CHICAGO, Dec. 1, 2023 /PRNewswire/ — As per the most recent analysis conducted by We Market Research, the IoT in proptech market is poised to soar to a remarkable valuation of USD 1.2 billion by 2023. The journey doesn’t stop there; this exciting industry is set to embark on a dynamic ride, with projections reaching a staggering USD 4.7 billion by 2033. What fuels this remarkable growth? A notable compound annual growth rate (CAGR) of 14.6% between 2023 and 2033. The future of IoT in proptech is nothing short of exhilarating.
Energy management continues to be a pivotal concern within the IoT in Proptech market, propelled by the growing demand for eco-friendly and sustainable practices.
Within the dynamic landscape of the IoT in Proptech market, energy management stands out as a paramount concern, and this focus has gained even greater momentum. The driving force behind this heightened emphasis is the ever-increasing demand for sustainable and environmentally friendly practices.
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In the modern era, where environmental consciousness is no longer a trend but a necessity, property technology, or Proptech, has emerged as a crucial player. Proptech integrates cutting-edge technologies, including the Internet of Things (IoT), to revolutionize the management and efficiency of properties, be it residential, commercial, or industrial.
IoT in Proptech Market Report Scope:
Market Size in 2022 (Value)
USD 1,121 Million
Market Forecast in 2033 (Value)
USD 4,776 Million
CAGR % 2023-2033
Consumption, company share, company heatmap, company production capacity, growth factors and more
The adoption of smart building technologies is a major growth driver.
Predictive maintenance solutions are gaining traction. IoT devices collect data to predict when equipment and systems need maintenance.
IoT-driven security solutions are in demand. Smart security systems with IoT-enabled cameras, sensors, and access control enhance property security.
Component, application, end user, protocol and Iot devices
North America, Europe, APAC, South America and Middle East and Africa
Energy management, a pivotal component of Proptech, is now more critical than ever. The world grapples with the challenges posed by climate change and the imperative to reduce carbon footprints. Consequently, there’s a pressing need to embrace practices that are eco-friendly, energy-efficient, and sustainable. This imperative extends to the management of energy consumption in properties, where IoT technologies play a pivotal role.
IoT sensors and devices enable the real-time monitoring of energy usage within buildings and facilities. They provide data and insights that empower property owners, managers, and tenants to optimize energy consumption. This optimization not only results in cost savings but, more importantly, aligns with global sustainability goals.
The benefits of energy management in the IoT in Proptech market are multifaceted. It encompasses the reduction of energy wastage, the integration of renewable energy sources, the ability to respond to peak demand intelligently, and the automation of energy systems to match occupancy patterns. All these aspects collectively contribute to environmentally responsible practices while bolstering the bottom line.
In conclusion, the focal point of energy management within the IoT in Proptech market signifies a strategic shift toward sustainable and eco-conscious property management. It is a response to the pressing need for environmentally friendly practices and aligns with global efforts to combat climate change. The convergence of IoT and Proptech is ushering in a new era where energy efficiency is a cornerstone of property management, promising a brighter, more sustainable future.
Edge Computing to be a game changer within the IoT in proptech market
Edge computing is poised to be a transformative force within the IoT in Proptech market, introducing a paradigm shift in the way properties are managed and operated. The convergence of IoT and edge computing is set to redefine efficiency, security, and user experience within the real estate and property technology sectors.
At its core, edge computing involves the processing of data at or near the source of data generation, rather than transmitting all data to a centralized cloud server for analysis. In the context of Proptech, this means that the vast amount of data generated by IoT devices within a property—ranging from smart thermostats and lighting controls to security cameras and occupancy sensors—can be processed and analyzed on-site, within the property itself. This localized processing offers several key advantages.
First and foremost, edge computing drastically reduces latency, enabling real-time responses to events. In a smart building, this translates to immediate adjustments in lighting, temperature, or security based on sensor inputs, without the delays associated with sending data to a distant cloud server and awaiting instructions. Such responsiveness enhances occupant comfort and security while minimizing energy waste.
