Artificial Intelligence
Global Blockchain Technology Market Report 2021-2027 – Born Out of Bitcoin, Blockchain Technology Emerges to Disrupt the Digital Economy
Dublin, April 08, 2021 (GLOBE NEWSWIRE) — The “Blockchain Technology – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
The Pandemic Highlights Blockchain’s Potential Role in Increasing Resilience of Business Communities & Ecosystems. The Market to Reach US$ 30.7 Billion.
The global market for Blockchain Technology is projected to reach US$ 30.7 billion by the year 2027, trailing a post COVID-19 CAGR of 43% over the analysis period 2020 through 2027.
At a time when the global economic climate is spinning out of control, the blockchain technology market is expected to face severe short-term challenges in the year 2020. This year is expected to end on a dismal note as the pandemic continues to rage through the globe flaring up in second and third waves of infections, each worse than the previous wave, continuing to cause large scale human and financial destruction in countries across the world.
Pessimism remains high among chief information officers (CIOs). The continued decline in business confidence is an indication of the gradually worsening economic climate, since business confidence is a well-known leading indicator of future output. Business confidence, in other words, is a barometer of investment growth. As companies revisit their Investment spending plans, its little surprise that IT budgets are being slashed.
IT budgets which in the pre-pandemic period was projected to grow by over 5.5% to 6.8% supported largely by enterprise software spending is now set for sharp downward revisions. This downward revision comes despite the fact that the pandemic has set into motion a digital transformation wave. While emerging technologies like AI, IoT, automation, big data, and blockchain will benefit in the post COVID-19 period as essential technologies to have to ensure resilience to future disruptions, they currently come under the non-essential bracket especially for companies struggling to survive and remain afloat.
Virtually every technology company is facing financial challenges of disrupted supply chains, business opportunities and low consumer demand for goods and services. Inability to meet quarterly revenue targets mean reduced available funds for planned IT projects.
Over 45% to 55% of CIOs expect negative impact on IT budgets in the range of -10% to -40% as compared to the less than 20% who expect spending to actually increase. Excluding automation, cloud computing and technologies for remote working which are high priority as businesses come under pressure to enable WFM and remote operation to ensure business continuity, all other IT spending are being slashed. Blockchain technology will witness decline in all application areas, industrial and non-industrial sectors.
While blockchain is witnessing dwindling investments, these glitches are likely to be transitory and the technology is anticipated to spring back relatively quickly than other legacy options. The technology is estimated to witness the highest level of spending over the coming years owing to its intriguing characteristics like redundancy, decentralization and transparency. These aspects are bound to push blockchain adoption across a diverse spectrum of domains, from financial services and healthcare to supply chains.
The technology is expected to experience increasing interest and spending across various applications and industry verticals for addressing concerns associated with traditional options, enabling companies to gain an edge over competitors. The technology has become an integral part of business-to-business and business-to-consumer commerce, products and legal processes. Blockchain holds significant potential for prescription management, medical data, online shopping and other areas.
The technology is likely to help companies in controlling supply chains, achieving traceability of products and maintaining auditable record of goods movement. Blockchain is anticipated to present new opportunities for participants to manage supply chains, track insurance records and verify medical data. Despite certain degree of reluctance, the technology is poised to find increasing acceptance across manufacturing and professional services companies in the post-pandemic era. The technology is estimated to receive a notable investment of $14.4 billion globally by 2023.
The manufacturing & resources sector is estimated to register the fastest growth of 60.5% in terms of blockchain spend, followed by the distribution & services sector, which is forecast to post a solid CAGR of around 58.7%. Despite modest level of risks across majority of industries, blockchain-related deployments are slated to increase in the professional services, healthcare, manufacturing and retail industries owing to the requirement for coordination through the value chain.
Regionally, the US is anticipated to remain at forefront of blockchain spending. Following slowdown, blockchain spend in majority of regions is likely to increase notably over 2018-2023, with Central and Eastern Europe & Western Europe leading from the front with a CAGR of more than 63%. Asia-Pacific is estimated to contribute nearly 19.3% of the total spending on blockchain technology in 2020.
