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Artificial Intelligence (AI) in Manufacturing Market Worth $13.96 billion by 2028 — Exclusive Report by Meticulous Research®

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Redding, California, Nov. 02, 2021 (GLOBE NEWSWIRE) — According to a new market research report titled, AI in Manufacturing Market By Component, Technology (ML, NLP, Computer Vision), Application (Predictive Maintenance Quality Management, Supply Chain, Production Planning), Industry Vertical, and Geography Global Forecast to 2028”, published by Meticulous Research®, the artificial intelligence (AI) in manufacturing market is expected to grow at a CAGR of 38.6% during the forecast period to reach $13.96 billion by 2028.

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The rising popularity of artificial intelligence in manufacturing industry for optimizing logistics & supply chains, enhancing production outcomes, advancing process effectiveness, reducing costs and downtime in production lines while delivering finished products to consumers are expected to drive the growth of the AI in manufacturing market. Additionally, the advent of Industrial 4.0, the increasing volume of large complex data, and the rising adoption of industrial IoT further contribute to market growth.

However, the lack of infrastructure and high procurement and operating costs are expected to restrain the growth of this market to a certain extent.

Impact of COVID-19 on AI in Manufacturing Market

The COVID-19 pandemic outbreak created serious challenges to the world’s economy and for industry verticals. The SARS-CoV-2, the virus responsible for the global COVID-19 pandemic, started showing its distressing collision on most profitable businesses across the globe, leading to a remote workforce, ensuring people’s health & safety, and business application integrity. The impact of the COVID-19 outbreak has varied by each industry sector’s level of resilience. Additionally, the lockdowns imposed to contain the pandemic resulted in severe losses to businesses. Manufacturers across the globe faced grave challenges, such as diminished demand, production, and revenues, as the COVID-19 pandemic intensified in 2020. The automobile, semiconductors & electronics, and heavy metal & machinery manufacturing industries witnessed raw material shortages, with manufacturers temporarily closing down factories or minimizing production.

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According to the United Nations Conference on Trade and Development (UNCTAD), the COVID-19 pandemic is expected to reduce the global FDI by around 5–15% due to the temporary shutdown of the manufacturing sector. A survey conducted by the National Association of Manufacturers (NAM) stated that around 78% of manufacturers anticipated a financial impact, and 35.5% faced supply chain disruptions due to COVID-19. These factors led manufacturing companies to deprioritize their digital transformation strategies, including equipping their production units with AI.

Consequently, the AI in manufacturing market witnessed a sharp decline in 2020. Thus, manufacturing industries require considerable productive time and assistance from local governments to get back on track and overcome the COVID-19 crisis. Several governments plan to launch favorable initiatives, such as incentive programs promoting investments in the private sector, tax exemptions, and lowering corporate interest rates. For instance, in 2021, Cisco Systems, Inc. (U.S.) launched a collaborative framework under Cisco’s Country Digital Acceleration (CDA) program to accelerate digitization and support inclusive pandemic recovery across South Korea. Such developments and initiatives are exhibiting positive impacts on the growth of the market. Based on geography, the EU countries were affected the most by the COVID-19 pandemic, followed by the U.S. On the other hand, China is gradually recovering from the pandemic, with positive developments in the supply chain industry.

Several organizations post-COVID-19 pandemic might strategize to downsize by cutting business lines considered as non-critical. Many leading AI in manufacturing players are eying this crisis as a new opportunity for restructuring and revisiting their existing strategies with advanced product portfolios. AI technology providers for manufacturing industries are focused on new applications and delivery models to create smart automation technologies, digitization, and advanced AI applications. For instance, in 2021, Nvidia Corporation (U.S.) partnered with Google Cloud (U.S.) to create the industry’s first AI-on-5G Lab. This partnership helped accelerate the creation of smart cities, smart factories, and other advanced 5G and AI applications. Also, in 2021, General Electric Company (U.S.) partnered with the Global Manufacturing and Industrialization Summit (GMIS) (UAE) to explore the role of digitization, lean manufacturing, and workplace safety. Such developments and initiatives are expected to help manufacturing companies recover faster and reduce dependencies on physical process handling.

Hence, despite the pandemic affecting the AI in manufacturing market, it still holds considerable potential to bounce back with the gradual recovery of the manufacturing sector.