Moreover, edge computing bolsters data privacy and security. With sensitive information staying within the property, the risk of data breaches during transit to cloud servers is diminished. This is particularly crucial in Proptech, where residents, tenants, and businesses entrust their personal and sensitive data to smart building systems.
Another notable benefit of edge computing in Proptech is its ability to function offline. In case of internet outages or disruptions, local processing ensures uninterrupted operation of essential systems, like access control or emergency response mechanisms. This resilience enhances the reliability and safety of smart properties.
Edge computing also optimizes network bandwidth. By filtering and aggregating data locally, only relevant information is transmitted to the cloud, reducing the load on network infrastructure and the associated costs.
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In summary, the integration of edge computing into the IoT in Proptech market introduces a transformative era in property management. It empowers real-time decision-making, strengthens data privacy, enhances offline functionality, and optimizes network resources. The implications are profound, promising smarter, safer, and more efficient properties that cater to the evolving needs of occupants, while contributing to the sustainability and resilience of the built environment.
Some of the major companies operating within the IoT in proptech market are: Honeywell (US), Siemens (Germany), Schneider Electric (France), Johnson Controls (US), IBM (US), Microsoft (US), Cisco (US), Google (US), Amazon (US), Bosch (Germany), ABB (Switzerland), Nortek Control (US), Lutron (US)
oneywell and Siemens holds a larger market share in the North American and European markets, while Schneider Electric and Johnson Controls are expected to have a larger market share in the APAC market.
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About We Market Research:
WE MARKET RESEARCH is an established market analytics and research firm with a domain experience sprawling across different industries. We have been working on multi-county market studies right from our inception. Over the time, from our existence, we have gained laurels for our deep rooted market studies and insightful analysis of different markets.
Mr. Robbin JosephCorporate Sales, USAWe Market ResearchUSA: +1-724-618-3925Websites: https://wemarketresearch.com/ Email: [email protected]
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Two thirds of PR Pros can’t prove their work helps their business or client: CoverageBook
Just 1 in 3 PRs track the commercial impact of their work – while 66% are focused on driving high volumes of coverage31% of PRs have seen budgets cut in the last year, but a staggering 50% of those respondents believe this would have been less likely if they could better prove commercial relevanceNew free tool ‘CoverageImpact’ helps PRs prove the value of their work and bridge this disconnectLONDON, Feb. 22, 2024 /PRNewswire/ — PR may talk the talk when it comes to boardroom relevance, but it’s failing to walk the walk. New research from CoverageBook, the leading PR industry reporting platform, shows that just one third of PR pros align their activity with commercial goals. The survey of over 350 senior PR and marketing professionals reveals a significant disconnect between how the PR industry measures and reports on activity and what senior leaders and budget holders expect to see.
This research comes at a time when clients are putting increased scrutiny on PR teams to demonstrate impact. While the industry is finally putting outdated metrics like AVE (used by just 7% of respondents) to bed – there’s no consensus on how to prove the value of PR and communications.
To help build that consensus and allow every PR to prove the value of their work, CoverageBook is launching CoverageImpact, a revolutionary free tool designed to simplify PR reporting and impact measurement. The tool aims to bridge the gap between PR professionals’ activities and their clients’ commercial goals, ensuring that there’s no disconnect between agency and client or within a business.
This is particularly important as less than half of PR professionals currently consider new biz and sales when measuring the impact of their work – just 41% of UK respondents and 34% of US respondents take the new business/sales pipeline into account. These numbers drop significantly when asked about investment generation – 14% of UK respondents and 13% of US respondents.
So what are they measuring? Well unsurprisingly, the focus is on outputs and audience, with 96% citing target audience as a key measurement criteria and 66% high volumes of coverage.
