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Renewable Energy Market – Growth, Trends, COVID-19 Impact, and Forecasts (2023 – 2028)

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New York, May 25, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Renewable Energy Market – Growth, Trends, COVID-19 Impact, and Forecasts (2023 – 2028)” – https://www.reportlinker.com/p06459679/?utm_source=GNW
This presents the DOOH market with a lucrative opportunity, which may boost its adoption over the forecast period.

Key Highlights
Digital out-of-home (DOOH) marketing hugely impacts the Middle East and Africa market, and companies are experiencing considerable growth in this industry sector. Numerous advertisers are entering this market to increase awareness of their brands and products, and they are doing it by enticing their target audience in brand-new ways. Being present on a little screen is insufficient today; spreading messages far and wide is more crucial than ever. It entails creating 360-degree ads featuring a presence “IRL”( in real life).
The Saudi market has the chance to advance this facet of marketing in line with the kingdom’s 2030 Vision by keeping up with emerging technology and implementing them in new settings. This entails switching out print-based billboards for digital ones to protect the environment. As a result, the existing industry will develop into a vibrant media sector that blends in naturally with cities and society, is more ecologically friendly, and appeals to the audience’s sense of aesthetics.
One of the top market trends is the rise of automation and programmatic platforms since they drive growth in OOH wallet share by reducing campaign purchasing friction. They replace the inefficient buying procedure of RFPs, human negotiation, and manual orders. In the future, artificial intelligence-based algorithms are expected to enable “smart advertisements,”which can adapt and improve according to the preferences of target audiences over time. Also, digital screens will track purchase behavior and leverage sensor technology to detect passersby demographic features and track facial expressions and use these sources as inputs for artificially intelligent advertisements.
Among various transit environments, airports have proven to be an ideal environment for advertising, particularly for top-tier and luxury brands. Airports are under pressure to figure out ways to generate more and more revenue. Converting static displays like posters to digital displays allow airports to utilize the same space to sell to multiple advertisers instead of just one. That multiplies the amount of revenue exponentially. Also, airports can share the cost burden of upgrading to new advertising technologies by bringing in advertising partners. Airport Ads has significantly invested in various international airports, including Sharjah (UAE) and Kenneth Kaunda (Zambia), in developing DOOH solutions and experiences that integrate innovative ideas and executions.
To expand their presence in the different regions and enhance their product portfolio, the companies are collaborating. For instance, In May 2022, Commercial and technological cooperation was established between Pikasso, the provider of out-of-home advertising (OOH) in the Caucasus, North and West Africa, and the Levant, and Pladway, the top digital out-of-home (DOOH) programmatic company in Italy.
Organizations and digital marketing companies were forced to follow the digital trend suddenly. This has given digital marketing companies more room to test customer ideas. The pandemic, for example, has changed the way firms work. More and more businesses are adopting a digital work structure. Despite the bleak environment, digital marketing businesses have the required edge to function. The lockout has given agencies the chance to identify and rethink their various digital job tasks in the absence of a physical office.

MENA Digital Out-of-Home (DOOH) Market Trends

The Billboards Segment is Expected to Drive the Market’s Growth

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Billboards are large advertising structures for branding and advertising events and products. Due to its size and impact, Billboard advertising is considered one of the most popular outdoor advertising types. There are generally deployed in high-traffic areas such as highways and expressways, wherein advertisers spend vast amounts of investments to grab consumers’ attention.
Some companies take full advantage of billboard advertising as average people spend significantly of their day outside their homes and are exposed to advertisements while driving a vehicle. The billboards’ design is majorly dependent on factors such as the location of the signs, advertising budgets, and the type of products that are supposed to be promoted.
Bulletins are the most effective forms of standard billboards and are considered the most visible form of billboards that are used in public places, generally with significant automobile traffic or pedestrian movement. There are various sizes of billboards, such as six-sheet billboards, 16-sheet billboards, 32-sheet billboards, 48-sheet billboards, and 96-sheet billboards. With compact dimensions of 1800mm x 1200mm, six-sheet billboards are usually seen at railway stations, bus stops, and shopping centers and are significantly effective at connecting brands to a young and professional audience. 16-sheet billboards are used in highly urbanized areas generally elevated above the ground near roadsides. The size and cost of these billboards make them suitable for targeting consumers in busy areas and optimizing conversion rates, with busy shoppers and commuters representing the key and most accessible segments.
32-sheet billboards share certain similarities with 16-sheet advertisements, with both measuring an estimated 3048 mm tall. Companies use 32-sheet billboards to direct passing customers to a nearby storefront while leveraging the additional width to enlarge image dimensions, enhance clarity, or include secondary messaging.
To reach more customers, the firms are collaborating with billboard providers to advertise their company in different areas of the region. For instance, in March 2022, A deal for the rental of 40 digital billboards for SAR 1 billion was signed by Arabian Contracting Services Company (Al Arabia). It will be erected on bridges and tunnels in Jeddah. After the signing on March 16, 2022, the contract will be in effect for ten years. By growing the number of digital billboards throughout the Kingdom, the Saudi publicly traded company hopes to expand in the information technology sector.

