Overview of the global procurement software market
The global procurement software market is anticipated to grow at a steady rate and will post a CAGR of close to 9% during the forecast period. The rising need for the automation of procurement processes will drive the growth prospects for the global procurement software market in the forthcoming years. Some of the major functions of a procurement software include the automation of procurement activities such as invoice management systems, electronic requisitioning process, order management process, and other procurement related activities. It has been observed that the manual system used by organizations to manage procurement activities have incurred loss at various stages of the procurement process since it cannot match correct invoices that are generated for billing purposes. A major factor that has compelled organizations to shift towards automated systems from manual systems for invoice processing and eProcurement services is the constant occurrence of manual errors in the supply chain systems.
The emergence of eProcurement technology will drive the growth prospects for the global procurement software market until the end of 2021. Some of the functions carried out by eProcurement technology involve the implementation of end-to-end procurement cycle, development of contracts with suppliers, covering spending analysis, and purchasing products through internet information systems, ERP, and electronic data interchange. One of the major factors responsible for the growing demand for eProcurement technology from various organizations is its ability to reduce the time spent on procurement life cycles by around 40%.
Competitive landscape and key vendors
The global procurement software market is highly
Overview of the global clientless remote support software market
Technavio’s market research analyst predicts the global clientless remote support software market to grow steadily at a CAGR of above 15% by 2021. One of the primary drivers for this market is the rise of the internet of things (IoT) devices for exchanging data over the internet. IoT is a network of tangible and physical objects that are interconnected through technology, and can communicate among themselves to collect and exchange data. It connects hardware devices, embedded software, communication services, and IT services. IoT has led to the increased number of connected devices ranging from lighting and heating, ventilation, and air conditioning (HVAC) systems to wind turbines in the sea and weather monitoring stations at the Arctic. Smart machines can monitor and control various objects using microcontrollers via the Internet from a remote location with the help of IoT technology. With the ability to control multiple devices, clientless remote support software is expected to play a major role in enabling IoT devices during the forecast period.
One of the latest trends gaining traction in this market is the growing adoption of BYOD. Enterprise mobility has gained grounds in the corporate world in response to the preference of employees to use their smartphones, tablets, and portable computers at work. BYOD demands specific management and IT service delivery frameworks to guarantee electronically secure and productive work environments. The
Overview of the global network camera market
Technavio’s market research analyst predicts the global network camera market to grow steadily at a CAGR of above 43% by 2021. One of the primary drivers for this market is the increase in the shift of the shift from analog to IP cameras. Several enterprises are shifting toward IP cameras due to the numerous advantages offered by IP cameras. The total cost of ownership of IP cameras is lower than analog cameras, which includes their installation and maintenance costs along with labor costs. Moreover, IP cameras produce high-quality images and have built-in servers or encoders that help in image encryption, provide multi-level user access control, and aid in preventing third-party manipulation. The use of IP cameras has increased extensively in facilities, such as stadiums, city surveillance projects, and hotels, as they are relatively cost-effective and cover a large area.
One of the latest trends gaining traction in this market is the emergence of wireless IP surveillance. Wireless IP surveillance is a highly affordable and easily deployable technology that combines wireless data transmission and IP video surveillance technologies to overcome challenges such as the lack of network infrastructure and connectivity in remote locations. Furthermore, it is a robust and flexible solution that allows surveillance cameras to connect to wireless point-to-multipoint connectivity for easy data transmission to remote locations. With emerging market opportunities in transportation, shopping malls, and BFSI the market for wireless IP surveillance is expected to grow during the forecast period.
Competitive landscape and key
Overview of the global IOT security market
The global IOT security market is anticipated to grow rapidly and will post a CAGR of close to 48% during the forecast period. The increasing adoption of cloud-based services will drive the growth prospects for the global IOT security market in the forthcoming years. Some of the major factors driving the demand for cloud-based services include modern video management systems, authentication processes, and storage of biometrics information. Also, a multitude of organizations such as banks and healthcare organizations are increasingly shifting from the conventional method of storing confidential data towards the cloud technology. With this growing trend of cloud technology, becomes imperative for service providers to make the use of cloud platform secured against any unauthorized access.
In terms of geography, the Americas accounted for the maximum market share during 2016 due to the high concentration of electronic consumer goods, automobile manufacturers, and IoT vendors that provide IoT security solutions to these industries. However, during the forecasted period, the market share of the Americas is expected to decline due to the rapid shift of industries towards other technologies such as IoT devices integrated with biometrics for authentication. Furthermore, according to the industry research report, the APAC region is expected to dominate the market in the future because of the high adoption of IoT
Overview of the global VSaaS market
The global VSaaS market is anticipated to grow rapidly and will post a CAGR of more than 28% during the forecast period. The increasing adoption of internet protocol (IP) cameras will drive the growth prospects for the global VSaaS market until the end of 2021. Some of the major factors responsible for the growing number of adoption of IP cameras by enterprises is the cost, scalability, image clarity, built-in security, integration, easy installation, and high resolution. The commercial sector highly prefers this product as its price is much lower than the analog cameras and its high-quality sensor module is easily adaptable to the changing needs of an organization. Additionally, features such as its ability to avoid problems related to interlacing, availability of an inbuilt facility for image encryption and multi-level user access control, and avoidance of third-party image manipulation will spur its adoption among end users.
The emergence of advanced technologies will drive the growth prospects for the global VSaaS market for the next four years. One of the major factors responsible for the growing degree of innovations in the market is the presence of an intensely competitive environment in the market. Also, the demand for the product is continually increasing because they prove to be highly efficient and cost-effective over widespread security applications.
Competitive landscape and key vendors
The global VSaaS market is highly competitive and diversified due to the presence of a large number of regional and international vendors across the globe. The vendor’s opportunity widens due to the increasing number of criminal activities in various sectors such as the retail, banking,
Overview of the global operational intelligence (OI) market
Technavio’s market research analyst predicts the global operational intelligence (OI) market to grow steadily at a CAGR of above 12% by 2021. One of the primary drivers for this market is the increasing need for real-time decision-making. OI provides flexible, integrated, and real-time decision-making support to the top management in an organization. It improves responsiveness across an organization. Diverse elements of multinational environments, such as language, currency, and accounting standards, are covered in a single software package. Also, it provides better analysis and planning capabilities, enabling efficient management of business data. Enterprises can complete real-time data analysis along with real-time transaction processing, which allows them to be considered as real-time enterprises that can make quick data-driven decisions, provide immediate response to customer demands, and continuously improve on important processes. Other benefits such as competitive awareness, higher customer satisfaction through quicker response, reduced operational risks, and threat detection, will contribute significantly to the growth of the OI market during the forecast period.
One of the latest trends gaining traction in this market is the integration of OI with social media. Currently, organizations can share a detailed description of their products and services through social media to reach potential customers worldwide. Many large organizations and SMEs are adopting this technology to integrate and upgrade software to obtain the best ROI from social media platforms. Organizations are investing in cloud-based OI solutions and advanced analytics to
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.