The AI in manufacturing market is segmented based on component (hardware [processors, memory solutions, and networking solutions], software [AI platforms and AI solutions], service [deployment & integration, support & maintenance]), technology (machine learning, natural language processing, computer vision, speech & voice recognition, context-aware computing), application (predictive maintenance & machinery inspection, quality management, supply chain optimization, industrial robot, production planning, material handling, field services, safety planning, cybersecurity, energy management), industry verticals (automotive, semiconductors & electronics, heavy metals & machine manufacturing, energy & power, aerospace & defense, medical devices, pharmaceuticals, and FMCG), and region. The study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on component, the hardware segment is estimated to account for the largest share of the AI in manufacturing market in 2021. The large market share of this segment is primarily driven by the increasing demand for robust and cost-effective devices, including servers, storage, and networking devices. However, the software segment is slated to grow at the fastest CAGR during the forecast period due to the high adoption of cloud-based technologies and the increasing demand for AI platforms to streamline processes and operations.

Based on technology, the machine learning segment is estimated to account for the largest share of the AI in manufacturing market in 2021. The large market share of this segment is primarily driven by the rising need for identifying, monitoring, and analyzing the critical system variables during the manufacturing process, growing demand for predictive maintenance & machinery inspection, and the increase in unstructured data generated by the manufacturing industry. However, the natural language processing segment is slated to grow at the fastest CAGR during the forecast period due to the need to strengthen interactions with search engines by allowing queries to be assessed faster in an efficient manner and the growing demand for cloud-based NLP solutions to reduce overall costs, facilitate smart environments, and enhance scalability.

Based on application, the predictive maintenance & machinery inspection segment is estimated to account for the largest share and witness the fastest CAGR of the AI in manufacturing market in 2021. This segment’s large market share and high growth rate are primarily driven by the increasing demand to reduce costs related to operating heavy equipment, growing demand for equipment uptime & availability, reducing maintenance planning time, improving production capacity, and real-time reporting of manufacturing issues in industries.

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Based on industry vertical, the automotive industry is estimated to account for the largest share of the overall AI in manufacturing market in 2021. The large market share of this segment is primarily driven by the rising adoption of advanced AI automotive solutions for fault detection & isolation, quality management, smart manufacturing, production monitoring, and the need for predictive maintenance & machinery inspection solutions.

However, the medical devices manufacturing sector is slated to grow at the fastest CAGR during the forecast period due to the outbreak of the COVID-19 pandemic and the rising focus on preventive medical equipment maintenance to reduce unplanned downtime, enhance production quality control, and improve operational productivity.

Based on geography, Asia-Pacific is estimated to account for the largest share and witness the fastest CAGR of the AI in manufacturing market in 2021. This region’s large market share and high growth rate are primarily attributed to the presence of major AI in manufacturing players along with several emerging startups in the region, increasing investments by technology leaders, and increasing digitization along with the strong presence of automobile and electronics and semiconductor companies and their focus on developing advanced solutions to optimize manufacturing operations and processes in the region.

The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past four years. The AI in manufacturing market has witnessed various strategies in recent years, such as partnerships & agreements. These strategies enabled companies to broaden their product portfolios, advance capabilities of existing products, and gain cost leadership in the AI in manufacturing market. For instance, in 2021, SAP SE (Germany) partnered with Google Cloud (U.S.) to augment existing business systems with Google Cloud capabilities in Artificial Intelligence (AI) and Machine Learning (ML). Also, SAP SE partnered with Plataine Ltd. (U.S.) to integrate IIoT and AI-based software for digital manufacturing. This partnership enabled customers to benefit from a holistic smart factory solution that extends across production operations. In 2021, Robert Bosch (Germany) collaborated with Capgemini SE (France) for intelligent manufacturing, digitization, and sustainability of their production plants.

