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Pandemic-shift: spike in savings diverted into housing driving national median home prices up 8.6%, according to Royal LePage

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According to the Royal LePage House Price Survey and Market Survey Forecast released today, the aggregate1 price of a home in Canada increased 8.6 per cent year-over-year to $692,964 in the third quarter, as high demand and low inventory continued to fuel a seller’s market.

The Royal LePage National House Price Composite is compiled from proprietary property data in 64 of the nation’s largest real estate markets. When broken out by housing type, the median price of a standard two-storey home rose 10.0 per cent year-over-year to $819,906, while the median price of a bungalow increased 7.0 per cent to $570,701. The median price of a condominium increased 5.3 per cent year-over-year to $510,365. Price data, which includes both resale and new build, is provided by Royal LePage’s sister company RPS Real Property Solutions, a leading Canadian real estate valuation company.

“Typical consumption patterns have been disrupted in 2020 as the pandemic has driven the household savings rate to levels not seen in decades,” said Phil Soper, president and CEO of Royal LePage. “Most Canadians have sharply reduced spending on discretionary goods and services involving a great deal of human interaction, and with mortgage rates at record lows, many have refocused on housing investments, be it renovations to accommodate work-from-home needs, a recreational property or a new property better suited for the times.”

Statistics Canada reported that in the first quarter of 2020, the household savings rate climbed to 7.6 per cent of disposable income, the highest rate since 1996. In the second quarter, savings spiked to 28.2 per cent, the highest savings rate since the early 1960’s. From 2015-2020, the average savings rate was approximately 3 per cent.

“In urban centres across Canada, housing inventory has failed to keep up with household formation,” continued Soper. “Chronic under-supply has created a robust pipeline of potential buyers that currently far outsizes the number of homeowners who may need to sell as a result of COVID-19 related job loss,” said Soper. “The price of condominiums, the sector hardest hit by the pandemic, has risen 5.3 per cent nationally compared to last year. When a landlord needs to sell a unit after young tenants move back to their parent’s home, and with fewer new immigrants or opportunities for short-term rental income, there are plenty of first-time buyers ready to seize the opportunity to get into the market.”

Competition amongst buyers in many regions is high. According to a recent Royal LePage Advisor Survey, during the month of September, 95.4 per cent of Royal LePage agents surveyed said detached houses in their region were attracting multiple offers and 54.1 per cent said that condominiums were attracting multiple offers. According to the national survey, 89.4 per cent of agents had to place at least two offers on behalf of their clients to purchase a home during the third quarter. Sixteen per cent had to place more than 5 offers. In Quebec, the proportion of agents that had to place more than 5 offers rose to 19.1 per cent, the highest in the country.2

Nationally, real estate markets in Ontario and Quebec posted the highest price appreciation. Windsor reported the highest price gain in the third quarter as the aggregate price of a home rose 17 per cent year-over-year followed by Oshawa (15.0%), Kitchener/Water/Cambridge (13.9%), Hamilton (13.7%), and Mississauga (13.5%). In Quebec, the fastest appreciating regions were in the Greater Montreal Area, where the aggregate price of a home rose 12.5 per cent year-over-year in the third quarter driven by gains made in Montreal Northshore (13.4%), Montreal East (12.3%) and Montreal Centre (12.2%).

Royal LePage expects current regional price levels to be maintained for the remainder of the year. While the national aggregate home price rose 8.6 per cent year-over-year in the third quarter of 2020, Royal LePage is forecasting that the national aggregate home price will increase 7.0 per cent year-over-year to $693,000 in the fourth quarter of 2020. The decrease between Q3 2020 gains (8.6%) and the Q4 2020 forecast (7.0%) reflects a higher national home price in Q4 2019 ($647,310) compared to Q3 2019 ($637,884).

“Home price gains realized this quarter are forecast to be sustained through December,” said Soper. “While the pace of price growth is expected to slow considerably in the final weeks of this most unusual year, it is highly unlikely we will see housing values back up.”

Canada added 378,000 jobs in September, with most of the gains in full-time work. The unemployment rate has now fallen to 9.0 per cent, a 1.2 percentage point improvement from August3 as the economy claws back pandemic related losses. Another positive development for Canada’s investment housing market is the federal government announcement that international students will be allowed to enter Canada if they are attending a designated learning institution with provincially approved COVID-19 protocols in place.4

Soper added that while today’s mortgage rates at extremely low levels have created a window of first-home buying opportunity for many young families, Millennials and Generation Z who do not have the capacity to buy today are shouldering the negative impact of COVID-19 on the Canadian real estate market.

“Young adults are less likely to have been the homeowners who watched real estate equity build over the past few months. Many have lost their jobs during the pandemic,” said Soper. “If policy makers do not make increasing the supply of homes for rent or purchase a priority, there will be negative social consequences for years to come. COVID-19 has stimulated the demand for additional housing in ways that few could have foreseen.”

COVID-19 and changing consumer behavior

As a second wave of COVID-19 takes hold in Canada’s more populous regions, Royal LePage is expecting a change in buyer psychology compared to the period when the country first faced the novel coronavirus. Real estate activity fell to as low as one-third of normal in the spring, as citizens sheltered at home. For the balance of the pandemic, Canadians are expected to prioritize homeownership and seek out as much indoor and outdoor space as they can afford to improve their quality of life while work-from-home and social distancing measures remain part of daily lives.

Many of the tools needed to provide high quality real estate services remotely were available to Royal LePage agents prior to the COVID-19 pandemic, which allowed for minimal disruption in assisting buyers and sellers to adjust to the new norm of transacting.

“Canadians recognize that if they are working with a reputable agent who takes the necessary precautions, going to a scheduled viewing is a relatively low risk undertaking.  Almost all of the home buying or selling process can now be completed virtually,” said Soper. “We continue to advise against open houses. Highly motivated buyers are encouraged to schedule a viewing after taking a virtual tour to confirm their level of interest.”

REGIONAL SUMMARIES

Greater Toronto Area

The aggregate price of a home in the Greater Toronto Area (GTA) increased 11.0 per cent year-over-year to $922,421 in the third quarter of 2020.When broken down by housing type, the median price of a standard two-storey home increased 12.2 per cent year-over-year to $1,082,502 in the third quarter, and the price of a bungalow rose 10.6 per cent year-over-year to $887,156. During the same period, condominiums in the region continued to see healthy price appreciation, with the median price rising 6.8 per cent year-over-year to $599,826.

Similar strong home price gains were seen in the City of Toronto where the aggregate price of a home rose 11.1 per cent year-over-year to $975,980. Broken out by housing type, the median price of a standard two-storey home increased 15.5 per cent year-over-year to $1,483,510, and the price of a bungalow rose 11.3 per cent year-over-year to $974,295. During the same period, the median price of a condominium grew 4.9 per cent year-over-year to $644,903.