Lack of commercial proof has a financial impact
The result of all this lack of commercial certainty? Unfortunately, it’s budget cuts. When asked about their 2023 budgets, 31% of all respondents said they had seen cuts (33% agencies, and 22% in-house).
Unsurprisingly, 50% of those respondents believe this would have been less likely if they could better prove commercial relevance. Breaking that figure down clearly shows the correlation between impact proof and budget decisions, with 75% of agency respondents and 25% of in-house respondents in the UK agreeing with that statement, alongside 79% of agency respondents and 21% of in-house respondents in the USA.
Commenting on the findings, Alastair McCapra, CIPR CEO said: “These findings show how PR practitioners are putting more time into measurement and evaluation, but the lack of a common approach is costing us credibility. With one in three PR budgets being cut and a sluggish economy, we need to be more effective than ever in telling our story, and communicating the impact and value of our work.”
When asked about the biggest challenges they face in measurement, 54% of all respondents cited a lack of a universal measurement framework, while 52% mentioned a lack of measurement tools. These findings underscore the urgent need for tools that simplify measurement and reporting, making it easier for PR professionals to demonstrate the value of their work.
CoverageImpact, developed by the creators of CoverageBook and Answer The Public, offers a simple solution for turning coverage tracker spreadsheets into visually appealing ‘coverage over time’ graphics. With CoverageImpact, users can easily add impact data to their reports without the need for complex pivot tables or data visualisation skills. The tool is compatible with popular PR tools such as Excel, Google Sheets, Cision, MuckRack, TalkWalker, Meltwater, and CoverageBook, making it accessible to PR professionals worldwide.
“The truth is everybody needs to level up on telling the story of their impact; how their work correlates to organisational impact – the stuff leadership and boards actually care about. We know this is happening in small pockets, there are some case studies of PR measurement already,” said Gary Preston, CEO & Co Founder at CoverageBook. “But only a few can afford dedicated teams with Python, Excel & Data viz skills to do the job. Our aim is to democratise PR measurement for everyone to start having credible impact stories.”
In addition to simplifying reporting, the tool is designed to help PR practitioners start credible conversations with senior business leaders and budget holders, create graphs that support strategic decision-making, and save time in generating reports.
To try out CoverageImpact, visit – https://coverageimpact.com/
View original content:https://www.prnewswire.co.uk/news-releases/two-thirds-of-pr-pros-cant-prove-their-work-helps-their-business-or-client-coveragebook-302069345.html
Travel and Expense Management Software Market Size to Grow USD 15.7 Billion by 2032 at a CAGR of 18.3% | Valuates Reports
BANGALORE, India, Feb. 22, 2024 /PRNewswire/ — Travel and Expense Management Software Market Size, Share, Competitive Landscape and Trend Analysis Report by Deployment Type (On-premise, Cloud), by Organization Size (Large Enterprises, Small and Medium-sized Enterprises), by Industry Vertical (IT and Telecom, BFSI, Manufacturing, Public Sector, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.
The global travel and expense management software market was valued at USD 3 Billion in 2022, and is projected to reach USD 15.7 Billion by 2032, growing at a CAGR of 18.3% from 2023 to 2032.
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Major Factors Driving the Growth of Travel and Expense Management Software Market
The market for travel and expenditure management software is expanding due in large part to companies’ growing use of digital solutions to automate and streamline their travel and expense management procedures, which boost productivity and cut expenses. Further propelling the market development are the growing requirement for real-time visibility and control over spending, the necessity of regulatory compliance, and the increasing globalization of companies. Additionally, the incorporation of cutting-edge technologies like artificial intelligence (AI), machine learning, and data analytics into these software programmes is propelling market expansion by providing improved user experiences, predictive capabilities, and insights.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL TRAVEL AND EXPENSE MANAGEMENT SOFTWARE MARKET:
The global increase in corporate travel activities is a major factor driving the growth of the travel and expense management software market. Businesses are sending more staff on business trips, conferences, and customer meetings as a result of globalization and growing corporate operations. Organizations are adopting travel and expenditure management software solutions to simplify procedures, track spending in real-time, and guarantee compliance with corporate regulations as a result of the spike in corporate travel, which makes effective administration of travel expenses necessary.
