Technology
International Business University Unveils Future Talent Research Institute to Power Ontario’s Workforce and Shape Canada’s Economic Future
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2 months agoon
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TORONTO, Sept. 25, 2024 /CNW/ – International Business University (IBU) is proud to announce the launch of its Future Talent Research Institute, a groundbreaking initiative designed to study and meet the rapidly-evolving demands of Ontario’s workforce and contribute to Canada’s broader economic future. The Institute is dedicated to understanding labour market needs, and then through IBU’s programs, equipping future leaders with the knowledge and skills required to build a sustainable and innovative economy. By aligning its education with the real needs of employers, IBU ensures its students are uniquely prepared to thrive in Ontario’s dynamic business environment and beyond.
Vision for the Future of Ontario and Canada’s Workforce
The Future Talent Research Institute will propel IBU to lead the way in competency-based education, offering innovative insights into skill development and employability. The Institute’s research focuses on identifying the critical skills need in graduates and current employees, ensuring that IBU’s programs are continually aligned with the demands of the local and national economy.
Dr. Artie Ng, Dean of IBU, articulates: “Our vision for the Future Talent Research Institute is to bridge the gap between education and industry. As Ontario’s economy continues to evolve to improve productivity and technological innovation accelerates, employers are seeking adaptable, effective and skilled talent. The Institute will serve as a hub for research to enhance understanding of these needs, not only in Toronto and Ontario but across Canada.”
Research Focus:
How Are Employers Navigating Their Greatest Challenges and Seizing New Opportunities? What Key Skills Will Be Vital for Success in the Next 3–5 Years?
The launch of the Future Talent Research Institute is grounded in the findings of IBU’s inaugural employer research study. This comprehensive study involved interviews and surveys with 78 senior leaders from large, medium, and small companies across a diverse range of industries in Ontario and Canada. The objective was to gain first-hand insights into what employers are seeking when they hire graduates and develop existing employees.
Top Challenges for Employers in Ontario and Canada
The research revealed several key challenges facing employers today:
Skills Gaps: Employers are struggling to find talent with the right combination of technical expertise and business understanding. This gap is particularly evident in areas such as data acumen, digital fluency, and cybersecurity — skills critical to Ontario’s and Canada’s innovation ecosystems.AI and Automation: The rapid pace of artificial intelligence (AI) and automation is creating both challenges and opportunities for businesses across the province and the country. Companies need employees who can adapt to these technologies while maintaining a focus on strategic goals.Workforce Well-Being: Many employers highlighted the need to address employee well-being and mental health, noting that leadership now requires greater emotional intelligence and the ability to support employees through times of change — a key priority for organizations in Ontario and across Canada.
Preparing Future-Ready Graduates to Power Ontario’s Economy
IBU already offers a range of innovative programs designed to prepare its students for the challenges of the modern workforce. The IBU Career Accelerator is one of the direct outcomes of employer research, responding to employer suggestions of a 3600 approach to talent development. The IBU Career Accelerator is designed to support students in gaining real-world experience through internships, mentorships, and hands-on projects then connect students directly with industry leaders in Ontario and across the country, ensuring that they develop the practical skills and workplace readiness required to excel from day one in their careers.
IBU’s MBA programs offer specializations in areas that are critical to future of business in Canada, including:
Technology, Innovation and Entrepreneurship: Designed for leaders looking to drive change through technological innovation and entrepreneurial thinking, key to Ontario’s growing tech sector.Financial and Management Analytics: Equipping students with advanced data-driven decision-making skills for financial leadership, crucial to Canada’s financial markets.Information Systems Management: Preparing graduates to oversee complex information systems and lead digital transformation, essential in industries across Ontario.Global Business Management: Focused on leadership in international markets and global business environments, important for businesses expanding beyond Canadian borders.