“Demand from the delayed spring market has continued through the third quarter. The seasonal slowdown is expected in the coming months but given the recent strength of September, we will likely see a more brisk fourth quarter market than the previous year,” said Debra Harris, Vice President, Royal LePage Real Estate Services Limited.

Harris added that while active listings are up, the sales to listings ratio and decrease in days on market indicate that properties are being quickly absorbed by demand.

“The detached home market is outperforming the condo market but condo demand is still considered healthy. Condo sales were up 15% in September compared to September 2019. In Toronto, we are used to strong seller markets and a balanced market can seem quiet by comparison,” said Harris.

Royal LePage is forecasting that the aggregate price of a home in the Greater Toronto Area will increase 8.5 per cent in the fourth quarter of 2020 compared to the same quarter last year.

Greater Montreal Area

In the Greater Montreal Area, the aggregate price of a home posted a 12.5 per cent increase year-over-year reaching $480,673 in the third quarter of 2020.When broken down by housing type, the median price of a standard two-storey home increased 13.9 per cent year-over-year to $610,956 in the third quarter, and the price of a bungalow rose 14.4 per cent year-over-year to $381,607. During the same period, condominiums in the region continued to see strong price appreciation, with the median price rising 8.6 per cent year-over-year to $362,180.

In the core of Montreal, the aggregate price of a home rose 12.2 per cent year-over-year to $610,898. Broken out by housing type, the median price of a standard two-storey home increased 14.6 per cent year-over-year to $825,801, and the price of a bungalow rose 10.6 per cent year-over-year to $557,961. During the same period, the median price of a condominium grew 8.8 per cent year-over-year to $448,496.

“After seven months of COVID-19 restrictions and social distancing measures to stop the spread of the pandemic, we began to see a significant increase in the number of new condominium listings in Montreal Centre in the third quarter,” said Dominic St-Pierre, vice-president and general manager, Royal LePage, for the Quebec region. “If this trend continues into the fourth quarter, we may see a slight decrease in condo prices, which would indicate a more balanced market. This will provide more opportunities for first-time buyers. In the single-family segment, there are currently no signs of a slowdown in sight; the vast majority of homeowners, who are currently selling, are receiving offers at or above the asking price, especially in the most in-demand neighbourhoods.”

Royal LePage is forecasting that the aggregate price of a home in the Greater Montreal Area will increase 9.5 per cent in the fourth quarter of 2020 compared to the same quarter last year.

Greater Vancouver

The aggregate price of a home in Greater Vancouver increased 4.4 per cent year-over-year to $1,133,528 in the third quarter of 2020. Broken out by housing type, the median price of a standard two-storey home in Greater Vancouver increased 5.5 per cent year-over-year to $1,474,670 in the third quarter. During the same period, the median price of a condominium increased 3.1 per cent year-over-year to $659,122 while the median price of a bungalow increased 2.8 per cent to $1,232,858.

Price gains were more muted in the city’s centre where the aggregate price of a home rose 2.2 per cent year-over-year to $1,266,868. Broken out by housing type, the median price of a standard two-storey home increased 1.0 per cent year-over-year to $1,997,098, and the price of a bungalow rose 5.4 per cent year-over-year to $1,451,737. During the same period, the median price of a condominium grew 2.7 per cent year-over-year to $772,378.

“The pent up buyer demand from our delayed spring market continues to drive record sales and lift home prices. There are more buyers than properties and the market is tightening,” said Randy Ryalls, general manager, Royal LePage Sterling Realty. “September’s sales were exceptionally strong and multiple offers are common on well-priced homes.”

Ryalls added that low interest rates and healthy consumer confidence are driving the market.

“Demand is high across the Lower Mainland and strongest for detached properties,” said Ryalls. “Due to their affordability, demand is healthy for condominiums despite current buyer preferences for more space and less shared amenities.”

Royal LePage is forecasting that the aggregate price of a home in Greater Vancouver will increase by 4.5 per cent in the fourth quarter of 2020 compared to the same quarter last year.

Ottawa

Ottawa’s aggregate home price grew significantly during the third quarter, rising 12.0 per cent year-over-year to 536,610.

“Despite the pandemic, year-to-date unit sales are similar to 2019 and more than half of all listings continue to see multiple offers,” said John Rogan, broker, Royal LePage Performance Realty. “High demand and low inventory is an ongoing buyer concern whether they are looking for a property in Ottawa’s city centre or communities within an hour drive.”

The median price of a standard two-storey home increased 11.1 per cent year-over-year to $559,360 while the median price of a bungalow saw a strong 13.9 per cent year-over-year increase to $553,815. During the same period, the median price of a condominium saw an increase of 15.3 per cent year-over-year to $383,176.

Rogan added that as a national capital city, on an international level, as well as in comparison to other major Canadian cities, Ottawa real estate remains relatively affordable.

Royal LePage is forecasting that the aggregate price of a home in Ottawa will increase 8.5 per cent in the fourth quarter of 2020 compared to the same quarter last year.

Calgary

The aggregate price of a home in Calgary remained relatively flat year-over-year, increasing 0.5 per cent to $468,815 in the third quarter of 2020.

Broken out by housing type, the median price of a standard two-storey home increased 0.4 per cent year-over-year to $509,976, while the median price of a bungalow increased 2.1 per cent year-over-year to $499,549. Due to high inventory in the condominium segment, the median price of a condominium decreased 3.4 per cent year-over-year to $260,048.

“Strong demand for Calgary real estate has kept home prices stable. Sales during the summer were higher than those seen during the same period in 2019, and September was the strongest September for sales in the past 6 years,” said Corinne Lyall, broker and owner, Royal LePage Benchmark. “Demand has been highest in low density areas and in lower price ranges. We have also seen increased demand for properties outside of the city in our bedroom communities, especially recreational properties.”

Lyall added that while fewer sellers typically list in the late fall or early winter, buyers seem still active and eager to take advantage of exceptionally low interest rates. If demand remains higher than the seasonal norm, inventory is expected to tighten.

Royal LePage is forecasting that the aggregate price of a home in Calgary will remain relatively flat, decreasing 0.5 per cent in the fourth quarter of 2020 compared to the same quarter last year.

“While COVID-19 could bring further economic challenges, Calgary’s real estate market has already come down in price after years of a declining oil market. Home prices are not likely to have much room to decline further given other market fundamentals,” said Lyall.

Edmonton

The aggregate price of a home in Edmonton remained relatively flat, increasing 1.0 per cent year-over-year to $373,156 in the third quarter of 2020.

“Sellers who were holding out for a full market recovery over the past few years are bringing high quality two-storey listings to the market often at a lower price than purchased. Sellers in the mid- and entry-level of the market have seen robust activity,” said Tom Shearer, broker and owner, Royal LePage Noralta Real Estate.

Broken out by housing type, the median price of a standard two-storey home increased 3.0 per cent year-over-year to $429,787 and the median price of a bungalow decreased 2.4 per cent to $356,710. In the same period, the median price of a condominium decreased 0.9 per cent to $220,949.

