Artificial Intelligence
The Global Autonomous Finance Market size is expected to reach $33.3 billion by 2028, rising at a market growth of 13.6% CAGR during the forecast period
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New York, Jan. 27, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Autonomous Finance Market Size, Share & Industry Trends Analysis Report By Solution, By End-Use, By Regional Outlook and Forecast, 2022 – 2028” – https://www.reportlinker.com/p06412007/?utm_source=GNW
But to implement this transition, CFOs require a robust technology roadmap and a new way of thinking. It depends on self-learning software agents.
Autonomous finance executives gravitate more and more toward autonomous financial solutions because they can automate and improve corporate workflows, operations, and procedures. The expansion of autonomous financial operations may be ascribed to numerous advantages offered to firms, including cost-effectiveness, real-time data analytics & reporting, a decrease in system downtime, and scalability in operations without adding more employees.
Artificial intelligence (AI), cloud computing, and robotic process automation (RPA) are technologies used to construct digital processes and improve the consumer experience while receiving digital and autonomous financial services. Early adopters are predicted to get a competitive edge thanks to autonomous finance fintech organizations’ technical capabilities. 89.0% of finance professionals in the BFSI sector feel that businesses who embrace autonomous financial operations early would gain a significant competitive edge over their counterparts, according to receeve GmbH, a debt recovery, and collection platform.
Several financial functions, including accounting, loan application processing, asset management, and liquidity management, now use autonomous finance. As businesses unite to enhance customer experience and technological capabilities, the autonomous finance industry is anticipated to expand. Additionally, the pandemic hastened to shift consumer expectations for digital and omnichannel banking services. The capacity to access financial services remotely was the main driver of this transformation. As a result, market growth is anticipated to be propelled by the acceleration of digitalization and the need for companies to adapt to changing consumer requirements.
COVID-19 Impact Analysis
The COVID-19 pandemic has affected practically all sectors worldwide. During the early phases of the pandemic, many production and research facilities throughout the world were compelled to cease operations. To slow the pandemic’s rapid spread, state and national governments instituted lockdown measures and made sure social distance rules were followed. The commercial launch of pharmaceutical and other businesses was also significantly delayed due to the financial crisis that immediately followed the pandemic. As a consequence, the revenue of various small and medium-sized enterprises significantly decreased. Due to COVID-19, the Financial Services Industry (FSI) saw substantial changes. The popularity of digital platforms substantially increased during the pandemic as automation emerged as a crucial trend, and customers of all ages preferred digital interactions with enterprises.
Market Growth Factor
Factors Increasing Artificial Intelligence (AI) Use in the BFSI Industry
Artificial intelligence (AI) in banking, financial services, and insurance (BFSI) is expected to grow, leading to a significant increase in the global autonomous finance market throughout the projection period. The industry’s growing emphasis on enhancing customer satisfaction and retention will also contribute to the rise. End Users, such as Banks, Insurance Companies, and Financial Institutions, have started integrating automation into their products to speed up routine financial operations like insurance, bill payment, and subscription renewal. Such machine learning and AI-based solutions can understand user behavior and provide accurate financial advice thanks to advanced algorithms
Utilizing Financial Apps More Will Help Reduce Human Error
Applications for financial services nowadays are customized to a user’s specific financial requirements. These applications independently create and carry out financial plans depending on the user’s age, goals, bank balances, risk tolerance, and other traits. A financial service application’s primary goal is to reduce the likelihood of human errors and inefficiencies. It also improves investment allocation by entrusting sophisticated algorithms with tasks like automating bill payments and managing portfolios. Numerous venture capital organizations are concentrating on investing in autonomous financial solutions because of the enhanced growth potential of these products in the Banking, Financial Services, and Insurance (BFSI) industry.
Market Restraining Factor
Lack of Advanced Communication Technologies in Developing Regions
The success of smart finance technologies is dependent on technological innovation and operational effectiveness. Several countries in the Asia Pacific, the Middle East, Africa, and Latin America are impeded by a lack of essential technology, such as telecom and networking infrastructure, and are unable to quickly implement smart projects due to a variety of circumstances, such as a low budget and a low literacy rate. Several countries have yet to mature or even adopt 4G technology, even though countries like China have completed 5G experiments.
