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Shipbroking Market to Grow by USD 263.7 Million from 2024-2028, Driven by Key Value Additions in Shipping and AI’s Impact on Market Trends – Technavio

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NEW YORK, Oct. 17, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The Global Shipbroking Market size is estimated to grow by USD 263.7 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 3.1%  during the forecast period. demand for key value addition in shipping process is driving market growth, with a trend towards implementation of advanced technologies. However, increased exposure to global macroeconomic factors  poses a challenge – Key market players include AGORA SHIPBROKING Corp., Aries Asia, BGC Group Inc., Braemar Plc, BRS Group, Chowgule Brothers Pvt. Ltd., Clarkson Plc, E.A. Gibson Shipbrokers Ltd., Fearnleys AS, Howe Robinson Partners Pte Ltd., IFCHOR GALBRAITHS, Interocean Group, Lorentzen and Co., Maritime London Ltd., MB Shipbrokers KS, McQuilling Partners Inc., Seacore Shipbrokers Ltd., SHIPLINKS, Simpson Spence Young Ltd., and SPI Marine UK Ltd..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Shipbroking Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 3.1%

Market growth 2024-2028

USD 263.7 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

2.9

Regional analysis

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

Performing market contribution

Europe at 47%

Key countries

UK, Singapore, Norway, US, and China

Key companies profiled

AGORA SHIPBROKING Corp., Aries Asia, BGC Group Inc., Braemar Plc, BRS Group, Chowgule Brothers Pvt. Ltd., Clarkson Plc, E.A. Gibson Shipbrokers Ltd., Fearnleys AS, Howe Robinson Partners Pte Ltd., IFCHOR GALBRAITHS, Interocean Group, Lorentzen and Co., Maritime London Ltd., MB Shipbrokers KS, McQuilling Partners Inc., Seacore Shipbrokers Ltd., SHIPLINKS, Simpson Spence Young Ltd., and SPI Marine UK Ltd.

Market Driver

The maritime industry is witnessing significant advancements driven by technological innovations such as artificial intelligence, machine learning, blockchain, advanced analytics, Big Data, Internet of Things, virtual assistants, automated vehicles, and augmented reality. Modern ships are incorporating smart systems, including advanced sensor systems, drones, satellites, and other robotic devices, to become smarter and more connected. Shipping ports are automating processes and utilizing technology-driven solutions for optimization and efficiency. The use of an Automated Identification System (AIS) is a prime example of how technology is revolutionizing the industry. This system, which consists of a group of satellites tracking ships’ activities and using big data analytics for insights, offers granular-level information for process improvement and optimization. Another groundbreaking innovation is the implementation of blockchain technology, which is expected to bring significant efficiency to the shipbroking and shipping process. Contractual negotiations and documentation, which are traditionally time-consuming due to extensive due diligence, can now be accomplished in minutes with enhanced transparency and minimal human intervention. This development is expected to lead to reduced operating costs for shipbrokers and increased profits. In summary, the maritime industry is undergoing a digital transformation, with technological innovations such as AI, machine learning, blockchain, and Big Data Analytics driving process optimization, efficiency, and transparency. This trend is expected to continue, boosting the growth of the shipbroking market during the forecast period. 

Shipbrokers play a crucial role in the maritime transport industry by connecting ship owners with traders looking to move goods. They facilitate legal agreements between parties, offering charting brokers’ services for vessel chartering. Value-added services include insurance, storage facilities, and inland transportation. Risks such as piracy, sea storms, and container damage are managed. Containers, tankers, dry bulk, and other vessel types are bought and sold through sales and purchase agreements. Valuations, recycling, offshore services, and newbuilding services are also provided. Specialized expertise in sectors like oil and gas, manufacturing, aerospace and defense, international trade, and seaborne transportation are key. Intermediaries coordinate freight rates, vessel supply, and cargo logistics, building strong relationships with clients to ensure successful transactions. Online platforms streamline transaction processing. 

