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Agora Selects Wormhole as Core Interoperability Solution for AUSD Stablecoin

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Agora will leverage Wormhole NTT (native token transfers) to unite AUSD stablecoin liquidity across all blockchains

NEW YORK, Oct. 9, 2024 /PRNewswire/ — Agora, the Dragonfly-backed startup aimed at building an open, inclusive stablecoin network, today announced the selection of Wormhole as a core interoperability provider for their AUSD stablecoin. Currently live on Ethereum, Avalanche, and Sui with over $65M in total value locked (TVL), AUSD is a centralized, credibly neutral stablecoin expanding to all major blockchains. By leveraging Wormhole’s multichain capabilities and secure infrastructure that caters to the development of institutional-grade stablecoins, the integration will unify liquidity across chains and increase AUSD access and transferability. 

Through this collaboration, Agora furthers its mission of developing an open, more inclusive model for participants in stablecoin networks. Agora manages AUSD, a digital dollar minted 1:1 with USD fiat. AUSD is designed to be a secure digital currency, utilizing one of the world’s largest custodian banks to safeguard assets. With Wormhole’s NTT framework Agora can cut liquidity fragmentation by preserving the intrinsic properties of tokens on different chains. Leveraging NTT not only unites the Agora ecosystem but also enhances transparency while reducing transaction fees and other costs. Additionally, NTT enables AUSD to easily expand to additional blockchains, with Solana coming in the near future.

As the provider of one of the fastest-growing stablecoins, “Agora’s selection of Wormhole as an interoperability solution is driven by the knowledge that early multichain support will improve user experience and support our rapid expansion to other ecosystems. This integration reduces barriers standing in the way of accessing, transferring, and using AUSD,” said Nick van Eck, CEO and co-founder.

Agora is the latest project to choose Wormhole as a core interoperability solution following the announcement of Wormhole’s latest Era3 Upgrade, which introduced major user experience, speed, and cost reduction improvements to the platform. Most recently, Securitize announced a core partnership with Wormhole to add multichain functionality to their tokenized treasury bills, including BlackRock’s currently $500 million BUIDL fund.

Robinson Burkey, co-founder and CCO of Wormhole Foundation, added: “Agora’s mission to expand access to the US dollar is one that Wormhole Foundation is proud to support. Through Wormhole NTT, Agora customers will benefit from access to more users and liquidity across all major blockchain networks. This partnership reflects our ongoing efforts to increase institutional adoption of digital assets and improve user trust in transacting onchain.”

About Agora 
Agora manages AUSD, a digital dollar minted 1:1 with USD fiat. AUSD is designed to be a secure digital currency, utilizing one of the world’s largest custodian banks to safeguard assets. AUSD enables users to participate in trading, lending and payments. It is the most cost-efficient stablecoin to transact with due to its gas-optimized smart contract, making it ideal for traders and payments. Additionally, Agora offers a forward-thinking payment and operations platform.

About Wormhole
Wormhole is the leading interoperability platform that powers multichain applications and bridges at scale. Wormhole provides developers access to liquidity and users on over 30 leading blockchain networks, enabling use cases that span DeFi, NFTs, governance, and more.

The wider Wormhole network is trusted and used by teams like Circle and Uniswap. To date, the platform has facilitated the transfer of over 45 billion dollars through over 1 billion cross-chain messages.

About Wormhole Foundation
The Wormhole Foundation is the steward of Wormhole—the world’s first generalized messaging protocol. Our mission is to empower passionate people in researching and developing blockchain interoperability technologies. Through grants, research, and ecosystem programs, we seek to enable teams to build secure, open-source, and decentralized products within the Wormhole ecosystem.

Media Contact
M Group Strategic Communications (On behalf of Wormhole Foundation)
wormhole@mgroupsc.com

View original content:https://www.prnewswire.com/news-releases/agora-selects-wormhole-as-core-interoperability-solution-for-ausd-stablecoin-302272031.html

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Customer Analytics Applications Market size is set to grow by USD 16.73 billion from 2024-2028, increasing number of social media users to boost the revenue- Technavio

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NEW YORK, Oct. 9, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The Global Customer Analytics Applications Market  size is estimated to grow by USD 16.73 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  17.58%  during the forecast period. Increasing number of social media users is driving market growth, with a trend towards advancements in technology in customer analytics applications. However, rise in data privacy and security concerns  poses a challenge – Key market players include Adobe Inc., Alphabet Inc., Alteryx Inc., Exigent Group Ltd., International Business Machines Corp., LatentView Analytics, Microsoft Corp., Oracle Corp., QlikTech international AB, Qualtrics LLC, Salesforce Inc., SAP SE, SAS Institute Inc., Sisense Ltd., Tata Consultancy Services Ltd., Telefonaktiebolaget LM Ericsson, Teradata Corp., Thales Group, TikaMobile Inc., and Zoho Corp. Pvt. Ltd..