“Year-to-date, sales are down approximately 3 per cent compared to 2019. Considering the impact of COVID-19 on the economy, this is an indication of a fairly healthy real estate market,” said Shearer.

Royal LePage is forecasting that the aggregate price of a home in Edmonton will decrease 0.5 per cent in the fourth quarter of 2020 compared to the same quarter last year.

Shearer added that while Edmonton is in a balanced real estate market, demand for recreational real estate has risen significantly.

“Recreational properties within a two hour drive of the city are seeing demand and prices soar,” said Shearer. “Travel plans are on hold and buyers are figuring out how they want to enjoy family holidays. Shelter-in-place and social distancing guidelines have buyers looking to the great outdoors to relax and escape the city.”

Halifax

The aggregate price of a home in Halifax increased 11.3 per cent year-over-year to $358,078 in the third quarter.

“Low inventory is fueling home prices. In some neighbourhoods we have very few listings and in other areas, there are none,” said Matt Honsberger, broker and owner, Royal LePage Atlantic. “Recently, we have seen a modest improvement in inventory that should provide some relief but many potential sellers are not listing because they don’t want to become buyers in Halifax’s hot market.”

The median price of a standard two-storey home increased 12.8 per cent year-over-year to $383,438. The median price of a bungalow increased 8.1 per cent year-over-year to $297,140, while the median price of a condominium saw an increase of 4.6 per cent year-over-year to $318,049.

Honsberger added that while most buyers are local, the region continues to see strong demand from buyers relocating from Ontario and Alberta.

“Most of the demand from outside the province is from Ontario buyers with a connection to the region. The prevalence of COVID-19 has been lower than other Canadian cities and Halifax is a great city in which to live and work,” said Honsberger. “Some buyers are retirees, but most buyers have secured jobs in the region or they will work remotely.”

Royal LePage is forecasting that the aggregate price of a home in Halifax to increase 12.0 per cent in the fourth quarter of 2020 compared to the same quarter last year.

Winnipeg

The aggregate price of a home in Winnipeg increased 3.4 per cent year-over-year to $323,966 in the third quarter of 2020.

During the same period, the median price of a two-storey home increased 8.9 per cent year-over-year to $375,721, while the median price of a bungalow increased 2.2 per cent to $304,078.

“As a result of social distancing measures and more people working from home, the true value of the home has risen. Winnipeggers are living, working and playing more at home. Whether it’s building a deck or moving to a new neighbourhood for more space, we are looking for ways to improve our lifestyle through our property,” said Michael Froese, managing partner, Royal LePage Prime Real Estate.

Froese added that 33 per cent of homes in September sold for higher than list price, which is a direct result of a steep decline in inventory.

“Consumer confidence in the Winnipeg housing market is high and buyers are looking to take advantage of very low interest rates. However, inventory was down 38% in the third quarter compared to last year so it is a very competitive market,” said Froese. “Larger homes outside of the city centres are attracting a lot of interest.”

Royal LePage is forecasting that the aggregate price of a home in Winnipeg will increase 2.5 per cent in the fourth quarter of 2020 compared to the same quarter last year.

Regina

The aggregate home price in Regina increased 2.7 per cent year-over-year to $325,228 during the third quarter of 2020.

The median price of a standard two-storey home increased 7.8 per cent year-over-year, rising to $408,423 while the median price of a bungalow decreased 1.0 per cent to $288,798. During the same period, the median price of a condominium decreased 3.2 per cent to $214,112.

“Low interest rates and pent up demand from the spring market pause continue to fuel Regina’s real estate market,” said Mike Duggleby, managing partner, Royal LePage Regina Realty. “While not as frequent as previous months, we are still seeing multiple offers and fourth quarter sales are expected to be higher than last year.”

Duggleby added that robust sales have resulted in low inventory for entry-level and mid-range homes.

Royal LePage is forecasting that the aggregate price of a home in Regina will increase 2.5 per cent in the fourth quarter of 2020 compared to the same quarter last year.

Royal LePage Home Price Data and Forecasts:

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Artificial Intelligence

Retail Analytics Market worth $25.0 billion by 2029 – Exclusive Report by MarketsandMarkets™

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CHICAGO, March 28, 2024 /PRNewswire/ — Adoption of real-time capabilities and sophisticated analytics, such as artificial intelligence, for omnichannel integration and improved customer experiences is what the Retail Analytics Market will look like in the future. Partnerships for innovation, a rising emphasis on sustainability and ethical analytics, supply chain optimisation, in-store analytics, and a focus on data privacy and security will all be critical.

The Retail Analytics Market is projected to grow from USD 8.5 billion in 2024 to USD 25.0 billion by 2029, at a compound annual growth rate (CAGR) of 24.0% during the forecast period, according to a new report by MarketsandMarkets™. The Retail Analytics Market is expected to grow significantly during the forecast period, owing to various business drivers like the increasing increasing adoption of omni-channel retail strategies, exponential growth of e-commerce platforms, and proliferation of data generated through diverse channels is also responsible for driving the market’s growth.
Browse in-depth TOC on “Retail Analytics Market”
300 – Tables 75 – Figures310 – Pages
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=123460609
Scope of the Report
Report Metrics
Details
Market size available for years
2019–2029
Base year considered
2023
Forecast period
2024–2029
Forecast units
USD (Billion)
Segments Covered
Offering, Business Function, Application, End User, and Region
Geographies covered
North America, Asia Pacific, Europe, Middle East & Africa, and Latin America
Companies covered
Microsoft (US), IBM (US), SAP (Germany), Oracle (US), Salesforce (US), MicroStrategy (US), SAS Institute (US), AWS (US), Qlik (US), Teradata (US), WNS (India), HCL (India), Lightspeed Commerce (Canada), RetailNext (US), Manthan Systems (India), Fit Analytics (Germany), Trax (Singapore), ThoughtSpot (US), RELEX Solutions (Finland), Tredence (US), Creatio (US), Solvoyo (US), datapine (Germany), Sisense (US), EDITED (UK), Retail Zipline (US), ThinkINside (Italy), Dor Technologies (US), Triple Whale (Israel), Flame Analytics (Spain), Alloy.ai Technologies (US), Conjura (UK), Kyvos Insights (US), Pygmalios (Slovakia), and SymphonyAI (US)
 
