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Medical Robots Market and Packaging Robots Market Outlook and Analysis 2030 | Industry Demands, Business Overview, Size & Share, Revenue, Trends, Growth Factors, and SWOT Analysis – Extrapolate

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Dubai, UAE, March 08, 2023 (GLOBE NEWSWIRE) — Medical Robots Market Report Forecast 2023-2030:

As per the recent market analysis by Extrapolate has anticipated that the global Medical Robots Market previously valued at USD 10.11 billion in 2021 is estimated to reach USD 22.89 billion by 2030 at a healthy CAGR of 14.4% during the forecast period.

The demand for medical robots is increasing rapidly due to their ability to improve precision and accuracy in surgeries, reduce physical demands on healthcare professionals, simplify routine tasks, and aid in assistive and rehabilitation processes. Moreover, the growing need for medical robots is driven by their potential to improve patient outcomes, enhance the efficiency of healthcare delivery, and reduce healthcare costs. For instance, according to a report from the International Federation of Robotics, there are currently 2.7 million medical robots in use around the globe. This number has more than doubled from the 1.2 million robots that were in use in 2014. Additionally, the report notes that in 2022, the total number of medical robots sold was 57,000 units.

With the advent of advanced technology, the global medical robots market is witnessing significant adoption among consumers and end-users. Today, robotic exoskeletons are allowing people with physical disabilities to regain mobility, while nanorobotics is being used to deliver drugs to specific cells in the body.

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Medical robots assisting in surgeries at PBGMC produce better outcomes. Their recoveries are quicker,” said Orthopedic Surgeon Robert J. Avino while articulating the advantages of medical robots while performing hip and knee replacement surgeries. “We have to do less soft tissue releases, which equates to less pain, so because we do less of that, they are taking less narcotic medications.

Download a FREE Sample of This Strategic Report: https://www.extrapolate.com/sample/Healthcare-Medical-Devices-Biotechnology/medical-robots-market/26044

Key Insights

  • Medical procedures witness a surge in the surgical robots segment due to advanced medical care services.
  • Nanorobotics is Increasingly being used to deliver drugs to specific cells in the body.
  • Artificial intelligence and machine learning are enabling robots to perform tasks such as diagnosing diseases and providing medical advice.
  • Hospitals segment to augment exponential growth owing to the rising number of surgical procedures and improved healthcare services.
  • North America to capture the largest market share during the forecast period.

Competitive Landscape of the Medical Robots Market

The competitive landscape of medical robots market is relatively competitive. Most of the leading players making use of innovative strategies and investing heavily in developing innovative solutions in medical robots. For instance, in June 2022, Accuray Incorporated collaborated with Limbus AI Inc. for improving the brand’s adaptive radiotherapy solutions with the assistance of Limbus’s state-of-the-art AI-driven technology.

Key Players:

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  •  Accuray Incorporated
  • ARxIUM
  • Ascensus Surgical Inc.
  • BD
  • Capsa Healthcare
  • Ekso Bionics
  • Hocoma
  • Intuitive Surgical
  • Medtronic
  • Omnicell, Inc.
  • Smith & Nephew
  • Stryker
  • Zimmer Biomet
  • Others

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Global Medical Robots Market Segmentation:

By Offering

  • Robotic Systems
    • Surgical Robots
    • Rehabilitation Robots
    • Telemedicine Robots
    • Pharma Robots
    • Medical Service Robots
    • Others
  • Instrument & Accessories

Surgical Robots to Keep Generating Highest Revenue in Global Medical Robots Market

Surgical robots have emerged as a game-changing technology in the field of surgery, offering numerous benefits over traditional surgical methods. With each passing year, the use of surgical robots is increasingly becoming common for performing and assisting minimally invasive surgeries. These robots provide surgeons with greater precision, accuracy, and control, resulting in smaller incisions, reduced blood loss, and faster recovery times. This is particularly beneficial for complex surgeries, such as cardiac or neurological procedures, where precision and accuracy are critical for successful outcomes.

