Artificial Intelligence
Global Blockchain in Supply Chain Market Size to Grow at a CAGR of 69.5% from 2021 to 2030
Pune, India, May 20, 2021 (GLOBE NEWSWIRE) — The global blockchain in supply chain market has been estimated to reach a value of USD 375.6 million in 2021 and is projected to grow at a CAGR of 69.5% during the forecast period from 2021 to 2030.
The global blockchain in supply chain market is being driven by the growing demand for supply chain accountability and enhanced protection of supply chain transactions. The benefits provided by the blockchain in supply chain, such as cost reduction, provenance monitoring, establishing consumer confidence, and avoiding complicated record-keeping and inventory tracking, are boosting market growth. Furthermore, the increasing need to eliminate intermediaries by automating supply chain operations and the advent of IoT are expected to provide lucrative growth opportunities for the blockchain in supply chain market.
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Blockchain is a distributed peer-to-peer technology that combines a shared ledger, a network, and digital transactions. As blockchain technology is used in supply chain management, it aids in the resolution of problems encountered during product transportation. Since this technology is still relatively new, there are no regulatory protocols in place to address problems that can arise when using it. Interoperability is another critical aspect that allows businesses to securely exchange data and information with suppliers, distributors, and vendors. Furthermore, as products get trapped in the supply chain, it improves transparency.
The increasing popularity of blockchain technology in retail and SCM, the need for supply chain transparency, and the rising demand for enhanced protection of supply chain transactions are the major factors in driving the blockchain in supply chain market.
Also, blockchain supply chain offerings enable pharmaceutical companies to decrease illegitimate activities, such as counterfeit drugs and illegal production of harmful medicines and improper stock control. However, the lack of knowledge on blockchain technology, network security risks, and unclear regulatory requirements are expected to limit the market growth.
Global Blockchain in Supply Chain Market, by Offering
Based on offering, the market is segmented into platform and services. The services segment is further segmented into technology advisory and consulting, deployment and integration, and support and maintenance. The platform segment is expected to dominate the market in 2021. This is due to increased adoption of blockchain systems to streamline supply chain processes. The platform segment is expected to grow significantly as a result of market players’ introduction of affordable and diverse pricing plans.
Global Blockchain in Supply Chain Market, by Type
Based on type, the market is segmented into public, private, hybrid, and consortium. The public segment is expected to dominate the market during the forecast period. The public blockchain is a network on which any participant (node) can create transactions. It is intended for safe transactions between users while reducing the presence and associated costs of third parties during transactions. Because of these advantages, public blockchain is expected to witness increased use in supply chain systems.
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Nestle has recently announced the testing of public blockchain technology for streamlining its dairy supply chain. In this regard, the company has collaborated with OpenSC, an Australian blockchain company, to pursue assistance with blockchain solutions. Such collaborations are expected to fuel market growth during the forecast period.
Global Blockchain in Supply Chain Market, by Provider
Based on provider, the market is segmented into application providers, middleware providers, and infrastructure providers. The application providers segment is expected to have the fastest growth during the forecast period. The application providers are entities specialized in different protocol implementations. The application provider offers blockchain technologies that are expected to deliver high business value to companies by reducing transactional data duplication and providing periodic reconciliation and authentication for commercial and regulatory needs.
Global Blockchain in Supply Chain Market, by Application
Based on application, the market is segmented into asset tracking, counterfeit detection, payment and settlement, smart contracts, risk and compliance management, and others. The smart contract segment is projected to dominate the market during the forecast period. A smart contract is a supply chain computer protocol that digitally facilitates, verifies, or enforces the negotiation and performance of an agreement, allowing for easier tracking of shipments and deliveries. Organizations are now using blockchain in smart contracts, thereby fueling the blockchain demand in supply chain management. Smart contracts can aid in payment process automation for both online and offline transactions. It can save businesses time and money by eliminating the merchant (middleman) who charges a fee for transaction authentication.
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Global Blockchain in Supply Chain Market, by Organization Size
Based on organization size, the market is segmented into SMEs and large enterprises. The SMEs segment is projected to dominate the market during the forecast period. SMEs prefer cloud-based applications, as they are more versatile and cost effective. The use of a pay-as-you-go model by SMEs to manage IT infrastructure more flexibly based on their needs is expected to speed up the blockchain supply chain adoption. Furthermore, the need for efficient customer data protection, cost-cutting, and gaining a competitive advantage enables quick responses and timely decisions, which are expected to propel the blockchain supply chain market in SMEs.
