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Global Food Robotics Market Report 2023: Increasing Digitalization in the Food and Beverage Industries Bolsters Growth

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Dublin, March 01, 2023 (GLOBE NEWSWIRE) — The “Global Food Robotics Market Size, Share & Industry Trends Analysis Report By Application, By Payload, By Type, By Regional Outlook and Forecast, 2022-2028” report has been added to ResearchAndMarkets.com’s offering.

The Global Food Robotics Market size is expected to reach $4 billion by 2028, rising at a market growth of 10.2% CAGR during the forecast period.

Food robotics are referred to as robots employed in the food and beverage business to carry out intricate tasks like picking, packing, and palletizing. Robots from science fiction are already a reality owing to various technological developments. Furthermore, robots are becoming a crucial component of many sectors due to the rise in demand for increased productivity and the introduction of robots to job or task automation.

Automation and robotics play a significant role in the solution. The food manufacturing business has been particularly sluggish in incorporating robotics compared to other industries. Robotics, however, has begun to penetrate practically every stage of the food supply chain in the past few years, from the farm to the kitchen. Seedling planting, identification, and sorting are examples of robotic applications.

Additionally, self-driving tractors are also present nowadays along with robots for harvesting and weeding. Robotics are also being brought to the dairy, poultry, and cattle production sectors of non-plant agriculture. Applications include self-sufficient milking and feeding, egg gathering and sorting, and self-sufficient cleaning. Despite being originally developed to lift heavy metal components, modern technology can pick up delicate items like bread loaves, cheese, and fruits without causing any harm.

Manufacturers of food are now able to keep an eye on products as well as consumer demand, then use data analysis to tailor the output to this need. Robotics and the creation of AI software enable this. Companies can better monitor food quality and safety when they are better equipped to assess crucial processes like shipping, processing, and storage, as well as whether food is accidentally contaminated, where that food was shipped, and where that food was acquired from. Several large food service companies have recently invested in robots and artificial intelligence.

Market Growth Factors
Demand for packaged foods is increasing

The need for ready-to-cook and ready-to-eat foods has increased in recent years, necessitating the packaging of food goods to extend their shelf life and meet consumer demand. The mass production of packaged food goods has pushed the market for food robotics, especially in nations such as the United States, Japan, France, and Italy. Most large-scale food manufacturing factories are automating their procedures to assure quality and consistency in the Stock Keeping Units (SKUs). Agriculture and food manufacturing tasks are more difficult to automate using robots, yet companies continue to implement them. As a result, the expansion of the packaged dairy products and baked goods industries is also driving the market for food robotics, as these products are mass-produced across regions.

Increasing digitalization in the food and beverage industries

Digitalization is the optimization of corporate operations by emerging digital technologies, such as IT/OT convergence, big data analytics, digital twin, 3D printing, artificial intelligence, and automation technologies. IoT and AI are assisting businesses in achieving high levels of food safety, enhancing food traceability, reducing food waste, and lowering food processing and packaging-related costs and risks. In recent years, digitalization has emerged as a crucial driver for automation, where artificial intelligence (AI) pushes operational productivity through enhancing workforce productivity. Hence, the growing adoption of digitalization across the F&B industry will propel the growth of the food robotics market in the coming years.

Application Outlook

Based on application, the food robotics market is divided into palletizing & processing, packaging, repackaging, pick & place, and others. In 2021, the palletizing & processing segment dominated the food robotics market with maximum revenue share. Robotic palletizing ensures quick and effective operations to increase throughput, improve quality, and improve working conditions for personnel. Robotics use grippers for either cases, bags, or crates and operate with people to increase production. They smoothly integrate into the current manufacturing line. Humans do not best perform numerous tasks involved in meat preparation.

Payload Outlook

On the basis of payload, the food robotics market is fragmented into low, medium and high. The low segment covered a remarkable revenue share in the food robotics market in 2021. Many of the available SCARA food robots fall under the low payload category as picking objects is considered a rather simplistic task. The expertise in food handling, pick-and-place, packaging & palletizing, sealing, labeling, and spraying, among many other things, is largely responsible for the segment’s explosive expansion.