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 Market Challenges

The global shipbroking market is significantly influenced by macroeconomic factors, making it susceptible to various risks and uncertainties that could negatively impact the shipping industry. The shipping sector faced significant challenges during the 2008 mortgage crisis, resulting in a decline in economic activity and a drop in profitability. More recently, the collapse of Hanjin, a major container line in 2016, further affected the industry. While the global economy is recovering, risks such as the Chinese economy’s rebalancing, Brexit, and US policy uncertainties continue to pose challenges. Brexit may result in trade barriers between the UK and EU, negatively impacting the entire shipping industry. Protectionism, shortening supply chains, production and trade localization, and the failure of regional trade agreements are also expected to negatively affect the global shipbroking market during the forecast period. The weak investment environment, downturn in trade, and low commodity price levels further compound these challenges.The shipbroking market faces various challenges in the contemporary business landscape. Containers, tankers, dry bulk, and other vessel types require efficient sales and purchase transactions. Valuations, recycling, and newbuilding services are crucial for owners and investors. Oil and gas, manufacturing, aerospace and defense, international trade, and seaborne transportation sectors rely on shipbrokers for logistics and commodities movement. Freight rates, vessel supply, and value-added services impact relationships with clients. Specialized expertise in cargo logistics and intermediaries’ roles are vital in managing freight luggage, vessels, and charterers’ needs. Sellers, logistics, commodities, and freight rates involve significant risks that require mitigation. Online platforms streamline transaction processing, but coordination, charting, and documentation services remain essential. Third-party agencies, blockchain, artificial intelligence, and machine learning offer marine business solutions. Bankers, investors, and charterers require expert advice in offshore projects, offshore services, and oil and gas sectors. Trained professionals handle risks, provide documentation services, and manage relationships with clients and stakeholders. In summary, the shipbroking market faces challenges in managing various vessel types, sectors, and services while ensuring efficient transactions, risk management, and specialized expertise.

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Segment Overview 

This shipbroking market report extensively covers market segmentation by  

Application 1.1 Bulker1.2 Tanker1.3 OthersEnd-user 2.1 Oil and gas2.2 Manufacturing2.3 Aerospace and defense2.4 OthersGeography 3.1 Europe3.2 APAC3.3 North America3.4 Middle East and Africa3.5 South America

1.1 Bulker-  The bulker segment’s growth is linked to the expansion of global economic activity and infrastructure development, driving demand for dry bulk seaborne trade. Shipbrokers play a vital role in this sector by acting as intermediaries between shipowners and charterers. They offer essential services like logistics coordination, market research, and negotiation. Shipbrokers’ expertise in freight rates, shipping routes, and market trends enables them to advise clients on optimal shipping strategies. In the bulker segment, where freight rates are influenced by supply and demand shifts, brokers negotiate favorable terms for both parties. They also manage shipping logistics, including scheduling, port preparations, and regulatory compliance, to ensure efficient delivery of commodities like coal, grain, and iron ore. The bulker segment’s growth positively impacts the global shipbroking market. Increased demand for dry bulk commodities necessitates efficient shipping solutions, leading to higher demand for shipbroking services. Shipowners may expand their fleets to meet demand, and brokers facilitate these expansions by connecting them with charterers and managing new contracts. A thriving bulker segment contributes to market stability, benefiting shipbrokers as increased trade volumes and predictable shipping operations enable more accurate forecasts and advice for clients. Consequently, these factors are expected to fuel the growth of the global shipbroking market during the forecast period.

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Research Analysis

The shipbroking market plays a crucial role in facilitating the global maritime transport of goods through various value-added services. Shipbrokers act as intermediaries between ship owners and traders, negotiating charter agreements for the rental of vessels for seaborne transportation. Legal agreements are essential in these transactions, with charting brokers ensuring compliance with international maritime laws. Sea ports serve as crucial hubs for the loading and unloading of goods, with logistics companies providing inland transportation services to move cargo to and from these facilities. Insurance and storage facilities are also essential components of the supply chain, protecting against risks and ensuring the safekeeping of goods. International trade relies heavily on seaborne transportation, with commodities such as grains, oil, and metals frequently transported via vessels. Freight rates and vessel supply are key factors influencing the market, with investors closely monitoring trends to maximize returns. Value-added services offered by shipbrokers include freight forwarding, cargo tracking, and documentation services, enhancing the efficiency and reliability of the maritime transport system. Charterers and traders rely on these services to optimize their supply chains and meet the demands of their customers.

