Technology
Relay Market Size to Reach $15.20 billion by 2030 | MarketsandMarkets™
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3 weeks agoon
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CHICAGO , Nov. 4, 2024 /PRNewswire/ — The global Relay Market is anticipated to grow from estimated USD 10.12 billion in 2024 to USD 15.20 billion by 2030, at a CAGR of 7.0% during the forecast period. The increasing incorporation of renewable energy sources that are subject to intermittency such as, solar energy wind energy, into electrical grids brings new obstacles. This is because relay systems help maintain stability in the grid by managing power variations, connecting different sources of energy seamlessly, and protecting the grid against faults. With the increase of renewable penetration, relays assist in controlling the voltage and frequency so as to protect the system and the energy from the volatile nature of renewable energy sources. Advanced relay solutions thus become inevitable to make certain structures balancing and supplying energy are trustworthy.
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By Panel Mounting Type
Increased demand for the panel-mounted relays is being driven by this new smart grid technology; relay plays an integral role in all monitoring and control systems. The advanced digital communication and IoT technology underpin the smart grid’s real-time monitoring, data analysis, and efficient management of electricity distribution. This requires reliable relay systems that make operations effortless smooth, improve the reliability of the grid, and support self-healing functions. Panel-mounted relays are critical to achieving accurate control and coordination among smart grid-related resources. Therefore, they become crucial components in modern energy infrastructures, primarily for the management of distributed energy resources and even in demand response strategies.
Electromechanical Relay, by Type
The type segment is further segmented into 6 types: Electromechanical Relay, Thermal Relay, Reed Relay, Time Relay, Solid State Relay (PhotoMOSFET), and Others. Electromechanical Relay segment is expected be the drive the market. Governments around the globe are actively fostering energy efficiency initiatives aimed at reducing energy consumption and promoting sustainable practices. These efforts include incentivizing the adoption of energy-efficient technologies and appliances across various sectors, which in turn drives the demand for electromechanical relays in modern power systems. As utilities and industries seek to optimize energy use and enhance grid reliability, electromechanical relays become essential components for managing and controlling power distribution effectively. By enabling precise switching and monitoring of electrical loads, these relays play a pivotal role in achieving energy savings and supporting the transition to a more sustainable energy landscape. Overall, the push for energy efficiency not only benefits consumers but also contributes significantly to reducing carbon footprints and advancing environmental goals worldwide.
Regional Analysis
The rapid growth of emerging economies, especially India and China, is considerably increasing the demand for relay systems across various sectors, including industrial and residential. As these countries continue their development of infrastructure and manufacture capabilities, there is a great need to ensure that the electrical system implemented in these areas is reliable and efficient. Relays have played an excellent role in ensuring smooth operations, protection of equipment, and management of power at industrial, residential, and other levels. This has increased mainly due to higher urbanization and high consumption of energy. Such developments have shifted the focus towards smart cities and thus on relay technology.
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Key Players
Some of the major players in the relay market are Panasonic Holdings Corporation (Japan), HONGFA (China), TE Connectivity (Switzerland), OMRON Corporation (Japan), and GE Vernova Inc. (US) among others. The major strategies adopted by these players include new product launches, acquisitions, joint ventures, and expansions.
HONGFA
HONGFA is a global leader in the relay industry, known for its specialization in electromechanical relays. Established in China, HONGFA has grown to become the largest relay manufacturer worldwide, commanding a significant share of the market. The company offers a diverse range of relays, including power relays, automotive relays, HVDC (High Voltage Direct Current) relays, and latching relays, catering to various industries such as power, automotive, and industrial automation. HONGFA’s strong focus on research and development is reflected in its advanced production capabilities, with multiple R&D and manufacturing facilities across China. This vertical integration allows HONGFA to streamline its operations, reducing costs while maintaining high-quality standards. The company has sales channels in Europe and America, as well as operations in Indonesia and the establishment of a factory in Germany.
OMRON Corporation
OMRON Corporation is a key player in the global relay market, particularly known for its contributions to industrial automation and electronic components. Headquartered in Japan, OMRON is renowned for producing a wide range of relays, including solid-state relays, which are essential for switching operations in automation and control systems. OMRON’s leadership in the relay market is driven by its innovations in automation technologies, along with its global manufacturing capabilities. The company’s relays are widely used across industries like automotive, electronics, and manufacturing, making it a versatile and crucial supplier. Its products are designed to improve operational efficiency, reduce energy consumption, and enhance safety. OMRON Corporation operates in more than 210 countries and has more than 50 manufacturing plants and 1 research and development center in Japan. The company has more than 150 offices in the world and has more than 10 subsidiaries globally.