Type Outlook

By type, the food robotics market is segmented into articulated, cartesian, SCARA, cylindrical, collaborative and others. The SCARA segment generated the prominent revenue share in the food robotics market in 2021. A selective compliance articulated robot arm (SCARA) robot is intended for pick-and-place applications and has a relatively high speed and a high degree of precision. SCARA robots can easily and adaptably solve a number of automated assembling applications. Demand is rising with the expanding use of food robotics in this industry.

Regional Outlook

Region wise, the food robotics market is analyzed across North America, Europe, Asia Pacific and LAMEA. In 2021, the Asia Pacific region held the highest revenue share in the food robotics market. The rapid expansion of the food robotics market in this region is ascribed to the population’s shift toward prepared and packaged foods as a result of growing concerns about food safety and lifestyle. The region’s desire for high-tech packaged foods and beverages has been spurred by the rise in consumer income. In Asia Pacific, China is well-known as the nation that sets the standard for food robot adoption.

Strategies deployed in Food Robotics Market
Partnerships, Collaborations and Agreements:

  • Jan-2022: Mitsubishi came into partnership with Cartken, a US-based developer of an outdoor delivery robot. The partnership involves jointly working to introduce Cartken’s delivery robots to a Japanese mall. The partnership allows Mitsubishi to explore other applications of the technology and enables them to enter the Japanese autonomous delivery market
  • Apr-2021: Rockwell Automation partnered with Comau, an Italy-based provider of industrial automation and a manufacturer of robots. The partnership involves providing businesses globally with essential tools to boost efficiency in manufacturing processes. Moreover, the integration of Rockwell’s expertise in food and beverage, life sciences, automated material handling, and Comau’s competence in industrial and robotics automation benefits customers through improved value
  • Feb-2021: Epson Robots, part of Seiko Epson came into partnership with Heitek Automation, a distributor of automation products and solutions. The partnership agreement involves establishing Heitek as Epson’s official distributor for robot automation solutions

Product Launches and Product Expansions:

  • Oct-2022: Yaskawa launched MOTOMAN-HC30PL, a collaborative robot. The new cobot features a 30 kg payload capacity, 1600 mm reach, easy connection with peripheral devices, secure design, increased safety, and is easy to operate
  • Mar-2022: FANUC launched CRX-5iA, CRX-20iA/L and CRX-25iA cobots. These new cobots are a part of the CRX series. The new products are developed to serve every type of manufacturer. Further, these robots perfectly fit and align with FANUC’s already existing CR and CRX series

Geographical Expansions:

  • Aug-2022: YASKAWA India, part of Yaskawa Electric Corporation opened a new robotic solution facility in Haryana, India. The new facility focuses on advancing and promoting innovation, and further aims to develop and advance industrial robotic automation
  • Jul-2022: FANUC America expanded its Michigan facility to nearly two million square feet. This expansion of the facility allows FANUC to cater to the heavy demand for its automation solutions
  • Jul-2022: FANUC expanded its footprint by setting up a new 109,000-sq.-ft. a facility in Aguascalientes, Mexico which would also act as robotics and automation headquarters. This geographical expansion enables FANUC to better take care of the needs of its clients operating in the aerospace, consumer goods, and aerospace industry. Moreover, the expansion further reflects FANUC’s devotion to supporting organizations in enhancing their production processes

Key Market Players

  • Mitsubishi Electric Corporation
  • ABB Group
  • Rockwell Automation, Inc
  • Kawasaki Heavy Industries, Ltd
  • Kuka AG (Midea Investment Holding Co., Ltd.)
  • FANUC Corporation
  • Yaskawa Electric Corporation
  • Seiko Epson Corporation
  • Teradyne, Inc. (Universal Robots A/S)
  • Denso Corporation
Report Attribute Details
No. of Pages 239
Forecast Period 2021 – 2028
Estimated Market Value (USD) in 2021 $2073.4 Million
Forecasted Market Value (USD) by 2028 $4034.4 Million
Compound Annual Growth Rate 10.2%
Regions Covered Global

Key Topics Covered:

