Artificial Intelligence
Cyber Security Market Size Is Valued At US$ 534 Bn by 2032: Data Analysis by Experts at Market.Us
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New York, March 23, 2023 (GLOBE NEWSWIRE) — According to Market.us, the Global Cyber Security Market is anticipated to surpass around USD 534 billion by 2032 from USD 193 billion in 2022 and it is poised to reach a CAGR of 11% from 2023 to 2032. Emerging online e-commerce platforms and the emergence of core technologies like the IoT (Internet of Things), cloud security, AI, and others are the primary drivers of Cyber security. The major market players are focused on the development of internet security solutions that uses AI.
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Key Takeaway:
- By component, the services segment generated the highest revenue in the global cyber security market share in 2022.
- By Deployment Mode, the Cloud-Based segment is dominating the market, and it is growing at a significant rate over the forecast period 2023 to 2032.
- In 2022, North America dominated the market with the highest revenue share of 36%.
- APAC region held the second position in revenue share in 2022.
- APAC will grow at a significant rate from 2023-2032.
With the cumulative investment from France, Germany, Spain, India, Italy, South Korea, Qatar, Canada, etc., and increased adoption of enterprise security solutions in banking, manufacturing, and insurance (BFSI), the demand for cybersecurity solutions is anticipated to increase. Cybersecurity companies are working on AI and ML-based security solutions that will help businesses automate IT security. IT companies can reduce the time consumed and the effort required to track malicious activities, tactics, and strategies through automated threat detection, which has made it possible by such security solutions.
Factors affecting the growth of Cyber Security industry?
There are several factors that can affect the growth of the Cyber Security industry. Some of these factors include:
- Advancement in Technologies: The advancements in technologies such as cloud, artificial intelligence, and blockchain and the rise in the number of e-commerce platforms, are the main factors for the adoption of cyber security solutions by companies.
- Rise in Cloud Computing Concept: The rise in the concept of cloud computing gives access to customers and makes data storage simple. Which results in the rise in the adoption of Cloud-based Cybersecurity Solutions.
- Increase in penetration of connected devices & systems: Increase in the need for cybersecurity measures to protect which is led by increasing penetration of devices & systems which are connected, rising vulnerabilities in systems & networks are driving the demand for cybersecurity as cyber-attacks become more severe and frequent.
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Top Trends in Cyber Security Market
Major players in this cyber security market are including fundamental technologies like the internet of things (IoT), machine learning, the cloud, and big data, in their business security departments. The players would acquire a better understanding of uncertain trials, activities, and threats with this adoption. An IoT and machine learning which is based on a signature-less security system is being further implemented. Big data and cloud computing also help businesses learn and investigate potential threats. As the internet of things (IoT) market expands, IOT solutions will become increasingly popular in a variety of information security applications. As a result, one of the rapidly developing market trends is the use of advanced internet security technologies.
Market Growth
In the past few years, many businesses have implemented cloud-based technology solutions that enable customers to obtain storage systems, software, and other resources via an internet network. Which resulted in the rise of cyberattacks and crimes. The demand for cyber security solutions is expected to grow during the forecasted period due to the increasing use of cloud storage services by small and large companies.
Regional Analysis
North America dominates the growth of the market, over the past years the early adoption of new technologies has driven the growth of the region globally. North America holds a market revenue share of 36%. Furthermore, the high number of IT markets and their diversified businesses, and the highest number of capital are the main key factor for the growth of this market. APAC region is the second dominating region for the Cyber Security Market growth globally. APAC region is expected to register the highest CAGR during the forecasted period. Countries like China, India, Japan, South Korea, and others have increased their spending from the government and defense sectors to save themselves from cyber warfare, which is expected to drive market growth.
Competitive Landscape
Major key players in the overall market have been focused on advancing the capabilities of their networks by adopting advanced technologies, such as advanced analytics and machine learning, in their organizations. A wide range of internet security solutions which are based on areas related to the networks, is offered by Cisco systems. Threat protection, unified threat management, web, access and policy, network and data center security, advisory, integration, email security, and managed services are all the services that are provided by Cisco systems.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 193 Billion |
| Market Size (2032) | USD 534 Billion |
| CAGR (from 2023 to 2032) | 11% |
| North Revenue Share | 36% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Companies in the e-commerce sector are focusing on the adoption of network security solutions in their electronic security and IT systems. The augmentation of internet security solutions in connected network infrastructure has been seen due to the advancements in technologies such as cloud, artificial intelligence, and blockchain and the rise in the number of e-commerce platforms. For example, in September 2020, the adoption of the advanced network security solution Shadankun which was developed by Cyber Security Cloud, Inc., was done by Askul Corp. in their business unit to secure their assets from cyber threats.