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Deployment (On-premises and Cloud-based), End-user (Retail, BFSI, Telecom and IT, Healthcare, and Others), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

North America, Europe, APAC, South America, and Middle East and Africa

Key companies profiled

Adobe Inc., Alphabet Inc., Alteryx Inc., Exigent Group Ltd., International Business Machines Corp., LatentView Analytics, Microsoft Corp., Oracle Corp., QlikTech international AB, Qualtrics LLC, Salesforce Inc., SAP SE, SAS Institute Inc., Sisense Ltd., Tata Consultancy Services Ltd., Telefonaktiebolaget LM Ericsson, Teradata Corp., Thales Group, TikaMobile Inc., and Zoho Corp. Pvt. Ltd.

Key Market Trends Fueling Growth

Artificial Intelligence (AI) and Machine Learning (ML) technologies have transformed customer analytics, enabling businesses to gain deeper insights into customer behavior and preferences. One of the key applications of AI and ML in customer analytics is the use of chatbots. These AI-powered virtual assistants interact with customers in real-time, answering queries and providing personalized recommendations. Through Machine Learning algorithms, chatbots learn from past conversations and improve responses over time, enhancing customer satisfaction and providing valuable insights into customer preferences. Moreover, AI and ML have significantly improved predictive analytics capabilities. By analyzing vast amounts of customer data, algorithms identify patterns and trends, enabling businesses to anticipate customer needs, optimize marketing strategies, and develop targeted promotional campaigns. Sentiment analysis is another notable application of AI and ML in customer analytics. Algorithms analyze customer feedback, social media posts, and online reviews to gain insights into customer sentiments and opinions. This information allows businesses to understand customer satisfaction levels, identify areas of improvement, and make necessary changes to enhance customer experience. Furthermore, AI and ML have played a crucial role in fraud detection and prevention. By analyzing transactional data and behavioral patterns, algorithms identify unusual activities that may indicate fraud, helping businesses protect themselves and their customers from potential financial losses. Additionally, AI and ML have enhanced customer segmentation capabilities. Clustering algorithms group customers based on their similarities, enabling businesses to create targeted marketing campaigns for specific segments. This allows businesses to personalize their messages and offers, resulting in higher customer engagement and conversion rates. Overall, the utilization of AI and ML in customer analytics is expected to drive market growth during the forecast period, as businesses increasingly rely on these technologies to gain valuable insights into customer behavior and preferences, improve customer experience, and optimize marketing strategies. 

Customer Analytics is a crucial aspect of modern business, helping companies understand customer behavior and preferences to drive growth. Three trailblazers in this space are Clarity Insight, Amperity, and Tableau, offering cloud-based solutions for commerce and e-commerce businesses. Social media analytics and data from online purchasing are key inputs for these platforms. Customer Data Platforms like Motionlogic, T-Systems, and Repeat Purchases process and model data to identify trends and patterns, enabling personalized communications. Data security and privacy concerns are addressed through advanced analytic models and computing capacity. Banks and telecoms also leverage customer analytics using data mining, semantic analysis, and neural networks. Skilled professionals employ multivariate statistics and machine learning to gain insights. Cloud deployment modes like Experience Cloud and business process automation are popular. Key players include Mixpanel, Manthan System, Second Measure, Absolute Data, Neustar, NICE Systems, Segment, and Calibremind. These tools help businesses optimize repeat purchases, product management, and marketing efforts. 