The demand for surgical robots is further supported by the rising prevalence of chronic diseases, such as cancer and cardiovascular diseases with the high rate of complex and time-consuming surgeries.

Recent advancements in technology have also led to the development of new surgical robots that offer improved capabilities and increased functionality. For example, the da Vinci surgical system, one of the most widely used surgical robots, has undergone several upgrades, including the addition of haptic feedback, which allows surgeons to feel the tissue they are operating on.

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By Application

  • Cardiology
  • Neurology
  • Laparoscopic
  • Orthopedic
  • Others

Purchase This Comprehensive Research Report for Valuable Market Insights: https://www.extrapolate.com/complete-checkout-buy/26044

By End User

  • Hospitals
  • Ambulatory Surgery Centers
  • Rehabilitation Centers
  • Others

Hospitals Segment to Lead Medical Robotics Market with Improved Health Infrastructure

Medical robots have become a vital tool for hospitals as they offer numerous benefits that lead to improved patient outcomes, reduced costs, and shorter hospital stays. Hospitals are the primary consumers of medical robots due to the precision and accuracy that they provide, which is a major attraction for surgeons. For instance, Intuitive Surgical’s da Vinci Surgical System gained FDA clearance for utilizing robotic surgery devices and is currently being utilized in over 8.5 million surgical procedures. In addition, robots can streamline clinical workflow and hospital logistics, enhance patient care, and improve workplace safety. In line with this, hospitals can afford to pay heavily on purchasing them and improve the overall ROI of the establishments and reduce post-surgery complications.

The adoption of robots in hospitals is also being driven by the increasing use of AI and the Internet of Medical Things (IoMT) in consumer health applications. Patients are demanding better healthcare services, and robots are playing a critical role in delivering on this demand. Furthermore, medical robots are now being utilized to provide care outside of traditional hospital settings, making it possible for healthcare providers to offer more personalized and comprehensive services.

Browse the Complete Report Here: https://www.extrapolate.com/Healthcare-Medical-Devices-Biotechnology/medical-robots-market/26044

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North America to Capture Largest Market Share with Rising Demand for Robotic Procedures

Research analysts at Extrapolate have predicted that North America is expected to dominate the global medical robots market owing to the surge in robotic surgeries in the United States. For instance, according to the Agency for Healthcare Research and Quality, in 2021 there were 1,822,913 robotic surgeries performed in the US. This was a significant increase from the 1,521,722 robotic surgeries performed in 2017 and represents a growth rate of nearly 13%. The rising number of medical procedures driven by innovative technology is likely to boost the demand for medical robots.

Furthermore, the increasing investment in private and public sources is also fueling the growth of the market. The United States Department of Health and Human Services has projected that the demand for nursing robots will witness a surge as the need for registered nurses is expected to reach 3.6 million by the end of 2030.

Europe is also anticipated to grow substantially over the forecast period owing to the increasing demand for robotic devices in medical procedures, the rising geriatric population with weak bone density levels, and also increasing awareness about robotic surgeries.

Browse Complete TOC: https://www.extrapolate.com/toc/Healthcare-Medical-Devices-Biotechnology/medical-robots-market/26044

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Global Packaging Robots Market Forecast 2030:

A recent market analysis by Extrapolate has stated that the global Packaging Robots Market is projected to reach USD 14.4 billion by 2030 from USD 4.3 billion in 2021 at a healthy CAGR of 12.3% during the forecast period.

Over the last few years, the packaging industry has witnessed a significant shift towards automation due to the increased demand for speed, accuracy, and efficiency. According to the International Federation of Robotics (IFR), the total number of packaging robots sold around the world in 2020 was approximately 230,000 units. This represents a growth of 11% compared to 2019. This growth is expected to continue in the coming years, with a total of 354,500 units expected to be shipped in 2025. The use of packaging robots has become a necessity in industries such as e-commerce, food & beverage, automotive, and healthcare, where the volume of products being shipped and delivered has increased manifold. This trend is expected to continue in the future, as businesses seek to optimize their processes and remain competitive in the global market.