In addition, IBU’s Bachelor of Commerce (BCom) specializations ensure undergraduates are ready to meet the demands of today’s digital and global economy. These include:
Information Technology Management: Equipping students with the skills they need to manage and implement IT solutions that enhance business performance in Ontario’s tech-driven industries.International Management and Technology: Combining global management strategies with innovative technology to prepare graduates for leadership roles in Ontario and beyond.Digital Sales and Marketing: Developing expertise in digital marketing strategies and sales technologies, critical to businesses in Ontario’s growing e-commerce and digital sectors.
Through initiatives like these, IBU graduates are positioned to lead and succeed in Ontario’s evolving economic landscape and play a crucial role in Canada’s future prosperity. They are not just job-ready — they are future-ready, capable of driving innovation and leading transformative projects in their organizations.
The Institute’s Impact
Gina Jeneroux, Director of the Institute, stated: “The Future Talent Research Institute is a game-changer for higher education in Canada. Our research shows that employers are not just looking for cutting-edge technical skills. They’re also seeking great talent with the skills of leadership, adaptability, collaboration and critical thinking, and the ability to solve new problems in new ways. The Institute will enable IBU to continually adapt its curriculum to meet these evolving needs, ensuring IBU graduates are highly employable and invaluable to their organizations.”
A Commitment to Ontario’s and Canada’s Future
With the launch of the Future Talent Research Institute, IBU is reaffirming its commitment to shape the future of education and prepare students for the challenges of the modern workplace. By combining research, innovation and practical learning, IBU is creating a new model for higher education — one that prioritizes hands-on skills, student success, and the future needs of Ontario’s and Canada’s employers.
IBU’s comprehensive, competency-based programs, alongside its Professor of Practice model, ensure students learn from experienced professionals, gaining both theoretical knowledge and real-world insights. This equips IBU graduates to excel in roles that demand both technical proficiency and strategic thinking.
The Future Talent Research Institute will continue to drive this mission forward, ensuring that students and employers across Ontario and Canada have access to the tools, insights, and resources needed to thrive in an increasingly complex global economy.
SOURCE International Business University
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Technology
Near Autonomous Passenger Car Market to Grow by USD 962.1 Billion (2024-2028), Rising Popularity of Semi-Autonomous Vehicles Drives Growth, AI Redefines Landscape – Technavio
Published
11 minutes agoon
November 14, 2024By
NEW YORK, Nov. 14, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global near autonomous passenger car market size is estimated to grow by USD 962.1 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 60.29% during the forecast period. Increasing popularity of semi-autonomous vehicles is driving market growth, with a trend towards increased funding for research and development of autonomous vehicles. However, concerns related to cybersecurity poses a challenge.Key market players include Amazon.com Inc., Bayerische Motoren Werke AG, Chery Automobile Co. Ltd., Chongqing Changan Automobile Co. Ltd., Ford Motor Co., Geely Auto Group, General Motors Co., Honda Motor Co. Ltd., Hyundai Motor Co., Mazda Motor Corp., Mercedes Benz Group AG, NIO Ltd., Nissan Motor Co. Ltd., Tata Motors Ltd., Tesla Inc., Toyota Motor Corp., and Volkswagen AG.