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Market Challenges

The increasing importance of data privacy and security has significantly impacted the customer analytics applications market. With consumers becoming more cautious about sharing their personal information, businesses must comply with stringent data privacy regulations such as GDPR and CCPA. To do so, they must invest in data security measures like encryption, access controls, and regular security audits. Transparency in data collection and usage practices is also crucial, as companies must provide clear opt-out options for consumers. Neglecting data privacy can lead to severe legal, financial, and reputational consequences. As a result, data security and privacy protection are vital priorities for businesses in the customer analytics applications market, which may influence market growth during the forecast period.Customer Analytics Applications Market: Overcoming Challenges in Data-Driven Businesses The Customer Analytics Applications Market is thriving as businesses seek to gain insights from their customer data. Clarity Insight, Amperity, Tableau, and others lead the way as trailblazers in this space. Commerce, internet retail, and e-commerce industries are major adopters, focusing on personalized communications, repeat purchases, and online purchasing trends. Cloud-based solutions, including Motionlogic, T-Systems, and Experience Cloud, offer scalability and flexibility. Social media analytics and data mining are essential for understanding customer behavior. Data security and privacy concerns are addressed by data models, processing apps, and skilled professionals. Banks and telecoms also leverage customer analytics for product management and business process automation. Data mining, semantic analysis, neural networks, and multivariate statistics help uncover valuable insights. AI and machine learning enable predictive analytics. Challenges include computing capacity, analytic models, data security, privacy concerns, and the need for skilled professionals. Market players like Mixpanel, Manthan System, Second Measure, Absolute Data, Customer Analytics, Neustar, NICE Systems, Segment, and Calibremind are addressing these challenges with innovative solutions.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview 

This customer analytics applications market report extensively covers market segmentation by

Deployment 1.1 On-premises1.2 Cloud-basedEnd-user 2.1 Retail2.2 BFSI2.3 Telecom and IT2.4 Healthcare2.5 OthersGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 On-premises-  The on-premises segment is experiencing notable growth in the global customer analytics applications market. On-premises customer analytics applications are installed and operated on the organization’s infrastructure, offering advantages such as increased data security, greater control over the analytics process, and the ability to customize the application to specific needs. Retailers, in particular, benefit from on-premises solutions for their loyalty programs. By processing customer data in real-time, they can make informed decisions about pricing, promotions, and product offerings. On-premises solutions provide retailers with complete control over their data, allowing for advanced security measures and integration with internal systems. Additionally, on-premises customer analytics applications enable organizations to have full control over the analytics process, including data collection methods, metrics, and analysis. These advantages are expected to fuel the demand for on-premises customer analytics applications, driving market growth during the forecast period.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022) 

Research Analysis

The Customer Analytics Applications Market is experiencing significant growth due to the increasing importance of understanding customer behavior and preferences. Artificial Intelligence (AI) and Machine Learning (ML) technologies are driving business process automation in this domain, enabling real-time insights from vast amounts of data. The market offers both cloud deployment modes and on-premises solutions, catering to various business needs. Key features include product management, Mixpanel for user behavior analytics, Manthan System and Second Measure for advanced analytics, and Cloud-based solutions from Motionlogic, among others. Social Media Analytics plays a crucial role in this market, particularly in Internet Retail and E-commerce sectors. Data Platforms provide personalized communications, online purchasing trends, and Telecoms data analysis. Data mining, semantic analysis, neural networks, and multivariate statistics are essential techniques used. Skilled professionals are in high demand to ensure data security and privacy concerns are addressed in the Experience Cloud era.

Market Research Overview

The Customer Analytics Applications market is experiencing significant growth due to the increasing importance of understanding customer behavior and preferences. Artificial Intelligence (AI) and Machine Learning (ML) technologies are driving business process automation in this domain, with Cloud deployment mode gaining popularity over on-premises solutions. Product management teams leverage tools like Mixpanel, Manthan System, Second Measure, Absolute Data, and others to gain insights from customer data. Trailblazers in this market include Neustar, NICE Systems, Segment, Calibremind, Clarity Insight, Amperity, Tableau, and more. The market caters to various industries, including commerce, Internet Retail, and E-commerce, providing personalized communications, online purchasing trends, and repeat purchases analysis. Cloud-based solutions dominate the market, offering scalability, flexibility, and real-time analytics. Social Media Analytics is a crucial aspect, with data mining, semantic analysis, neural networks, and multivariate statistics employed to gain valuable insights. Skilled professionals are in high demand to manage data security and privacy concerns, ensuring a seamless Experience Cloud for businesses and their customers.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

DeploymentOn-premisesCloud-basedEnd-userRetailBFSITelecom And ITHealthcareOthersGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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.

