Overview of the global payment gateways market
Technavio’s market research analyst predicts the global payment gateways market to grow steadily at a CAGR of around 17% by 2021. One of the primary drivers for this market is the rise in the adoption of contactless payment solutions. The increased adoption of mobile devices and wearables have popularized the use of contactless payments. Many retailers are adopting platforms like near field communication (NFC) point-of-sale (POS) terminals that facilitate mobile payments. NFC POS terminals also boost the value and effectiveness of a retailer's marketing efforts. Moreover, the introduction of mobile payment gateways, such as Apple Pay, Samsung Pay, and Android Pay, have simplified the process of paying bills. Customers are no longer required to carry credit or debit cards. One of the main reasons for big players to offer the NFC-based mobile payment option is the security feature which prevents the consumer and retailer from accessing the card information or security code illegitimately. Also, with retailers realizing the benefits of NFC POS terminals and are aligning these terminals with their operations and processes will augment growth in the global payment gateways market during the forecast period.
One of the latest trends gaining traction in this market is the exponentially growing adoption of cloud computing. The global payment gateways market is experiencing a tremendous demand for cloud-based solutions, especially from small and mid-sized enterprises. This is primarily due to the fact that the deployment of cloud-based solutions is more cost-effective than the deployment
Overview of the global campaign management software (CMS) market
Technavio’s market research analyst predicts the global campaign management software (CMS) market to grow steadily at a CAGR of above 19% by 2021. One of the major driver responsible for the growth of this market is the exponentially growing need for the improvement in market response and customer digital experience. Enterprises face higher customer demand and pricing pressures with the increase in market competition. Organizations are encouraged to improve the efficiency of their marketing campaigns and operations by improving the process of information delivery. CMS has enabled the automation of these processes for effective marketing. Moreover, customer behavior in online marketing has motivated organizations to make large investments in CMS, this rise in investments will, in turn, augment growth in the global CMS market in the coming years.
One of the latest trends gaining traction in this market is the emergence of omnichannel marketing. Omnichannel marketing is the utilization of multiple channels, such as mobile, desktop, telephone, and retail stores, for marketing and sales. It gives customers an integrated and seamless shopping experience. Further, the ability of omnichannel marketing to provides marketing and sales companies an opportunity to identify, engage, and convert their target audience, gain more revenue, and increase in ROI will propel growth in the global CMS market during the forecast period.
Competitive landscape and key vendors
The global CMS market is highly fragmented due to the presence of several international and regional players. In an attemt to grow inorganically, established vendors are expected to aquire local and regional
Overview of the global blockchain technology (BT) market
Technavio’s market research analyst predicts the global blockchain technology (BT) market to grow steadily at a CAGR of around 56% by 2021. One of the key drivers for the growth of this market is the rapid increase in FinTech spending. FinTech is a service provided by companies and is based on software. Over the years, the purview of FinTech has extended to include new and innovative front-end consumer products. Several FinTech startup companies provide solutions, which are operable through smartphones or tablets, directly to the customers through licensing or by means of white label services. FinTech spending is directly correlated with BT spending as the FinTech companies are developing advance payment solutions for financial firms. Also, the exponential increase in the FinTech investments is expected to boost the growth of the global BT market in the coming years.
One of the latest trends gaining traction in this market is the advent of artificial intelligence (AI). BT powered by AI is the most advanced IT development taking place in the blockchain and cryptocurrency market. AI provides several features to manage decentralized monetary systems. AI algorithms can be used to predict the value of bitcoins, which can help bitcoin traders to manage bitcoin transactions. It will also help the customers to have easy access to comparative information and will allow investors to be better informed before making
Overview of the global business accounting software market
Technavio’s market research report predicts that the global business accounting software market will grow at a CAGR above 6% during the forecast period. One of the primary drivers for the market is the growing demand for modernization of finance operations. Large amount of data from sources like online loan applications, bank transactions, online and in-store sales, social media, and stock and commodities trading need to be gathered and interpreted to gain operational understanding. Challenges like analyzing and managing large databases, irrelevant data that is generated from various sources offering wrong information and predictions about consumer behaviour, and consumer buying patterns affect the decision-making process. The rise of big data and analytics technologies has made it easy for organizations to transform unstructured and semi-structured data into structured and meaningful data. Accuracy can be ensured with reliability and timely data submission. Big data solutions like Amazon Redshift and Amazon Kinesis are integrated with business accounting software helping organizations boost up data management process and analyze data with increasing the efficiency of financial operations.
One of the latest trends that has gained traction in the global business accounting software market is the emergence of business accounting mobile applications. These applications can handle day-to-day accounting tasks, such as sending invoices, accepting payments, logging expense, tracking receipts, and planning budgets. One of the problems faced by the business owners would be the number of applications on the platforms and deciding the right platform perfect for them as most of them
Overview of the global LBS in the healthcare sector
The global location-based services (LBS) in the healthcare sector is anticipated to grow rapidly and will post a CAGR of close to 33% during the forecast period. The increasing usage of real-time location system (RTLS) to track sensitive medical shipments will drive the growth prospects for the global LBS in the healthcare sector until the end of 2021. According to the industry research report, several supply chain companies obtain location-based services by partnering with radio frequency identification (RFID) technology providers to monitor the shipments and maintain the freshness of drugs and vaccines as these vaccines and drugs are safely packed in styrofoam boxes. For instance, IBM has partnered with DHL to provide an advanced temperature tracking solution, which uses RFID technology to monitor temperature-sensitive shipments when they are in transit.
In terms of geography, the Americas accounted for the majority market share during 2016 and will continue to dominate the market for the next four years. One of the major factors contributing to the maximum revenue is the increasing adoption of RFID tags and RTLS solutions in the US.
Competitive landscape and key vendors
The global LBS in the healthcare sector is highly competitive and diversified due to the presence of a large number of regional and international vendors across the globe. These vendors are increasingly competing in the domestic and international markets in terms of product sales and price.
Outlook of the global system integration services market
According to a recent market research study, the global market for system integration services will exhibit promising growth and post an impressive CAGR of over 8% by 2021. The rising need for a converged ICT infrastructure will aid in the strong growth of this market during the next four years. The convergence of infrastructure refers to a software-centric ICT infrastructure that uses less number of hardware components for seamless communication systems. Organizations in the BFSI, telecom, and retail sector are gradually embracing converged ICT infrastructure to increase efficiency and speed up their service delivery. Since it has benefits like the ability to reduce the manual task of running applications and provides quick access to data hosted in data centers, the demand for a converged ICT infrastructure will increase in the coming years.
An analysis of this market space shows that, in terms of geography, the Americas will witness the strongest growth of the next four years. At present, this region dominates over all the other geographies and is estimated to retain its hold over the market due to the digitization of ICT infrastructure in the BFSI, telecom, healthcare, and other industry sectors.
Competitive landscape and key vendors
The global market for system integration services is highly competitive and is characterized by high spending in R&D of new products. Due to the high level of competition in the market, vendors have been compelled to differentiate their product and service offerings through new innovations.
Key vendors in the market are -
Almost every organization today depends on the real-time availability of data. There are numerous software packages available for both enterprise and home use that address this need.
Because there are many companies with operations spread across the globe, there is a need for a system that ensures all organizational processes are carried out on a common platform. Enterprise computing applications ensure that organizations are able to realize these goals.