The AI in manufacturing market is fragmented in nature. The major players operating in this market include Alphabet, Inc. (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Nvidia Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Siemens AG (Germany), General Electric Company (U.S.), SAP SE (Germany), Robert Bosch GmbH (Germany), Cisco Systems, Inc. (U.S.), Rockwell Automation, Inc. (U.S.), Advanced Micro Devices, Inc. (U.S.), and Sight Machine Inc. (U.S.) among others.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/artificial-intelligence-in-manufacturing-market-4983

Scope of the Report:

AI in Manufacturing Market, by Component           

    • Processors
    • Memory Solutions
    • Networking Solutions
    • AI Platforms
    • AI Solutions
    • Deployment & Integration
    • Support & Maintenance

AI in Manufacturing Market, by Technology           

  • Machine Learning
  • Natural Language Processing
  • Computer Vision
  • Speech and Voice Recognition
  • Context-Aware Computing

AI in Manufacturing Market, by Application            

  • Predictive Maintenance & Machinery Inspection
  • Quality Management
  • Supply Chain Optimization
  • Industrial Robot/Robotics & Factory Automation
  • Production Planning
  • Material Handling
  • Field Services
  • Safety Planning
  • Cybersecurity
  • Energy management

AI in Manufacturing Market, by Industry Vertical             

  • Automotive
  • Semiconductors & Electronics
  • Heavy Metals & Machine Manufacturing
  • Energy & Power
  • Aerospace & Defense
  • Medical Devices
  • Pharmaceuticals
  • FMCG

AI in Manufacturing Market, by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Netherlands
    • Russia
    • Ireland
    • Turkey
    • Rest of Europe
  • Asia-Pacific
    • Japan
    • China
    • India
    • South Korea
    • Australia & New Zealand
    • Thailand
    • Indonesia
    • Taiwan
    • Vietnam
    • Rest of Asia-Pacific
  • Latin America
    • Mexico
    • Brazil
    • Rest of Latin America
  • Middle East and Africa

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     Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research
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Healthcare Artificial Intelligence Market by Product and Services (Software, Services), Technology (Machine Learning, NLP), Application (Medical Imaging, Precision Medicine, Patient Management), End User (Hospitals, Patients) – Global Forecast to 2027

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About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
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California, 96001, U.S.
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Artificial Intelligence

Unlock an Exclusive Olympic Experience: Celebrating Live4Well’s Sold-Out Genesis NFT

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HONG KONG, May 25, 2024 /PRNewswire/ — The buzz surrounding Live4Well’s successful Genesis NFT membership launch on May 23 has captivated both traditional and web3 communities. Combining the power of AI technology and decentralized physical infrastructure (DePin) concept, Live4Well has infused new life into the NFT market. The overwhelming response to their first NFT sales, showcases the project’s immense potential. Renowned web3 community leaders from Azuki, Bored Ape, Pudgy Penguins, WELL3, etc have joined forces with Live4Well, propelling the Genesis NFT membership collection to its resounding success.

Live4Well aims to transform the wellness industry by creating a reward-based infrastructure that connects global fitness data, enhances their AI database, and drives the development of sports and wellness. Backed by a multi-billion family office, which recently invested $20 million in Live4Well, the project has gained support in both web3 and traditional spaces. The team believes that every drop of sweat and effort toward better health should be rewarded, fostering motivation and integrating exercise into daily lives for enhanced well-being.
Live4Well’s announcement of an Olympic-themed raffle for Genesis NFT holders reflects their commitment to connecting wellness between Web2 and Web3 platforms. This testament to Live4Well’s demand and innovative vision solidifies their position as a promising leader in the industry. Their integration of the Olympic signifies their determination to inspire a global audience, leveraging blockchain technology to create an immersive ecosystem that revolutionizes how individuals engage with fitness on a daily basis for better health. Live4Well’s dedication to bridging the gap between traditional practices and the digital landscape sets them apart as pioneers in promoting well-being on a global scale.
What is Genesis NFT membership?
The Genesis NFT unlocks a multitude of benefits for holders, including the opportunity to cash out their sportive income and access a range of exclusive physical products and services. In addition to future airdrops and angel round whitelist privileges, Genesis holders will receive VIP tailor-made product packs from an innovative German sportswear company, elevating their exercise performance to new heights. With over 400 million sweat points farmed by their users, they are eager to redeem through the Genesis NFT membership. These enticing incentives explain why there was a widespread eagerness to participate in this thrilling event.
Unlike typical projects that raise funds before launching products or services, Live4Well has already released its AI-powered app, amassing over 250,000 users as a community base actively engaging in daily exercise. This early success has fostered a promising community within the wellness industry, as users trust Live4Well’s roadmap and collaborative ventures. The growing traction from both ordinary individuals and web3 enthusiasts has intensified the demand for redeeming and cashing out sweat points, the project’s exercise-based rewards. Obtaining the Genesis NFT membership is now seen as an essential step for accessing the highest tier of benefits and cashing out sportive income.
What’s next for Live4Well?
Following the Genesis sales, Live4Well’s team will shift their focus to the upcoming token generation event (TGE) and a series of farming events. They also have exciting plans for partnerships and other collaborations in the global wellness and fitness industries. If you missed the initial launch, be sure to stay updated on Live4Well’s journey and join this extraordinary revolution.
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Overseas Expansion Strategy of K-OTT Introduced in France, KOCCA holds the ‘2024 Korea-France Content Forum’