Global Blockchain in Supply Chain Market, by Verticals
Based on vertical, the market is segmented into FMCG, retail and eCommerce, healthcare, manufacturing, transportation and logistics, oil, mining, and gas, and others. The FMCG segment is projected to dominate the market during the forecast period. Delivering the right product at the right time and in the right quantity is crucial in the FMGC market. Furthermore, the timely distribution of perishable products is a major challenge for any food and beverage distributor. As a result, real-time supply chain visibility has become critical for efficient FMCG supply chain execution and the prevention of unplanned costs. Blockchain supply chain platform and services provide FMCG companies with real-time supply chain visibility and reduced operating cost. This contributes to market growth.
Global Blockchain in Supply Chain Market, by Region
Based on region, the global blockchain in supply chain market is segmented as North America, Europe, Asia Pacific, the Middle East and Africa, and South America. North America is expected to dominate the global blockchain in supply chain market during the forecast period. In terms of technology adoption and infrastructure, North America is widely regarded as the most advanced region. The major factor contributing to market growth is the presence of key market players and on-going developments in blockchain technology. Also, the growth in data security concerns amongst retailers is another principal factor that can augment market growth in North America. Vendors can benefit from organizations in various industries, including manufacturing, healthcare, retail and consumer goods, and logistics.
The Asia Pacific region is projected to have significant growth during the forecast period. The blockchain in supply chain is widely used in the retail and consumer goods market. China and India have the highest growth in the e-commerce sector due to the higher population base. Furthermore, countries in this region are demonstrating a positive attitude towards adopting new technology, which is fueled by regional economic developments.
Some Noted Developments Considered in the Report:
- In April 2019, Volkswagen Group collaborated with IBM Corporation to monitor mineral supply chains using blockchain technology. This collaboration enabled Volkswagen to meet the sourcing standards set by the Organization for Economic Co-operation and Development (OECD).
- In June 2019, MIMOS collaborated with Oracle to leverage blockchain technology for greater transparency and trust.
- In January 2019, Logistics Company UPS made an undisclosed equity investment in Inception Corporation for the development of blockchain-based e-commerce solutions for B2B buyers and sellers.
- In October 2018, Oracle Blockchain Applications Cloud was launched to help customers increase trust and provide agility in transactions across their business networks.
COVID-19 Impact on Global Blockchain in Supply Chain Market
The QMI team has closely monitored the impact of COVID-19 on the global blockchain in supply chain market, and it is observed that the demand for blockchain in supply chain has negative impact during the pandemic time. According to a survey by the Supply Chain Media, the COVID-19 pandemic was having a clear impact on the supply chains of nearly all European manufacturers, wholesalers, and retailers.
However, the COVID-19 pandemic has resulted in a surge in eCommerce demand. To function efficiently in a pandemic, technologies such as artificial intelligence (AI) and machine learning (ML) are beginning to drive business innovation strategies, which has fueled the adoption of blockchain supply chain solutions among SMEs. Currently, blockchain is being used to ensure the proper delivery of the COVID-19 vaccine, as well as to keep track of vaccine maintenance and storage.
Some Major Findings of Global Blockchain in Supply Chain Market Include:
- Major global market trend, forecast analysis, and country-specific market analysis for up to 25 countries
- In-depth global blockchain in supply chain market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors
- Profiles of major key market players operating in the global blockchain in supply chain market, which include IBM, Microsoft, SAP, AWS, Oracle, Huawei, Guardtime, TIBCO Software, Bitfury, Interbit, Auxesis Group, VeChain, Chainvine, Digital Treasury Corporation, Datex Corporation, OpenXcell, Algorythmix, BlockVerify, and Applied Blockchain
- Competitive benchmarking, product offering details, growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions that include analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global blockchain in supply chain market
- Impact of COVID-19 on the global blockchain in supply chain market
Browse key industry insights spread across 165 pages with 100 market data tables and 60 figures & charts from the report, “Blockchain in Supply Chain Market by Offering (Platform, Services), Type (Public, Private, and Hybrid and Consortium), Provider (Application Providers, Middleware Providers, Infrastructure Providers), Application (Asset Tracking, Counterfeit Detection, Payment And Settlement, Smart Contracts, Risk And Compliance Management, and Others), Organization Size (SMEs, Large Enterprises), Vertical (FMCG, Retail and eCommerce, Healthcare, Manufacturing, Transportation and Logistics, Oil, Mining, And Gas, and Others), and Region (North America, Europe, Asia-Pacific, the Middle East and Africa, and South America) — Market Size and Forecasting (2021–2030) in-depth analysis along with the table of contents (ToC).