By Software by analytics type, the predictive analytics segment to register for the largest market size during the forecast period.
By software by analytics type, the predictive analytics segment is expected to register the largest market size during the forecast period. Predictive analytics software can help forecast sales volumes, identify demand fluctuations, and predict customer preferences, enabling retailers to optimize pricing strategies, allocate resources efficiently, and tailor marketing campaigns to target specific customer segments. Recent advancements in predictive analytics technology, including the integration of AI and machine learning algorithms, have further enhanced the capabilities of predictive analytics software, enabling retailers to gain deeper insights, make more accurate predictions, and drive greater business value.
Request Sample Pages@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=123460609
By services, managed services to register for the highest CAGR during the forecast period.
The managed segment of the Retail Analytics Market is growing rapidly. Managed service providers (MSPs) offer tailored solutions that cater to the unique needs and challenges of retailers, delivering insights that drive operational efficiency, enhance customer engagement, and drive revenue growth. MSPs employ skilled professionals with expertise in data analysis, machine learning, and retail industry trends, enabling retailers to harness the full potential of their data assets. Additionally, managed services provide scalability and flexibility, allowing retailers to adapt to changing business requirements and market dynamics without the need for significant investments in infrastructure or personnel.
By region, Asia Pacific accounted for the highest growth rate during the forecast period.
Asia Pacific is witnessing significant growth in the Retail Analytics Market. The surging popularity of e-commerce, with regions like China and India leading the charge, is a major growth driver. Retailers are increasingly reliant on data to understand online consumer behaviour, optimize pricing and promotions, and personalize marketing efforts. Additionally, the growing adoption of the Internet of Things (IoT) in stores is generating vast amounts of data on customer traffic, product interaction, and inventory levels.
Top Key Companies in Retail Analytics Market:
Some major players in the Retail Analytics Market include Microsoft (US), IBM (US), SAP (Germany), Oracle (US), Salesforce (US), MicroStrategy (US), SAS Institute (US), AWS (US), Qlik (US), Teradata (US), WNS (India), HCL (India), Lightspeed Commerce (Canada), RetailNext (US), Manthan Systems (India), Fit Analytics (Germany), Trax (Singapore), ThoughtSpot (US), RELEX Solutions (Finland), Tredence (US), Creatio (US), Solvoyo (US), datapine (Germany), Sisense (US), EDITED (UK), Retail Zipline (US), ThinkINside (Italy), Dor Technologies (US), Triple Whale (Israel), Flame Analytics (Spain), Alloy.ai Technologies (US), Conjura (UK), Kyvos Insights (US), Pygmalios (Slovakia), and SymphonyAI (US).
Recent Developments:
In February 2024, IBM announced the availability of the popular open-source Mixtral-8x7B large language model (LLM), developed by Mistral AI, on its Watsonx AI and data platform, as it continues to expand capabilities to help clients innovate with IBM’s own foundation models and those from a range of open-source providers.In January 2024, IBM announced its collaboration with SAP to develop solutions to help clients in the consumer-packaged goods and retail industries enhance their supply chain, finance operations, sales and services using generative AI.In January 2024, Salesforce announced the availability of Einstein 1 Studio, a set of low-code tools that enables Salesforce admins and developers to customize Einstein Copilot and seamlessly embed AI across any app for every customer and employee experience.In November 2023, MicroStrategy announced the availability of MicroStrategy ONE in the AWS Marketplace. By bringing together MicroStrategy’s powerful generative artificial intelligence (AI) capabilities for business intelligence (BI) and the scalability and reliability of Amazon Web Services (AWS), customers can now access a ready solution for deploying trusted AI at scale for analytics.In September 2023, Oracle showcased new AI-powered capabilities within Oracle Analytics Cloud. Leveraging the Oracle Cloud Infrastructure (OCI) Generative AI service, the new capabilities assist analytics self-service users to conduct sophisticated analysis and make better business decisions without having to wait for data scientists or IT teams more quickly and efficiently.Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=123460609
Retail Analytics Market Advantages:
Retailers can better fulfil customer demand by optimising pricing, promotions, inventory management, and product assortment with the use of retail analytics, which offers insights into customer behaviour, preferences, and trends.Retail analytics enables merchants to enhance the overall shopping experience, personalise marketing campaigns, and make customised product recommendations by evaluating customer data from many touchpoints. This increases customer happiness and loyalty.Retail analytics forecasts demand, identifies slow-moving commodities, and optimises replenishment procedures to help merchants maximise inventory levels, minimise stockouts and overstock situations, and increase supply chain efficiency.Through the automation of manual operations, the streamlining of procedures, and the identification of opportunities for cost reduction and performance improvement throughout the retail value chain, from procurement to distribution, retail analytics solutions increase operational efficiency.By helping companies to anticipate market trends, spot new business possibilities, and respond swiftly to shifting customer tastes and shifting market dynamics, retail analytics gives merchants a competitive edge that boosts sales and market share.Through the analysis of trends and abnormalities in transaction data, as well as the mitigation of fraud-related risks and revenue loss, retail analytics assists retailers in detecting fraudulent activity, including fraudulent transactions and refunds.Retail analytics gives businesses the ability to better allocate marketing expenditures, maximise marketing return on investment, and enhance the efficacy of customer acquisition and retention strategies by evaluating the success of marketing campaigns and promotions.Retailers may foresee future trends, take proactive business decisions, and seize market opportunities by using predictive analytics tools to forecast sales, demand, and customer behaviour.Report Objectives
To define, describe, and predict the Retail Analytics Market by offering (software and services), business function, application, end user, and regionTo provide detailed information related to major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growthTo analyze the micro markets with respect to individual growth trends, prospects, and their contribution to the total marketTo analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Retail Analytics MarketTo analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leadersTo forecast the market size of segments for five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin AmericaTo profile key players and comprehensively analyze their market rankings and core competencies.To analyze competitive developments, such as partnerships, new product launches, and mergers and acquisitions, in the Retail Analytics MarketTo analyze the impact of recession across all the regions across the Retail Analytics MarketBrowse Adjacent Markets: Analytics Market Research Reports & Consulting
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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.
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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.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
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Full Schedule Released for Hong Kong Web3 Festival 2024

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HONG KONG, March 28, 2024 /PRNewswire/ — Following the success of its record-breaking 2023 event, HK Web3 Festival is returning for its second edition from 6 to 9, April at Hall3FG, Hong Kong Convention and Exhibition Centre. Hosted by Wanxiang Blockchain Labs and HashKey Group, the Festival will convene over 160 game-changing projects, 100 media and 300+ notable speakers to exchange up-to-date knowledge, experiences, and views that are expected to shape the narrative around Web3 and blockchain.