Market Research Overview

The shipbroking market is a dynamic and complex industry that facilitates the buying and selling of various types of vessels, including container vessels, tankers, and dry bulk carriers, among others. Shipbrokers act as intermediaries between ship owners and traders, coordinating legal agreements, charting brokers, and providing value-added services such as insurance, storage facilities, inland transportation, and risk management. Goods are transported via maritime transport to sea ports, where they are loaded onto vessels for seaborne transportation. Freight rates and vessel supply are key factors influencing the market, with specialized expertise in cargo logistics and commodities essential for successful transactions. Risks, such as piracy and sea storms, are managed through insurance and security measures. Online platforms and transaction processing systems streamline the buying and selling process, while newbuilding services and offshore projects require specialized expertise. The market serves clients in various industries, including oil and gas, manufacturing, aerospace and defense, international trade, and logistics transportation. Blockchain, artificial intelligence, and machine learning are increasingly being adopted to enhance marine business solutions and improve efficiency. Third-party agencies and trained professionals provide documentation services and support cross-border imports.

Table of Contents:

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

ApplicationBulkerTankerOthersEnd-userOil And GasManufacturingAerospace And DefenseOthersGeographyEuropeAPACNorth AmericaMiddle East And AfricaSouth America

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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MRO Starts 2025 Strong with Top CEO Award, Major Client Wins, and Record-Breaking Growth

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Latest successes underscore MRO’s legacy and leadership in clinical data exchange, setting the stage for another milestone year.

NORRISTOWN, Pa., Jan. 15, 2025 /PRNewswire/ — MRO Corp. (MRO), the leading clinical data exchange company in healthcare, is pleased to announce its CEO, Jason Brown, was named one of The Top 50 Healthcare Technology CEOs of 2024, following several years of client expansion and growth.

This year’s Top CEO list features individuals whose leadership has been a driving force behind some of the most significant advancements in healthcare. MRO’s Jason Brown is one of those CEOs who has inspired his team to push boundaries, fostering a culture of innovation and transformative breakthroughs. This year’s awardees were selected through a methodical nomination process and careful consideration of each candidate’s career track record and industry contributions.

Over the last three years since Jason became CEO of MRO, the organization has experienced remarkable organic growth and innovation.   

“Technological innovation has been pivotal in driving our impressive results and our growth trajectory,” said Jason Brown. “MRO is undergoing a digital transformation, and as part of that transformation, we are enhancing every facet of our business to better serve our clients. This strategic utilization of technology combined with our world class services has enabled us to support our clients’ goals of exchanging secure, high quality, low latency clinical data at scale.” 

MRO is also pleased to announce a record number of new client partnerships. These include one of the nation’s largest Catholic health systems and a provider-sponsored health plan, backed by a top five US research hospital, according to Statista’s World’s Best Hospitals 2024.

Just as the organization has for the last 23 years, MRO continues to support hospitals and health systems in protecting revenues and simplifying the exchange of information with patients and third-party requesters to reduce risk, increase compliance, and introduce new efficiencies. Additionally, MRO has expanded its solutions portfolio.

MRO successfully launched three new solutions in 2023 and 2024. These innovative solutions unlock new market opportunities for MRO while also deepening relationships with existing clients and further solidifying the organization’s position in the healthcare technology industry overall.

Today, MRO partners with 1,200 hospitals, 35,000 clinics, 78 Accountable Care Organizations and works with the top 50 payers in the US. These partnerships are vital as MRO continues to accelerate clinical data exchange between providers, payers and patients.

“We’re continuing to push boundaries in how clinical data is exchanged, setting the foundation for long-term partnerships that improve outcomes across healthcare,” said Matt Wildman, Chief Commercial Officer.

About MRO
MRO is accelerating the exchange of clinical data throughout the healthcare ecosystem on behalf of providers, payers, and users of clinical data. By utilizing industry-leading solutions and incorporating the latest technology, MRO facilitates the efficient management and exchange of clinical data for all stakeholders. With a 23-year legacy, MRO brings a technology-driven mindset built upon a client-first service foundation and a relentless focus on client excellence. For more information on how MRO is empowering healthcare organizations of every type and scale with proven, enterprise-wide clinical data solutions, visit www.mrocorp.com.

Press contact information:
Stephanie Kindlick
MRO
(610) 994-7500, ext. 1353
skindlick@mrocorp.com

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Happiest Minds collaborates with Coca-Cola Beverages Vietnam to deploy an innovative GenAI conversational interface

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BENGALURU, India and SAN JOSE, Calif. and LONDON, Jan. 15, 2025 /PRNewswire/ — Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a ‘Born Digital. Born Agile’, Mindful IT Company, today announced the new association with Coca-Cola Beverages Vietnam, creating a series of GenAI solutions through their Generative AI Business Services (GBS).