The regional market is expected to be fueled by increasing investments in the BFSI sector. The technology is anticipated to receive a major stimulus from increasing focus of various countries in Asia-Pacific to improve existing payment techniques and maintain records associated with regulatory compliance.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Born Out of Bitcoin, Blockchain Technology Emerges to Disrupt the Digital Economy
- The History of Bitcoin, Its Evolution, Its Short-lived Ascend To Boom & Its Downfall
- Blockchain Technology Rises from the Ashes of Bitcoin
- So What Are the Many Benefits of Blockchain That Double Up as Drivers of Adoption?
- How the COVID-19 Pandemic Destroyed the Global Economy
- Spending On Blockchain Technology Slumps by -6.9% in Fiscal Year 2020
- A Quick Post-COVID-19 Recovery Expected in 2021
- Despite the Current Slack in Demand, Blockchain Technology Joins in the Fight Against COVID-19
- Recent Market Activity
- Innovations
- World Brands
2. FOCUS ON SELECT PLAYERS(Total 251 Featured):
- AlphaPoint Corporation
- Blockchain Global
- Blockchain Tech Ltd
- BlockCypher, Inc.
- Bloq
- Chain, Inc.
- Coinfirm Ltd.
- Consensus Systems Technologies Corporation
- Credits
- Digital Asset Holdings, LLC
- IBM
- LUKKA, INC.
- Microsoft Corporation
- Monax Industries
- Nasdaq
- Ping Identity Corporation
- The Bitfury Group
- The Linux Foundation
3. MARKET TRENDS & DRIVERS
- A Review of Market Outlook Expected In the Post COVID-19 Period
- COVID-19 Triggers Unprecedented Disruptions in the Supply Chain & Accelerates the Urgency to Rethink Supply Chain Management
- Here’s How The Role of Blockchain Becomes Bigger in Post COVID-19 Management of Supply Chains
- COVID-19 to Emerges as the Push Factor for Adoption of Blockchain in Healthcare
- Here’s How the Pandemic Is Accelerating Digitalization of Healthcare
- Rise of Telemedicine During COVID-19 Times Brings Blockchain Into the Spotlight to Protect Telemedicine Programs
- Other Ways in Which Blockchain Can Revolutionize the Healthcare System in the Post COVID-19 Period
- Storming Into the Spotlight Is the Use of Blockchain in Fighting Counterfeiting of Drugs & Managing Clinical Trials
- Post COVID-19 Focus on Sustainability to Drive Blockchain Adoption in Environmental Governance
- Here’s Why the Environment & Sustainability Will be Top Priorities After the Pandemic
- How Blockchain Can Help Address the Sustainability Challenge?
- Inefficiencies of Public Sector & Government Agencies Can Now Finally Be Addressed Using Blockchain
- Blockchain-Enabled E-Voting Could Very Well be the Future of Organizational & National Voting
- A Growing Market for Smart Agriculture to Boost Adoption of Blockchain
- Smart Agriculture Becomes a US$12 Billion Global Market
- Blockchain’s Role in Smart Agriculture Demystified
- Growing IoT Ecosystems Systems to Power Blockchain Implementations
- Smart Contracts Are Among the Most Promising Use Cases of Distributed Ledger Technology
- Financial Services Sector: The Most Lucrative Application Area for Blockchain
- Blockchain to Improve Transparency, Security, Immutability & Accessibility of Financial Systems & Processes
- Blockchain Can Help in Financial Inclusion of the Unbanked
- Online Banking Fraud Could Become History With Blockchain
- Blockchain-based Payments Processing: An Active Area of Interest for Banks
- Huge Potential for Blockchain Technology in the Pharmaceutical Industry
- Blockchain & Artificial Intelligence (AI): A Powerful Combination
- How the Travel Industry Is Benefiting from Blockchain & AI Combo
- A Promising Growth Outlook for Blockchain Technology in the Energy Sector
- Blockchain Powered Solutions to Streamline Processes in Logistics, Trucking and Commercial Transportation Industry
- Promising Future for Blockchain in Media, Advertising & Entertainment Market
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
- GEOGRAPHIC MARKET ANALYSIS
IV. COMPETITION
- Total Companies Profiled: 299
For more information about this report visit https://www.researchandmarkets.com/r/fmvw9n
Artificial Intelligence
Add Value Machine, ADCB and Amazon Web Services (AWS) Successfully Conclude UAE’s First-Ever Generative AI Hackathon in the Banking Sector
ABU DHABI, UAE, June 17, 2024 /PRNewswire/ — Add Value Machine (AVM), a leading provider of secure generative AI platforms, and Abu Dhabi Commercial Bank (ADCB), one of the largest banks in the UAE, have successfully concluded the groundbreaking ADCB Generative AI Hackathon. The event, which took place in Abu Dhabi, marked the first time a UAE bank has conducted a hackathon focused on exploring the potential of generative AI in the banking sector.