Solution Outlook
Based on the solution, the autonomous finance market is segmented into Asset Management, Auto Payments, Digital Identity Management Systems, Liquidity Management, Loan Application Processing, and Others. The asset management segment generated the significant revenue share in the market during 2021. Algorithms are used in autonomous asset management to manage assets and portfolios automatically. The main driver of category development is autonomous asset management’s capacity to mimic human decision-making skills while locating the optimal execution rates for deals.
End-Use Outlook
Based on end-use, the autonomous finance market is divided into banks, financial institutions, healthcare, insurance companies, telecommunications, and others. The telecom segment is registering the promising growth rate during the forecast period. The telecom industry’s networks have become more complicated to support emerging technologies like software-defined wide-area networks and network function virtualization.
Regional Outlook
Based on region, the Autonomous Finance Market is divided into North America, Europe, Asia Pacific, and LAMEA. In 2021, North America led the market for autonomous finance and generated a higher revenue share. The environment that supports the early adoption of novel technologies, particularly autonomous banking, is unique to the North American area. In addition, governments strongly emphasize fostering effective governance and a digitized, sustainable financial infrastructure. As a result, American businesses are working together to improve digital capabilities.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, NICE Ltd., HighRadius Corporation, Signzy Technologies Private Limited, Roots Automation, Inc., ReGov Technologies Sdn Bhd, Fennech Financial Ltd, Auditoria.AI, VIC.AI and ViralGains, Inc.
Scope of the Study
Market Segments covered in the Report:
By Solution
• Auto Payments
• Digital Identity Management System
• Loan Application Processing
• Liquidity Management
• Asset Management
• Others
By End-Use
• Banks
• Financial Institutions
• Healthcare
• Insurance Companies
• Telecom
• Others
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Oracle Corporation
• NICE Ltd.
• HighRadius Corporation
• Signzy Technologies Private Limited
• Roots Automation, Inc.
• ReGov Technologies Sdn Bhd
• Fennech Financial Ltd
• Auditoria.AI
• VIC.AI
• ViralGains, Inc.
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06412007/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
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Artificial Intelligence
Elevate Your Virtual Reality Experience with KIWI design RGB Vertical Stand, Now Available on Meta’s Website
LOS ANGELES, May 11, 2024 /PRNewswire/ — Top-tier VR accessories provider KIWI design has launched its latest product, the RGB Vertical Stand. This Meta-authorized accessory, designed to deepen users’ immersion in the metaverse, is now available on the official Meta website.
“KIWI design’s commitment to pushing the boundaries of virtual reality accessories takes another leap forward with the introduction of our new products,” said Ray,the CEO of KIWI design. “We are always dedicated to bringing innovative upgrades to VR device accessories, with the goal of enriching users’ virtual reality experiences.”
The newly launched RGB Vertical Stand features a user-friendly modular design with push-in assembly, making it easy to set up and use. It is compatible with Meta Quest 3, Quest 2, and Quest Pro, ensuring widespread usability. With a magnetic USB Type-C connector, it provides an effortless way to charge and display your headset. Users can also customize their display with 16 pre-set ambient multicolor RGB light options.
With VR technology constantly evolving, users are seeking more immersive experiences. As a leading manufacturer of VR accessories, KIWI design is committed to enhancing the user experience, through unique product designs. Since its establishment in 2015, KIWI design has acquired over 100 patents and has a diverse product lineup, including head straps, facial interfaces, VR stands, charging accessories, and controller grip covers.
KIWI design has also actively participated in the Made for Meta program, which is provided by Meta to strengthen its partnerships with leading brands to deliver accessories that enhance Meta products with more choice and a richer experience for everyone. KIWI design’s participation in this program validates its high-quality design standards.
The RGB Vertical Stand for Meta Quest 3, Quest 2, and Quest Pro and another specially designed authorized charging dock for the Meta Oculus Quest 2 are now available for purchase on both KIWI design’s website and Amazon. For more information about our brand and products, please visit our website and follow KIWI design on Facebook, Instagram, X, YouTube and TikTok.