Contacts

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

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The Residential Air Purifier Market in China is projected to grow by USD 312.2 Million (2024-2028), driven by product innovation and AI’s impact on market trends – Technavio

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NEW YORK, Oct. 9, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The Residential Air Purifier Market in China  size is estimated to grow by USD 312.2 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  5.86%  during the forecast period.  Product innovation in terms of cleaning technology, features (air quality monitor), and design stimulating higher selling prices (premiumization) is driving market growth, with a trend towards introduction of smart connected air purifiers. However, maintenance cost of air purification filters used in air purifiers  poses a challenge – Key market players include 3M Co., China Lesso Group Holdings Ltd., Coway Co. Ltd., Cubic Sensor and Instrument Co. Ltd., Dyson Group Co., Guangzhou Haike Electronics Technology Co. Ltd., IQAir AG, Koninklijke Philips N.V., LG Electronics Inc., MIDEA Group Co. Ltd., Oransi LLC, Panasonic Holdings Corp., Richform Holdings Ltd., Samsung Electronics Co. Ltd., Sharp Corp., Smart Air, Suzhou HJClEAN Tech Co. Ltd., Unilever PLC, Whirlpool Corp., and Xiaomi Communications Co. Ltd..

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now

Forecast period

2024-2028

Base Year

2023

Historic Data

2017 – 2021

Segment Covered

Technology (HEPA and ULPA air purifiers, Ionizers and electrostatic precipitator air purifiers, Activated carbon air purifiers, Photocatalyst and UV air purifiers, and Ozone generator air purifiers), Distribution Channel (Offline and Online), and Geography (APAC)

Region Covered

China

Key companies profiled

3M Co., China Lesso Group Holdings Ltd., Coway Co. Ltd., Cubic Sensor and Instrument Co. Ltd., Dyson Group Co., Guangzhou Haike Electronics Technology Co. Ltd., IQAir AG, Koninklijke Philips N.V., LG Electronics Inc., MIDEA Group Co. Ltd., Oransi LLC, Panasonic Holdings Corp., Richform Holdings Ltd., Samsung Electronics Co. Ltd., Sharp Corp., Smart Air, Suzhou HJClEAN Tech Co. Ltd., Unilever PLC, Whirlpool Corp., and Xiaomi Communications Co. Ltd.

Key Market Trends Fueling Growth

The residential air purifier market in China is experiencing significant growth due to increasing consumer awareness and demand for advanced air purification solutions. Vendors are capitalizing on this trend by introducing smart air purifiers, which offer user-friendly features and innovative technologies. These smart air purifiers come with Energy Star certification for energy efficiency, hassle-free maintenance, alert systems for fault detection, enhanced safety features, and remote control capabilities. The Wi-Fi-enabled Honeywell Air Touch X3 Office Air Purifier is an example of such a product, offering users the convenience of controlling the device and monitoring air quality through a mobile application. These features are expected to drive the growth of the residential air purifier market in China during the forecast period. 

The Residential Air Purifier market in China is witnessing significant growth due to rising concerns over airborne diseases and indoor air pollution. Contaminated air causes premature deaths and respiratory diseases, making healthy lifestyle choices essential. HEPA technology, UV irradiation, and activated carbon filters are popular solutions for removing airborne particles and Volatile Organic Compounds. Air quality regulations are driving demand for advanced technologies like photocatalytic oxidation and ozonation. Smog and combustion sources like oil, gas, kerosene, coal, wood, tobacco, asbestos-containing insulation, and pressed wood products contribute to indoor pollution. Smart homes and energy-efficient air purifiers are trends, with portable/standalone purifiers and in-duct air purifiers catering to various needs. Nephelometers, gas sensors, and PCR-based biosensors aid in monitoring air quality. Outdoor pollutants like radon, pesticides, and Carbon Monoxide also impact air quality, necessitating comprehensive air purification solutions. Government interventions and air quality policies are shaping the market landscape. 