With the event taking place in the innovation-rich city of Hong Kong, the Web3 Festival 2024 converges East and West ideologies. It sets four regular conference areas and an open stage, providing an avenue for eclectic discussions around Web3, idol performance, Web3 professional esports tournament, and more!
We’re proud to present our distinguished sponsors and exhibitors:
Title Sponsors: DWF Labs, Internet Computer, MEET48, OKX Web3, TON Foundation, ZA BankStrategic Partner: Cyberport, Hong Kong Trade Development Council (HKTDC), InvestHKPlatinum Sponsors: Chainlink, Cregis, Deepcoin Labs, Gate.io, Gunzilla Games, NEAR Protocol, Neo, Polkadot, Qtum, SlowMist, Telos Foundation, Victory Securities, Zetrix, ZircuitCo-organizers: Arkreen, AWS, Bitcoin Magazine, Nervos CKB, PlatON, SNZ, 香港虚拟资产行业协会, ZANSide Event Partners: ABGA, Animoca Brands & Chromia, Aptos, DRK Lab, Filecoin Foundation, GoPlus, HashKey Exchange, SlowMist, TON Foundation, UOVABOXGold Sponsors: AltLayer, Cards Ahoy!, CESS, Kaspa, Kava, 鲲KUN, Mask Network, PortUS, Roam, Rollux, X-mintPrimary Exhibition Sponsors: Alfa1, Alibaba Cloud, 百道数据, BNB Chain, CertiK, EMC, Google Cloud, Hotcoin, MicrovisionChain, OneKey, XT.comSecondary Exhibition Sponsors: Alchemy Pay, Bitget Wallet, Bitroo, CE Innovation Capital, Cell Studio, Conflux, Digital Reserve, Initiate Capital, Japan Open Chain, Nervape, NovaX Finance, OceanFi, PIN Labs, TynmoSpace, VoiceStreet, W3SA-HKTertiary Exhibition Sponsors: 100x, Akamai, Alaya AI, Bit.Store, Bullish, ChainUp, Cloud Ace, Daling Research, dappOS, Dexpert.io, ELLIPAL, EngageLab, Hacken, ICG Trading, imToken, Keyblock Solutions, Landlord, MoreLogin, MuskEX, Notifi, OpenSand, PingCAP, PrivateAI, 山海坞, StaFi, TaxDAO, Tencent Cloud, TokenPocket, TruBit, UD Blockchain, WatchX, 伊克罗德信息+IOST, zCloak NetworkKnowledge Partners: Brevis, CoinMarketCap, Flow TradersCoffee Bar Sponsor: ZetrixOpen Stage Sponsors: KongGold, 玛特宇宙, MATR1X & GEDA Esports, NovaX Finance, NuLink, OceanFi, The SandboxWelcome Bag Sponsor: d.id, VIP3Exclusive Video Partner: SpinorApril 6th – FIRST DAY
The opening ceremony will kick off at the Main Stage on the morning of April 6th. Speakers of the ceremony will include:
Dr. Xiao Feng, Chairman, Wanxiang Blockchain; Chairman and CEO, HashKey GroupMichael Wong Wai-lun, GBS, JP, Deputy Financial Secretary, Hong Kong Special Administrative RegionDeng Chao, Head, HashKey Singapore, CEO, HashKey CapitalCathie Wood, Founder, CEO and CIO, ARK InvestDuncan Chiu, Legislative Council Member (Technology & Innovation Constituency), Hong KongSimon CHAN, Chairman, Hong Kong Cyberport Management Company LimitedGenki Oda, Chairman, Japan Virtual and Crypto assets Exchange AssociationDavid Lee, Chairman, Global FinTech InstituteYang Jinyan, Secretary General, Hong Kong Virtual Assets Industry AssociationDominic Williams, Founder and Chief Scientist, DFINITY FoundationSteve Yun, President, TON FoundationJohn Hyman, Chief Investment Officer, Telegram APPOn the afternoon of April 6, intriguing sessions will take place concurrently at the Main Stage, Stage 1-4, and Open Stage.
–          Main Stage – Journey to Building Hong Kong into a Digital Economic Hub
Focusing on Hong Kong policies, regulation and fintech development, this session will gather professionals and project leaders including:
Livio Weng, COO, HashKey Group; CEO, HashKey ExchangeEugene Ng, Founding Partner, DWF LabsHong, President, OKX,Charlie Chen, Vice President, Asia Pacific, ArchblockRita Liu, CEO, RD TechnologiesRaagulan Pathy, Vice President, Asia Pacific, CirclePaul Kremsky, Head of Business Development, CumberlandJordan Dunne, Head of DeFi, TON Wallet in TelegramSergey Nazarov, Co-Founder, ChainlinkAlice Liu, Research Lead, CoinMarketCapDevon Sin, Alternate Chief Executive, ZA BankFrank Zhang, Executive Director, OKX Hong KongPaolo Chen, CSO, VDXDarshan Vaidya, CEO & Co-Founder, CredoraRichard Teng, Chief Excutive Officer, BinanceAnna Liu, General Manager of Tokenisation, HashKey GroupEmily Parker, Former CoinDesk and US State DepartmentJupiter Zheng, Partner, HashKey CapitalDeborah FUHR, ETFGI, Managing Partner, Founder, OwnerGiovanni Vicioso, Global Head of Cryptocurrency Products, CME GroupGiselle Lai, Associate Investment Director of Digital Assets, Fidelity InternationalJean-Francois MESNARD-SENSE, Senior Vice President & Head of Exchange Traded Products, Hong Kong Exchanges and Clearing LimitedDerek Wang, Head of Sales & Client Service, Bosera InternationalChen Yu, Chief Advisor, KUN-          Stage 1 – GameFi New Paradigm
Co-organized by Gunzilla Game, this session will dive into the magic of Web3 games, as well as user behaviors in Web2 and Web3 games. It will feature an eclectic lineup of speakers from across the globe:
Yat Siu, Co-Founder and Chairman, Animoca BrandsKevin Shao, Co-Founder of Bitrise Capital, Executive Chairman of ABGA, Advisor to ICC GroupJerry Liu, Gunzilla GamesArron Goolsbey, COO, Mythical GamesJason Gu, CEO, NetEase Chain; Game Advisor, Cards Ahoy!Andy Dan, Head, HashKey JapanRyo Matsubara, Representative Director, Oasys Pte. Ltd.Seihaku Yoshida, CEO, HashPortYASUSHI TERAMURA, Head of Blockchain Business, gumi Inc.Yoshiaki Harai, Director, Brilliant CryptoPär Helgosson, Head of Web3 and Metaverse, PARIS SAINT-GERMAINLeo, CGO, CARVAnthony Blackburn, Growth Lead, Gunzilla GamesEllidan Cober, SMILECOBRA PTE. LTD. O-PrincipalAnn Chien, Partner, IVCRiccardo Sibani, CPO, My Neighbor AliceMichael Tong, Founder, Xterio; CSO, FunplusViola Lee, COO, Metalist Game; Operation Manager, Cards Ahoy!-          Stage 2  – Web3+AI
Co-organized by AWS, the “Web3+AI” forum will be held at Stage 2, discussing trending topics around the integration of Web3 and AI. Confirmed speakers of this session include:
John Liu, Head of Products for Blockchain and Web3, AWSYike Guo, Provost, The Hong Kong University of Science and TechnologyYu Du, General Manager, Wanxiang Blockchain Labs; Initiator, Future3 CampusSeth Ginns, Managing Partner and Head of Liquid Investments, CoinFundYilin Hu, Associate Professor of Department of the History of Science, Tsinghua University; Founder, HuawenDaoSY Lee, CEO and Co-founder, Story ProtocolEthan Sun, Co-Founder, MyshellYu Hu, CEO, Kaito.aiSaneel Sreeni, Founding Member, Ritual.netAmber, Co-Founder, No CapitalAkina Ho, Co-Founder, AllStarsWomen DAOAnnie Hui, COO and Co-Founder, Custonomy Company LimitedMegan, CEO, RegtankTess Hau, Founder, Tess VenturesThe “Web3+AI” forum will also feature a special session, where Dr. Xiao Feng and John Liu will announce the projects selected into Future3 Campus Cohort III, powered by Wanxiang Blockchain Labs and partnered with HashKey Capital.
