Connect with us
European Gaming Congress 2024

Artificial Intelligence

System Integration Market to Reach USD 1,309.34 Billion by 2032; Growing Demand for Automation Technologies Will Favour Growth: The Brainy Insights

Published

on

Newark, Aug. 03, 2023 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global system integration market is expected to grow from USD 381.31 Billion in 2022 to USD 1,309.34 Billion by 2032, at a CAGR of 13.13% during the forecast period 2023-2032.

The surge in the adoption of cloud computing, growing demand for automation technologies, demand for energy-efficient production processes and increasing security and safety concerns, among others, are eventually driving the system integration market. The market is growing significantly as many government agencies, organizations and other industry specialists recognized the benefits of system integration services for enhancing the IT infrastructure. System integration helps in smoother IT operations with automation and digital transformation. Industrial organizations are investing in the upgradation of their manufacturing plants and R&D centers. There is a surge in investments in software solutions, helping accelerate product and process innovation and elevating the customer experience. It connects the system for driving automation and end-to-end design.

For Right Perspective and Competitive Insights, Get Sample Report at: https://www.thebrainyinsights.com/enquiry/sample-request/13606

Competitive Strategy

To enhance their market position in the global system integration market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

Advertisement
Stake.com

• In March 2022: Accenture is planning to acquire the digital engineering and operational technology capabilities of Trancom ITS, a logistics technology service provider. This Accenture will make Accenture’s Industry X service provide hyper-automation solutions, which is in demand by manufacturing and logistics organization to become more efficient and sustainable in core operations. It will help the organization in gaining more market share in the market.

Market Growth & Trends

Most organizations are largely focusing on information systems to support their business operation. It includes decision support systems, management Information systems, transaction processing systems, etc. Leading organizations use ERP (Enterprise Resource Planning) systems and CRM (Customer Relationship Management) systems, which help their staff have reliable data. Organizations largely focus on digital transformation in this age of Artificial Intelligence and Big Data. IT leaders worldwide are focusing on different ways to optimize business operations. Digital technologies have become a big part of the solution. System and application integration solutions help in connecting IT systems and subsystems. It could be several on-premise, cloud-based, or a mix of both. System integration helps streamline and optimize business processes. System integration’s key advantage is that it substantially boosts the organization’s productivity. Also, there is a high cost of maintaining different systems, and each program needs certain maintenance. The coordination of maintenance and upgradation is time-consuming and costly. The system integration helps reduce the maintenance cost tremendously and avoids necessary downtime. System integration helps improve customer satisfaction by decreasing the time one spends offering products and services. Based on one of the studies of 2021, the use of cloud computing is growing significantly among industries, with around 90% of organizations using cloud computing. Even during the pandemic, the adoption of cloud computing did not slow down.

Get a detailed COVID-19 impact analysis on the System Integration Market: https://www.thebrainyinsights.com/report/system-integration-market-13606

Report Coverage and Details:

Advertisement
Stake.com
Report Coverage  Details 
Forecast Period  2023 to 2032 
Base Year  2022
Market Size in 2022 $381.31billion 
Market Size in 2032  $1,309.34 billion 
CAGR  13.13%
No. of Pages in Report  236
Segments Covered  Service and End User
Drivers  The surge in the adoption of cloud computing
Opportunities  The growing investment by leading organizations in advanced technologies
Restraints  High Investment cost

Key Findings

• In 2022, the infrastructure integration segment dominated the market with the largest market share of 38.18% and market revenue of USD 145.58 Billion.

The service segment is divided into infrastructure integration, application integration, data integration and others. In 2022, the infrastructure integration segment dominated the market with the largest market share of 38.18% and market revenue of USD 145.58 Billion. This factor is due to the growing need for an integrated, secure, agile IT infrastructure. Several organizations seek effective infrastructure integration solutions with the growing BFSI sector.

• In 2022, the BFSI segment dominated the market with the largest market share of 20.45% and market revenue of USD 77.98 Billion.

The end-user segment is divided into IT & telecom, defence & security, BFSI, oil & gas, healthcare, transportation, retail and others. In 2022, the BFSI segment dominated the market with the largest market share of 20.45% and market revenue of USD 77.98 Billion. The BFSI sector is focusing on offering innovative solutions and improving customer engagement. Hence they are gradually adopting digital transformation, which helps offer new and better products and services by controlling and decreasing operational costs.

Advertisement
Stake.com

Regional Segment Analysis of the System Integration Market:

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

The North America region occurred as the largest market for the global System Integration industry, with a market share of 36.67% and a market value of around USD 139.83 Billion in 2022. It is attributed to the presence of all leading players in the region, which offer advanced solutions and invest heavily in its development. Based on one of the studies in 2023, in the US, around 60% of consumers are interested in using digital banks. It is found that millennials are more interested in digital banking, with around 79 per cent, and the baby boomers are not much interested. Around 27% of Americans are using online-only banks.

Interested in Procure Data? Visit: https://www.thebrainyinsights.com/buy-now/13606/single

Key players operating in the global System Integration market are:

Advertisement
Stake.com

• Deloitte Touche Tohmatsu Limited
• Tata Consultancy Services Limited
• Accenture
• Tech Mahindra Limited
• Fortinet, Inc.
• Capgemini
• Cognizant
• Cisco Systems, Inc.
• International Business Machines Corporation
• Infosys Limited

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global system integration market based on below mentioned segments:

Global System Integration Market by Service:

• Infrastructure Integration
• Application Integration
• Data Integration
• Others

Global System Integration Market by End-user:

Advertisement
Stake.com

• IT & Telecom
• Defence & Security
• BFSI
• Oil & Gas
• Healthcare
• Transportation
• Retail
• Others

About the report:

The global System Integration market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.

Advertisement
Stake.com

Contact Us

Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: [email protected] 
Web: http://www.thebrainyinsights.com

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.

Artificial Intelligence

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

Published

on

za-tech-rebrands-as-peak3,-raises-us$35m-series-a-led-by-eqt

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.
Photo – https://mma.prnewswire.com/media/2439599/Peak3_PR_Announcement_Photo__002.jpg

View original content:https://www.prnewswire.co.uk/news-releases/za-tech-rebrands-as-peak3-raises-us35m-series-a-led-by-eqt-302175431.html

Continue Reading

Artificial Intelligence

Lucinity Recognized as One of the Top 100 AI Fintech Companies Globally

Published

on

lucinity-recognized-as-one-of-the-top-100-ai-fintech-companies-globally

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
Logo – https://mma.prnewswire.com/media/2208676/4770157/Lucinity_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/lucinity-recognized-as-one-of-the-top-100-ai-fintech-companies-globally-302176061.html

Continue Reading

Artificial Intelligence

CRISIL wins Model Validation Tools and Accelerators category award, other recognitions from Chartis

Published

on

crisil-wins-model-validation-tools-and-accelerators-category-award,-other-recognitions-from-chartis

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
Connect with us: LINKEDIN | TWITTER | YOUTUBE | FACEBOOK 
CRISIL PRIVACY
Disclaimer
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.
Logo – https://mma.prnewswire.com/media/2211784/4276223/CRISIL_logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/crisil-wins-model-validation-tools-and-accelerators-category-award-other-recognitions-from-chartis-302175882.html

Continue Reading

Trending