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Near Autonomous Passenger Car Market Scope
Report Coverage
Details
Base year
2023
Historic period
2018 – 2022
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 60.29%
Market growth 2024-2028
USD 962.1 billion
Market structure
Fragmented
YoY growth 2022-2023 (%)
42.73
Regional analysis
North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution
North America at 37%
Key countries
US, Germany, China, Japan, and France
Key companies profiled
Amazon.com Inc., Bayerische Motoren Werke AG, Chery Automobile Co. Ltd., Chongqing Changan Automobile Co. Ltd., Ford Motor Co., Geely Auto Group, General Motors Co., Honda Motor Co. Ltd., Hyundai Motor Co., Mazda Motor Corp., Mercedes Benz Group AG, NIO Ltd., Nissan Motor Co. Ltd., Tata Motors Ltd., Tesla Inc., Toyota Motor Corp., and Volkswagen AG
The Near Autonomous Passenger Car Market is experiencing significant growth due to the development and implementation of advanced technologies such as autonomous, driverless, and self-driving cars. These vehicles utilize sensors, cameras, radar, LiDAR, GPS, and software algorithms for navigation and safety. V2V and V2I communication, semiconductor chips, and automated driving systems are also key components. Battery management systems, energy-efficient and emission-free vehicles like battery electric vehicles, are gaining popularity due to fossil fuel price fluctuations and automotive safety concerns. Advanced safety technologies like parking assistance systems, blind spot detection, and adaptive cruise control are essential. Semi-autonomous and fully autonomous vehicles are the future of passenger cars and commercial vehicles. Mobility services like ride hailing and deep neural networks enhance transportation efficiency. Infrastructural developments and investment opportunities are crucial for the growth of autonomous vehicle technology. However, safety concerns, human error, cybersecurity threats, and technological challenges remain significant hurdles. Level 3 systems offer a balance between human control and automation, while consumer acceptance and traffic accidents are ongoing considerations.
The near autonomous passenger car market is witnessing substantial investment from key players, including automotive manufacturers, Tier-1 suppliers, and technology providers. Companies like Mercedes Benz and Ford Motor are leading the charge, collectively investing approximately USD50 billion in autonomous vehicle technology development. Automakers have primarily focused their investments on specialized technological firms. For instance, General Motors committed USD35 billion towards EV and AV technology from 2020 to 2025. These investments aim to position companies at the forefront of the autonomous vehicle market.
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• The Near Autonomous Passenger Car Market is experiencing significant growth with the development of advanced technologies such as sensors, cameras, radar, LiDAR, GPS, and software algorithms. Autonomous, driverless, and self-driving cars are revolutionizing the transportation industry. However, challenges remain, including the integration of V2V and V2I communication, semiconductor chips, automated driving systems, battery management systems, and energy-efficient and emission-free vehicles. Factors like fossil fuel prices, automotive safety, and road accidents push the demand for advanced safety technologies like parking assistance systems, blind spot detection, and adaptive cruise control. Semi-autonomous and fully autonomous vehicles are the future of mobility services, with ride hailing services leading the way. Deep Neural Networks and AI systems are essential for transportation efficiency and infrastructural developments. Safety concerns, human error, and cybersecurity threats are significant challenges. Level 3 systems are gaining consumer acceptance, but technological challenges remain. Investment opportunities lie in the development of autonomous vehicle technology and self-driving technologies. The market is vast, with applications in passenger cars, commercial vehicles, and mobility services.
• Modern near autonomous passenger cars incorporate numerous electronic control units (ECUs) and connectivity features, increasing the risk of security breaches. Hackers have successfully infiltrated the operations of connected vehicles, posing a significant threat to autonomous cars. Unlike traditional vehicles where a driver maintains full control, autonomous vehicles rely solely on machine intelligence and sensors. This shift in control heightens the vulnerability to cyber-attacks, making it crucial for automakers to prioritize security measures to safeguard these advanced vehicles.
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This near autonomous passenger car market report extensively covers market segmentation by
Technology 1.1 ADAS level 11.2 ADAS level 2Geography 2.1 North America2.2 Europe2.3 APAC2.4 South America2.5 Middle East and Africa
1.1 ADAS level 1- Advanced Driver-Assistance Systems (ADAS) are technological innovations that enhance driving and parking capabilities for vehicles. These systems promote safety by utilizing secure human-machine interaction and employing sensors, cameras, and automated technology to detect and respond to environmental impediments or driver errors. ADAS enables varying levels of autonomous driving, with level 1 allowing vehicles to steer, accelerate, and brake independently under most conditions. This technology is crucial for understanding other vehicles’ behavior and navigating roads safely, either independently or in conjunction with other vehicles. ADAS level 1 acts as a foundational technology for future autonomous vehicles, fueling the growth of the global near autonomous passenger car market during the forecast period.