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Artificial Intelligence
Simplilearn and Degreed Collaborate to Transform Workforce Development with AI-Enhanced Learning
SAN FRANCISCO, Oct. 2, 2024 /PRNewswire/ — Simplilearn, the world’s leading digital skills training provider, and Degreed, the innovative learning platform, today announced their strategic partnership to offer premier educational content and platform solutions that drive skills-based learning. This collaboration introduces Simplilearn as one of the first to join Degreed’s AI-Ready partner category, integrating Simplilearn’s extensive educational offerings with Degreed’s advanced learning solutions to deliver transformative learning experiences for individuals and enterprises.
Simplilearn has been at the forefront of digital skills training for over a decade, supporting professionals and organizations worldwide with holistic learning experiences that are instructor-led and hands-on. Their comprehensive range of high-quality courses in artificial intelligence, machine learning, cloud computing, data science, and digital marketing is now seamlessly integrated into the Degreed platform. This AI-powered integration equips Learning & Development (L&D) professionals with a more targeted curation experience, simplifying the creation of personalized learning plans and development pathways tailored to the evolving needs of their teams and organizations.
As technology rapidly transforms industries and reshapes job roles, the demand for advanced, practical training is at an all-time high. Degreed’s ‘AI-Ready’ partner category makes it easier for customers to discover, organize, and access relevant learning materials. Through this partnership, a comprehensive suite of courses and resources is more easily discoverable, empowering individuals and organizations to upskill and stay competitive in the fast-evolving tech landscape.
Leveraging AI, the platform will offer personalized course recommendations based on each learner’s background and experience. This intelligent approach ensures that training is relevant and aligned with individual career goals and organizational needs. Additionally, the collaboration offers access to over 700 live classes each month, keeping teams updated with the latest industry trends and technological advancements. Complementing these live sessions are more than 500 courses and role-based learning paths covering essential areas such as AI, cybersecurity, data science, and machine learning.
Mr. Krishna Kumar, Founder and CEO, Simplilearn, said, “Partnering with Degreed represents a pivotal moment in our journey at Simplilearn. This collaboration underscores our commitment to harnessing cutting-edge technology and tailored learning experiences. By integrating Degreed’s advanced AI capabilities with our industry-leading programs, we are poised to redefine how individuals and organizations approach skill development, ensuring a more agile and role-ready workforce.”
Mr. Max Wessel, co-CEO of Degreed, said, “Our partnership with Simplilearn shows our dedication to equipping professionals with the most relevant skills for today’s fast-paced technology landscape. By using AI to power the integration of Simplilearn’s top-tier courses into Degreed, we enhance our ability to offer personalized, precise, and high-impact learning experiences – helping organizations turn the talent they have into the talent they need.”
About Degreed:
Degreed is the enterprise learning company, offering the world’s leading experience platform to drive skill driven development. Degreed enables organizations to collect, understand, and build skills to develop a workforce that’s ready for anything. To learn more about Degreed, visit www.degreed.com.
About Simplilearn:
Founded in 2010 and based in San Francisco, California, and Bangalore, India, Simplilearn, a Blackstone portfolio company, is the world’s leading digital skills provider, enabling learners across the globe. Simplilearn offers access to world-class work-ready training to individuals and businesses worldwide. Simplilearn offers 1,500+ live classes each month across 150+ countries, impacting over 8 million learners globally. The programs are designed and delivered with world-renowned universities, top corporations, and leading industry bodies via live online classes featuring top industry practitioners, sought-after trainers, and global leaders. From college students and early career professionals to managers, executives, small businesses, and big corporations, Simplilearn’s role-based, skill-focused, industry-recognized, and globally relevant training programs are ideal upskilling solutions for diverse career or business goals.
