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Data Historian Market Size & Share Analysis – Growth Trends & Forecasts (2023 – 2028)

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New York, Aug. 10, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Data Historian Market Size & Share Analysis – Growth Trends & Forecasts (2023 – 2028)” – https://www.reportlinker.com/p06484290/?utm_source=GNW
The Data Historian Market size is expected to grow from USD 1.15 billion in 2023 to USD 1.64 billion by 2028, at a CAGR of 7.32% during the forecast period (2023-2028).

The increasing amount of data generated by various sources, such as IoT devices, cloud applications, and social media, is driving demand for data historians.

Key Highlights
Many industries are subject to regulations and compliance requirements that require storing historical data. Data historians provide a way to meet these requirements while enabling organizations to extract insights from the data. This is particularly important in the industries such as financial services. Thus, demand from such sectors is contributing to the market.
The growth of data centers facilitates the growth of data historians by providing the infrastructure necessary for storing, processing, and analyzing large amounts of data. Further, data centers often offer advanced processing capabilities, such as high-performance computing resources and data analytics tools, which can help organizations extract valuable insights and trends in their data.
As a result, investment in data centers is rising rapidly and supporting market growth, as data historians are most common in data centers and industrial control systems (ICS). For instance, according to NASSCOM (India), the investment value in data centers in India is expected to reach USD 4.6 billion by 2025 from USD 3.8 billion in 2021.
Moreover, with the advent of Industry 4.0, smart factories, and smart plants, organizations worldwide are demonstrating a shift to the usage of massive amounts of data at several layers of their process. This leads to organizations’ growing demand for data historian solutions to achieve effective management, stable and efficient plant operations, and robust analysis. However, factors such as increasing data capabilities and complexities, high deployment costs, and limited development are stifling market growth.
COVID-19 had a mixed impact on the data historian market. The increased demand for data storage and analysis due to the surge in data generation led to an increased demand for data historian solutions. This provided growth opportunities for companies specializing in data historian technology and services.
Furthermore, the pandemic has also disrupted businesses and the global economy, causing a slowdown in spending on new technologies, including data historians. This has resulted in a slowdown in the growth of the data historian market. Additionally, the shift to remote work has caused data collection and management challenges, making it more difficult for data historians to provide accurate and complete data history.

Data Historian Market Trends

Cloud Deployment To Drive the Market Growth

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The growth in cloud deployment has been a key factor in the growth of data historians. The growth of cloud development has led to the availability of scalable and flexible cloud infrastructure that can handle a large amount of data, making it ideal for data historians. Further, cloud development has made it easier to integrate data historians with other cloud-based tools and services, such as data analysis and visualization, and creating demand for data historians.
Cloud services adoption for the storage and management of consumer data can be attributed to the growth of cloud deployment. Payment gateways, online transfers of the fund, digital wallets, unified customer experiences, etc. services are playing a significant role in the BFSI industry, assisting with the overall shift to cloud deployment.
In June 2022, Eros Investments, a media, entertainment, and technology portfolio of ventures – Eros Media World, Eros Now, and Xfinite’s Mzaalo signed an agreement with Wipro Ltd to evolve and scale the Artificial Intelligence (AI) and Machine Learning (ML) based content localization solution. Eros Investments and Wipro’s joint content localization service will be available to media and entertainment companies in two deployment models such as platform-as-a-service and private cloud deployment. Such initiatives from companies of different sectors to avail solutions in the area of cloud deployment are further expected to support market growth.
Moreover, cloud deployments are allowing data historians to easily scale up their infrastructure as per the changing needs of their customers and eliminate the need for expensive hardware, reducing the overall cost of data historians. This makes it easier for small and medium-sized businesses to use data historians.
Since the pandemic, the demand for cloud computing skyrocketed among many businesses as cloud services improve infrastructure efficiency, lower operating costs, and optimize business operations in response to changing conditions, giving rise to various cloud deployment models.

North America Expected to Hold Highest Market Share

North America is expected to hold the highest market share owing to increasing spending on research and development for innovation in the data historian market in the region. Moreover, the region has vendors like Honeywell International Inc., General Electric Company, Rockwell Automation, Inc., etc., continuously investing in the market.
The demand for data historians is expanding steadily in the region, fueled by consistently increasing demand for industrial automation data for performance improvement, rising use of Big Data analytics across various economic sectors, and constantly expanding IoT infrastructure, which generates an increasing amount of data that can be collected and analyzed, and other tech market trends.
The region also contributes substantially to the global data center demand from the IT, BFSI, retail, and healthcare industries. Real estate experts, such as CBRE, have reported that the United States occupies almost 90% of data center space worldwide. This is further boosting the demand for data historian markets.
For instance, in the past five years, Google has invested more than USD 37 billion in its offices and data centers in 26 states which is in addition to the more than USD 40 billion in research and development invested in the United States in 2020 and 2021. Further, in April 2022, Google announced plans to invest approximately USD 9.5 billion in its United States offices and data centers in 2022.
Moreover, organizations in North America are increasingly recognizing the value of data analysis in decision-making and are looking for solutions to manage and store a large amount of data. This is driving the demand for data historians.

Data Historian Industry Overview

The data historian market is fragmented due to the many players in the market. Players in the market are adopting strategies like partnerships, mergers and acquisitions, new product launches, and investing in R&D for further innovations to capture the highest market share. Some of the key developments seen in the market are as such. In October 2022, Uptake Technologies Inc. collaborated with the ADX team to build an industrial data historian using ADX. Since Microsoft decided to stop the development of Time Series Insights (TSI), Uptake has been working to re-platform the flagship OT cloud data historian, Fusion, on Azure Data Explorer (ADX). In April 2022, GE Digital recently announced the availability of the world’s first cloud-native operational data historian available in the AWS Marketplace, Proficy Historian for Cloud. This cloud-based industrial data management software is designed to facilitate a more simplified and reliable movement of OT data to the cloud spanning from device level to enterprise. Proficy Historian for Cloud helps companies leverage existing IT cloud investments and combine OT and enterprise data.

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Additional Benefits:

The market estimate (ME) sheet in Excel format
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Read the full report: https://www.reportlinker.com/p06484290/?utm_source=GNW

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Artificial Intelligence

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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