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– The ‘Korea-France Content Forum’ held to establish the Foundation for K-OTT’s oversea expansion
PARIS, May 24, 2024 /PRNewswire/ — The Ministry of Culture, Sports and Tourism (Minister Yu In-chon) and the Korea Creative Content Agency (President, Jo Hyun-rae, hereafter KOCCA) held the ‘2024 Korea-France Content Forum’ on May 24th during the Korea Expo in Paris, France.

The ‘2024 Korea-France Content Forum’ featured a keynote session (K-OTT’s Strategies in Global market) presenting K-OTT’s strategies for international expansion and a roundtable session (Strategies in the Era of Streaming) discussing the growth of OTT platforms and collaborative approaches with production companies.
The forum featured participation from various industry leaders including Kun hee Park (CEO, Wavve Americas), Sangjin Lee (Head of content IP Business, LG U+), Seung ae Sohn (Executive Director, Showbox), Ji ae Sohn (Ambassador for Cultural Cooperation), Moonju Kim (General Director, France Business Center, KOCCA), Isabelle Degeorges (President, Gaumont Television France) which produced the French Netflix original series, participated.
Strategy announcement by Wavve Americas (KOCAWA), the first K-OTT’s launched in Europe
During the Keynote Session, Park Kun Hee – CEO of Wavve Americas, the first domestic OTT Platform to launch services in Europe, Took the stage to discuss the international expansion strategy of KOCOWA, which started offering services in 39 countries including Europe since April of this year. Following this, Lee Sangjin, Head of Content IP Business of LG U+, presented the expansion strategy of LG U+ Mobile TV, encompassing diverse original content.
During the round-table session, participants shared thoughts and solutions regarding the survival strategies of local OTT platforms and production companies amidst the rapid waves of change brought about by the emergence of global OTT platforms.
In particular, through this forum, we were able to observe the proactive implementation of IP protection policies by local production companies in France, aimed at sustainable content creation. Isabelle Degeorges, CEO of Gaumont Television France, noted, “With the introduction of the European Audiovisual Media Services Directive (AVMSD), platforms and production companies can share IPs three years after supplying the content.” Kim Moon-joo, Director of the Korea Creative Content Agency’s France Business Center, participated as a panelist, introducing policies aimed at enhancing the competitiveness of K-OTT and fostering collaboration with production companies.
Park Kun Hee, CEO of Wavve Americas, who participated in the event, stated, “It was a meaningful opportunity to introduce our platform locally in Europe in line with KOCOWA’s expansion into the region”. Additionally, Kyoungbon Koo, Director Broadcasting & Video Content Division at KOCCA commented, “It was a meaningful occasion to not only introduce K-OTT’s strategies to Europe but also to exchange ideas on collaboration between Korea and France. We will continue to focus on activating various forms of collaboration with major international partners in the future”.
KOCCA supports the overseas expansion of excellent domestic OTT content and platforms through the newly established Local OTT Specialized Support Program this year. This initiative aims to enhance the competitiveness of domestic OTT platforms and content by adapting to the changing industrial environment.
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IoT Node and Gateway Market worth $604.7 billion by 2029 – Exclusive Report by MarketsandMarkets™

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CHICAGO, May 24, 2024 /PRNewswire/ — The IoT Node and Gateway market is projected to grow from USD 424.6 billion in 2024 and is estimated to reach USD 604.7 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth of the IoT Node and Gateway market is driven by the Provision of increased IP address space through IPv6, Emergence of 5G technology, and Increasing need for data centers.