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Market Challenges

Residential air purifiers have gained popularity among Chinese consumers due to increasing air pollution concerns. However, the high maintenance cost, particularly for replacing air filters every four to six months, poses a significant challenge. HEPA filters, essential for effective filtration, can be expensive to replace. Premium air purifiers with longer-lasting filters are costlier, making affordability a concern. Vendors must address this issue to expand the market. Consumers seek cost-effective air purifiers that improve indoor air quality without excessive maintenance costs. The high replacement cost for air filters may deter potential buyers, potentially hindering the growth of the residential air purifier market in China.The Residential Air Purifier market in China faces several challenges. Indoor pollutants such as combustion sources like oil, gas, kerosene, coal, wood, tobacco, and asbestos-containing insulation, pressed wood products, and household cleaning products contribute to poor indoor air quality. Outdoor pollutants, including radon, pesticides, carbon monoxide, nitrogen dioxide, and pollutants like volatile organic compounds and harmful chemical vapors, also pose a threat. Public awareness of health issues like asthma, COPD, lung cancer, and the impact of greenhouse gases on air quality is growing. The market consists of portable/standalone air purifiers and ionizers. Big data analytics and IoT platforms are being used to improve air quality monitoring and control. Airborne microbes like Bacillus subtilis, Aspergillus Niger, Staphylococcus epidermidis, and Penicillium citrinum are common pollutants. Providing clean air is essential for maintaining good health.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview 

This residential air purifier market in China report extensively covers market segmentation by

Technology 1.1 HEPA and ULPA air purifiers1.2 Ionizers and electrostatic precipitator air purifiers1.3 Activated carbon air purifiers1.4 Photocatalyst and UV air purifiers1.5 Ozone generator air purifiersDistribution Channel2.1 Offline2.2 OnlineGeography 3.1 APAC

1.1 HEPA and ULPA air purifiers-  HEPA filters, a type of mechanical air filter, are widely used in residential air purifiers due to their high filtration efficiency. These filters work by trapping harmful particles such as pollen, pet dander, dust mites, and tobacco smoke, using interception, impaction, and diffusion mechanisms. HEPA filters are effective in removing PM (particulate matter) and formaldehyde from the air, with filtration efficiencies reaching up to 99.97%. Consumers prefer installing air purifiers in rooms where they spend most of their time, especially in the bedroom. Air purifiers with HEPA filters are readily available in specialty stores, home improvement stores, and department stores. ULPA filters, also known as ultra-HEPA, capture 99.999% of harmful airborne particles that are 0.12 Mu m or larger in diameter. These filters have a short lifespan and require replacement every three to six months. The growth of the HEPA and ULPA air purifiers technology segment is expected to propel the residential air purifier market in China due to their high filtration efficiency and increasing adoption rate.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2017 – 2021) 

Research Analysis

The Residential Air Purifier market in China has witnessed significant growth due to increasing concerns over airborne diseases and indoor air pollution. Contaminated air, caused by industrial emissions and vehicle exhaust, can lead to premature deaths and respiratory diseases such as asthma, COPD, and lung cancer. HEPA technology, Nephelometers, gas sensors, and PCR-based biosensors are essential components of air purifiers, filtering airborne particles and gases. Energy-efficient air purifiers, smart homes, and IoT platforms are trending, offering convenience and real-time air quality monitoring. Air quality regulations are driving market growth, with a focus on reducing emissions and improving overall air quality. Ionic filters, UV filters, and ionizers are other popular technologies used in air purifiers to combat indoor pollutants. Portable/standalone purifiers and big data analytics provide customized solutions for individual needs.

Market Research Overview

The Residential Air Purifier market in China has witnessed significant growth due to increasing health consciousness and rising concerns over airborne diseases caused by indoor air pollution. Contaminated air, which contains airborne particles, Volatile Organic Compounds (VOCs), and harmful chemical vapors, can lead to respiratory diseases such as asthma, COPD, and even lung cancer. Indoor sources of pollution include combustion sources like oil, gas, kerosene, coal, wood, and tobacco, as well as asbestos-containing insulation, pressed wood products, and household cleaning products. Outdoor pollutants such as smog, radon, pesticides, carbon monoxide, and nitrogen dioxide also contribute to indoor air pollution. HEPA technology, HEPA filters, UV filters, ionic filters, and other advanced air purification technologies like photocatalytic oxidation, ozonation, and electrostatic precipitators are being widely adopted to combat indoor air pollution. The market includes both portable/standalone purifiers and in-duct air purifiers. Government interventions and air quality policies, such as the implementation of air quality regulations and public awareness campaigns, are driving the market’s growth. Smart homes, energy-efficient air purifiers, and advanced technologies like nephelometers, gas sensors, and PCR-based biosensors are also gaining popularity. Airborne microbes such as Bacillus subtilis, Aspergillus Niger, Staphylococcus epidermidis, and Penicillium citrinum are significant contributors to indoor air pollution and can lead to various health issues. The market for residential air purifiers in China is expected to continue growing as people prioritize clean air for a healthy lifestyle.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TechnologyHEPA And ULPA Air PurifiersIonizers And Electrostatic Precipitator Air PurifiersActivated Carbon Air PurifiersPhotocatalyst And UV Air PurifiersOzone Generator Air PurifiersDistribution ChannelOfflineOnlineGeographyAPAC

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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.

