Artificial Intelligence
LiDAR Market to Reach $5.2 Billion By 2028 | Declining Cost and Expanding Applications of LiDAR to Bolster Market Growth
Westford, USA, July 12, 2022 (GLOBE NEWSWIRE) — The demand for light detection and ranging, or LiDAR market, is growing as the technology becomes increasingly commonplace in a variety of industries. This laser-based sensing technology is used to measure distance, create 3D models, and detect objects with great accuracy. It has a wide range of applications, from autonomous vehicles to mapping the surface of Mars.
As the cost of LiDAR sensors in the global LiDAR Market continues to drop, more and more companies are finding ways to incorporate this technology into their products and services. The automotive industry is one of the biggest users of LiDAR, as it is essential for self-driving cars. Google’s Waymo division uses LiDAR extensively in its autonomous vehicles, and many other manufacturers are following suit.
The benefits of LiDAR are not just limited to the automotive industry. This technology can also be used for things like surveying land or mapping features on the surface of planets and asteroids. NASA’s Curiosity rover uses LiDAR to map out potential hazards on Mars, while scientists here on Earth use it to study things like glaciers and deforestation.
Apart from this, the use of LiDAR (Light Detection and Ranging) technology is growing in popularity across the global LiDAR Market due to its many advantages over traditional surveying methods. LiDAR can be used to collect highly accurate data about the topography of an area, as well as the location and size of objects within that area. This information can then be used for a variety of purposes, such as creating 3D models or maps, measuring distances, or identifying potential hazards.
There are many factors driving the increasing demand for LiDAR services. One major factor is the need for more accurate data in a variety of industries. For example, in the construction industry, LiDAR can be used to create highly accurate 3D models of buildings and other structures. This allows for better planning and execution of construction projects, as well as reducing potential safety hazards. In the transportation industry, LiDAR can be used to create detailed maps of roadways and track the location of vehicles in real-time. This information can be used to improve traffic flow and safety, as well as help with navigation during inclement weather conditions.
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LiDAR Market is Gaining Popularity in Self Driving Cars
Self-driving cars are still in development and it will be some time before they are widely available. As such, it is difficult to predict exactly how they will impact society. However, it is possible to examine some of the potential implications that this technology may have. Wherein, LiDAR technology comes in hand.
LiDAR allows for a very high degree of accuracy when it comes to mapping out the environment and can do so in real time. This is especially important for self-driving cars which need to be constantly aware of their surroundings in order to navigate safely. Another reason why LiDAR market is becoming more popular in the automotive industry is that it works well in all weather conditions and does not require direct line of sight like some other methods (such as radar). This makes it much more reliable, especially as autonomous vehicles will likely be operating in a wide range of environments.
Finally, the cost of LiDAR systems is dropping rapidly as the technology continues to develop and mature. This means that it is becoming increasingly affordable for companies who are looking to implement autonomous technologies into their vehicles.
Recently, Xiaomi has found testing their self-driving car using LiDAR sensors. With this, the company is planning to compete directly with Tesla cars in this segment.
Future of LiDAR Market is Bright, No Doubt
Lidar’s future certainly looks bright, especially with the new technology demonstrations at Sensors Converge 2022. This event showcases some of the newest lidar technology available and allows manufacturers to show off their latest products. There are a few key things that are sure to make an impact on future of lidar market:
• Increased accuracy and range – One of the main goals for any lidar sensor is to increase its accuracy and range. This has been achieved through advances in laser technology and signal processing techniques. Newer sensors are able to provide more accurate data over longer distances, which is essential for autonomous vehicles and other applications where precise data is required.
• Lower costs – Another important trend in the global LiDAR market is the decreasing cost of lidar sensors. This is thanks to mass production techniques and economies of scale. As prices continue to drop, we can expect lidar sensors to become more widespread in a variety of applications.
• New applications – In addition to traditional automotive applications, there are many new potential markets for lidar sensors such as drones, security, and industrial inspection. As these markets develop, we can expect to see even more innovative uses for this technology in the years to come. As the application area of the products increase, the market revenue is also expected to improve with existing players to hold the major market share.