Chapter 1. Market Scope & Methodology

Chapter 2. Market Overview

Chapter 3. Competition Analysis – Global

Chapter 4. Global Food Robotics Market by Application

Chapter 5. Global Food Robotics Market by Payload

Chapter 6. Global Food Robotics Market by Type

Chapter 7. Global Food Robotics Market by Region

Chapter 8. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/qt7mke-food?w=12

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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Aurionpro Solutions acquires Arya.ai, to power next generation Enterprise AI platforms for Financial Institutions

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SINGAPORE, April 20, 2024 /PRNewswire/ — Aurionpro Solutions Limited (BSE: 532668) (NSE: AURIONPRO) announces the acquisition of Banking and Insurance focused PaaS startup, Arya.ai. With Arya.ai, Aurionpro will enhance its portfolio of enterprise fintech offerings to expedite adoption of AI that is responsible, accurate, and auditable.

 
 
Aurionpro Solutions Ltd. will acquire a majority stake (67%) in Arya.ai. This acquisition will bring products and expertise in Artificial Intelligence, Deep Learning, Intelligent Automation, PaaS, Autonomous AI Platforms, and more, to complement and strengthen Aurionpro’s industry leading portfolio.
The transaction comprises acquisition of shares held by the existing shareholders and subscription of new equity capital in the company. This will be an all-cash deal. The aggregate investment including  secondary acquisition and fund infusion is approximately 16.5 MN USD.
By integrating Arya.ai’s cutting-edge AI cloud platform, with Aurionpro’s comprehensive suite of offerings, the company will create an industry leading Enterprise AI platform focused on creating value for financial institutions globally. 
Commenting on the acquisition, Ashish Rai, CEO of Aurionpro Solutions, stated, “The acquisition of Arya.ai marries Aurionpro’s portfolio of industry leading enterprise software with one of the most mature Enterprise AI platforms focused on Banks and Insurers. We are incredibly excited about working with Arya.ai and our wider ecosystem partners to build out the leading Enterprise AI platform, for the financial industry worldwide.”
“Our decade long experience in building tools/platform for deep learning helped us to build a truly verticalized AI Operating System for Banking and Insurance.” Says Vinay Kumar CEO/Founder of Arya.ai. “Together with Aurionpro, we are going to build a new generation of Enterprise AI software for Banks and Insurers that truly embeds AI, augmenting a task or Autonomous Agents that can take over entire transactions”. 
Founded in 2013 by Vinay Kumar and Deekshith Marla, Arya.ai has been one of the first ‘AI’ startups to use Deep Learning and deploy in enterprises. Arya.ai’s BFSI PaaS offerings include Arya API with 80+ ML models, Libra for fine-tuning SOTA ML models, and AryaXAI for AI governance.
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Free Your Hands, QIDI Vida Smart AR Glasses Lead the Way in New Sports Experience.

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NEW YORK, April 19, 2024 /PRNewswire/ — Outdoor smart AR glasses, QIDI Vida, will officially launch on 23rd April on the Kickstarter platform.  QIDI Vida integrates the many functions of smart watches, sports headphones, cycling computers, heart rate monitors, and walkie-talkies using AR+AI technology, allowing users to bid farewell to cumbersome device management and enjoy outdoor sports anytime, anywhere with just one pair of glasses.