“We are thrilled to have partnered with ADCB and AWS to host this groundbreaking hackathon,” said John Shaw, CEO of Add Value Machine. “Our secure generative AI platform has enabled ADCB to explore innovative solutions that can drive meaningful business impact across the bank. This event showcases the immense potential of generative AI in the banking sector, and we look forward to working with ADCB to bring the most impactful use cases into production.”
The hackathon brought together nearly 120 participants from ADCB, AVM and Amazon Web Services (AWS) collaborated to structure the event around key business outcomes, focusing on the most relevant ROI generative AI use cases in procurement, engineering, retail banking, and treasury.
Sean Langton, ADCB’s CIO, reflected on the event’s success, stating, “Generative AI is the perfect technology for a hackathon – it has unlimited opportunity to improve our business and customer experience but also presents emerging risks we need to be mindful of. Thanks to our partnerships with Added Value Machine and AWS, we’ve been able to build several AI ‘bots’ in a safe way in just a day. I can’t wait to see the first of these up and running in production in the coming days.”
All use cases developed during the hackathon were built on AVM’s observability, governance and compliance generative AI platform. AVM and AWS are now working closely with ADCB to accelerate the most impactful use cases into production, ensuring that the bank can quickly realize the benefits of generative AI technology.
Ravi Singh, President and CTO of Add Value Machine, expressed his enthusiasm for the collaboration, stating, “It’s inspiring to witness the passion and unity of purpose at ADCB. The combination of visionary leadership and technical expertise has resulted in a thoughtful, measured approach to generative AI adoption. We are proud to be part of this transformative journey.”
ADCB plans to conduct regular hackathons to foster a culture of innovation and explore new applications of generative AI technology across its business operations.
About Add Value Machine:AVM is a leading Generative AI security company that provides 360-degree observability, enabling enterprises to monitor all of the Generative AI usage no matter where it happens. The accelerated use of generative AI at large corporations has also accelerated customer data leakage and presents new challenges for companies looking to maintain security compliance. At AVM, we believe that the accelerated adoption of Generative AI needs the strict adoption of advanced security protocols.
Contact:Julie [email protected]
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Artificial Intelligence
Altair One® Cloud Innovation Gateway Now Available on Google Cloud Marketplace
Addition will expand access to Altair’s digital engineering experience
TROY, Mich., June 17, 2024 /PRNewswire/ — Altair (Nasdaq: ALTR), a global leader in computational intelligence, announced that Altair One®, Altair’s cloud innovation gateway, is now available on Google Cloud Marketplace, opening up a world of possibilities for users seeking seamless access to powerful simulation, data analytics, and high-performance computing (HPC) capabilities.
Altair One is designed for collaborative engineering, data engineering, and analytical application development. Built on a robust HPC backbone, Altair One provides seamless, unified access to tools, data, and computing resources while unleashing the power of artificial intelligence (AI) across every step of the product development life cycle.
Google Cloud Marketplace customers can now leverage Bring Your Own Cloud (BYOC) functionality to run Altair simulation, AI, and data analytics applications.
“The integration of Altair One with the Google Cloud Marketplace empowers Google Cloud users to effortlessly unlock a world of innovative solutions. This collaboration will fuel engineering breakthroughs with the power of Google Cloud’s adaptable, flexible, and scalable cloud infrastructure,” said Sam Mahalingam, chief technology officer, Altair. “This integration aligns perfectly with our core mission of equipping businesses for digital success and making powerful software solutions readily accessible to users.”
“Bringing Altair One to Google Cloud Marketplace will help customers quickly deploy, manage, and grow the platform on Google Cloud’s trusted, global infrastructure,” said Dai Vu, managing director, Marketplace and ISV GTM Programs, Google Cloud. “Altair can continue to securely scale and support customers on their digital transformation journeys.”