Investment in internet security solutions is growing day by day; for example, in 2020, the government in the U.K. financed around USD 2.43 billion to execute various internet and network security projects in research and defense, according to the European Cyber Security Organization report.
Investment in internet security solutions is done by the governments of countries such as Germany, India, Israel, France, and Brazil, among others, to secure their huge volume of information and confidential data. This investment would drive the overall adoption rate for IT security solutions across the globe and the industries that will favor the global cyber security market growth for the forecast period. The growing demand for these technologies to eliminate cyber threats is driving the demand for the market globally.
Market Restraints
The need for advanced solutions is rising at an exponential rate due to the increase in the number of threats to online security. Enterprises are not protected enough from the advanced cloud, network, and end-point security threats by the outmoded network security solutions. Key restraining factors such as a lack of professionals and experts in the field of advanced security solutions restrain the growth of the market. Small and medium enterprises (SMEs) are struggling to adopt internet security services and solutions due to their high costs.
Market Opportunities
Cloud solutions are becoming popular with businesses worldwide because they make data storage simple and give access to users with unlimited computing capacity via internet-accessible remote servers. Due to its dependable and adjustable architecture, cloud computing is a popular concept. For example, Amazon Web Services is the largest cloud computing company in the world according to industry share. A subsidiary of Amazon called Amazon Web Services (AWS), currently holds 31.5% of the market share, which is then followed by Microsoft Azure (20%) and then Google Cloud (7%). Because of the ability to manage all the apps because cloud-based models provide challenging analytics that runs in the background.
The validation of legislation and specific recommendations for cloud platform security by governments in a variety of nations fuels the growth of the market. Businesses can combine additional infrastructure technologies, when using the cloud solution, such as software-defined perimeters, which create platforms that are stable and highly secure. By moving to cloud-based platforms like Infrastructure-as-a-Service, and, Software-as-a-Service which is also called SaaS, small and medium-sized enterprises (SMEs) are constantly trying to modernize their infrastructure and applications.
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Report Segmentation of the Cyber Security Market
Component Insights
The market is divided into services and services according to the component segment. End-point security, network security, cloud application security, application security, secure web gateway, and others are the sub-segments for the solution segment. The segment’s growth is expected to be aided by the rising use of hardware, access management software, and end-point security software in IT and telecom, financial institutions, and other sectors. Due to the rise in the demand from large and medium-sized businesses for updating, consulting, and maintenance services, the service segment is expected to grow at a higher CAGR over the forecast period.
Deployment Insights
The market is divided into cloud-based and on-premises according to the deployment mode segment. The demand for applications that store and protect the data using improved security measures is the cause of the expansion. The cloud segment is said to register the highest CAGR for the forecasted period. Additionally, the market participants are developing advanced cloud-based security solutions in the conjunction with other key players. The rising demand for managed security services is expected to drive the on-premise segment market.
Enterprise Size Insights
The market can be divided into small and medium enterprises which are also called SMEs and Large enterprises based on their enterprise size. It is expected that the SME segments will expand at the highest CAGR. The rising demand for end-point security solutions in a variety of e-commerce startups, including those in the retail and financial sectors, is the reason for the expansion of the market growth. Due to the rising demand for application security services, it is expected that large enterprises will experience significant growth.
Industrial Vertical Insights
The market is divided into IT and telecommunications, BFSI, manufacturing, retail, government, travel and transportation, energy and utilities, healthcare, and others according to the industrial vertical. Digital privacy and security systems are high in demand across insurance, banking, and financial institutions, driving the growth of the market. Among all the verticals the BFSI segment is expected to grow at a significant rate for the forecasted period. With real-time intelligence and cloud applications banks, security solutions, insurance companies, and other financial institutions can protect highly sensitive data from cyberattacks.
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Market Segmentation
By Component
- Solutions
- Services
By Deployment Mode
- Cloud-Based
- On-premises
By Enterprise Size
- Large Enterprises
- SMEs
By Industrial Vertical
- Telecom
- Automotive
- BFSI
- Retail
- Healthcare
- IT
- Energy & Utilities
- Manufacturing
- Others
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Market Players
- Accenture plc
- Broadcom Inc.