Businesses in a variety of sectors are looking for solutions to streamline and automate their spending and travel management procedures in order to increase productivity and cut expenses. Travel & Expense Management Software reduces mistakes and eliminates human data entry duties with features including automatic receipt scanning, automated expense report production, and connectivity with accounting systems.
Accurate tracking and reporting of travel costs is mandated by strict business rules and regulatory regulations. Through the use of travel and expense management software, businesses may make sure that workers follow company policy on spending limits, prompt approval of charges, and tax compliance. The capacity of these software solutions to uphold compliance requirements and enforce policy adherence is what propels their acceptance by companies of all sizes.
Having real-time insight into spending trends and travel expenditures is essential for efficient money management and budgetary selection. Travel and Expense Management Software gives businesses centralized platforms to manage expenditure, keep an eye on bills, and instantly analyze spending patterns. The demand is driven by this real-time insight, which enables firms to find cost-saving possibilities, make educated decisions, and reduce financial risks.
Travel and expense management software is starting to need integration capabilities with current business systems, such as ERP (business Resource Planning) and HR (Human Resources) systems. Processes are streamlined, data accuracy is improved, and data synchronization across various business operations is made possible through seamless integration. Adoption of software solutions with strong integration capabilities is fueled by organizations’ preference for integrated solutions that can combine travel and cost data with other financial and operational data.
The importance of data analytics and reporting tools in travel and expense management software is growing. Companies need to know about vendor performance, policy compliance, and travel expenditure trends in order to drive strategic decision-making and maximize costs. Organizations are able to get meaningful insights from travel and spending data by utilizing advanced analytics tools that are integrated into these software packages. These tools include predictive analytics, data visualization capabilities, and customisable reporting dashboards.
The increasing popularity of cloud-based travel and expense management software can be attributed to advantages including cost-effectiveness, scalability, and flexibility. By doing away with the requirement for on-premises infrastructure, cloud-based solutions enable businesses to access software from any place or device that has an internet connection. Small and medium-sized businesses (SMEs) find cloud-based solutions especially appealing due to their scalability and accessibility.
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TRAVEL AND EXPENSE MANAGEMENT SOFTWARE MARKET SHARE ANALYSIS
In 2022, the market was led by the cloud segment based on deployment mode. This may be ascribed to the rise in developments in cloud-based infrastructure, as cloud technology offers a number of advantages including easy access to diverse apps from far-off locations, virtual reservations, and other creative solutions.
In 2022, the travel and expenditure management software market was dominated by North America. This is explained by the region’s rapid adoption of cloud-based technology. On the other hand, the Asia-Pacific area is growing faster. This is explained by the rise in small-, medium-, and large-scale technological companies in the area.
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Automating Efficiency: Saudi Arabia Warehouse Automation Market Gears Up for 14.2% CAGR, Driven by E-commerce Boom and Vision 2030: Ken Research
GURUGRAM, India, Feb. 22, 2024 /PRNewswire/ — The Kingdom of Saudi Arabia’s warehouse automation market is on a trajectory for exponential growth, fueled by a surging e-commerce sector and ambitious national goals outlined in Vision 2030. Ken Research’s comprehensive report, Saudi Arabia Warehouse Automation Market Outlook to 2028: Automating the Path to Progress, sheds light on this dynamic market, poised for a remarkable 14.2% CAGR in the coming years. This press release summarizes the key findings and offers valuable insights for investors, logistics companies, and technology providers seeking to capitalize on this flourishing landscape.