In a consultative approach, Happiest Minds collaborated closely with the strategic team at Coca-Cola Beverages Vietnam during a discovery phase. This phase aimed to comprehensively understand the business requirements and explore how GenAI could effectively support them in achieving their goals.

Coca-Cola Beverages Vietnam presented two business cases necessitating technology transformation to enhance organizational productivity and operational efficiency.

Augmenting HR Efficiency: The policy information across different business functions at Coca-Cola Beverages Vietnam was scattered across multiple documents, causing inefficiencies for employees searching for relevant information. This fragmentation impeded productivity and hindered effective decision-making processes within the organization.Monitoring Cooler Productivity: Sales reps and asset managers at Coca-Cola Beverages Vietnam must monitor cooler RoI nationwide, engaging with retailers to enhance productivity. Presently, they navigate multiple systems to assess customer performance, pinpoint focus areas, and identify outliers. Streamlining this process would optimize cooler productivity, fostering better retailer connections.

Happiest Minds harnesses GenAI bots, utilizing Microsoft Azure OpenAI Service and open-source components, to develop a conversational interface that fulfills both critical business needs ― firstly, to create a GenAI-enabled HR assistant, and secondly, to develop a Cooler Productivity Monitoring System with an embedded layer of GenAI. The solution enabled users to access comprehensive information through a single interface and engage in natural language conversations with the underlying data. By integrating GenAI technology, this conversational interface enhances user experience, facilitating seamless interaction and efficient access to information. Users can now intuitively converse with the data, streamlining workflows and fostering a more productive and intuitive user experience for better HR enablement and augmented assistance for Sales reps and Asset Managers.

Implementing the GenAI solution at Coca-Cola Beverages Vietnam promises significant benefits for employees. Firstly, it enhances operational efficiency by automating tasks and streamlining processes, effectively reducing manual workload. Secondly, it fosters increased employee satisfaction and engagement, thereby boosting overall productivity levels.

Sridhar Mantha, CEO, Generative AI Business Services, Happiest Minds, said, “Our enduring partnership with Coca-Cola Beverages Vietnam led to the exploration of unique business cases, igniting excitement at GBS to collaborate and craft a unique GenAI solution. Given our strategic alliance with Microsoft, we were able to leverage Microsoft Azure Open AI stack to deliver tailored solutions for Coca-Cola Beverages Vietnam needs. In a short span since inception, we’ve already served over 20 customers and are actively engaging with numerous others, showcasing our commitment to excellence and customer satisfaction.”

Rahul Shinde, Vice President & CIO, Coca-Cola Beverages Vietnam, said, “I am proud of the fact that we were able to create a tool that has the potential to make a real difference in unleashing the productivity of our employees and we are only scratching the surface with Generative AI. We had confidence to partner with Happiest Minds through this journey and the team didn’t disappoint us. They were able to work in an agile manner and their technical expertise coupled with deep understanding of Coca-Cola business helped us to launch this product within a few weeks.”

Rajiv Shah, Executive Director, Happiest Minds, said, “The advent of Generative AI is poised to revolutionize not only the tech landscape but also the business arena in the years ahead, offering a competitive edge to organizations that embrace it swiftly. At Happiest Minds, we collaborate closely with our clients, guiding them through their GenAI implementation journey. From identifying needs and conducting gap analyses to providing tailored solutions aligned with their business objectives, we ensure our clients leverage the full potential of Generative AI to stay ahead in their respective industries.”

Nathan Nash, Strategic Account Technology Strategist, Microsoft, said, “This deployment of Microsoft Azure AI solutions with Coca-Cola Beverages Vietnam continues to build on the strong relationship between Happiest Minds and Microsoft in APJ. This solution has significantly bolstered operational efficiency, showcasing the robust capabilities of Azure AI in driving business transformation. By harnessing advanced analytics and AI tools, Coca-Cola Beverages has streamlined processes, reduced costs, and enhanced decision-making. This collaboration not only exemplifies the tangible benefits of Microsoft Azure AI but also stands as a glowing example of how technology can quickly deliver the business outcomes that customers need to compete in the new era of AI.”

Pioneering the field of Generative AI, Happiest Minds has strategically established a dedicated Generative AI business unit (GBS). GBS provides a comprehensive suite of Gen AI services spanning diverse sectors such as EdTech, BFSI, Healthcare, and more. Backed by a proficient team of AI engineering experts and a repository boasting over 120 use cases, Happiest Minds has successfully delivered bespoke Gen AI solutions for over 20 clients. This track record has firmly positioned Happiest Minds as a ‘Niche & Established’ leader in Gen-AI Engineering Services, a distinction acknowledged by Zinnov’s 2023 Zones Ratings for Digital Engineering and ER&D Services.