 
Function:
QIDI Vida uses high-tech HUD (Head-Up Display) which is similar to the technology used for aircrafts and premium cars and introduces it to the sports industry. Users can activate the HUD function at any time using voice control, enabling them to focus on the route ahead whilst simultaneously having access to information such as navigation, speed, heart rate, power and cadence, among other metrics. Another great function of the QIDI Vida is that users can also enjoy audiovisual entertainment through the optically perceived 100-inch AR  HUD screen, when having some down time. 
As cyclists and hikers often travel in groups, QIDI Vida supports eSIM and team functionality, allowing real-time voice communication without releasing handlebars, and users can monitor their groups’ real-time locations. The glasses also have comprehensive sensing and monitoring capabilities including temperature, humidity, UV, air pressure, geomagnetism and acceleration. In addition to obtaining environmental and health information, it also features health warnings such as altitude sickness symptoms and high heart rate, as well as fall and collision detection functions. And, in the event of danger, it can send distress signals to teammates.
Perks:
QIDI Vida has a global voice recognition and interaction feature that allows you to control all functions within the device by voice. To better provide users with an immersive sports experience, QIDI Vida’s intelligent system will have the capability to instantly gather personalised sports data, enabling it to deliver timely voice alerts and broadcasts, including the duration of exercise, distance, the environment and the weather – all tailored to the user’s preferences.
QIDI Vida enables voice-controlled photos and video recordings, allowing users to capture moments whilst cycling or hiking without the need to stop. QIDI Vida supports connections with common cycling smart hardware such as Garmin, Wahoo, Apple, and Samsung, supports GPX route files, and is compatible with professional sports apps such as Strava, Keep, Zwift, Apple Health, and All Trails.
QIDI Vida stands out for its lightweight and comfortable design with a dual lens for a full-colour data display, unlike competing AR glasses that typically have a single lens and limited colour. This innovation significantly enhances and augments the user’s sports and reality experience.
QIDI Vida will launch on the Kickstarter platform: https://www.kickstarter.com/projects/109560964/qidi-vida-smart-ar-glasses-for-sports
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Risk Analytics Market worth $180.9 billion by 2029 – Exclusive Report by MarketsandMarkets™

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CHICAGO, April 19, 2024 /PRNewswire/ — The growing use of real-time monitoring and advanced analytics, integration with cutting-edge technologies like blockchain and IoT, and an emphasis on cybersecurity, cross-industry applications, and regulatory compliance are the key factors that will shape the risk analytics market in the future. The market’s development will also be influenced by collaborative risk management, improved user experience, and an increasing focus on ESG factors and risk culture.

The Risk Analytics Market is estimated to grow from USD 59.7 billion in 2024 to USD 180.9 billion in 2029, at a CAGR of 24.8% during the forecast period, according to a new report by MarketsandMarkets™.  Several trends fuel the global spread of Risk Analytics. Increasingly Increasing Data Complexity, Rising Cybersecurity Threats and Rising Adoption of Cloud-Based Solutions A growing talent pool of data scientists and engineers is building the necessary tools and infrastructure. Governments are recognizing the potential of risk analytics for economic growth and are investing in research and development. These trends make DI more accessible and valuable, leading to its global adoption.
Browse in-depth TOC on “Risk Analytics Market”260 – Tables 60 – Figures350 – Pages
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=210662258
Scope of the Report
Report Metrics
Details
Market size available for years
2019–2023
Base year considered
2023
Forecast period
2024–2029
Forecast units
USD Billion
Segments Covered
Offering,Risk Type, Risk stages, Vertical, and Region.
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US)
 