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The Near Autonomous Passenger Car Market refers to the rapidly evolving sector of self-driving cars, also known as autonomous or driverless vehicles. These advanced technologies utilize sensors, cameras, radar, LiDAR, GPS, and software algorithms to enable vehicles to navigate roads with minimal human intervention. V2V and V2I communication systems facilitate vehicle-to-vehicle and vehicle-to-infrastructure communication, enhancing safety and efficiency. Semiconductor chips and automated driving systems power these advanced features, while battery management systems ensure energy efficiency and the potential for emission-free vehicles. Self-driving technologies offer mobility and accessibility benefits, particularly for independent transport. However, safety concerns persist due to human error and the need for cyber security measures. Level 3 systems represent a significant step towards full autonomy, but technological challenges remain.
The Near Autonomous Passenger Car Market is a rapidly evolving sector, driven by advanced technologies such as sensors, cameras, radar, LiDAR, GPS, and software algorithms. These technologies enable vehicles to perceive their environment and make real-time driving decisions. Autonomous cars, also known as driverless or self-driving cars, use V2V and V2I communication to share data with other vehicles and infrastructure. Semiconductor chips and automated driving systems are essential components, while battery management systems ensure the efficiency and longevity of energy-efficient and emission-free vehicles, such as battery electric vehicles. Fossil fuel prices and automotive safety are significant factors influencing the market. Advanced safety technologies, including parking assistance systems, blind spot detection, and adaptive cruise control, are becoming standard features. Semi-autonomous and fully autonomous vehicles are transforming transportation, offering mobility services and independent transport. However, safety concerns, human error, cyber security threats, and technological challenges remain. Infrastructural developments and investment opportunities in autonomous vehicle technology and self-driving technologies are crucial for the market’s growth. Ride hailing services and deep neural networks are also playing a role in transportation efficiency. Despite these advancements, consumer acceptance and regulatory frameworks are essential for widespread adoption. The market for near autonomous passenger cars is poised for significant growth, offering numerous opportunities for innovation and progress.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
TechnologyADAS Level 1ADAS Level 2GeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
Technology
Facial Recognition Market to Grow by USD 11.82 Billion (2024-2028), Rising Identity Threats Drive Growth, AI’s Impact on Market Trends – Technavio
Published
11 minutes agoon
November 14, 2024By
NEW YORK, Nov. 14, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The global facial recognition market size is estimated to grow by USD 11.82 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 22.2% during the forecast period. Increasing instances of identity threats is driving market growth, with a trend towards technological advances and emergence of facial analytics. However, high cost of deployment poses a challenge.Key market players include Amazon.com Inc., ASSA ABLOY AB, Aware Inc., Ayonix Pty Ltd., Cognitec Systems GmbH, Daon Inc., Facebanx, FaceFirst Inc., Fujitsu Ltd., IDEMIA France SAS, Ipsidy Inc., Luxand Inc., Microsoft Corp., NEC Corp., Precise Biometrics AB, Safran SA, Suprema Inc., Synaptics Inc., Thales Group, and Veridium IP Ltd..
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Facial Recognition Market Scope
Report Coverage
Details
Base year
2023
Historic period
2018 – 2022
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 22.2%
Market growth 2024-2028
USD 11819.9 million
Market structure
Fragmented
YoY growth 2022-2023 (%)
17.9
Regional analysis
North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution
North America at 37%
Key countries
US, China, UK, Germany, and Japan
Key companies profiled
Amazon.com Inc., ASSA ABLOY AB, Aware Inc., Ayonix Pty Ltd., Cognitec Systems GmbH, Daon Inc., Facebanx, FaceFirst Inc., Fujitsu Ltd., IDEMIA France SAS, Ipsidy Inc., Luxand Inc., Microsoft Corp., NEC Corp., Precise Biometrics AB, Safran SA, Suprema Inc., Synaptics Inc., Thales Group, and Veridium IP Ltd.
