Artificial Intelligence
Power System Simulator Market Forecasted to Hit USD 1,461.8 Million by 2025 with 7.50% CAGR – Report by Market Research Future (MRFR)
New York, US, July 13, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Power System Simulator Market Analysis by Module (Load Flow, Harmonics, Short Circuit, Device Coordination Selectivity, Arc Flash and Others), Component (Hardware, Software and Services), End-user (Power, Industrial and Others) and Region – Forecast till 2030” valuation is poised to reach USD 1,461.8 Million by 2025, registering an 7.50% CAGR throughout the forecast period (2020–2025).
Power System Simulator Market Overview
With the rapidly evolving and increasing power sector continually demanding effective analysis of electrical power systems using real-time data, the market is expected to gain significant momentum in the next few years.
Power System Simulator Market Report Scope:
| Report Metric | Details |
| Market Size in 2025 | USD 1,461.8 Million |
| CAGR ( 2020-2025) | 7.50% |
| Base Year | 2019 |
| Forecast Period | 2020-2025 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Module, Component and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Schneider Electric (France), ABB (Switzerland), Eaton (Ireland), GE (US), Siemens (Germany), ETAP (US), The MathWorks, Inc. (US), Open Systems International, Inc. (US), Opal-RT Technologies, Inc. (Canada), Neplan AG (Switzerland), PowerWorld Corporation (US), RTDS Technologies Inc. (Canada), Atos SE (France), Energy Exemplar (Australia), and Fuji Electric (Japan) |
| Key Market Opportunities | Development of smart cities |
| Key Market Drivers | Rising Demand for Innovation-Ready Real-Time Digital Simulator Drives the Market |
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The global power system simulator market is garnering rapid traction. The vast product demand from the burgeoning power sectors worldwide is a key driving force. Besides, the growing power generation, especially renewable power generation and rising adoption of IoT & cloud platforms, create substantial market demand. Complexities in power transmission networks boost market shares.
Power system simulators are designed to provide an effective learning environment for operators and engineers working in power sectors to improve and enhance their knowledge of the system. Power system simulators provide a full set of integrated and specialized applications for simulating, analyzing, testing, transmission modeling, and distribution.
They are extensively used in industrial power systems, gas, water, and heating & cooling infrastructures to create an effective learning environment. These simulators are easily integrated into any IT environment existing in the grid infrastructure. Data exchange with other systems, like DMS, EMS, GIS, AMS, and other planning tools, is provided through industry standards such as CIM and other native interfaces.
Many power system projects require specialized, cost-efficient test benches for the most demanding applications and standards and are capable of representing engineering systems with high fidelity, regardless of complexity. Power companies sought after robust and user-friendly stimulators featuring an intuitive graphical user interface, customizable visualization options, automation capabilities, and efficient data management.
Power System Simulator Market Segments
The report is segmented into modules, components, end-users, and regions. The module segment comprises load flow, harmonics, short circuits, device coordination selectivity, arc flash, and others. The component segment comprises hardware, software, and services. The end-user segment comprises power, industrial, and others. The region segment comprises the MEA, Asia Pacific, North America, Europe, and the Rest-of-the-World.
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Power System Simulator Market Regional Analysis
APAC dominates the global power system simulator market due to the vast availability of various load flow techniques. The region demonstrates vast demand for energy accounting for a larger population base. Besides, factors such as faster technology adoption, increasing per capita income, and growing numbers of grids boost the market size. India, China, and Japan are the largest markets for power system simulators, accounting for sizable shares in the regional market. Increasing smart city projects across the region create substantial market demand.
Industry Trends
The recent shift to distributed generation power infrastructure from centralized generation and the growing adoption of two-way digital communication technology, such as smart grids, create huge demand for power system simulators, resulting in significantly more complex control systems.
While this evolution demonstrates greater reliability and stability of power grids, engineers developing modern controllers and implementing them in the field face new challenges. These engineers require advanced yet flexible testing tools to meet their objectives within project timeframes and budgets.
The increasing demand for power, led by boosting industrialization, urbanization, and population worldwide, is a major market trend. Increasing upgrades and automation in power utility infrastructures to meet the growing energy demand from the commercial and residential sectors foster the growth of the market. Rapid industrialization accelerates market growth, consuming enormous amounts of electricity.
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Besides, the increasing adoption of power transformers as electrical parameter measures and growing numbers of power utilities across the globe influence the market demand. Also, the benefits that power system simulators offer boost the market revenues. Spurring rise in the industrial sectors accelerates the growth of the market.
Some of the prominent benefits of a power system simulator include preparing operators & fore plan contingencies, increasing operator competency & audit productivity, and improved system safety & security through real-world simulations. It also helps validate design using steady-state & dynamic simulation, accelerate startup & shutdown times, reduce the planned turnaround time, and minimize outages occurring due to operator errors.
The objectives of real-time simulation for power flow and data flow are to analyze grid faults and impacts on the grid with a high penetration of renewable energy, verification & assessment of grid control systems and grid stabilization systems, and verification when introduced into the grid development products for protection relays or smart-inverters that conform to the IEC 61850 / 61588 standards.
Power System Simulator Market Competitive Analysis
Dominant Key Players on Power System Simulator Market Covered are:
- Schneider Electric (France)
- ABB (Switzerland)
- Eaton (Ireland)
- GE (US)
- Siemens (Germany)
- ETAP (US)
- The MathWorks Inc. (US)
- Open Systems International Inc. (US)
- Opal-RT Technologies Inc. (Canada)
- Neplan AG (Switzerland)
- PowerWorld Corporation (US)
- RTDS Technologies Inc. (Canada)
- Atos SE (France)
- Energy Exemplar (Australia)
- Fuji Electric (Japan)
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The power system simulator market appears fragmented and highly competitive due to the presence of players. Manufacturers use close service agreements, collaboration, and partnerships with large vehicle manufacturers to capture significant market share. Suppliers in the market are highly dependent on the manufacturer, which reduces their profit margin. Many simulator manufacturers are following backward integration and are acquiring suppliers.
For instance, on May 02, 2022, Fraunhofer Institute for Wind Energy Systems (IWES) announced its partnership with ABB to develop the world’s largest mobile grid simulator enabling next-generation offshore wind turbine testing. The simulator is being developed by the German Federal Ministry of Economic Affairs and Climate Action under its Mobil-Grid-CoP project launched in 2020 and publicly funded.
ABB will provide its innovative ACS6080 Power Electronics Grid Simulator technology to create an artificial power grid on site. In addition to the PEGS technology, ABB’s full package solution includes transformers, e-houses, filters, cooling equipment, and power & auxiliary distribution equipment. Fraunhofer IWES needs to maintain total stability and performance by power grids, integrating large amounts of intermittent renewables like wind & solar.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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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