Altair One is the gateway that empowers organizations to mature into digital enterprises by breaking down data silos, connecting virtual models, optimizing their compute infrastructure, and digitizing key processes. It provides all the tools to create a “One Total Twin” of a product throughout its lifecycle, “One Traceable Thread” connecting all data stages, and a “Single Source of Truth” for all models and data. This all-in-one platform automates data capture, empowers better decision-making, enhances performance management, and ultimately accelerates engineering processes for a seamless digital experience.
To learn more, visit https://console.cloud.google.com/marketplace/product/altair/altair-one-private?hl=en&project=altair-public.
About Altair
Altair is a global leader in computational intelligence that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics, and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. To learn more, please visit www.altair.com.
Media contacts
Altair Corporate
Altair Investor Relations
Bridget Hagan
Stephen Palmtag
+1.216.769.2658
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Altair Europe/The Middle East/Africa
Charlotte Hartmann
+49 7031 6208 0
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Artificial Intelligence
IBS Software Announces Appointment of New Chief Executive Officer Somit Goyal
DUBAI, UAE, June 17, 2024 /PRNewswire/ — IBS Software, a leading SaaS solutions provider to the travel industry globally, has appointed Somit Goyal as its new Chief Executive Officer (CEO), effective immediately. Somit succeeds Anand Krishnan, who served as CEO of IBS Software since 2018.
Somit Goyal brings a wealth of experience in the enterprise software sector, having held leadership roles at globally renowned companies such as Microsoft, SAP, Oracle and AOL.
During his 11-year tenure at Microsoft, Somit held several leadership roles across strategy, operations, sales and customer success. In his last role, he managed the global sales of Microsoft’s Modern Work cloud business, and before that, Somit served as the Chief Operating Officer of Microsoft’s Public Sector business worldwide. Somit also conceived and established the Customer Success function at Microsoft, an area of growing importance for IBS Software as it continues to expand globally.
Most recently, Somit served as President and COO of Pluralsight, a SaaS company, where he oversaw product, engineering and GTM functions.
“Somit’s impressive experience in operating global SaaS businesses, leading diverse teams, and managing all facets of enterprise software make him exceptionally well-suited to lead IBS Software during this exciting phase of growth,” said V K Mathews, Executive Chairman of IBS Software. “IBS Software is at a pivotal point in its trajectory as we continue to innovate to better serve our customers. I am confident Somit will help unlock our full potential.”
With a comprehensive portfolio of modular, cloud-based solutions purpose-built for the travel industry, IBS Software helps travel companies accelerate innovation and drive efficiency across a broad set of core business processes, including passenger services, flight operations, cargo and logistics, loyalty management, cruise operations, energy & resource logistics and hospitality businesses.
“With a broad portfolio of industry leading products, marquee customers and a talented team, with deep domain expertise IBS Software stands at the forefront of travel industry innovation. I couldn’t be more excited to join IBS Software and help lead it through its next exciting chapter.” said Somit Goyal, who holds an electrical engineering degree from the Indian Institute of Technology (IIT) in New Delhi, India and an MBA from INSEAD, France.
Somit will report directly to IBS Software Executive Chairman V K Mathews.
ABOUT IBS SOFTWARE
IBS Software is a leading SaaS solutions provider to the travel industry globally, managing mission-critical operations for customers in the aviation, tour & cruise, hospitality, and energy resources industries. IBS Software’s solutions for the aviation industry cover fleet & crew operations, aircraft maintenance, passenger services, loyalty programs, staff travel and air cargo management. Across the hospitality sector, IBS Software offers a cloud-native, unified platform for hotels and travel sellers, including central reservation (CRS), property management (PMS), revenue management (RMS), call centre, booking engine, loyalty and distribution. For the tour & cruise industry, IBS provides a comprehensive, customer-centric, digital platform that covers onshore, online and on-board solutions. Across the energy & resources industry, we provide logistics management solutions that cover logistics planning, operations & accommodation management. The Consulting and Digital Transformation (CDx) business focuses on driving digital transformation initiatives of its customers, leveraging its domain knowledge, digital technologies and engineering excellence. IBS Software operates from 17 offices across the world.
Further information can be found at www.ibsplc.com Follow us: Blog | Twitter | LinkedIn | Facebook | Instagram
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