- Capgemini SE
- Cognizant
- F5 Networks Inc.
- FireEye Inc.
- HCL Technologies Limited
- IBM Corporation
- Infosys Limited
- L&T Technology Services Limited
- PwC International Limited Broadcom Inc.
- Tata Consultancy Services
- Tech Mahindra Limited
- Wipro Limited
- Bishop Fox Inc.
- Fortinet, Inc.
- Other Key Players
Recent Development of the Cyber Security Market
- Bishop Fox Inc. raised $75 million in funding in July 2022 as the company was preparing for global expansion via channels in the coming years. This round of capital was led by Carrick Capital Partners. Cosmos is a platform, that the company Bishop Fox uses to simulate cyberattacks in order to find various vulnerabilities in the IT systems of its customers. The enhancement of Bishop Fox’s fundamental technology platform will receive the preceding funding.
- Security incident response and training investments were made in February 2022 for organizations across APAC. A component of IBM’s global network, the new Security Operations Center (SOC) assists customers worldwide in responding to cyberattacks. According to the IBM Security X-Force Threat Intelligence Index, which was just released, Asia was the most frequently targeted region for cyberattacks in 2021.
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SHENZHEN, China, Sept. 29, 2024 /PRNewswire/ — At the 6G Conference held in Istanbul, on September 24, 2024, Dr. Wen Tong, Huawei Wireless CTO, delivered a keynote speech on 6G standardization and innovation. With the release of the ITU-R 6G vision framework, the 3GPP will start 6G standardization in 2025. “6G is a new generation of mobile technology, not a simple upgrade of 5G, it should bring new value to users,” said Dr. Tong, “6G is a true intergenerational technological disruption. 6G standard, key technologies, and network architecture should be re-defined based on application scenarios and requirements from 2030 to 2040. 6G should not be another way to implement 5G. Instead, 6G should embrace the AI revolution with a quantum leap and generate new values for the consumers. In this way, 3GPP standards can truly realize the 6G vision and create greater value for the entire industry.”
Centered “6G Standardization Direction” and “6G Innovation Driving Force”, Dr. Tong shared important views on the future architecture, terminal development, and key technologies of 6G.
In terms of architecture design, 6G should go beyond Service-Based Architecture and move towards Application-Driven Network.
5G has already achieved market success and continues to evolve towards 5G-Advanced. 6G will not simply reuse 5G network architecture, without generational and fundamental innovations, which will limit the mobile industry’s aspiration and imagination to dive the innovation in the 6G era. 6G must have obvious cross-generational characteristics and technical breakpoint.
On the core side, reusing the 5G core network will hinder the innovation in AI. We should use Agentic-AI based technology to re-architect 6G Core that goes beyond 5G Service-Based Architecture and support the foundational capabilities of AI, Sensing and NTN , and thus evolve towards the Application Driven Network .
In terms of terminal evolution, 6G user device calls for a breakthrough to lead the success of the entire industry chain.
It is the law of the mobile industry to drive the evolution of the market with the pioneering technology. The 6G networks and 6G terminals must meet the requirements of consumers and vertical industries in the 6G market phase from 2030 to 2040.
Currently, smartphones are evolving to AI terminals to usher in the mobile AI era. In post-MBB era, breakthroughs in terminal technologies will be the key to the evolution of the mobile industry. Therefore, 6G user device calls for a breakthrough towards “Full-AI”, thus to drive 6G network upgrade and the success of the entire industry ecosystem.
In terms of technology development, AI will become a key enabler for 6G with network paradigm shifting.
Twenty years ago, the Internet was the enabler of the technology innovations. Mobile communications embraced the Internet and achieved great business success. Today, AI maybe the disruptive enabler of the latest technology innovations.
6G should embrace the AI revolution with a quantum leap. However, 6G networks should not be limited to generative AI, Artificial General Intelligence (AGI) and Embodiment-AI are the main directions of future AI development. Therefore, AGI should run through the whole process of sensing, reasoning, decision, and action of terminals, wireless networks, and core networks of 6G, to welcome the arrival of a new network paradigm.