TE Connectivity
TE Connectivity is a key player in the global relay market, offering a wide range of relay technologies that serve multiple industries. The company specializes in connectivity and sensor solutions, providing relays that cater to sectors such as automotive, industrial, and telecommunications. TE’s product portfolio includes signal, power, and automotive relays, which are critical for enhancing automation and safety in modern industries. TE Connectivity is well-regarded for its innovation, particularly in designing highly reliable and durable relays for both standard and demanding environments. The company has established itself as a leader by focusing on industrial automation and smart manufacturing trends, offering solutions that improve efficiency and flexibility in production processes. Additionally, TE’s global reach, with operations in regions such as North America, Europe, and Asia, allows the company to cater to a diverse customer base and maintain a strong market presence.
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Technology
ANAB to Host Webinar on Department of Defense Cyber Workforce Qualification Program and ANAB Accreditation under DoD Directive 8140
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20 minutes agoon
November 22, 2024By
Join ANAB and Special Guests from the Department of Defense
NEW YORK, Nov. 22, 2024 /PRNewswire/ — The ANSI National Accreditation Board (ANAB) is hosting an informative webinar on the U.S. Department of Defense (DoD) Cyber Workforce Qualification Program and ANAB Accreditation under DoD Directive 8140, sharing insights into the DoD 8140 manual requirements and ANAB’s role in the accreditation process. The session will feature representatives from the DoD, who will be available for questions.
“DoD Cyber Workforce Qualification Program and ANAB Accreditation under DoD Directive 8140” will be held on December 11 from 11:30 a.m.-12:30 p.m. ET. Register via ANAB’s website.
As the manual that establishes policies and procedures for the DoD’s cyber workforce, DoD 8140 supports military service members, DoD civilians, and contractor employees performing cyber work within the scope of their assigned cyber element (IT, cyber enablers, cyber effects, cyber [intel], or cybersecurity). This informational session will provide an overview of:
DoD Directive 8140Types of Eligible ProgramsDoD Work Roles AlignmentThe DoD ProcessANABThe Difference Between Certificate and Certification ProgramsANAB Accreditation ProcessOverview of Application ProcessWebsite and Resources
The webinar will highlight information on credentialing accreditation programs that are required by the DoD, including two offered by ANAB: the Certificate Accreditation Program (ANSI/ASTM 2659 for training programs) and the Personnel Certification program (ISO/IEC 17024 for certifications).
For more information about this webinar, please contact ANAB’s Caitlin O’Connell (202.384.0184; coconnell@anab.org).
About ANAB
The ANSI National Accreditation Board (ANAB), a wholly owned subsidiary of the American National Standards Institute (ANSI), is the largest multi-disciplinary ISO/IEC 17011 accreditation body in North America, with comprehensive signatory status across the multilateral recognition arrangements of the International Accreditation Forum (IAF) and International Laboratory Accreditation Cooperation (ILAC). The ANAB accreditation portfolio includes management systems certification bodies, calibration and testing labs, product certification bodies, personnel credentialing organizations, forensic test and calibration service providers, inspection bodies, police crime units, greenhouse gas validation and verification bodies, reference material producers, and proficiency test providers. For more information, visit www.anab.org.
About ANSI
The American National Standards Institute (ANSI) is a private non-profit organization whose mission is to enhance both the global competitiveness of U.S. business and the U.S. quality of life by promoting and facilitating voluntary consensus standards and conformity assessment systems, and safeguarding their integrity. Its membership is comprised of businesses, professional societies and trade associations, standards developers, government agencies, and consumer and labor organizations.
The Institute represents and serves the diverse interests of more than 270,000 companies and organizations and 30 million professionals worldwide. ANSI is the official U.S. representative to the International Organization for Standardization (ISO) and, via the U.S. National Committee, the International Electrotechnical Commission (IEC). For more information, visit www.ansi.org and access the latest news and content on LinkedIn, X, and Facebook.