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LOS ANGELES, May 11, 2024 /PRNewswire/ — WIO LLC, parent company of the global TV broadcast airings platform, WIOpro™, has announced a new strategic agreement with Gracenote, the global content data business unit of Nielsen, to address the longstanding challenge of accurately tracking and collecting music royalties generated by broadcast television and digital programming, With this agreement, WIO will integrate Gracenote TV program metadata and show airings into its WIOpro™ (“When’s It On – Professional”) platform enabling performance rights organizations, copyright management organizations and other entities to better monitor broadcast schedules and identify when royalties have been earned.
By integrating Gracenote historical program data into WIOpro’s new LookBack™ feature, WIO is enhancing its reporting capabilities and empowering Collection Societies, Rights Management Companies and the royalty-earning community to more easily monitor and export broadcast airings and better understand collections opportunities.
“At WIO, we are committed to empowering collection societies and copyright holders around the world with our platform tools and unprecedented access to the best and most accurate television broadcast and streaming data available,” said Shawn Pierce, Co-Founder and CEO of WIO LLC. “We have enjoyed an incredible relationship with Gracenote for 10 years. With the solidification of this agreement, we are able to deliver an unrivaled dataset to the royalty and residual community in a way that has not been offered before.” said Adam Shafron, Co-Founder and CTO of WIO LLC.
“WIO’s platform developed to solve the difficult matter of royalty tracking only becomes more powerful based on the integration of accurate, timely and comprehensive Gracenote metadata,” said Scott Monahan, Director, Strategic Partnerships, Gracenote. “We look forward to the combination of WIOpro’s technology and Gracenote’s program metadata delivering on the promise of transforming music royalty collection so that rights holders can be fairly compensated for use of their work.”
WIO and Gracenote will be at the MusicBiz 2024 conference in Nashville, TN May 13 – 16. Contact Dave Pelman, COO of WIO LLC at [email protected] for media queries or to book an appointment for a product demonstration.
About WIO:WIO is a technology company dedicated to providing broadcast television and digital programming data tailored specifically for the royalty and residual collection industry. Through its platform WIOpro (wiopro.com), users obtain access to real-time broadcast insights, reporting and curated data delivery.
About Gracenote:Gracenote is the content data business unit of Nielsen providing entertainment metadata, connected IDs and related offerings to the world’s leading creators, distributors and platforms. Gracenote enables advanced content navigation and discovery capabilities helping individuals easily connect to the TV shows, movies, music, podcasts and sports they love while delivering powerful content analytics making complex business decisions simpler.
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Artificial Intelligence
IDTechEx Explores Printed Electronics in Electrified and Autonomous Mobility
BOSTON, May 10, 2024 /PRNewswire/ — Electrification, autonomy, and vehicle ownership saturation are causing a technological revolution in the automotive sector. These automotive meta-trends are driving drastic changes in electronic component requirements and present a high-volume opportunity for printed electronics to capitalize on.
Historically, printed electronics technologies have nurtured a close relationship with the automotive sector, with printed force sensors pioneering passenger safety through seat occupancy and seatbelt detection. As such, the automotive sector continues to represent the lion’s share of the global printed and flexible sensor market, which IDTechEx’s report on the topic evaluates as worth US$421M in 2024. However, if the automotive sector is to continue to be a reliable revenue stream, printed electronics technology providers must adapt to address the emerging technical challenges facing future mobility.
Augmenting autonomous vehicles with printed electronics
As vehicle autonomy levels advance, the increasing number and distribution of spatial mapping sensors required will need continuous performance improvements to ensure passenger safety. Emerging printed electronics technologies can augment these sensors, extending detection bandwidth and maximizing reliability during operation.
Transparent conductive films (TCFs) are being developed to heat and defog LiDAR sensor panels, ensuring the function is unperturbed by external environmental conditions. Properties such as high transparency and low haze are important for defogging. These properties can be easily tuned using the wide variety of material options available for TCFs, including carbon nanotubes and silver nanowires.
IDTechEx identifies printed heating as a leading application of transparent conductive films. This is attributed to diminishing growth prospects in capacitive touch sensing applications. Innovations in thin film coating techniques have enabled indium tin oxide (ITO) to dominate touch sensing applications, all but displacing TCFs completely.