A large number of end users are deploying packing robots at their facilities as they were more precise and accurate than manual methods, allowing for consistent and high-quality packaging. They are also faster and more efficient, reducing the amount of time and labor required for the task. Moreover, the integration of artificial intelligence (AI) and machine learning algorithms has enabled packaging robots to adapt to new products and packaging materials quickly, thereby reducing downtime and increasing productivity.

“Our customers are looking to robotic automation to make their processes more flexible, efficient, and resilient, helping to counter labor shortages by enabling their employees to perform more value-added work,” said Andrea Cassoni, managing director for Global General Industry Robotics at ABB.

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Key Insights

  • North America to lead global packaging robots market with rising focus on automation across end-user industries.
  • Demand for vacuum grippers is projected to surge with the high penetration of automated packaging service providers in developed regions.
  • Pharmaceuticals industry to augment packaging robots market growth with the need for optimum preservation, protection, and delivery of pharmaceutical drugs.
  • Automated manufacturing and distribution processes to drive the growth of the packaging robots market.

Vacuum Segment in Grippers to Augment Growth of Packaging Robots Market

The vacuum segment in grippers held a dominant position with its increasing applications in packaging services across various end-user industries. Vacuum grippers are increasingly being used in packaging robots due to their ability to handle a wide variety of objects of different shapes, sizes, and weights. They can easily pick up and manipulate objects without the need for physical contact. One of the key factors driving the demand for vacuum grippers is their versatility. They can be used to handle a wide range of products, including food items, consumer goods, and industrial products. It has been found that end users are also making use of picking up objects that are irregularly shaped, fragile, or difficult to grip using other types of grippers.

By immediately grabbing a variety of products through pull covers, vacuum grippers are being widely utilized to handle large items such as big cartons, boxes, jars, and containers, among others owing to the extensive usage of packaging robots in multiple industries. For instance, Robotic, an automated packaging service provider headquartered in Quebec, Canada, provides vacuum grippers for a wide range of applications to assist local manufacturers in optimizing their processes.

Inquire Before Buying This Report: https://www.extrapolate.com/enquire/machinery-equipment/packaging-robots-market/25809

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Pharmaceuticals Segment to Witness Staggering Growth During Forecast Period

The pharmaceutical is one of the largest manufacturing sectors globally. In 2021, the global pharmaceutical packaging market was valued at around $100.3 billion. Wherein, high volume production is a key aspect of pharmaceutical manufacturing, with some facilities producing up to 2 million doses of a single product per day. Automated packaging systems with robots can handle this volume of production and achieve high-efficiency levels. For example, a single packaging robot can handle up to 300 products per minute, which is significantly faster than manual labor.

Apart from this, pharmaceutical companies have to follow stringent regulations and complex packaging requirements to ensure product safety and efficacy. Packaging robots can handle these requirements with precision, reducing the risk of errors and ensuring product integrity. For instance, some robots can detect and reject products that do not meet the required standards.

The high level of penetration of pharmaceutical packaging robots has been witnessed in Germany to enable improved production and distribution of pharmaceuticals by avoiding human contact.

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Prevalence of Packaging Robots in North America to Boost Revenue Streams

The US and Canada have well-established manufacturing industries, which include the pharmaceutical sector that requires high-quality and precise packaging. According to a report by the International Federation of Robotics, the North American market for industrial robots reached a total of 44,000 units sold in 2020 with packaging robots accounting for a significant portion of the market. This has led to increased adoption of packaging robots in manufacturing facilities in these countries, with an estimated 3,000 packaging robots installed in North America in 2020.

As per Extrapolate, the US and Canada are among the top five countries in the world in terms of the number of robots in use. Wherein, higher labor costs in the US and Canada compared to some other regions, such as Asia, have contributed to the increased adoption of automation and packaging robots. It is estimated that by 2030, automation and robotics could reduce labor costs in the US manufacturing industry by up to 22%.