Happiest Minds is a recognized Microsoft AI Partner Council Program member. This program acknowledges partners’ expertise in various industries and their capability to facilitate business transformation through Microsoft Azure AI. Happiest Minds champions various Microsoft AI technologies to deliver innovative cloud-based AI solutions, drive innovation, and shape the future of AI-driven technologies.

About Happiest Minds Technologies

Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a Mindful IT Company, enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency and actionable insights. We do this by leveraging a spectrum of disruptive technologies such as: artificial intelligence, blockchain, cloud, digital process automation, internet of things, robotics/drones, security, virtual/ augmented reality, etc. Positioned as ‘Born Digital. Born Agile’, our capabilities span Product & Digital Engineering Services (PDES), Generative AI Business Services (GBS) and Infrastructure Management & Security Services (IMSS). We deliver these services across industry groups: Banking, Financial Services & Insurance (BFSI), EdTech, Healthcare & Life Sciences, Hi-Tech and Media & Entertainment, Industrial, Manufacturing, Energy & Utilities, and Retail, CPG & Logistics. The company has been recognized for its excellence in Corporate Governance practices by Golden Peacock and ICSI. A Great Place to Work Certified™ company, Happiest Minds is headquartered in Bengaluru, India with operations in the U.S., UK, Canada, Australia, and the Middle East.

For more information, contact:

Kiran Veigas, 
Vice President and Head – Corporate Marketing, Branding & Communications, 
Media Contact: media@happiestminds.com

About Coca-Cola Beverages Vietnam Ltd. (Coca-Cola Beverages Vietnam)

Coca-Cola Beverages Vietnam operates plants in Ho Chi Minh City, Da Nang, and Hanoi, generating more than 2,200 indirect jobs through its supply chain and more than 1,400 direct jobs. The company continuously enhances and offers a variety of high-quality beverages, including low-sugar and sugar-free product lines, while diversifying designs and increasing business coverage globally. Coca-Cola’s beverage brands in Vietnam include Coca-Cola, Coca-Cola Light, Coke Zero, Sprite, Fanta, Minute Maid Nutriboost, Minute Maid Teppy, Schweppes, Dasani, and Aquarius, as well as Fuzetea+ bottled tea, Georgia canned coffee, and Thumps Up Charge energy drink.

Coca-Cola Beverages Vietnam is a member of the Swire Coca-Cola Limited, a wholly-owned subsidiary of Swire Pacific Limited, since the completion of acquisition in January 2023.

About Microsoft

Microsoft (Nasdaq “MSFT”) is a global leader in technology, committed to empowering every person and organization on the planet to achieve more. With a focus on cloud computing, artificial intelligence, and productivity solutions, Microsoft is dedicated to driving digital transformation across

industries. The company’s innovations—including Microsoft Azure, Microsoft 365, and Dynamics 365—enable businesses to harness data, streamline operations, and enhance collaboration. Microsoft prioritizes security, compliance, and sustainability, helping organizations navigate today’s complex digital landscape while fostering a culture of inclusivity and trust.

Logo: https://mma.prnewswire.com/media/1812236/4024169/Happiest_Minds_Logo.jpg

 

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EPAM Expands Collaboration with Google Cloud to Deliver Scalable AI Solutions for Industry Transformation

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New AI-powered solutions address generative AI, legacy modernization and data analytics to solve industry-specific challenges

NEWTOWN, Pa., Jan. 15, 2025 /PRNewswire/ — EPAM Systems, Inc. (NYSE: EPAM), a leading digital transformation services and product engineering company, today announced it has expanded its strategic partnership with Google Cloud to deliver innovative industry solutions for clients across the media and entertainment, energy and retail verticals. The enhanced collaboration will leverage Google Cloud’s Vertex AI platform to drive measurable business outcomes for clients through generative AI, legacy modernization and data analytics capabilities.

Building upon EPAM’s existing strategic global partnership with Google Cloud, this strengthened collaboration will create repeatable, high-value solutions that address key industry challenges for clients. The collaboration enables marketing support and go-to-market strategies to deliver impactful digital transformation initiatives for EPAM’s Google Cloud clients.