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SOURCE American National Standards Institute
Technology
Pricing Software Market Skyrockets to $2,875.61 Million by 2031 Dominated by Tech Giants – Epicor Software Corp, PROS Holdings Inc and Revalize, Inc | The Insight Partners
Published
20 minutes agoon
November 22, 2024By
The global pricing software market is set for explosive growth, with projections indicating a surge to $2,875.61 million by 2031. This remarkable expansion, driven by increasing penetration of mobile devices and boosting the subscription base for pricing management software or platforms.
NEW YORK, Nov. 22, 2024 /PRNewswire/ — According to a new comprehensive report from The Insight Partners, the Global Pricing Software Market is observing significant growth. Business processes are becoming increasingly dependent on the cloud and advanced automation systems. Thus, rising upgrades in existing legacy pricing management and optimization software and the growing need for competitive pricing strategies are driving the pricing software market. For Detailed Market Insights, Visit: https://www.theinsightpartners.com/reports/pricing-software-market
The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the Pricing Software market comprises a vast array of wall and deck mount which are expected to register strength during the coming years.
Market Overview and Growth Trajectory:
Pricing Software Market Growth: According to an exhaustive report by The Insight Partners, the Pricing Software Market is experiencing significant growth, driven by digital transformation globally and continuous growth in manufacturing industry. The market, valued at $1,204.44 million in 2023, is expected to grow at a Compound Annual Growth Rate (CAGR) of 11.5% during 2023–2031.
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Considering the current environment where inflation, consumer awareness, and the number of players are increasing, pricing has become one of the important factors as it affects the overall business and its growth. Competitive pricing strategies help companies across the globe to reduce losses and increase the profitability of the company by analyzing a variety of factors that are affecting the pricing of particular goods and services. One of the factors that allow users to understand is price elasticity and demand dynamics. Price elasticity is one of the notable factors in the business as it measures customer sensitivity toward price changes. This helps identify consumer behavior and further optimize the price accordingly. In addition, it also helps analyze the competitors’ prices across the sales channels. With this data, companies can come up with competitive prices as the competition is getting fierce and the need for competitive advantages is increasing. This competitive pricing strategy is highly beneficial in setting dynamic prices. Owing to the increased penetration of e-commerce and other online marketplaces, the trends of dynamic prices have increased. Pricing software helps the users not only identify customer behavior and competitors’ analysis but also helps in pricing management across the sales channel, which ultimately leads to increased adoption of the pricing software.
Digital Transformation globally: Digital technologies are transforming how businesses and consumers operate across the globe. Due to the COVID-19 pandemic, there was a rapid rise in the adoption of digital technologies. Digitization saved many companies during the pandemic as they adapted to remote work cultures and online operations. Developing economies such as India, China, South Africa, Brazil, and Argentina are adopting advanced digital technologies in various sectors, such as manufacturing, manufacturing, e-commerce and retail, and IT and telecom, to enhance productivity and economic growth. For instance, the Digital India initiatives launched by the Indian government improved the online infrastructure and increased internet accessibility in most of the rural areas. With these initiatives, the penetration of e-commerce and other online marketplaces increased, ultimately driving the demand and production of consumer goods. Many companies across the globe are prioritizing digital transformation over other upgrades of business processes.
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Data analytics has become a powerful tool for businesses to benefit from valuable insights and make informed decisions due to the massive amount of data generated. Data analytics is experiencing a revolution in tools, technologies, applications, and adoption. The industry is evolving rapidly, and companies are heavily investing in turning data and analytics into competitive advantage. According to most big data experts, the amount of data generated is expected to increase dramatically during the forecast period. For instance, the report from Seagate’s Data Age 2025 estimates that the amount of data generated worldwide is expected to reach 175 zettabytes by 2025. The massive increase in the number of people working from home or remote locations, studying, and spending time on the internet is driving data expansion. Such a high amount of data, when processed with the help of artificial intelligence integrated within the pricing software, is expected to provide a detailed and very insightful analysis to its end users, which will help them to optimize and manage the price.
Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific. Asia Pacific is expected to register the highest CAGR during the forecast period.