Governments in both countries have implemented policies that support the adoption of automation and robotics in manufacturing. For example, in Canada, the Strategic Innovation Fund provides financial support to companies for investments in advanced manufacturing technologies. In the US, the Advanced Manufacturing Partnership (AMP) was launched to promote the development of advanced manufacturing technologies, including robotics and automation.

However, Europe has emerged as the largest market for packaging robots owing to the rapid adoption of innovative technologies by the players in the market, as well as the presence of several manufacturing industries and packaging automation providers in the region. With the implementation of the productivity and sustainability model, mainly players from the FMCG industry are witnessing a high level of integration of robotic packaging systems.

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Browse the Complete Report Here: https://www.extrapolate.com/machinery-equipment/packaging-robots-market/25809

Competitive Landscape of the Packaging Robots Market:

The competitive landscape of the packaging robots market is competitive. The existing key players in the market are adopting multiple growth strategies such as joint venture, product innovation and optimization to boost revenue growth and capture more market share.
For instance,

  • ABB Ltd. announced its plan to acquire EV charging infrastructure solutions for strengthening the customer base. The packaging robots market is projected to experience growth over the forecast period due to the heavy reliance on pick-and-place operations in smart factories.
  • For instance, GEA Food Solutions, an innovative food packaging firm in the Netherlands, has contributed to the development of food processing and packaging technologies for higher productivity, lower cost, and enhanced sustainability across packaging lines. In an attempt to maximize energy efficiency and mitigate packaging waste, the firm utilizes digitization and automation to optimize processes, which ultimately boosts the growth of the packaging robots market during the forecast period.

Key Players:

  • ABB
  • Krones AG
  • FANUC AUTOMATION d.o.o.
  • Schneider Electric
  • Yaskawa America Inc.
  • Mitsubishi Electric Automation Inc.
  • Robert Bosch GmbH
  • Brenton LLC.
  • KUKA AG
  • Remtec Automation LLC.

Browse Complete TOC: https://www.extrapolate.com/toc/machinery-equipment/packaging-robots-market/25809

About Us:
Extrapolate is a Global Market Research, Advisory, and Consulting firm that works closely with Industry experts from various industries to bring the latest and most accurate research reports.

In an era of breakneck change and a low tolerance for missed or misread opportunities, businesses need astute guidance to shape markets – not merely respond to them. Extrapolate helps clients develop market perspectives that drive success.

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GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

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ZA Tech Rebrands as Peak3, Raises US$35M Series A led by EQT

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SINGAPORE, June 19, 2024 /PRNewswire/ — ZA Tech, the next-generation insurance core system SaaS provider, has rebranded as Peak3. With the successful completion of its US$35 million Series A fundraising from EQT (lead investor) and Alpha JWC Ventures, Peak3 now accelerates its expansion in the EMEA region and investments in complementary data and AI solutions.