Facial recognition market is witnessing significant growth in various sectors including attendance tracking in educational institutions, patient identification in healthcare settings, and automating payment systems in retail. Operational efficiency is a key driver for organizations in education, healthcare, and retail sectors to adopt facial recognition technology. Security is another major factor, with surveillance systems being implemented in airports, critical infrastructure sectors, and public spaces to mitigate security threats and criminal activities. NEC, Microsoft, AWS, and other tech giants dominate the market with their KYC systems and digital wallets. Facial recognition is also used for authentication and security in mobile devices, mobile payments, app access, and identity verification. However, vulnerability to hacking, deep fakes, and cyber threats pose challenges to the market. Biases in facial recognition algorithms and privacy concerns are also areas of concern. The market includes companies like NEC Corporation, NtechLab, MorphoTrust, IDEMIA, Rekognition, FacePhi, Ayonix Corporation, Creditel, Salto Group, Cognitec Systems, and Secunet. Sectors like police enforcement, banking, law enforcement, forensic investigation, border control, access management, and consumer experiences are also impacted by this technology. Artificial intelligence, deep learning algorithms, computer vision, high-resolution cameras, and contactless authentication techniques are key technology trends. Data security, biases, and privacy are impacting factors.
The facial recognition market is experiencing significant growth due to technological advancements. Vendors are integrating facial recognition technology into video surveillance systems, enabling easier and effective identification of intruders or attackers. This enhancement boosts security levels, addressing the increasing security concerns worldwide. Governments are increasing their spending on surveillance devices in response to heightened intruder threats. Vendors provide facial recognition capabilities as standalone or integrated software solutions with video surveillance systems.
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• Facial recognition technology is revolutionizing various sectors including attendance tracking in educational institutions, patient identification in healthcare settings, and automating payment systems in retail. Operational efficiency is a key driver for organizations in the education, healthcare, and retail sectors to adopt this technology. However, challenges persist. Security threats such as privacy concerns, illegal monitoring, and vulnerability to hacking are major issues. Sectors like law enforcement, banking, and border control rely on facial recognition for identification and verification. Technology leaders like NEC, Microsoft, AWS, and biometric experts such as NtechLab, MorphoTrust, IDEMIA, Rekognition, FacePhi, Ayonix Corporation, Creditel, Salto Group, and Cognitec Systems are at the forefront of this market. Biases, deep fakes, and cyber threats are also concerns. Facial recognition is used in physical security, public safety, and access control. It impacts consumer experiences through smartphone applications and contactless authentication techniques. Artificial intelligence, deep learning algorithms, and computer vision are essential for high-resolution cameras and 2D/3D facial analytics. Despite challenges, the future of facial recognition is promising, with applications in emotion recognition, security and surveillance, retail and e-commerce, media and entertainment, automobile and transportation, and IT and telecom.
• Facial recognition technology offers significant benefits for security and identification in various industries, including government and transportation. However, the high cost of deployment is a major challenge. Large-scale implementation in departments and airports involves a lengthy sales cycle and significant investment. Costs extend beyond the facial recognition solution itself, with additional expenses for maintenance, middleware, and other associated costs. Budget constraints can result in substantial losses if implementation fails. Despite these challenges, the potential benefits of facial recognition make it a worthwhile investment for businesses seeking enhanced security and efficiency.
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This facial recognition market report extensively covers market segmentation by
Application 1.1 Identification1.2 VerificationTechnology 2.1 3D2.2 2D2.3 Facial analyticsEnd-user 3.1 Media & entertainment3.2 BFSI3.3 Automobile & transportation3.4 OthersGeography 4.1 North America4.2 Europe4.3 APAC4.4 Middle East and Africa4.5 South America
1.1 Identification- The facial recognition market for identification is experiencing significant growth due to its increasing adoption in sectors such as government and transportation. This technology enables the matching of an individual’s facial features with a database to retrieve their details, eliminating the need for human interaction. Its implementation in security purposes, particularly in public places and airports, is driving its growth. In the US, companies like Delta Airlines use facial recognition for passenger check-ins, and airports are adopting this technology for passenger identification. The integration of facial recognition with video surveillance systems is also supporting market growth. The security sector’s growing reliance on facial recognition is expected to boost the identification segment and the global market as a whole during the forecast period.