By offering the services segment to account for higher CAGR during the forecast period
In the Risk Analytics Market, the highest CAGR of services is fueled by Increasing Complexity of Risks, AI and machine learning advancements, big data analytics integration, business process optimization, cloud-based solutions adoption, data-driven culture, and diverse industry adoption. These trends reflect a global shift towards leveraging data for competitive advantage, driving a continuous need for sophisticated risk analytics services across sectors. As businesses prioritize agility, the growth of services in the Risk Analytics Market is driven by the need for effective risk management strategies in an increasingly complex and uncertain business environment.
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By Type, GRC software is expected to hold the largest market size for the year 2024
GRC software typically offers comprehensive solutions that cover a wide range of risk management needs, including compliance management, policy management, audit management, and risk assessment. They also provide organizations with enhanced visibility into their risk landscape. Through features such as risk assessment, risk monitoring, and reporting, organizations can identify and prioritize risks more effectively, enabling proactive risk management strategies.  GRC software streamlines risk management processes through automation, reducing manual effort and increasing efficiency. Tasks such as risk assessments, control testing, and incident management can be automated, freeing up resources to focus on strategic risk mitigation efforts. the combination of comprehensive functionality, regulatory compliance support, efficiency gains, scalability, integration capabilities, and culture enhancement makes GRC software a preferred choice for many organizations seeking to manage risk effectively.
By Vertical, Healthcare & Life Sciences is projected to grow at the highest CAGR during the forecast period
The Healthcare and Lifesciences is experiencing a surge in the adoption of risk analytics due to a confluence of factors. Healthcare providers and life sciences companies wants to ensure the safety and well-being of patients. Risk analytics helps in identifying potential risks to patient safety, such as medication errors, adverse events, and medical device failures. The healthcare and life sciences industries are heavily regulated, with strict guidelines for patient care, data privacy, drug development, and clinical trials. Risk analytics helps organizations ensure compliance with these regulations by identifying and mitigating risks of non-compliance.  Healthcare organizations and life sciences companies also face financial risks associated with fraud, billing errors, revenue cycle management, and reimbursement challenges. Risk analytics helps in detecting anomalies and optimizing financial processes to mitigate these risks.
Asia Pacific is expected to grow at the highest CAGR during the forecast period
The Asia-Pacific (APAC) region is experiencing rapid growth in the Risk Analytics Market, boasting the highest Compound Annual Growth Rate (CAGR). This surge is primarily attributed to rising demand for data-driven decision-making solutions, expanding digital transformation initiatives across industries.. Moreover, the region’s favorable regulatory environment, growing investments in big data analytics, and the integration of advanced technologies like the Internet of Things (IoT) further propel APAC’s dominance in Risk Analytics Market growth.
Top Key Companies in Risk Analytics Market:
The major risk analytics software and service providers include IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the Risk Analytics Market.
Recent Developments:
In March 2024, Orcale announced Oracle Risk Management Cloud in Release 24B. It offers comprehensive solution designed to help organizations identify, assess, and mitigate risks across their business operations. It offers advanced analytics, automation, and collaboration tools to streamline risk management.In March 2024, FIS Global announces card fraud detection capabilities leveraging artificial intelligence (AI) with aim to bolster FIS’s ability to identify and prevent fraudulent transactions, providing greater security for cardholders and financial institutions alike.In March 2024, Aon acquired an AI-powered platform to assist fleet and mobility clients in making data-driven decisions, enhancing operational efficiency and risk management. The platform utilizes artificial intelligence to analyze data and provide insights, enabling clients to optimize their fleet operations and improve decision-making processes.In March 2024, Crisp joined Resolver, with the aim to enhance Resolver’s risk intelligence capabilities by integrating Crisp’s expertise and technology into its platform, offering clients improved risk assessment and mitigation tools.In February 2024, SAS partnered with Carahsoft to bring analytics, AI, and data management solutions to the public sector. The aim is to leverage SAS’s expertise in advanced analytics and Carahsoft’s extensive government market reach to offer tailored solutions that enable public sector organizations to harness the power of data for informed decision-making and improved outcomes.Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=210662258
Risk Analytics Market Advantages:
By offering insights into potential risks, opportunities, and trends, risk analytics helps organisations make data-driven decisions that improve strategic planning and resource allocation.In order to improve risk management procedures and lessen exposure to possible threats, risk analytics solutions assist businesses in identifying, evaluating, and mitigating risks across a range of business activities, including finance, operations, and compliance.Through real-time monitoring and anomaly detection made possible by risk analytics, organisations may proactively address shifting market situations, legal requirements, and cybersecurity threats.Risk analytics solutions assist organisations lower operating costs, increase productivity, and streamline compliance activities, which results in cost savings and resource optimisation. They do this by streamlining risk management procedures and automating routine work.Accurate risk assessments, audit trails, and reporting capabilities are just a few of the ways that risk analytics solutions help organisations comply with regulations and stay out of trouble.Organisations can enhance their resilience and competitiveness by anticipating and mitigating potential hazards before they materialise through the use of predictive modelling and advanced analytics approaches in risk analytics.Report Objectives
To define, describe, and predict the Risk Analytics Market by offering, risk type, risk stages, vertical, and regionTo provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the market growthTo analyze the opportunities in the market and provide details of the competitive landscape for stakeholders and market leadersTo forecast the market size of segments with respect to five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin AmericaTo profile the key players and comprehensively analyze their market rankings and core competenciesTo analyze the competitive developments, such as partnerships, product launches, and mergers & acquisitions, in the Risk Analytics MarketBrowse Adjacent Markets: Analytics Market Research Reports & Consulting
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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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