In a market dominated by fragmented legacy technology, Peak3 has pioneered a cloud-native, modular insurance core and distribution system that combines comprehensive capabilities for life, health, and property and casualty (P&C) insurance. Since its founding in 2018, Peak3 has become a trusted technology partner to global insurers such as AIA, Generali, Prudential, and Zurich for their digital and traditional business. It has also partnered with leading digital platforms such as Carro, Grab, Klook, and PayPay to build and scale their embedded insurance businesses.
Besides the successful fundraising, Peak3 has recently achieved key milestones underpinning the rebranding. These transformative achievements include launching its first multi-country, multi-tenant core modernisation in Europe, rolling out an integrated customer data and big data platform for scaling analytics and AI capabilities, and establishing its first technology centre in Europe. The rebranding coincides with another major milestone: Issuing over a billion insurance policies on Peak3’s systems – including the first policies issued to North American customers and the first ones to be issued in Africa.
“We have evolved from an embedded insurance pioneer in Asia to a global end-to-end technology partner for the insurance industry,” said Bill Song, Peak3 Group CEO and Co-Founder. “Our new name represents three pinnacles: scaling the heights of innovation, surpassing performance limits, and delivering superior reliability – as we help insurers reach the highest summits of their cloud, data, and AI transformation.”
Bill Song also emphasised the growth opportunity: “There is an incredible tech investment backlog in the US$7-trillion global insurance industry. Continued digitalisation and the proliferation of AI will require structural investments by insurers over the next decade to modernise their core systems. We are uniquely positioned to capture this opportunity by providing the tech core foundations and innovation use cases.” 
To accelerate its growth journey, Peak3 completed its Series A fundraising and welcomed two new investors on its cap table: EQT, a major global technology investor with a deep heritage in Europe, and Alpha JWC Ventures, a leading venture firm in Southeast Asia. With the funding, Peak3 will advance its analytics and AI capabilities toward an intelligent core insurance solution, grow its EMEA operations and establish new system integrator partnerships. Peak3 targets double-digit ARR growth this year and is on the path to reach cashflow breakeven over the coming quarters.
“Peak3 has also proven its capability to deliver greenfield digital insurance initiatives and complex multi-country core modernisation projects in APAC and EMEA. As the lead investor, EQT is committed to empowering Peak3 in its go-to-market acceleration by leveraging our global network,” stated Clara Ho, Partner at EQT.
J.P. Morgan acted as exclusive financial advisor to Peak3 for this Series A fundraising.
For media inquiries and interview requests, please contact Carling Sia, Global Head of Branding and Marketing, at [email protected].
For more information on Peak3, please visit www.peak3.com. For more information on EQT, please visit www.eqtgroup.com.For more information on Alpha JWC Ventures, please visit www.alphajwc.com.
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Lucinity Recognized as One of the Top 100 AI Fintech Companies Globally

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REYKJAVIK, Iceland, June 18, 2024 /PRNewswire/ — Lucinity has been featured in the AIFinTech100 list for 2024, marking its recognition as one of the top AI companies in the financial services industry. The AIFinTech100 list, curated by industry experts, highlights the most innovative fintech companies globally. Lucinity was selected from over 2,000 fintech firms for its problem-solving, market potential, innovation, and customer engagement. Earlier this year, Lucinity was also highlighted as a RegTech100 company.

 
 
This recognition comes amid rapid AI adoption in fintech. According to Fintech Global, research predicts the AI market in fintech will grow from $42.83 billion to $44.08 billion by 2024, reaching $50.87 billion by 2029. Banks alone are expected to spend $4.9 billion on AI platforms by 2024, with a 21.8% annual growth rate since 2019.
Lucinity’s inclusion in the AIFinTech100 list reflects its success in developing AI solutions that enhance efficiencies and cost savings for financial crime operations teams. Notably, Luci, the world’s first Generative AI copilot for financial crime investigations, launched in 2023, leverages Microsoft OpenAI technologies to augment human analysts’ capabilities, reducing investigation times from 3 hours to just 30 minutes. 
Lucinity also recently launched Luci as a copilot plugin at Money20/20. Financial institutions are now able to integrate Luci with any web-based enterprise application including CRM systems, Case Manager systems, and Excel, delivering immediate ROI with zero upfront integration. 
Security remains a significant challenge in AI adoption. Lucinity addresses this by partnering with Microsoft Azure develop a secure infrastructure. With a strong emphasis on compliance, Luci offers comprehensive auditability through its detailed Audit Log functionality.
Guðmundur Kristjánsson (GK), CEO of Lucinity, comments, “Being named in the AIFinTech100 showcases our impact amongst banks and fintech through advanced AI. It underscores our platform’s ability to empower compliance teams, deliver ROI, and reduce operational costs.”
Richard Sachar, Director of FinTech Global, added, “AI is revolutionizing financial services, increasing efficiencies and offering personalized products. This year’s AIFinTech100 list includes top innovators transforming the industry with AI applications.”
Lucinity’s inclusion in the AIFinTech100 list for 2024 follows several achievements, including winning the Microsoft Partner of the Year Awards for Sustainability and Social Impact and Partner of the Year – Iceland. Lucinity was also included in Chartis Research’s FinCrime and Compliance 50 Ranking for 2024 and was recognized as the best tool for Workflow Automation.
Name: Celina PabloEmail: [email protected] +354 792 4321
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CRISIL wins Model Validation Tools and Accelerators category award, other recognitions from Chartis