Contacts

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/the-residential-air-purifier-market-in-china-is-projected-to-grow-by-usd-312-2-million-2024-2028-driven-by-product-innovation-and-ais-impact-on-market-trends–technavio-302271117.html

SOURCE Technavio

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The Robotics as a Service (RaaS) Market is projected to grow by USD 2.49 Billion (2024-2028), driven by rapid industrialization and AI’s role in redefining the market landscape – Technavio

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NEW YORK, Oct. 9, 2024 /PRNewswire/ — Report with market evolution powered by AI – The Global Robotics as a Service (RaaS) Market size is estimated to grow by USD 2.49 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 23.47% during the forecast period. Rapid industrialization in developed countries is driving market growth, with a trend towards adoption of operational intelligence and data analytics. However, need for technical expertise poses a challenge – Key market players include Ademco Security Group Pte Ltd., Caja Elastic Dynamic Solutions Ltd., Cobalt Robotics Inc., Exotec SAS, Field Group AS, HAHN Group GmbH, Harvest Automation, inVia Robotics Inc., Irobot Corp., Knightscope Inc., Kraken Robotics Inc., Locus Robotics Corp., Marks and Spencer Group plc, OhmniLabs Inc., Rapyuta Robotics Co. Ltd., RedZone Robotics Inc., Relay Robotics Inc., Sarcos Technology and Robotics Corp., Singapore Technologies Engineering Ltd., and Zebra Technologies Corp.

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now

Forecast period

2024-2028

Base Year

2023

Historic Data

2017 – 2021

Segment Covered

Type (Professional and Personal), Application (Intralogistics, Medical applications, Surveillance and security, Field robotics, and Others), and Geography (APAC, North America, Europe, South America, and Middle East and Africa)

Region Covered

APAC, North America, Europe, South America, and Middle East and Africa

Key companies profiled

Ademco Security Group Pte Ltd., Caja Elastic Dynamic Solutions Ltd., Cobalt Robotics Inc., Exotec SAS, Field Group AS, HAHN Group GmbH, Harvest Automation, inVia Robotics Inc., Irobot Corp., Knightscope Inc., Kraken Robotics Inc., Locus Robotics Corp., Marks and Spencer Group plc, OhmniLabs Inc., Rapyuta Robotics Co. Ltd., RedZone Robotics Inc., Relay Robotics Inc., Sarcos Technology and Robotics Corp., Singapore Technologies Engineering Ltd., and Zebra Technologies Corp.

Key Market Trends Fueling Growth

The Robotics as a Service (RaaS) market is experiencing notable advancements, particularly in operational intelligence and data analytics software solutions. Vendors are prioritizing real-time operational intelligence improvements and ensuring data accessibility for expert teams. AI functionalities are also undergoing enhancements. Vendors aim to seamlessly integrate data from various sources, enabling simultaneous analysis by experts in different locations. This data collaboration leads to informed decisions regarding robot and drone operation and maintenance. The adoption of operational intelligence and data analytics is crucial for the growth of the global RaaS market. 

Robotics as a Service (RaaS) market is experiencing significant growth as businesses adopt automation to streamline operations and enhance efficiency. Food delivery giants are integrating RaaS technology for last-mile delivery through self-driving cars and sidewalk robots. RaaS enables procuring, coding, and accessorizing robots without the need for large capital expenditure. However, challenges such as insufficient production, slow ROI, and high operating costs persist. Logistics end-use segment, including supply chain operations, is a major adopter of RaaS. Robotics service partners offer software upgrades, sensor replacements, and part replacements. The healthcare sector uses RaaS for surgical robots and personal assistance robots. Sales strategy and geographical footprint expansion are key focus areas for RaaS providers. Automation in Manufacturing, Retail, Logistics, and the Healthcare sector, along with the Automotive and BFSI industries, are embracing RaaS. Cloud-based robotics platforms, IoT, AI, and the subscription model are driving the RaaS market. 