At the end, Dr. Tong Wen emphasized the relationship between 5G and 6G: “The global 5G deployment is on the rise and evolving to 5G-Advanced, which not only meets the current requirements of operators, but also protects their investment. Therefore, 6G technologies should not overlap with 5G in technologies and market space. The specifications, technologies, and architecture of 6G must be based on the scenarios and requirements from 2030 to 2040. We should focus on true generational technology disruption, embrace the new opportunities brought by AI, expand the mobile industry in the next generation.”
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Artificial Intelligence
How AIoT shapes the future of mobility: Hikvision at ITS World Congress 2024
HANGZHOU, China, Sept. 27, 2024 /PRNewswire/ — Hikvision made a significant impact at the ITS World Congress in Dubai with its captivating theme, “Embrace AIoT for safer, smarter, and greener mobility.” Its booth became a hub of innovation, where visitors explored AIoT solutions that are reshaping the transportation landscape, sparking deep conversations on the future of urban mobility.
Road safety revolution: harnessing AIoT for secure transportation
Hikvision’s commitment to road safety was on full display at its booth through the impressive array of AIoT solutions designed to create secure and reliable traffic environments. The company’s technology provides 24/7 traffic monitoring, ensuring continuous oversight of motor vehicles, non-motorized vehicles, pedestrians and environmental factors. This comprehensive, real-time information collection enables traffic managers to prevent accidents and enhance road safety. Among the showcased products was the 20 MP IR ANPR Checkpoint Capture Unit, renowned for its high-definition capture capabilities, bolstering traffic safety measures.
A standout innovation was the integration of advanced radar and camera technologies, ensuring uninterrupted, comprehensive detection even in adverse weather conditions. The Radar-Video Fusion Incident Detection Cameras, featured prominently in the product experience area, enable early detection and warning of potential hazards. They are particularly effective in challenging situations such as curved roads, blind spots at intersections, and obstacles beyond visual range.
Attendees also engaged with onboard monitoring products on the simulated bus, including dome network cameras, which is designed to enhance passenger safety. Driving assistance products, such as the Driver Status Monitor (DSM), were demonstrated to mitigate unsafe driving behaviors and ensure safer journeys.
Urban mobility redefined: smart traffic innovations
In the realm of smarter mobility, Hikvision showcased its multidimensional sensing technology, which integrates visible light sensors, infrared sensors, radar, and sonar. This technology expands perception capabilities, significantly improving traffic management and situational awareness. The use of AI-powered comprehensive sensing elevates incident monitoring and violation detection to unprecedented levels of accuracy and efficiency.
A major attraction was the Radar-Video Fusion TandemVu PTZ Camera, which integrates millimeter-wave radar with high-resolution cameras for extensive traffic detection and data analysis. AI-based algorithms combine these two systems to enhance target information, detecting up to 16 types of incidents. This leads to the development of a large-scale fusion model that merges spatial physical data with image semantic information. The result is ultra-long-range perception, achieving over 95% accuracy in vehicle trajectory detection. This robust system improves traffic violation management and optimizes traffic flow, significantly enhancing road efficiency.
At the simulated bus station, visitors observed how AI-assisted people counting automated the collection of passenger flow statistics at peak stop hours and bus line frequency during busy periods. Paired with smart bus stop digital signage, the solution improves bus service quality, operational efficiency, passenger experience, and overall public transport effectiveness.
Sustainable transportation: leading the charge for greener cities
Hikvision’s commitment to sustainable urban mobility was evident through its innovative green wave technology and eco-friendly checkpoint solutions. Green wave technology efficiently manages traffic flow to reduce congestion and lower carbon emissions, aligning with global sustainability goals. Visitors were particularly impressed by a case study showcasing a green wave solution implemented in Zhoushan, China. Over a stretch of 21 kilometers and 34 intersections, this main road cut travel times by 50%.
The use of DarkFighterX technology in checkpoint cameras also received significant attention. This technology senses both visible and invisible light, resulting in more accurate and realistic images. It enhances traffic violation enforcement efficiency while minimizing the need for high ambient light levels, thus reducing light pollution. The 9M DarkfightX ANPR Checkpoint Camera exemplified this dedication to environmental stewardship.
Frank Zhang, President of Hikvision MEA, remarked, “Hikvision supports sustainable urban planning by empowering traffic departments to address congestion and transportation challenges.” He further emphasized, “Our system’s openness fosters a secure and reliable platform for developing smart and green cities. Additionally, our solar technology is extensively utilized in remote areas, while our smart street lighting solutions reduce energy consumption by 20-30%, promoting intelligent urban transportation and advancing global sustainability objectives.”