Pricing Software Market Segmentation, Applications, Geographical Insights:
Based on type, the market is divided into cloud based and on-premise. The cloud segment held the largest share of the pricing software market in 2023.Based on enterprise size, the market is bifurcated into small and medium enterprises and large enterprises. The large enterprises segment held the largest share of the Pricing Software market in 2023.Based on industry vertical, the market is categorized into manufacturing, travel and hospitality, it and telecom, retail and e-commerce, food and beverages, BFSI and others. The manufacturing segment held the largest share of the pricing software market in 2023.The Pricing Software market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Key Players and Competitive Landscape:
The Pricing Software Market is characterized by the presence of several major players, including:
Epicor Software CorpPROS Holdings IncRevalize, IncCompetera LimitedPrice f(x) AGPrisyncWebcentric D.O.O.Zilliant IncBlackCurve Solutions LimitedSkuuudlePriceBeamFlintfoxSniffie Software Ltd.EversightMinderestWiser Solutions, Inc.ReactevPrice EdgeToptal, LLCRetalon
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
Pricing Software Market Recent Developments and Innovations:
“The vision of Sniffie, a startup from Helsinki, Finland is to democratize ecommerce by enabling the equal use of machine learning in pricing for small and mid-sized ecommerce businesses. To reach this goal, Sniffie secured a total of US$2.75M seed funding.””Wiser Solutions launched the next iteration of its Commerce Execution Suite, with enhanced offerings in its Price Intelligence, Reseller Intelligence, and Retail Execution products. These improvements are made possible due to strategic partnerships in the commerce execution space and targeted investments into product and feature enhancements specific to the everyday jobs of prospects and customers.””Tech Mahindra, a leading provider of digital transformation, consulting, and business re-engineering services and solutions, announced a global strategic partnership with Retalon, a leader in retail AI and predictive analytics solutions. The partnership will enable Retail and CPG organizations to gain better customer insights, improve decision-making, and enhance operational efficiency.””In 2023, Epicor, a global leader of industry-specific enterprise software to promote business growth, announced that for the second time in a row, it has been positioned as a Leader in the Nucleus Research Configure Price Quote (CPQ) Technology Value Matrix published in November 2023. Nucleus evaluated Epicor CPQ is a comprehensive solution that streamlines the quoting process by automating configuration, pricing, and quoting. It enables businesses to handle complex product configurations efficiently, set accurate pricing based on rules, and automate the generation of professional quotes. Epicor CPQ can be used as a standalone product or integrated with the Epicor Industry ERP Cloud.””In 2024, Flintfox was named a member of the prestigious Microsoft Business Applications Inner Circle 2024/2025 for the eighth year running. The Inner Circle is one of the ways in which Microsoft recognizes its partners and is an exclusive peer-to-peer network between partners and Microsoft executives and leaders. As a member of Microsoft Business Applications Inner Circle, Flintfox has access to exclusive resources and early visibility of the Microsoft product roadmap, ensuring the circle can continue to enhance and develop the Flintfox solution in line with customers’ needs and infrastructure.”
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Pricing Software Market Drivers, Challenges, Future Outlook and Opportunities:
According to the experts, the more data is processed within the pricing software, the more accurate results can be obtained. Thus, massive data generation, increased investments in data analytic tools, and the presence of AI-integrated pricing software are expected to generate lucrative opportunities for the pricing software market.
According to Cisco, by 2024, ~75% of startups in Canada will have a digital-first strategy. Moreover, over 50% of SMEs reorganized their company structure in Canada. The rising adoption of digital technologies has increased the demand for the replacement of conventional pricing management and data collection methods. The growing preference for digital transformation is driving the pricing software market.
Based on industry, the market is segmented into manufacturing, travel and hospitality, IT and telecom, retail and e-commerce, food and beverages, BFSI, and others. The manufacturing industry registered the largest market share of 23.6% in 2023 in the pricing software market and is projected to maintain its dominance during the forecast period. In manufacturing, companies are required to migrate data while upgrading enterprise resource planning platforms. The companies are investing in building new data warehouses and advanced pricing analytics tools by moving their existing systems to the cloud platform. Cloud migration service is gaining popularity in the manufacturing sector owing to its benefits, such as cost savings, improved pricing management, high scalability, collaboration, security, productivity, and automation. Globally, the manufacturing industry is witnessing substantial growth owing to the surging investments in digitalization and price management platforms. In addition, manufacturing companies across the globe are focused on expanding their geographical presence. This is influencing the rise in the number of distributors across the globe. Additionally, owing to the increasing competition, pricing software plays an important role in the manufacturing sector, influencing companies to adopt competitive pricing strategies.