–          Stage 3 – Digital Asset Custody and Blockchain Security
Sessions on Stage 3 will feature a wide range of topics on digital asset custody and blockchain security, joined by professionals and experts including:
Pauline Fan, Senior Vice President, Fintech, InvestHKKang Li, Chief Security Officer, CertiKAnthony Chung, Chief Product Executive, CregisKeywolf, Partner and CPO, SlowMistEskil, Co-Founder, GoPlusYiqun, Product Lead, imTokenXiao Zhang, Founder, zCloak NetworkZack Yang, Co-Founder, FOMO PayChristoph Simmchen, Co-Founder, Safe Ecosystem FoundationYQ, Founder, AltLayerMichael Chen, Head, HashKey WealthLily Z. King, COO, CoboTRUNG BANH, Co-Founder & Chief Product Officer, HOLDSTATIONMichael Lau, Senior Vice President & Global Head of Sales, BullishMatthew Le Merle, Managing Partner and CEO, Blockchain Coinvestors-          Open Stage
The Open Stage will feature various trending topics around Web3, bringing together bigwigs like:
Tim Yang, Founder and CEO, .bitCharles, Co-founder, VIP3Viola Lee, COO, Metalist Game, Operation Manager, Cards Ahoy!Yilin Hu, Associate Professor, Department of the History of Science, Tsinghua UniversityBo Chen, CEO, 玛特宇宙                            April 7th – Day II
–          Main Stage – Layer1 + Layer2
The “Layer1+Layer2” Forum will be held on April 7th at the Main Stage, focusing on trending topics such as the latest landscape of Layer1, sustainable public chain, successful applications, Layer2 development, uses cases, ecosystem service and applications, best practice, investment trend, BTC Layer2, and more. Confirmed speakers of this forum include:
Avery Ching, Co-Founder and CTO, Aptos LabsDato Fadzli Shah, Co-Founder, ZetrixLily Liu, President, Solana FoundationScott Stuart, Co-Founder, KavaHaseeb Qureshi, Managing Partner, Dragonfly CapitalKai Xu, COO, MEET48Eli Ben Sasson, CEO and Co-founder, StarkWareSmokey, Co-Founder, BerachainRoss Zhang, Managing Partner, SNZ CapitalTom Ngo, Executive Lead, MetisTerence Lam, COO, TaikoSergei Medvedev, CMO, IntMaxLeo Fan, Founder, CysicYQ, Founder, AltLayerAngel Xu, Co-founder, ZircuitSam Seo, Representative Director, Klaytn FoundationSreeram Kannan, CEO, EigenLabsKeith Chen, Managing Director, SNZ CapitalMo Dong, Co-founder, BrevisDaniel Marin, CEO, NexusGeorgi Koreli, Founder, HinkalFubiao Xia, Co-founder, PADO LabsDennis Song, Chief Security Officer, Mind NetworkRyan Chen, Managing Partner, HashKey CapitalLasse Clausen, Founding Partner, 1kxAlexander Pack, Managing Partner, HackVCVineet Budki, Managing Partner and CEO, Cypher CapitalGavin Wang, CIO, SNZ CapitalEmma Cui, Co-Founder & Managing Partner, Longhash VenturesRena Shah, VP of Product & Operations (stacks ecosystem), Trust MachinesCipher, Co-founder, Cell StudioEason, CEO, TerpLayerBlue, Partner and CTO, SlowmistJan Camenisch, CTO, DFINITY Foundation-          Stage 1 – DePIN
DePIN represents a new paradigm for building and managing physical infrastructure, and is undoubtedly a game changer for the crypto sector. Get ready to explore the current DePIN landscape and RWA at this forum co-organized by arkreen Stage 1, where you’ve got the chance to connect with an all-star lineup of guest speakers, top DePIN project founders, investors, and visionaries.
Abhay Kumar, CEO, Helium FoundationAndy Chatham, Co-Founder, DIMOSal Gala, Founder, EV3Ivy Peng, Founder, Open Infra CapitalYu Du, General Manager, Wanxiang Blockchain Labs; Initiator, Future3 CampusLeo Lin, Founder, arkreenYuan Gao, Head of Growth, Helium FoundationKuleen Nimkar, Head of DePIN, Solana FoundationHenrique Centieiro, Research Manager, Hashkey CapitalAdrian Clevenot, Digital Assets Markets Lead, PwC HKYves La Rose, CEO, EOS Network FoundationRichard Liu, Co-founder & Co-CEO, Huma FinanceHenry Zhang, Founder & CEO, DigiFTKazuhiro Sudo, COO, BOOSTRYAbba Garba, Head of Product and Partnership, arkreen NetworkFredrik Ahlgren, CEO and Co-founder, Srcful.ioDayon Elings, Business Developer, bloXmoveTing, Founder, PowerPodSascha Kubisch, Co-Founder & CTO, PenomoAlex, Co-Founder, EMCDiana Biggs, Partner, 1kxKang Shen, Founder, Hash GlobalRay Xiao, Senior Director, IOSG VenturesEo Hao, Co-Founder, Future Money GroupDexter Luo, General Manager of Ecosystem Partnership, Fibocom WirelessJose Marcelino, Solutions Architect, RAKwirelessJoey Jiang, VP, SeeedstudioYiming Wang, Partner, JDIYuning Liang, Founder & CEO, Xcalibyte & DeepComputingDaniel Andrade, CTO & Co-Founder, HotspottyNico Burkart, Partnerships & Business Development, Streamr NetworkLuis Gruson, Co-Founder and BD Lead, KwilChess, CEO, GMNetworkAndrew Law, Research Scientist, IoTeX-          Stage 2 – The Future of Web3 & Web3 Payment Re-imagined
The morning session at Stage 2 will convene Web3 bigwigs across the globe to explore the next big thing that’s shaping the future of Web3.
Chae Ho Shin, CFO, 1inchAkif, Regional Growth Lead, Deepcoin LabsKevin Lee, CEO, Gate.HKJehan Chu, Founder, Kenetic Capital;Uri Ferruccio, CEO, ConcordiaAugie, Head of Asia, CMTStanley Huo, Partner & Head of Asia, Hivemind CapitalSteve Lee, Co-Founder & Managing Partner, Neoclassic CapitalBalal Khan, Co-founder, ZKEX.comAdrian Wang, Founder and CEO, MetalphaShawn Lim, Founder & Partner, Artichoke CapitalPaul Kim, Notifi CEOSmokey, Co-Founder, BerachainTim Wang, COO, Elixir NetworkRushi Manche, CEO, Movement LabsThe spotlight will be on Web3 payment at the afternoon session co-organized by PlatON, discussing topics like “Innovative use cases in Stablecoins”, “Global Regulatory Focus Trends Discussion in Web3 Payment”, and more. It will bring together esteemed speakers including:  
Abdallah Abu-Sheikh, Co-Founder of Astra Tech & CEO of BotimCharles Huang, Chairman of DCS Fintech HoldingsAnson Zeall, Chief Strategy Officer and Head of Compliance at dtcpayAdam Farhat, Director of Partnerships, Alchemy PayHelen Chen, Senior Director, Payment AsiaLi Hui, CEO, FatpayCeridwen Choo, CEO, DCS InnovDaniel Lee, Head of Web3, Banking CircleLaurence Yuan, Partner, Fangda PartnersPaul Li, President, Hong Kong Fintech Industry AssociationEmil Chan, Co-Chair, Hong Kong Digital Finance AssociationChen Yu, Chief Consultant, KUNJason Gu, CEO, NetEase ChainAmor Maclang, Convenor, International Digital Economies Association-          Stage 3 – Web3 Infrastructure & Web3 Mass Adoption