Looking towards the future, printed electronics technologies could play a more active role in advanced autonomous driving. Emerging semiconductive materials, such as quantum dots, printed directly onto conventional silicon image sensor arrays can extend detection range and sensitivity deeper into the infrared region. Augmenting existing image sensor technology with enhanced spectral range could facilitate the competition of hybrid silicon sensors with established InGaAs detectors.
Printed sensors promise granularized battery health monitoring
Vehicle electrification is driving the sustained development and evolution of electronic management systems, particularly in the battery and electric drivetrain. A strong market pull exists for technologies that increase vehicle efficiency, range, and lifetime while reducing recharge times.
Printed pressure and temperature sensors measure battery cell swelling and thermal profiles, providing granularized physical data that can be used to optimize battery deployment and recharging. Moreover, hybrid printed sensors that combine integrated printed heating elements promise a solution to actively address battery temperature. IDTechEx estimates that printed sensor-enabled battery deployment and charging optimizations could be worth up to US$3000 in savings per vehicle.
There remains uncertainty about whether electrification trends will correspond to increased demand for physical sensors in electric vehicle batteries, owing to the utility of existing electronic readouts for managing deployment. Virtual sensors also pose a threat, where AI-enabled software models interpret data to predict and emulate physical sensor functions without the need for discreet components. However, emerging regulations regarding safety and sensor redundancy will likely favor measurable metrics and see automotive makers continue to adopt physical sensors. IDTechEx predicts that virtual sensors are unlikely to displace their physical counterparts – so long as low-cost sensors remain widely available.
Embedding printed electronics in the car of the future
IDTechEx predicts that global car sales will saturate over the next decade, with automakers increasingly looking for premium features and technical innovations to differentiate themselves from the competition. In-cabin technologies will be highly desirable – as the location where passengers reside and interact with the vehicle the most.
Lighting elements are emerging as a prominent differentiator, described as “the new chrome” by Volkswagen’s chief designer. The use of in-mold structural electronics (IMSE) enables the integration of embedded lighting elements using existing manufacturing processes. 3D electronics technologies are intrinsically attractive for automotive integration, as functional layers are conformable and lightweight while easily embedded within existing aesthetic elements.
Despite strong tailwinds, the adoption of in-mold electronics within automotive interiors has been sluggish. This is attributed to the challenges of meeting automotive qualification requirements, as well as stiff competition with less sophisticated alternatives such as applying functional films to thermoformed parts. Nevertheless, momentum is building, with technology providers like Tactotek partnering with Mercedes-Benz and Stallantis to progress the automotive validation of IMSE to TRL5.
Outlook for printed electronics in automotive applications
Just as printed force sensors heralded early passenger safety systems, printed electronics technology is poised to underpin next-generation innovations for the car of the future. But this time, the competition will be stiff. Critical cost requirements must be met, while desirable new functionality must address existing challenges faced by manufacturers. Printed electronics can play a role in supporting emerging electrified and autonomous mobility, such as augmenting LiDAR sensors or optimizing electric battery deployment. Demand for technologies that enhance passenger experience and vehicle aesthetics will continue to grow, and printed electronics can supply low-power, lightweight lighting solutions for these.
Sustained engagement from tier suppliers and manufacturers continues to make the automotive sector key to printed sensor market growth opportunities – a total market IDTechEx predicts will reach US$960M by 2034. Strong partnerships between material providers and printed electronics technology providers are complementary to those of the highly vertically integrated automotive value chains between tier suppliers and OEMs. Leveraging printing techniques to provide solutions that slot into existing manufacturing processes and designs will be crucial. In the medium term, the printed electronics technologies most likely to realize revenue potential are those that can adapt to service emerging challenges already known to the automotive industry.
For more information on IDTechEx’s research on this topic, please see their report, “Printed and Flexible Sensors 2024-2034: Technologies, Players, Markets”. Downloadable sample pages are available for this report.
For the full portfolio of printed and flexible electronics market research from IDTechEx, please visit www.IDTechEx.com/Research/PE.
About IDTechEx:
IDTechEx provides trusted independent research on emerging technologies and their markets. Since 1999, we have been helping our clients to understand new technologies, their supply chains, market requirements, opportunities and forecasts. For more information, contact [email protected] or visit www.IDTechEx.com.
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