United Arab Emirates is Expected to Hold a Major Market Share

In Dubai, the outdoor advertising media are becoming more noticeable. During the Dubai Shopping Festival and Dubai Summer Surprises, this was very evident. Even without them, one can still observe electronic billboards, signage, and outdoor media boards in a variety of places. Emirates Neon recently received an AED 2 million deal from the Dubai Municipality, giving them three years of exclusive rights to sell advertisements on the 230-bus fleet.
A wide variety of products and services are offered in Dubai’s advertising sector, and major sums are spent there by businesses on branding and marketing. One of the most popular forms of branding and advertising is Digital -out-of-home (DOOH) advertising. In fact, the Gulf countries are obsessed with having the biggest structures or billboards. Dubai now holds the record for the biggest billboard. Emirates Intellectual Property Association – EIPA (UAE), in Dubai, UAE, achieved the largest outdoor advertising structure (billboard), measuring 6,260 m2 (67,382 ft2 11 in2).
The companies are entering into different partnerships to improve their advertisement standards. For instance, in June 2021, The Roads and Transport Authority (RTA) and Hypermedia FZ LLC entered into a partnership agreement for the investment and administration of the Dubai Metro outdoor advertising. In accordance with the deal, Hypermedia will be responsible for developing advertising spaces, as well as creating, running, and promoting advertising services at stations, trains, and lines of the Dubai Metro (Red & Green Lines, as well as Route 2020) for a period of ten years.
Furthermore, in September 2021, Middle Eastern retailer Jashanmalhas installed a series of LED and LCD displays from Hikvision to boost foot traffic to its Dubai Festival City Mall showroom and to create an in-store consumer experience. The design, created by Jashanmaland Hikvision consultants, features two “arch-shaped”LED displays at the shop entrance. These 15-meter-long, 1-meter-wide panels rise up from the ground and cover the store’s “arched”entryway. Constantly drawing consumers inside, the panels display artistic material that is consistent with the Jashanmalbrand.
In September 2021, In order to bring dynamic advertising in taxis and ride-sharing vehicles to the MENA region, Multiply Group, a subsidiary of the International Holdings Company (IHC), which is listed in Abu Dhabi, has extended its investment in its US digital media platform with a follow-on investment in Firefly. The initial investment by Multiply, announced in May 2021, amounts to AED 55 million and includes the creation of a joint venture with Firefly in Abu Dhabi.

MENA Digital Out-of-Home (DOOH) Industry Overview

The competitive landscape of the Middle East and North Africa Digital Out-of-Home (DOOH) Market is moving toward moderate fragmentation owing to the entry of several new market players and the increasing activities, such as product innovation and product development by the regional market players, are expected to provide growth opportunities further. Also, the vendors are viewing strategic partnerships and acquisitions as a lucrative path to capture maximum market share in the region.

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March 2022 – An Abu Dhabi-based communications company, Viola Communications, is launching a digital out-of-home (DOOH) advertising platform that provides businesses looking to launch marketing campaigns with a new and dynamic option. The change gives firms more options for creatively executing their marketing initiatives. DOOH advertising is quicker and simpler to set up, and it can be automated and remotely changed to accommodate rapid changes in the creative.
February 2022 – The Jawharais a brand-new double-sided digital billboard in Dubai that was manufactured and installed by Daktronics in collaboration with BackLiteMedia. The exhibit opened in February 2022 and is situated on Sheikh Zayed Road across from the Museum of the Future to maximize pedestrian watching. Together with Blue Rhine Industries, Yerevan Steel constructed the framework that holds the show in place and encloses it. The panels, which span 11.52 meters high by 7.68 meters wide on either side of the tower, use 10-millimeter pixel spacing to produce clear, dramatic visuals. For these displays to function as expected in Dubai’s outdoor climate, Daktronics has also integrated its superior environmental protection technology.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06459679/?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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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
About Global Research & Risk Solutions
About CRISIL Limited
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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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