At the morning session at Stage 3, a wide range of topics will be discussed around Web3 infrastructure. Intriguing discussions will surely ignite the stage with the participation of world-leading projects like Qtum, Polygon Labs, Conflux, Neo, Google Cloud, Kaspa, Avail, ChainIDE, BNBChain, Astar, Ripple, Manta, and more. Confirmed speakers of this session include:
Marc Boiron, Chief Executive Officer, Polygon LabsMiguel Palencia, Co-Founder, QtumMing Wu, Co-Founder & CTO, ConfluxDa Hongfei, Founder, NEORishi Ramchandani, Head of APAC Web3 GTM, Google CloudJagdeep Sidhu, CEO/President, SYS Labs/SYS FoundationShai Wyborski, Core Researcher, GHOSTDAG coauthor, KaspaAnurag Arjun, Co-Founder, AvailLing, Founder of ChainIDE, Executive Committee Member of ETH RiyadhSarah, APAC BD Lead, BNBChainMingshi Song, Head of Strategy, Astar NetworkEmi Yoshikawa, VP, Strategic Initiatives, RippleKenny Li, Co-Founder, Manta NetworkThe afternoon session aims to delve deep into the transformative concepts and technologies that are driving the mass adoption of Web3. Co-organized by ZAN, this forum will gather professionals and visionaries exchange insights and shed light on solutions towards Web3 mass adoption. It will feature an all-star lineup of speakers including:
Bin Chen, General Manager, Shanghai Wanxiang Blockchain IncVictor Zhou, CEO of Namefi, Ethereum EIP EditorHUI ZHANG, CEO, ZANYisi Liu, Co-Founder and CTO, Mask NetworkDongliang Guo, VP, Product & Solutions, Alibaba Cloud InternationalRich Rines, Initial Contributor, Core DAOZheming Lin, Co-Founder and CEO, Mempool and DotWalletCobe Zhang, Head of Web3 and AI products, ZANCipher, Co-founder, Nervos; Founder, Cell StudioJerry Li, CEO, Artela NetworkPeet, Co-Founder, Trusta LabsKai Xu, COO, MEET48Ken, Partner & Head of APAC Investment, Web3Port FoundationSam, Operation Manager, TokenPocketShier, Co-Founder, NFTScan LabsCharles, Co-Founder, VIP3Rene Z, Founder, CharacterXDaniel Dai, Partner, LFGEva Beylin, Director, The GraphTegan Kline, CEO, Edge & Node-          Open Stage
Notable speakers worldwide will be gathered at the Open Stage for ground-breaking discussions on Web3 and blockchain:
Jason Runyon, CEO, NovaXOlaf Niggemann, CEO, OceanFiKathy Qu, Research Manager, HashKey CloudJason Choi, Head of Strategy, CointelegraphSreeram Kannan, Founder, EigenlayerDavid Tse, Co-Founder, BabylonChainDorothy Liu, Head of Growth, Altlayer.ioLucas Kozinski, Founding Contributor, Renzo ProtocolRanvir Rana, Co-Founder, WitnessChainErich Wong, Head of Growth of, The Sandbox Hong KongRachel Lee, Senior Manager, FinTech, CyberportAlso enjoy an excellent idol performance like no other given by SNH48 Group!
April 8th – DAY III
Get yourself immersed in a crypto journey on April 8th with side-event partners as they take the center stage at the Festival.
Main Stage: TON At Web3 Festival
Stage 1 (Morning): Only On Aptos
Stage 1 (Afternoon): Hong Kong Web3 Festival 2024 Official GameFi Side Event
Stage 2 (Morning): HashKey Exchange: New Era for Compliant Trading
Stage 2 (Afternoon): GoPlus User Security Summit HongKong
Stage 3 (Morning): FIL Hong Kong
Stage 3 (Afternoon): Hacking Time: Web3 Security and Compliance
Web3 Festival Side-events:https://en.web3festival.org/Side_Event.html
An exciting Web3 professional esports tournament will kick off at the Open Stage from April 8 to 9, hosted by Matr1x and GEDA Esports. Get prepared!
April 9th – LAST DAY
The last day of the event will see exciting side-events organized by Animoca Brands & Chromia, DRK Lab, and UOVABOX, alongside two forums held by the hosts and co-organizers.
Forum – BTC Technology Development and Ecosystem Construction
This forum will take place at the Main Stage (morning) and Stage 3 (afternoon), with a special focus on the Bitcoin ecosystem. It will invite:
Jan, Architect, NervosJohn Lilic, Executive Director, TelosJohn Riggins, Partner, BTC IncJeff Ren, Partner, OKX VentureXing Kong, Founder, Bixin GroupShen Yu, Co-Founder & CEO, CoboDU JUN, CEO, SINOHOPEJeffrey Hu, Head of Investment Research, HashKey CapitalBen, Founder, Discoco labsArthur, Creator, AtomicalsCipher, Co-founder, Nervos; Founder, Cell StudioRena Shah, VP Products & Operations, Trust MachinesDavid Tse, Founder, BabylonJeff, Founder, Merlin ChainHan Tang, Founder, SeeDAOYunwen, Researcher, CryptapeZhao Zhang, CTO, OneKeyShawn, Head of Incubator, SeeDAOForest, Founder, Foresight Ventures; Chairman of The BlockJianping Kong, Founder, Nano LabsWang Feng, CEO & Founder, ElementBrutoshi, Co-Founder, Wizz WalletZhixiong Pan, Co-Founder, ChainFeedsKeith Chen, Managing Partner, SNZ CapitalJerry Liu, Founding Partner, Waterdrip CapitalAudrey Tang, Founder, DRK LabBMAN, Co-Founder, ABCDEForum- Restaking & DeFi
This forum will take place at the Stage 1 (morning). It will invite:
Arisa Toyosaki, Co-Founder and CEO, CegaPhilip Forte, CEO, ElixirCharles d’Haussy, CEO, dYdX FoundationJoseph Poon, CEO, WarpFiona Ma, Senior Associate, DWF VenturesJacob Ko, Founding Partner, SuperscryptMin Teo, Managing Partner and Co-Founder, EtherealAdam, Founding Partner, FinalityAlan Curtis, CEO, Rio NetworkTina Haibodi, External Strategy Lead, Eigen LabsForum- Tokenization
This forum will mark an official end to this incredible journey, where you’ve got the chance to connect with:
Yike Guo, Provost, The Hong Kong University of Science and TechnologyDuncan Chiu, Legislative Council Member (Technology & Innovation Constituency), Hong KongDr. XIAO Feng, Chairman of Wanxiang Blockchain, Chairman and CEO of HashKey GroupLeo Lin, Founder, arkreenCao Meiying, Co-Initiator, ThreeDAOLeo, Co-Founder & Chief Content Officer, Moore FinanceAlex, Co-Founder, VIP3Leo Li, CEO, HashKey CloudLoong Pui Fung Andrew, Principal Consultant, Cascade Capital LimitedKennix Chan, Executive Director, Victory Securities Company LimitedMerida PAN, COO, Magic Circle Technology LimitedHannah Cassidy, Partner, Herbert Smith Freehills; Asia Head, Financial Services RegulatoryJong-Goo Yi, Senior Foreign Attorney, Kim & ChangJay Lee, Partner, K&L Gates 
About Web3 Festival 
Hong Kong Web3 Festival is a premier Web3 event hosted by Wanxiang Blockchain Labs and HashKey Group, and organized by W3ME. Hong Kong Web3 Festival provides an open stage to foster collboration, explore the Web3 landscape and establish a shared vision of the digital future. Learn more at web3festival.org
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Aryaka’s 2024 Secure Network Transformation Report: 81% of IT Pros Say Hybrid Work Drives Demand for SASE and Zero-Trust Networking