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Increased use of Artificial Intelligence in LiDAR Market to Interpret LiDAR Data Sets and Extract Useful Information
Artificial intelligence (AI) is being increasingly used in the LiDAR market to interpret LiDAR data sets and extract useful information. This is because AI can process large amounts of data quickly and accurately, identify patterns and correlations, and make predictions. For example, AI can be used to automatically detect objects in LiDAR data sets, such as buildings, trees, and roads. This can save time and money for businesses that need to analyze LiDAR data sets for various purposes, such as urban planning or infrastructure development. In addition, AI can be used to create 3D models from LiDAR data sets. This can be helpful for visualizing complex data sets or for creating simulations of real-world scenarios.
Overall, the use of AI in the LiDAR market is growing rapidly due to the many benefits it offers. With the help of AI, businesses can save time and money while still getting accurate results from their LiDAR data sets.
Military and Weather Forecast Industry are Becoming Key Consumers in Global LiDAR Market
LiDAR (Light Detection and Ranging) technology is revolutionizing the way humans see the world, and it’s not just being used by Google Maps anymore. As autonomous vehicles become more prevalent, so too does the need for accurate weather forecasts. Not only are these vehicles reliant on accurate weather forecasting in order to operate optimally, but military organizations and other key consumers are also becoming increasingly interested in this technology.
Military organizations such as the U.S. military and the Royal Canadian Mounted Police (RCMP) are some of the earliest adopters of technology in the global LiDAR market due to its accuracy and ability to generate detailed images in difficult conditions. These organizations are looking to use LiDAR for safety purposes, such as mapping road closures during natural disasters or identifying obstacles in preparation for military operations.
Other organizations such as FedEx Corporation are also using LiDAR technology for logistical purposes such as tracking packages and managing inventory. The company is using the technology to improve efficiency and accuracy in its shipping processes.
• Speed and flexibility: The speed at which LiDAR data can be collected means that it can be used in time-sensitive situations where every minute counts. Additionally, the flexibility of LiDAR systems means that they can be adapted to various conditions and applications. This makes them a very useful tool for both military and weather forecast applications.
• Reduced costs: LiDAR systems are relatively affordable, making them an attractive option for organizations who are looking for high-quality data in a short amount of time, which is further paving the way for LiDAR market growth.
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How Developed and Developing Countries are Responding to Global LiDAR Market?
The demand for Lidar technology is growing rapidly in developed countries, while the LiDAR market is still relatively nascent in many developing countries. This growth is driven by a number of factors, including the increasing use of Lidar for autonomous vehicles, the need for more precise mapping and surveying data, and the expanding use of Lidar for security applications.
There is a large variation in the demand for lidar technology between developed and developing countries. In general, there is much greater demand for lidar technology in developed countries due to the higher levels of economic development and technological sophistication. This is reflected in the fact that the vast majority of manufacturers in the global LiDAR market are based in developed countries, such as the United States, Germany, Japan, and South Korea.
There are several reasons for the higher demand for lidar technology in developed countries. First, developed countries tend to have more advanced economies and thus can afford to invest more in new and innovative technologies like lidar. Second, developed countries tend to have more infrastructure projects underway that require mapping and surveying (such as highway construction), so there is a greater need for lidar technology. Finally, many developed countries have large areas of land that must be monitored for environmental purposes (such as monitoring deforestation or tracking wildlife populations), which again creates a demand for LiDAR market.
In developed countries, government agencies and private companies are investing heavily in Lidar research and development, as well as in commercial applications. For example, Alphabet Inc.’s Google Maps division has been using Lidar data to produce 3D maps of cities since 2009. In 2015, Google began using Lidar-equipped vehicles to collect street-level imagery for its Street View service. And in 2016, Apple Inc. acquired an Israeli start-up called VSL (Visual Systems Ltd.) that specialized in 3D laser scanning technology with potential applications in self-driving cars and augmented reality.
Meanwhile, a number of startups in the global LiDAR market are also trying to capitalize on the growing demand for Lidar products and services. In 2017, Velodyne LiDAR Inc., the leading manufacturer of automotive LiDAR sensors, raised $150 million from investors including Ford Motor Company.
Prominent Player in LiDAR Market
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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.
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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.
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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”
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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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