Hikvision’s presence at the ITS World Congress in Dubai underscored its leadership in integrating AIoT technologies to drive safer, smarter, and greener mobility solutions. The engaging presentations and advanced product demonstrations captured significant attention from industry partners and customers, reaffirming the company’s role as a pioneer in shaping the future of urban transportation. As the world moves towards more intelligent and sustainable transportation systems, Hikvision remains at the forefront, embracing AIoT to create a safer, smarter, and greener future for all.
To find out more about Hikvision’s advanced traffic and public transport solutions, please explore the Hikvision official website.
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Artificial Intelligence
Anti-Drone Market worth $7.05 billion by 2029 – Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., Sept. 27, 2024 /PRNewswire/ — The global anti-drone market was valued at USD 2.16 billion in 2024 and is projected to reach USD 7.05 billion by 2029; it is expected to register a CAGR of 26.7% during the forecast period according to a new report by MarketsandMarkets™. Increasing government spending on counter-drone technologies, rising incidence of critical infrastructure security breaches by unauthorized drones, and surge in adoption of aerial remote sensing technologies to safeguard critical infrastructure are attributed to the demand for anti-drone.
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Browse in-depth TOC on “Anti-Drone Market” 178 – Tables61 – Figures253 – Pages
Anti-Drone Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 2.16 billion
Estimated Value by 2029
$ 7.05 billion
Growth Rate
Poised to grow at a CAGR of 26.7%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By System Type, Application, Platform type, Vertical, and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Vulnerability to hacking
Key Market Opportunities
Emphasis on improving unmanned aircraft systems technology
Key Market Drivers
Growing number of illicit activities
By System Type: Hybrid systems to account for the larger market share in the forecasted year.
The hybrid segment accounted for the largest share of the anti-drone market in 2029. The trends of integrating multiple anti-drone technologies are rising since they are most effective in detecting, tracking, and neutralizing drone threats. These systems merge electronic, kinetic, and lasers, providing a comprehensive defense solution against UAVs. Hybrid systems use electronic, kinetic, and laser-based countermeasures to offer optimum protection against drones. These systems are designed to detect, track, identify, categorize, and mitigate drones at operational wide ranges ranging from a few km up to tens of km.
By Platform: The ground-based segment accounted for the largest market share in the forecast year.
The ground-based segment will hold a major share of the anti-drone market in 2029. Many ground-based anti-drone systems use several electronic technologies, such as radar, IR sensors, acoustic systems, and RF & GNSS jammers. MESA radar solutions are used mostly for counter-UAS purposes, protecting critical infrastructure, military camps, and other security-sensitive sites from unauthorized drones. One such solution is EchoGuard, a ground-based airspace management solution that contains a software-defined 3D radar that can be specific to the site. This system can identify single or multiple off-chance drones, including swarms in unauthorized areas. They provide accurate and sustained airspace surveillance for the field of view (FOV) they are configured, and both human and AI-monitored visual checks. The system can be easily transported and integrated directly with the command-and-control centers or another identification sensor for portable use, and multiple units of the system can be combined to cover vast areas or lengths of borders. Major providers of ground-based counter-drone systems include companies like EchoDyne Corporation, DeTect, Meteksan Defense, and WhiteFox Defense. Acoustics-based Discovair G2 utilizes patented microphone arrays. With 128 interconnected microphone elements, the Discovair sensor units can establish azimuth and elevation to the target in real-time using advanced digital signal processing.
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By Region: Americas are expected to hold the largest share of the anti-drone market during the forecast period.
Americas is expected to capture the largest share in the anti-drone industry during the forecast period. The growth can be attributed to protecting crucial infrastructure in the region. Governments, particularly in the US, invest in anti-drone systems for military bases, borders, and critical infrastructure. For Instance, in April 2023, RTX secured a USD 237 million contract from the US Army to provide Ku-band Radio Frequency Sensors (KuRFS) and Coyote effectors. These systems are designed to detect and neutralize unmanned aircraft systems (UAS). The contract includes stationary and mobile systems and a specified quantity of effectors, all aimed at enhancing the Army’s operations within the US Central Command region.
Key Players-
The key companies offering anti-drone companies include RTX (US), Lockheed Martin Corporation (US), Leonardo S.p.A. (Italy), Thales (France), and IAI (Israel).
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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.
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