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The Facial Recognition market is a rapidly growing sector of Biometrics technology, which uses Face recognition, Image recognition technology, and other Authentication techniques to identify and verify individuals based on their unique facial characteristics. This technology is increasingly being adopted across various sectors, including educational institutions for attendance tracking, healthcare settings for patient identification, and retail for automating payment systems. It offers operational efficiency for organizations by streamlining access control and surveillance. Sectors such as law enforcement and banking are also leveraging this technology for identification and security purposes. Facial recognition systems analyze facial characteristics, including the jawline, to create a unique identifier. Companies like NEC Corporation and NtechLab are leading innovators in this field, offering smart hospitality services and advanced recognition algorithms. Speech and Fingerprint recognition are other forms of Biometrics technology that complement Facial Recognition in the market.
Facial recognition technology is a biometric identification method that uses artificial intelligence and machine learning algorithms to identify and verify individuals based on their facial features. This technology is gaining popularity in various sectors including attendance tracking in educational institutions, patient identification in healthcare settings, automating payment systems in retail, operational efficiency in organizations, and security in public spaces. Facial recognition systems can be used for authentication, monitoring, and surveillance in airports, critical infrastructure sectors, and transportation hubs to ensure security and prevent criminal activities. However, privacy concerns have arisen due to the potential for illegal monitoring and vulnerability to hacking, deep fakes, and cyber threats. The technology can also be used for fraud prevention in digital wallets and smartphone applications, identity verification for app access and device unlocking, and access control in smart hospitality services. The use of facial recognition is expanding to sectors such as police enforcement, banking, law enforcement, forensic investigation, criminal identification, border control, and access management. Facial recognition technology is powered by artificial intelligence, deep learning algorithms, computer vision, and high-resolution cameras. It can be used for 3D and 2D facial analytics, emotion recognition, and security and surveillance. The technology is impacted by factors such as biases, technology advancements, and regulatory policies.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
ApplicationIdentificationVerificationTechnology3D2DFacial AnalyticsEnd-userMedia & EntertainmentBFSIAutomobile & TransportationOthersGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/facial-recognition-market-to-grow-by-usd-11-82-billion-2024-2028-rising-identity-threats-drive-growth-ais-impact-on-market-trends—technavio-302305422.html
SOURCE Technavio
Technology
Internet of Things (IoT) Market to Expand by USD 1.55 trillion (2024-2028), Advancements in IoT Platforms Drive Growth, Report with AI-Powered Market Evolution – Technavio
Published
11 minutes agoon
November 14, 2024By
NEW YORK, Nov. 14, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global internet of things (IOT) market size is estimated to grow by USD 1.55 trillion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 18.52% during the forecast period. Technological developments in different platforms is driving market growth, with a trend towards use of wearables to monitor human health and environment. However, lack of awareness of efficient management of iot initiatives and investments poses a challenge.Key market players include Aeris Communications Inc., Alphabet Inc., Amazon.com Inc., AT and T Inc., Cisco Systems Inc., Fujitsu Ltd., General Electric Co., Hewlett Packard Enterprise Co., Honeywell International Inc., Intel Corp., International Business Machines Corp., Koninklijke Philips N.V., Microsoft Corp., Oracle Corp., PTC Inc., Robert Bosch GmbH, SAP SE, Siemens AG, Thales Group, and Wipro Ltd..