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Browse in-depth TOC on “IoT Node and Gateway Market”
410 – Tables70 – Figures390 – Pages
IoT Node and Gateway Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 424.6 billion
Estimated Value by 2029
$ 604.7 billion
Growth Rate
Poised to grow at a CAGR of 7.3%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Hardware, End-use Application and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Requirement for wireless spectrum and licensed spectrum
Key Market Opportunities
Accelerated IoT adoption in healthcare sector
Key Market Drivers
Rising use of wireless smart sensors and networks
By Hardware, the Logic Devices are projected to grow at a high CAGR of IoT Node and Gateway market during the forecast period.
Logic devices can adapt to changing requirements even after deployment. As new features or functionalities are needed, the logic within the device can be reprogrammed to accommodate these changes, extending the useful life of the product and reducing the need for hardware revisions. The integration of FPGA technology into IoT devices further enhances these advantages. The integration of FPGAs into IoT nodes and gateways empowers manufacturers to develop highly optimized, customizable, and scalable solutions that meet the diverse needs of IoT applications. Tesla’s Full Self-Driving (FSD) computer utilizes FPGAs to handle complex neural network computations for autonomous driving algorithms. This allows them to potentially improve their FSD capabilities through software updates that reconfigure the logic within the FPGAs.
BFSI segment in IoT Node and Gateway Market is projected to grow at a highest CAGR during the forecast period.
BFSI sector can use IoT technology to provide more convenient solutions for customers. IoT can be used to perform data collection in real time and for instant communication between devices. For instance, it can facilitate cashless payments using an RFID scanner to identify products in the shopping cart and mobile wallet. The adoption of mobile point of sale (mPOS) systems and kiosks is fundamentally reshaping the landscape of the BFSI market. mPOS facilitates transactions anytime, anywhere, benefiting unbanked populations and enabling temporary service points for events. Kiosks offer convenient banking functionalities, reducing wait times and freeing up staff for complex inquiries. These technologies drive cost savings by requiring less investment and automating routine tasks, allowing resources to be reallocated strategically. They provide rich data for personalized services, fraud detection, and operational optimization. mPOS systems and kiosks promote financial inclusion by extending services to remote areas, fostering economic activity and well-being.
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North America accounts for the largest share in IoT Node and Gateway Industry.
The North American IoT market is poised to grow, driven by government efforts to transition cities into smart urban centers. The growing need for sophisticated IoT solutions, fueled by the widespread availability of high-speed data, will further propel market expansion in this region. Furthermore, North America’s dynamic IoT node and gateway ecosystem features established players like Intel Corporation (US), Texas Instruments Incorporated (US), Dell (US), and Cisco Systems (US), driving competition, innovation, and affordability. Increasing research and development at industry levels is broadening the application areas of IoT in various industries, such as retail, consumer electronics, automotive and transportation, and healthcare, especially in the US. The increased demand for effective solutions and focus on early, accurate, and fast diagnosis of diseases has led to huge investments in technological developments in the healthcare sector.
Key Players
Key companies operating in the IoT Node and Gateway companies are Intel Corporation (US), Qualcomm Technologies, Inc. (US), Texas Instruments Incorporated (US), STMicroelectronics (Switzerland), Microchip Technology Inc. (US), Huawei Technologies Co., Ltd. (China), NXP Semiconductors N.V. (Netherlands), Cisco Systems, Inc. (US), Hewlett Packard Enterprise Development LP (US), TE Connectivity Ltd (Switzerland), Advantech Co., Ltd. (Taiwan), Dell Technologies (US), among others.
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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports: 
IoT Technology Market by Node Component (Sensor, Memory Device, Connectivity IC, Processor, Logic Devices), Software Solution (Remote Monitoring, Data Management), Platform, Service, End-use Application, Geography – Global Forecast to 2029
Industrial IoT Market Size, Share & Industry Growth Analysis Report by Device & Technology, Connectivity Type, Software, Vertical (Manufacturing, Energy, Oil & Gas, Healthcare, Retail, Transportation, Metals & Mining, Agriculture), and Geography – Global Growth Driver and Industry Forecast to 2026
Internet of Robotic Things Market (IoRT) by Component (Sensor, Power, Control), Service (Professional, Managed), Platform (Device, Application, Network), Software (Analytics, Data, Security, Monitoring, Bandwidth), Application – Global Forecast to 2022
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About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
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