Several key factors are propelling the Saudi Arabian warehouse automation market towards a bright future:
E-commerce Boom: The exponential growth of e-commerce is driving demand for efficient and high-throughput warehouse operations, necessitating automation solutions. Vision 2030: The government’s ambitious Vision 2030 plan emphasizes logistics sector development, creating a conducive environment for automation adoption. Rising Labor Costs: Increasing labor costs are prompting companies to seek automation solutions for cost-efficiency and productivity gains. Increased Demand for Storage: Growing population and economic diversification are leading to higher storage requirements, making automation crucial for efficient space utilization. Interested to Know More about this Report, Request a Free Sample Report
Ken Research provides a detailed segmentation of the market, allowing you to pinpoint your target audience effectively:
By Technology: Automated Storage and Retrieval Systems (ASRS) dominate the market, followed by Automated Guided Vehicles (AGVs) and robots. By Application: E-commerce and retail sectors are the primary adopters, followed by manufacturing, healthcare, and automotive industries. By Solution Provider: Global players like Honeywell, Siemens, and Vanderlande compete alongside regional players like Fawaz Refrigeration and Nesma & Partners Contracting Company. Competitive Landscape:
The market features a mix of established players and emerging entrants:
Global players: Honeywell, Siemens, Vanderlande, Swisslog, and Knapp. Regional players: Fawaz Refrigeration, Nesma & Partners Contracting Company, Abdullah Hashim Abunayyan Trading Company, and Al-Obeikan Group. Start-ups: Innovative start-ups are offering customized and cost-effective automation solutions. Recent Developments:
Investment in automation: Major logistics companies and government entities are investing heavily in warehouse automation solutions. Focus on cloud-based solutions: Cloud-based warehouse management systems (WMS) are gaining traction for improved scalability and flexibility. Adoption of collaborative robots (cobots): Cobots are increasingly used for tasks requiring human-robot collaboration. Visit this Link :- Request for custom report
The Saudi Arabian warehouse automation market is expected to witness exciting developments in the coming years:
Growing demand for advanced technologies: Technologies like artificial intelligence (AI) and machine learning (ML) will be integrated for optimized operations. Rise of integrated solutions: Integrated automation solutions encompassing hardware, software, and services will gain popularity. Focus on sustainability: Environmentally friendly automation solutions will be increasingly sought after. Challenges to Address:
Despite its promising future, the market faces some hurdles:
High initial investment costs: The upfront costs of automation implementation can be a barrier for some companies. Lack of skilled workforce: Training and upskilling the workforce to operate and maintain automated systems is crucial. Data security concerns: Addressing data security concerns associated with connected automation systems is essential. Why This Report Matters:
This report empowers various stakeholders to navigate the Saudi Arabian warehouse automation market:
Investors: Identify lucrative investment opportunities across different technologies and segments. Logistics companies: Gain insights into emerging trends, optimize their operations, and improve efficiency. Technology providers: Tailor their offerings to meet specific market needs and expand their reach. Government entities: Formulate policies that support market growth and achieve Vision 2030 goals. Request free 30 minutes analyst call
By Product Category
Semi-AutomatedFully AutomatedBy Product Component
Conveyor System/ Sortation SystemAutomated Storage & Retrieval SystemWarehouse Management SystemAMR/AGVOthers (Pick-to-Light and Put-to-Light Systems and automated packaging: wedging, volume reduction, personalization and more)Automatic Identification and Data Capture (AIDC)By Automated Technology
E-CommerceRetail (Supermarkets, Hypermarket, Consumer Durables & More)3PL/LogisticsOthers (Health & Beauty, Pharma, Furnishing)For More Insights On Market Intelligence, Refer To The Link Below: –
Saudi Arabia Warehouse Automation Market
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View original content:https://www.prnewswire.co.uk/news-releases/automating-efficiency-saudi-arabia-warehouse-automation-market-gears-up-for-14-2-cagr-driven-by-e-commerce-boom-and-vision-2030-ken-research-302068838.html
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