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Market Challenges

The Robotics as a Service (RaaS) market in APAC faces challenges due to the lack of technical expertise among end-users. End-users need to understand robot functioning and periodic servicing to ensure smooth operations. This knowledge gap results in reluctance to adopt robots due to perceived downtime during maintenance. Vendors can address this issue by providing comprehensive training and consultation services. The absence of skilled operators and proper training hinders the widespread adoption of robotic automation through the RaaS model. In APAC, end-users’ reluctance to learn new technologies further impedes market growth. To succeed, vendors must invest in training programs and offer ongoing support to end-users with limited technological familiarity.Robotics as a Service (RaaS) is revolutionizing industries by offering flexible and cost-effective automation solutions. However, some challenges persist. Slow return on investment (ROI) and revenue generation are common concerns. Low-cost alternatives and the logistics end-use segment require special attention. Robotics service partners play a crucial role in handling applications like seamless material handling and warehouse automation. Operating costs, particularly in sectors like manufacturing, healthcare, retail, and logistics, remain a challenge. Capital expenditure for purchasing and maintaining robots can be high. RaaS addresses this by offering a subscription model. Sectors like healthcare, with surgical robots and personal assistance robots, and the automotive and BFSI industries, are prime targets. RaaS is also expanding into new areas like autonomous security business and geographical footprint. Cloud-based robotics platforms, IoT, and AI are integral to RaaS. Automation in manufacturing, handling applications, and supply chain operations are key areas of growth. Sales strategy and partnerships are essential for success.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview 

This robotics as a service (RaaS) market report extensively covers market segmentation by

Type 1.1 Professional1.2 PersonalApplication 2.1 Intralogistics2.2 Medical applications2.3 Surveillance and security2.4 Field robotics2.5 OthersGeography 3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa

1.1 Professional- The Robotics as a Service (RaaS) market refers to the provision of robotics solutions on a subscription basis. Businesses can access advanced robotics technology without the need for large upfront investments. RaaS offers flexibility, scalability, and cost savings. It enables companies to automate repetitive tasks, improve productivity, and enhance operational efficiency. RaaS providers offer customized solutions tailored to specific industry requirements. This business model is gaining popularity due to its affordability and ability to deliver quick returns on investment.

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Research Analysis

The Robotics as a Service (RaaS) market is experiencing rapid growth as businesses across various sectors adopt robotics technology to streamline operations and enhance efficiency. RaaS technology is revolutionizing industries such as food delivery services, where self-driving cars and sidewalk robots are transforming last-mile delivery. In the healthcare sector, personal assistance robots are improving patient care and increasing autonomy. Manufacturing, Retail, Logistics, and the Automotive industry are also embracing RaaS for automation and cost savings. Cloud-based robotics platforms, IoT, AI, and a subscription model are driving the adoption of RaaS in Large Enterprises. The geographical footprint of RaaS is expanding, with applications in the BFSI industry and the autonomous security business. The sales strategy for RaaS providers involves offering customized solutions to meet the unique needs of each industry. RaaS is set to revolutionize the way we work and live, with endless possibilities for innovation and growth.

Market Research Overview

The Robotics as a Service (RaaS) market is experiencing significant growth due to the adoption of robotics in various industries, including food delivery services and logistics. RaaS technology enables food delivery giants to integrate self-driving cars, sidewalk robots, and other robotic solutions for last-mile delivery, offering a more efficient and cost-effective alternative to traditional delivery methods. RaaS allows procuring, coding, accessorizing robots, and managing software upgrades, sensor replacements, and part replacements, reducing the need for capital expenditure. However, challenges such as insufficient production, slow ROI, and high operating costs can hinder the market’s growth. The logistics end-use segment, including supply chain operations, is a significant contributor to the RaaS market, with robotics service partners offering seamless material handling and warehouse automation solutions. The healthcare sector also benefits from RaaS through the use of surgical robots and personal assistance robots. The manufacturing, retail, automotive, BFSI industries, and automation sectors are also adopting RaaS for handling applications. Cloud-based robotics platforms, IoT, AI, and a subscription model are driving innovation in the RaaS market, with large enterprises and geographical footprint expansion being key sales strategies for market players.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeProfessionalPersonalApplicationIntralogisticsMedical ApplicationsSurveillance And SecurityField RoboticsOthersGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa

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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