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Internet Of Things (Iot) Market Scope
Report Coverage
Details
Base year
2023
Historic period
2017 – 2021
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 18.52%
Market growth 2024-2028
USD 1554.5 billion
Market structure
Fragmented
YoY growth 2022-2023 (%)
15.18
Regional analysis
APAC, North America, Europe, Middle East and Africa, and South America
Performing market contribution
APAC at 37%
Key countries
US, China, Germany, Norway, and France
Key companies profiled
Aeris Communications Inc., Alphabet Inc., Amazon.com Inc., AT and T Inc., Cisco Systems Inc., Fujitsu Ltd., General Electric Co., Hewlett Packard Enterprise Co., Honeywell International Inc., Intel Corp., International Business Machines Corp., Koninklijke Philips N.V., Microsoft Corp., Oracle Corp., PTC Inc., Robert Bosch GmbH, SAP SE, Siemens AG, Thales Group, and Wipro Ltd.
The Internet of Things (IoT) market is experiencing significant growth, with trends like Generative AI and Blockchain leading the way. The World Economic Forum predicts that by 2025, IoT will contribute USD11 trillion to the global economy. Enterprises and service providers in sectors such as Manufacturing, Healthcare, Logistics chain, and E-commerce are embracing IoT technology for smart factory automation, real-time marketing analysis, and operational efficiency. IoT technology is revolutionizing industries, with companies like Taiwan Mobile, SPHCC, VivaLNK, and Canadian firms exploring new revenue-generating opportunities. SAS Software, VMware, and VMware Tanzu are key players in IoT software development. Connectivity, cloud adoption, and data processing are crucial for IoT success. Bluetooth technology, NB-IoT networks, and 5G technology are driving the future of IoT. Smart city initiatives, such as those in Smart Wellington, are transforming urban areas with IoT sensors and autonomous systems. Revenue forecasts indicate continued growth, with ROI a key consideration for businesses. Telecom and networking infrastructure providers, including 4G technology, are essential for IoT implementation. Consumer behavior and public safety services, such as firefighter and emergency medical services, are also benefiting from IoT technology. IoT technology is transforming sectors like Energy and Transportation, with smart utilities and smart transportation becoming the norm. RFID and sensors are enabling real-time monitoring and analysis, while AI and autonomous systems are streamlining processes and providing a competitive edge in digitalization.
In today’s digital age, mobile devices such as smartphones and tablets have become the hub of connectivity and computing. Equipped with sensors like GPS, microphones, accelerometers, cameras, ambient light sensors, gyroscopes, and digital compasses, these devices offer advanced functionalities. These features are transforming various sectors such as social networking, environmental monitoring, healthcare, and transportation. Moreover, mobile devices come with WIFI, 3G/4G/5G, and Bluetooth connectivity. IoT wearables, an extension of these devices, enable consumers to monitor their health and allow doctors to remotely monitor patients. This integration of technology and mobility is revolutionizing our daily lives and economic sectors.
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• The IoT market is experiencing rapid growth, with enterprises and service providers in manufacturing, healthcare, logistics, and more embracing this technology. Challenges include integrating Generative AI and Blockchain, addressing Intelligent Disease and Smart City initiatives, and ensuring connectivity with 4G and 5G technology. IoT revenue forecasts are strong, driven by cloud adoption and data processing. Sensors, Bluetooth technology, and NB-IoT networks are key components. Companies like Taiwan Mobile, VivaLNK, and SPHCC are leading the way. SAS Software, VMware, and VMware Tanzu offer solutions. RoI is a major consideration, with operational efficiency and real-time marketing analysis driving value. Telecom and networking infrastructure providers, hardware vendors, and software vendors are essential partners. Canadian companies are also making strides in citizen services, public safety, and smart transportation. IoT presents significant revenue-generating opportunities and a competitive edge in digitalization.
• The Industrial Internet of Things (IoT) market is experiencing significant growth as more enterprises integrate IoT into their industrial facilities. However, managing, securing, and optimizing these investments presents challenges. To fully leverage IoT’s capabilities, employee training is essential. The lack of skilled workers is a major hurdle for industries. Proper education on IoT platforms enables workers to adapt effectively and maximize system benefits. Investing in employee training is a crucial step towards successful IoT implementation.