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Recognized among top 50 financial services firms for analytics and risk tech
MUMBAI, India, June 18, 2024 /PRNewswire/ — CRISIL, a global provider of advanced analytics and risk management solutions, has won the Solution Category award for Model Validation Tools and Accelerators as part of the latest Chartis STORM 2024 report.

Published by Chartis Research, the leading provider of research and analysis on the global market for risk technology, STORM 2024 is an annual report on quantitative technologies and the computational infrastructure supporting it.
Following an extensive evaluation process, which included a risk technology survey, product demo, customer reference checks, and third-party sources of information, CRISIL won the following recognitions:
Solution category award for Model Validation Tools and AcceleratorsRanked Top 25 (#24) in QuantTech50 2024 rankingsRanked Top 25 (#24) in BuySideRisk50 2024 rankingsRanked Top 50 (#38) in RetailFinanceAnalytics50 2024 rankingsThe recognitions reflect the unparalleled value CRISIL brings to its clients through deep domain expertise, specialized analytical and technical knowledge and our global perspective.
Says Jan Larsen, President and Head, CRISIL Global Research & Risk Solutions, “CRISIL is honored by the recognition across multiple STORM50 award categories this year, including being named first place for Model Validation Tools and Accelerators. This is a great testament to the contributions of our team in giving clients and their regulators confidence in the models they use for making critical decisions.”
The core tenets of CRISIL’s value proposition include expertise across asset classes and risk stripes, analytical excellence and regulatory experience, tailored solutions focused on client delight, continuous improvement and technological innovation. 
Says Ashish Vora, President, CRISIL Market Intelligence and Analytics, “This prestigious recognition underscores the global acceptance of our risk management solutions and highlights our unwavering commitment to excellence in the risk technology space. Our Credit+ technology solutions have been instrumental in offering AI-enabled advanced analytics and driving efficiency, and we are particularly proud of the exceptional client feedback we have received for these solutions. We are constantly exploring new ways to enhance customer value and are investing in cutting-edge technology and domain expertise to maintain our position at the forefront of the industry.”
Notable examples of CRISIL’s platforms that help demonstrate this value proposition include: 
Model Infinity: A leading platform for model inventory management and model risk management. This innovative platform empowers our client to centralize all model activities, eliminates manual processes and operational risk, and provides a full audit trail of approvals for modeling assumptions and updates. Scenario Expansion Manager (SEM): A platform for clients to expand, analyze and track all regulatory and internal scenarios used for stress testing. As a centralized repository of scenarios, SEM allows institutions to eliminate redundant internal work and even provide clients the ability to share internal scenarios with one another. Credit+ ICON: The platform enables credit decision-making through its extensive financial spreading and front-end based credit risk scorecard hosting capabilities. Powered by deep domain expertise, AI-driven analytics and extensive configurability, it serves 40+ global clients across 15 countries.Credit+ Early Warning Signals: The AI-powered solution provides banks with actionable insights to monitor their credit quality, lower loan-loss contingencies and track corrective action plan.About CRISIL Market Intelligence & Analytics
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This press release is transmitted to you for the sole purpose of dissemination through your newspaper/ magazine/ agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution of its press releases for consideration or otherwise through any media including websites, portals, etc.
CRISIL has taken due care and caution in preparing this press release. Information has been obtained by CRISIL from sources which it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of information on which this press release is based and is not responsible for any errors or omissions or for the results obtained from the use of this press release. CRISIL, especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this press release.
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