To accelerate regional growth, EPAM will leverage its deep retail, energy and media industry expertise and regional talent footprint across Ibero markets through its acquisition of Neoris. The Company will also expand its financial services offerings across Europe, North America and APAC through its recent acquisition of First Derivative, delivering strong capabilities in banking and capital markets.

“We are excited to elevate our collaboration with Google Cloud, which enables us to deliver tailored, AI-powered solutions for our clients across top verticals such as energy, media and retail,” said Elaina Shekhter‎, Chief Marketing & Strategy Officer, EPAM. “By leveraging Google Cloud’s advanced AI technologies, enabled by the Vertex AI platform, we can drive measurable business outcomes and enhance customer value, making AI real for our clients. This expanded partnership not only strengthens our ability to create industry-specific solutions but also deepens our relationship with Google Cloud, enabling us to align more closely on delivering impactful, scalable results for our customers.”

EPAM’s expanded partnership with Google Cloud introduces four innovative solutions, leveraging the full power of Google Cloud and the Vertex AI platform. These include three new industry-specific solutions and one cross-industry capability:

Video Search and Indexing for Media and Entertainment: Transform unstructured video data into searchable, actionable insights using the Vertex AI platform, improving accessibility and audience engagement for both internal and external users.JenAii™ for Retail: Enhance customer satisfaction and boost sales with wayfinding assistance and customer education, while addressing staffing shortages and margin pressures for retailers.Geospatial Data Visualization for Energy: Drive better decision-making through intuitive visualization and analysis of complex datasets using EPAM and the Google Cloud Platform, powered by Gemini models.Talk to Your Data: Simplify data analysis with a horizontal solution that enables clients to interact with their data in plain language, transforming complex datasets into clear, actionable visualizations and reports.

“EPAM has helped global enterprises improve everyday operations with Google Cloud’s leading AI technology,” said Colleen Kapase, VP of Channels and Partner Programs, Google Cloud. “Through this next phase of our partnership, EPAM will provide customers with the expertise and services capacity required to successfully plan, deploy and optimize every stage of a generative AI project.”

For more information about EPAM’s partnership with Google Cloud and the new industry solutions, please visit: www.epam.com/services/partners/google-cloud.  

Discover how our expanded partnership is driving digital transformation and how we can empower your business to achieve lasting success: www.epam.com.

About EPAM Systems

Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has used its software engineering expertise to become a leading global provider of digital engineering, cloud and AI-enabled transformation services, and a leading business and experience consulting partner for global enterprises and ambitious startups. We address our clients’ transformation challenges by focusing EPAM Continuum’s integrated strategy, experience and technology consulting with our 30+ years of engineering execution to speed our clients’ time to market and drive greater value from their innovations and digital investments.

We make GenAI real with our AI LLM orchestration, testing and engineering solutions, EPAM DIAL, EPAM EliteA™ and EPAM AI/RUN™, respectively.

We deliver globally but engage locally with our expert teams of consultants, architects, designers and engineers, making the future real for our clients, our partners, and our people around the world. We believe the right solutions are the ones that improve people’s lives and fuel competitive advantage for our clients across diverse industries. Our thinking comes to life in the experiences, products and platforms we design and bring to market.

Added to the S&P 500 and the Forbes Global 2000 in 2021 and recognized by Glassdoor and Newsweek as a Top 100 Best Workplace, our multidisciplinary teams serve customers across six continents. We are proud to be among the top 15 companies in Information Technology Services in the Fortune 1000 and to be recognized as a leader in the IDC MarketScapes for Worldwide Experience Build Services, Worldwide Experience Design Services and Worldwide Software Engineering Services.

Learn more at www.epam.com and follow us on LinkedIn.

Forward-Looking Statements
This press release includes estimates and statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Our estimates and forward-looking statements are mainly based on our current expectations and estimates of future events and trends, which affect or may affect our business and operations. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. Those future events and trends may relate to, among other things, developments relating to the war in Ukraine and escalation of the war in the surrounding region, political and civil unrest or military action in the geographies where we conduct business and operate, difficult conditions in global capital markets, foreign exchange markets and the broader economy, and the effect that these events may have on client demand and our revenues, operations, access to capital, and profitability. Other factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, the risk factors discussed in the Company’s most recent Annual Report on Form 10-K and the factors discussed in the Company’s Quarterly Reports on Form 10-Q, particularly under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” and other filings with the Securities and Exchange Commission. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made based on information currently available to us. EPAM undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.

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