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The cloud-based segment held a larger share of the pricing software market in 2023, accounting for 72.9%. The segment is expected to account for a share of 75.2% by 2031. An on-premises deployment is an approach wherein pricing management and optimization software are implemented and used from clients’ in-house servers. These traditional solutions offer customers complete control over pricing platforms, applications, systems, and data, which can be handled and managed by their internal staff. In organizations where user credentials are critical for business operations, such as banks and insurance companies, the adoption of on-premises deployment is higher as it can control the systems from the enterprise’s physical or owned location. Further, the on-premises segment is likely to witness steady growth due to the constantly growing adoption of pricing software solutions across banks, insurance companies, and the government sectors. eZee FrontDesk offers on-premise pricing software or revenue management solutions, including hotel channel management.
Conclusion:
The integration of AI and machine learning is expected to become a key trend in the pricing software market, transforming how organizations manage and optimize prices. In the continuously changing world of business and competitive scenarios, the need for more accurate data is high. Adoption and integration of such technologies to better understand their customers and optimize strategies for increased profits. With the help of Artificial Intelligence pricing engines, companies can analyze the data at minute levels such as weather, seasonality, days of week and time, events, and holidays. This type of software goes beyond the conventional pricing analysis methods and uses advanced and modern algorithms to analyze complex patterns, customer behavior, market trends, and other related factors in real time.
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With projected growth to $2,875.61 Million by 2031, the Pricing Software Market represents a significant opportunity for component providers, system technology integrators, system manufacturers, investors, industry stakeholders, end users and others. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.
Related Report Titles:
Retail Pricing Software Market Size and Forecasts (2021 – 2031)Subscription Revenue Management Software Market Size and Forecasts (2021 – 2031)Customer Revenue Optimization Software Market Size and Forecasts (2021 – 2031)Cash Management System Market Size and Forecasts (2021 – 2031)
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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Technology
Chernoff Newman Launches Test Unit, a Hybrid PR/Social/Creative Offering
Published
20 minutes agoon
November 22, 2024By
CHARLESTON, S.C., Nov. 22, 2024 /PRNewswire/ — Chernoff Newman, a Southeast-based integrated marketing agency, has launched Test Unit, a hybrid offering made to give small and mid-sized brands a crack at big attention.
Co-led by Peter LaMotte, president of strategic communications, and Dan Jividen, group creative director, the effort unites the agency’s deepest and oldest practices to give clients a chance to experiment with ideas built to spark earned-media interest and start conversations – with fewer hurdles and without massive spend.
“Not every brand is Wendy’s or Liquid Death. Most don’t have the budget or bravado to take big swings right out the gate,” Jividen said. “That’s what we’re here for: to help them take nibbles before they gulp.”
The goal is to take small and mid-sized clients on culturally inspired adventures that generate ideas meant to be touched, talked about and shared. That can all be a much less intimidating proposition with seasoned communications experience baked in. “We do not put our clients’ brands at risk,” said LaMotte, who has worked with numerous international clients to build awareness and manage their reputations. “But we’ll always push to take calculated and strategic chances to better their business. If we’re not doing that, we’re not giving them our all.”
Jividen, formerly with Weber Shandwick, knows the power of those ideas and their ability to level the playing field. “No longer the domain of big brands alone, today’s media landscape is fractured and amorphous. Smaller brands may take advantage with a sizable voice,” he said. The new effort’s process carries that amorphous spirit: teams are cast and then disbanded at each project’s end, making every opportunity its own fresh ecosystem.
The agency’s long-term and trusted client relationships were the inspiration for the new offering and key to its success. “Test Unit is a reformulation of our assets and strengths,” LaMotte said. “When we bring it to clients, we’re relying on them to take a leap…and to trust us like they always have.”
About Chernoff Newman
Chernoff Newman is a fully integrated marketing communications firm specializing in sectors like agriculture, education, healthcare, and infrastructure. Core services include advertising, branding, public relations, and crisis management. Offices are in Columbia and Charleston, SC; Charlotte, NC; Orlando, FL; and Washington, DC. Learn more at chernoffnewman.com.
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SOURCE Chernoff Newman
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Pricing Software Market Skyrockets to $2,875.61 Million by 2031 Dominated by Tech Giants – Epicor Software Corp, PROS Holdings Inc and Revalize, Inc | The Insight Partners
Chernoff Newman Launches Test Unit, a Hybrid PR/Social/Creative Offering
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