For more information, please visit www.simplilearn.com/
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Artificial Intelligence
Multinational Auto Manufacturer to Insource Service Operations with 3CLogic’s Integrated AI and Contact Center Solution for ServiceNow CSM and ITSM
Leading conglomerate selects 3CLogic’s CCaaS offering, purpose-built for ServiceNow CSM and ITSM, as it insources service desk operations to streamline workflows and save millions in operating costs.
ROCKVILLE, Md., Oct. 2, 2024 /PRNewswire/ — 3CLogic, the leading AI and cloud contact center solution for ServiceNow®, today announced the integration of its AI and CCaaS capabilities by a leading auto manufacturer as it seeks to optimize its service desk operations. Leveraging the company’s existing investment in ServiceNow IT Service Management (ITSM) and Customer Service Management (CSM), the collaboration is expected to enhance productivity, improve issue resolution, and significantly reduce operating expenses.
Manufacturing tens of millions of vehicles and equipment annually, supported by a vast network of over 150,000 associates and affiliates, the organization faced challenges due to the limited insights and services provided by its outsourced contact center. Among the most impactful was the lack of integration to its back-office ServiceNow IT and Customer workflows, where the siloed structure negatively impacted the organization’s visibility into performance, process improvements, and service speed.
“We are delighted to support this strategic initiative,” explains Denis Seynhaeve, CEO at 3CLogic. “This is yet another example of a large enterprise organization eager to reclaim ownership of its internal and external support services to enable better experiences through automation, simplification of its technology stack, and tactical use of AI for better insights.”
3CLogic’s integrated AI and contact center solution with ServiceNow CSM and ITSM will deliver a number of capabilities, including AI-powered call transcription and sentiment analysis, automated agent performance and coaching, after-hours voicemail transcription, integrated SMS alerts & notifications, and consolidated reporting with ServiceNow’s native performance analytics. The insourcing of services and process efficiencies are expected to generate approximately $2.6 million in ROI within the first three years of deployment. In addition, the organization is exploring the consolidation of its HR service delivery to unify its operations further.
As the first and only ServiceNow-certified Advanced Platform CCaaS partner, 3CLogic displays a unique approach to streamlined employee and customer workflows for ServiceNow and is expected to discuss its latest AI and contact center capabilities for ServiceNow ITSM, CSM, HRSD, and source-to-pay at the upcoming World Forums in Dallas, TX, on October 8th, 2024, in Munich, Germany, on October 23rd, 2024, and in New York City, NY, on November 7th, 2024.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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Artificial Intelligence
Life Science Analytics Market to Hit USD 61.94 Billion by 2029 with 11.7% CAGR | MarketsandMarkets™
DELRAY BEACH, Fla., Oct. 2, 2024 /PRNewswire/ — The global life science analytics market is projected to grow from USD 35.69 billion in 2024 to USD 61.94 billion by 2029, at a robust CAGR of 11.7%. Key drivers include advancements in analytical technologies that streamline data management and enhance insights from diverse sources like clinical trials and electronic health records, alongside rising demands for precision medicine. However, challenges such as data privacy concerns and a shortage of skilled professionals hinder progress. Noteworthy collaborations, like those between TetraScience and Databricks, exemplify the trend towards leveraging AI for improved outcomes in drug development and clinical trials. North America leads the market, fueled by high healthcare expenditure and a focus on innovation, while descriptive analytics currently dominates the market segments. Overall, the life science analytics landscape is evolving rapidly, presenting both opportunities and challenges that stakeholders must navigate to enhance research and operational efficiencies.
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Browse in-depth TOC on “Life Science Analytics Market”
455 – Tables54 – Figures385 – Pages
Artificial Intelligence (AI) and Machine Learning (ML) are revolutionizing life science analytics by enabling advanced data analysis, pattern recognition, and predictive modeling, which are crucial for enhancing drug discovery, clinical trials, and personalized medicine. Companies are investing in leveraging AI & ML across their product lifecycles. In February 2024, Trinity Life Sciences launched Brand Insights AI, a new tool designed to enhance biopharmaceutical brand research by ingesting data from various sources, accelerating analysis, and revealing hidden patterns. This powerful tool leverages Trinity’s AI expertise to refine insights and optimize the use of existing information, supporting impactful and efficient research across the pharmaceutical commercialization spectrum.
