advertising in which companies pay to be associated with certain events and programs. The sponsorship activity is mostly referred to as event marketing or cause marketing. In addition, sponsorships allow reaching targeted niche markets without the expense and improbability associated with traditional advertising. Strategic sponsorships can assist businesses to meet multiple marketing goals at once.
Global Sponsorship Dynamics:
The growth of the sponsorship is primarily driven by some key factors such as increasing need for driving sales proficiencies with brand awareness, the most suitable option than traditional advertising and growing demand for building relationships with customers to upturn global reach of products or services. Many sponsorship opportunities enable consumers to identify company’s product in a way that encourages them to make a purchase. For example; food or cosmetic companies at a trade show keep samples for a customer to try it at the same location to make them purchase full size products. In addition, sponsorships with in kind products are often inexpensive than traditional advertising. For example, a pet store owner offers branded leashes for a local kennel club's annual dog show. People know their brand's name that will be recognized repeatedly as best product by their target customers.
Furthermore, increasing sports sponsorship spending is another factor driving the growth of the sponsorship market. For example; the instance given by Forbes that the global spending in sports sponsorships is growing rapidly, by means of the total worldwide spending in sports stood at around 65.84 billion dollars in 2018. And around 70% of sponsorship spending is directed at sports. Along with the global growth momentum, the world of sports sponsorships is primarily driven by North America. Sports sponsorships spending mainly come from the American and Canadian markets which are accounted for nearly 37 %.
High-tech companies are heavily investing on sports sponsorship deals to capture new marketplaces.
Technology companies have shifted their focus to sports sponsorships on account of driving customer engagement platform and deeper penetration in small as well as large markets and to expand its global reach to a targeted audience. For example; the proliferation of sports platforms in the India, tournaments and sports leagues are proving to be valuable platforms in helping new technological companies build their brands. For example; Digital travel platform Booking.com signed an agreement of five year global partnership with the International Cricket Council (ICC). Moreover, shared mobility transportation companies like Uber, internet registrar and web hosting company GoDaddy became sponsors of ICC World Cup 2019. Specialists realized that sponsorships of big sporting events can help high tech companies to capture market share in particular products or services and improve brand awareness strategy.
Sponsorship marketing is rapidly growing nowadays and technology is enabling its growth, where more brands are using this marketing strategy than traditional approach to target demographics at live events. Although it is a relatively new marketing method, brands are largely utilizing the latest technological advances and incorporating this advanced technology into their marketing strategies in order to drive long term growth opportunities. There is a technology like augmented reality (AR), where customers can engage with brands in virtual worlds and involve themselves in 360-degree digital environments. For example; Coca-Cola launched an augmented reality (AR) experience outside a train station in Switzerland, to celebrate the FIFA World Cup.
In the recent years of virtual and augmented reality technology, the sports teams and brands making use of pre-existing platforms like Snapchat or Instagram to create exceptional experiences for global audiences inside and outside stadiums.
Sports teams, athletes and brands realize the significance of social channels in building their fan base and capitalizing on brand opportunities. For example; The North Face clothing brand is a best example of how social sponsorship deals with athletes can help to promote company’s own products. The North Face social content is produced with the objective of helping outdoor athletes with its social content putting the experiences of the experts at the brand's campaigns. Such planning creates closeness between the sports stars and their fans. Also, it creates a great opportunity for leading brands to authentically sponsor the action.
Over the last few years advertisers and sponsors have been investing millions into the world of gaming. BMW, Nike, and even Louis Vuitton are pouring its huge resources into eSports. For example; in 2018, there were a total of about 380 million eSports viewers in the world, with 214 million of them being irregular viewers. According Newzoo predicted that by 2021 the viewership will rise by around 13%. With the rising interest the consumer preferences has largely in eSports, thus sponsors have started investing millions of dollars into the sports and gaming. These investments have reached from sponsorship of teams and events to endorsement deals with individual eSports athletes or even total team ownership. Additionally, recently Nike’s sponsorship of the League of Legends Pro League is the most intricate partnerships. This USD 144 million investment in sponsorship includes all the team players, coaches, managers, and refs wearing only Nike gear on game days.
Sports have become one of the keystones of the sponsorship and entertainment industry. Sports have become one of the cornerstones of the entertainment industry. Sport sponsorship and events not only have gained momentum due to the celebration of matches, tournaments, but also proven to be valuable for everything in gaming industry. Sport sponsorship with entertainment is moving towards a new definition of sport marketing which is also known as sportainment. It improves brand image especially in sport events. The most important feature about fan experience is that the user can be connected the action with the brand in the most natural way.=
By SEOTeam | 11 Jun 2020Continue Reading
26 Jun 2020