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aryaka’s-2024-secure-network-transformation-report:-81%-of-it-pros-say-hybrid-work-drives-demand-for-sase-and-zero-trust-networking

70% seek SASE and SD-WAN convergence for simplified network security management
SANTA CLARA, Calif., March 28, 2024 /PRNewswire/ — CIOs, CISOs and IT leaders are drowning in complexity as they manage hybrid workforces, cloud adoption and the ever-evolving threat landscape. A new report from Aryaka®, the leader and first to deliver Unified SASE as a Service, reveals that Secure Access Service Edge (SASE) and Software-Defined Wide Area Networking (SD-WAN) are rapidly becoming essential tools for navigating this complex environment.

The Secure Network Transformation Report 2024 surveyed 202 IT, security and network professionals, director-level and above, across North America, EMEA and Asia. The findings paint a picture of the industry’s changing landscape and highlight key emerging trends:
Hybrid Everything Drives Demand for Flexibility: The rise of hybrid work arrangements, coupled with hybrid infrastructure and security deployments, is fueling the need for adaptable and secure network solutions. A significant 81% of respondents say hybrid work is driving demand for SASE and zero-trust networking. This highlights the critical role these technologies play in connecting a complex, hybrid world.SASE and SD-WAN: The Pillars of Modern Network Security: SASE and SD-WAN are no longer seen as niche solutions. The survey found that a staggering 84% of respondents believe SASE is either “mature” or “somewhat mature,” with an even higher number (91%) saying the same about SD-WAN. This maturation positions SASE and SD-WAN as trusted, complementary tools for modern network security strategies. SASE integrates security features with SD-WAN’s network optimization capabilities, ultimately simplifying management and strengthening security.Network and Security Convergence: A sizable majority (70%) of respondents indicated that they see value in converging SASE and SD-WAN solutions. The primary benefits for doing so are multi-pronged. 34% want more robust network operations and security, 24% want less operational burden and 19% want vendor consolidation.Zero-Trust Networking is a Cornerstone of Hybrid Work Security: As more organizations embrace hybrid work, securing access points becomes paramount. The survey revealed that 64% of respondents consider zero-trust security a crucial component of SASE for hybrid work deployments.The Secure Network Transformation Report 2024 also delves deeper into other industry trends. For example, the exponential growth of cloud-based applications and services, including Artificial Intelligence (AI), is placing a notable strain on traditional network architectures. These modern applications require secure, high-performance connections that can dynamically adapt to changing traffic patterns. The report found that 67% of respondents see managed services and SASE playing a greater role in managing these complex environments.
Additionally, the report explores the shift in enterprises moving away from expensive legacy Multiprotocol Label Switching (MPLS) services, with 76% planning to eliminate MPLS, either in the immediate future or in the next 2-3 years. Moreover, 10% of respondents have already eliminated MPLS completely.
“Our report shows that the IT and network security landscape is undergoing a major transformation driven by the rise of hybrid work models and the ever-increasing adoption of AI and cloud-based applications and services,” said Pete Harteveld, Chief Revenue Officer at Aryaka. “Aryaka is listening to its customers and the IT industry at large to deliver innovative solutions that address businesses’ most pressing needs. Our Unified SASE as a Service combines a unified single-pass architecture, global private network backbone, and security, observability and application performance capabilities into a single platform. That alone is unprecedented, but we also deliver it as a service, providing the security as well as the flexibility and affordability today’s IT leaders require.”
Aryaka’s Secure Network Transformation Report 2024 offers a comprehensive analysis of the findings and explores the implications for IT, network and security leaders. To download the full report, please visit: https://www.aryaka.com/reports-and-guides/secure-network-transformation-report-2024/
Additional Resources:For more on Aryaka, please visit: https://www.aryaka.com/Visit the Aryaka blog: https://www.aryaka.com/blog/Follow Aryaka on X: @AryakaNetworksVisit Aryaka on LinkedIn: https://www.linkedin.com/company/aryaka-networks/
About AryakaAryaka is the leader and first to deliver Unified SASE as a Service, the only SASE solution designed and built to deliver performance, agility, simplicity and security without tradeoffs. Aryaka meets customers where they are on their unique SASE journeys, enabling them to seamlessly modernize, optimize and transform their networking and security environments. Aryaka’s flexible delivery options empower enterprises to choose their preferred approach for implementation and management. Hundreds of global enterprises, including several in the Fortune 100, depend on Aryaka for cloud-based software-defined networking and security services. For more on Aryaka, please visit www.aryaka.com.
Technology Media/Analyst ContactLee RegalLumina Communications for [email protected]
Channel Media/Analyst ContactKhali HendersonSenior PartnerBuzzTheory (for Aryaka)[email protected]
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