The global life science analytics market is segmented into descriptive, prescriptive, and predictive analytics, by type. The prescriptive analytics segmented is expected to register highest growth during the forecast period. The high growth of this market is. driven by its ability to offer actionable recommendations, optimize decision-making, and streamline complex processes such as clinical trial management and personalized medicine. Its advanced predictive capabilities help stakeholders minimize risks, enhance treatment outcomes, and improve operational efficiency. Additionally, the excrubating demand for precision medicine and real-time data-driven strategies further fuels its adoption.
The life science analytics market is divided into services, and software, by component. In 2023, the largest share of life science analytics market belonged to the services segment. The high adoption of life science analytics services over software is driven by the need for specialized expertise and tailored solutions that go beyond the capabilities of standalone software. Increased security, improved cost effectiveness, better usability & flexibility, and improved integration capabilities of services are a few factors impacting market growth. Moreover, the escalating user base and changing needs of companies looking for all-inclusive solutions and support, coupled with the adoption of life science analytics software, generate demand for a range of services, including modification, implementation, and consulting.
The surging adoption of advanced analytics in commercial operations within the life sciences sector is revolutionizing how companies cultivate market strategies & enhance business performance to optimize product launches by providing insights into market trends, competitive landscapes, and customer preferences. Companies are leveraging various organic & inorganic strategies to expand their offerings in commercial operations. For instance, in April 2024, IQVIA and Salesforce expanded their global strategic partnership to accelerate the development of Salesforce’s Life Sciences Cloud, a next-generation customer engagement platform. This collaboration will combine IQVIA’s Orchestrated Customer Engagement (OCE) platform with Salesforce’s CRM, offering an end-to-end solution for transforming healthcare professional and patient engagement in the life sciences industry.
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The prominent players operating in the Life science analytics market include Oracle (US), Merative (formerly IBM) (US), SAS Institute (US), Accenture (Ireland), IQVIA (US), Cognizant (US), Wipro (India), Veradigm (US), Optum (US), Microsoft (US), MaxisIT (US), ExlService Holdings (US), Inovalon (US), CitiusTech (US), Saama (US), Axtria (US), Clarivate (UK), ThoughtSphere (US), ThoughtSpot (US), Salesforce (US), Google LLC (US), Amazon Web Services, Inc. (US), Veeva Systems (US), Elsevier (Netherlands), and Komodo Health, Inc. (US). These companies adopted strategies such as product launches, product updates, expansions, partnerships, collaborations, mergers and acquisitions to strengthen their market presence in the life science analytics market.
These players not only have a comprehensive and diverse product portfolio but also a strong geographic presence. Owing to the emergence of new application areas for life science analytics, these players can focus on technologies and offerings dedicated towards research & development, commercial operations, safety, etc.
These market players have offered a diverse range of products and services and have operations worldwide. They rely on technological advancements to avail themselves of innovative products and services and increase their global footprint. These players focus on acquisitions, collaborations, agreements, mergers, product launches & updates, partnerships, expansions, and other recent developments to expand their global reach and develop advanced life science analytics solutions.
Oracle (US) is one of the leading life science analytics companies across the globe. The company provides analytics software & services for various applications including research & development, commercialization, among others. The company focuses on continuously updating its products and meeting customer expectations. Oracle also continuously invests in expanding its solutions by partnerships & collaborations to provide tailored solutions to its end users. For instance, in February 2024, Oracle partnered with ObvioHealth, Inc. to integrate diverse data in decentralized clinical trials and analyze health data from several sources for clinical trials anywhere globally. The company holds a broad customer base and a wide geographic presence, making Oracle as a critical player in various IT software, hardware, and service-related markets, including the life science analytics market.
Merative (US) is one of the prominent players operating in the life science analytics market. Merative offers a comprehensive suite of informatics products and services for life science analytics. The company leverages advanced technologies such as artificial intelligence (AI), machine learning (ML), and other technologies to strengthen the accuracy and efficiency of evidence analysis. The company has a strong brand recognition and extensive product portfolio that has contributed to its success. The company serves life science systems, clinical trial sponsors, and medical device manufacturing industries. The company has established offices across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Healthcare Analytics Market
Healthcare IT Market
Telehealth Market
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Clinical Decision Support Systems Market
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