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This internet of things (iot) market report extensively covers market segmentation by
Application 1.1 Industrial1.2 Retail1.3 Healthcare1.4 ICT1.5 OthersTechnology 2.1 RFID2.2 Sensors2.3 NFC2.4 Cloud services2.5 OthersGeography 3.1 APAC3.2 North America3.3 Europe3.4 Middle East and Africa3.5 South America
1.1 Industrial- The Industrial Internet of Things (IIoT) market is experiencing significant growth as businesses worldwide leverage this technology to enhance productivity and gain a competitive edge. Machines and devices are connected to the Internet through software, generating valuable data for predictive maintenance and performance optimization. However, challenges persist, including the need for increased investment, business model redesign, security concerns, lack of standardization, and interoperability issues. Favorable government policies and partnerships among industry players are crucial for addressing these challenges. The COVID-19 pandemic highlighted the importance of IIoT, particularly in the industrial sector. Manufacturing industries were significantly impacted, with many shutting down due to lockdowns. IIoT technology played a crucial role in enabling remote work and machine control, ensuring continuity of operations. The demand for IIoT solutions in the industrial sector has continued to grow post-pandemic, with vendors offering innovative solutions to drive market expansion during the forecast period.
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The Internet of Things (IoT) market is experiencing exponential growth, driven by the integration of Generative AI and Blockchain technologies. According to the World Economic Forum, the global revenue for IoT is forecasted to reach USD1.1 trillion by 2026. In various sectors, IoT technology is revolutionizing industries such as Manufacturing, Healthcare, Logistics chain, and E-commerce. Intelligent Disease diagnosis and Smart Factory automation are two significant applications of IoT in Healthcare and Manufacturing, respectively. IoT is also transforming the way enterprises and service providers operate, enabling real-time data processing and connectivity through Bluetooth technology and Cloud adoption. Taiwan Mobile, SPHCC, VivaLNK, and others are leading the charge in IoT innovation. SAS Software, VMware, and VMware Tanzu are also making strides in IoT data processing and management. The integration of AI and IoT is expected to further accelerate growth in the market. The use of IoT in various sectors is revolutionizing business operations, improving efficiency, and creating new opportunities. The future of IoT is bright, with endless possibilities for innovation and growth.
The Internet of Things (IoT) market is experiencing exponential growth, driven by the integration of Generative AI and Blockchain technologies. The World Economic Forum estimates that by 2025, IoT will connect over 50 billion devices, revolutionizing industries from manufacturing to healthcare and logistics. IoT technology enables enterprises and service providers to optimize operational efficiency through smart factory automation, real-time marketing analysis, and autonomous systems. The energy and transportation sectors are major beneficiaries, with 5G technology and NB-IoT networks enabling smart utilities and smart transportation. Sensors and RFID technology are key components, providing connectivity and data processing capabilities. Cloud adoption and the use of IoT software are essential for managing and analyzing the vast amounts of data generated by these connected devices. IoT technology also offers revenue-generating opportunities for hardware, network, and software vendors, providing a competitive edge in digitalization. Smart city initiatives, such as those in Smart Wellington and Taiwan Mobile’s smart city projects, are transforming urban infrastructure, offering smart citizen services, public safety, and emergency medical services. IoT technology is also transforming consumer behavior, with e-commerce and physical events adopting IoT technology for improved connectivity and networking infrastructure. The IoT market is expected to reach significant revenue forecasts, with RoI being a major consideration for businesses adopting this technology. The use of AI, SAS Software, VMware, and VMware Tanzu is becoming increasingly common in IoT projects, enabling advanced data processing and analysis capabilities. Bluetooth technology and telecom infrastructure are also essential components of the IoT ecosystem. Overall, IoT technology is transforming industries and offering new opportunities for growth and innovation.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
ApplicationIndustrialRetailHealthcareICTOthersTechnologyRFIDSensorsNFCCloud ServicesOthersGeographyAPACNorth AmericaEuropeMiddle East And AfricaSouth America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
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SOURCE Technavio
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