Integrated Systems Market Is Expected To Reach USD 24.02 Billion by 2020

The global integrated systems market is expected to reach USD 24.02 billion by 2020, according to a new study by Grand View Research, Inc. Accelerated business demands and intricate nature of IT challenges is anticipated to drive the global integrated systems market demand over the forecast period. The IT industry is highly dynamic in nature and characterized by technological advancements and innovation. Every few years the industry experiences tectonic shifts that re-shape IT. Shift in trend from mainframes to client/server to internet computing has altered the way end-users build, purchase, consume, and deliver technology.

In recent times, the integrated systems market has witnessed significant shift, which may be attributed to emergence of mobility, big data, social networking and cloud computing. Smartphone proliferation has also impacted the IT industry, with the advent of the BYOD phenomenon, and provides several market growth opportunities. However, factors such as high deployment cost may pose a challenge to market growth. Besides perceived complexity with regards to installation of converged infrastructure solutions, they are viewed as an expensive but necessary spending.

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http://www.grandviewresearch.com/industry-analysis/integrated-systems-market

Further key findings from the study suggest:

The integrated infrastructure segment is poised for high growth over the next six years, which may be attributed to strong revenue growth posted by a few key industry players such as VCE, Cisco, etc.
Integration and installation segment accounted for substantial market share in 2013, and is expected to witness high growth. Legacy data center infrastructure has several shortcomings that fail to meet modern data center demand, and has resulted in rise in integrated systems deployment. Further, integrated systems provide the ability to replace aging systems and platforms, thereby combining multiple systems into one platform.
BFSI accounted for majority of the integrated systems market in 2013, owing to high market penetration and early adoption. Integrated systems installation enables the BFSI sector support growth, expand network and offer new services to their customers. It also plays a key role in reducing cost, space and power consumption significantly.
North America captured a sizeable amount of the integrated systems market, which can be primarily attributed to technological advancements and high market penetration. In addition, the need to achieve agility and efficiency in enterprises may also catapult the regional market demand over the forecast period.
Key integrated systems market players such as Oracle Corporation, Cisco Systems, VCE, Hewlett-Packard and IBM focus on collaborations as it helps in technology exchange, joint sales and marketing efforts, new market creation and new product development.

Insurtech Market Size Worth $16.8 Billion By 2025

The global insurtech market size is expected to reach USD 16.8 billion by 2025, registering a CAGR of 43.0% from 2019 to 2025, according to a new report by Grand View Research, Inc. Increasing use of artificial intelligence (AI) along with Big Data by insurance companies to enhance customer targeting and to automate the decision-making processes is expected to drive the market over the forecast period. Additionally, integration of wearable devices into customer engagement metrics for insurance is further anticipated to keep the market growth prospects upbeat.

Insurance companies are heavily investing in digitizing their business processes, which will help them to simplify the transaction process and to improve the functionality of payment systems. The adoption of insurtech allow insurance companies to detect errors, prevent frauds, and access external data. Furthermore, technologies such as embedded analytics help insurance companies to understand market pattern, consumer behavior, and allow them to make informed business-related decisions. These benefits of digital technologies are creating a significant demand for the technology.

Rising demand for implementation of automation, improved communication between agents and clients, and better personalized offerings are expected to drive the market over the forecast period. The adoption of insurtech in various businesses has allowed insurance companies to minimize the risks associated with liquidity, operation, and counterparty credit. Additionally, increasing adoption of predictive analytics to identify risk of fraud, triaging claims, and to identify outlier claims is anticipated to propel market growth.

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https://www.grandviewresearch.com/industry-analysis/insurtech-market

Further key findings from the report suggest:

The home segment is anticipated to exhibit the highest CAGR of 44.3% from 2019 to 2025. Home insurtech allow customers to easily process their claims for property monitoring or assistance in repairs
The managed services segment dominated the market in 2018 owing to the growing dependence of insurance companies on IT assets to improve their productivity
The blockchain segment is expected to witness the highest CAGR of 44.9% over the forecast period. The adoption of blockchain in insurtech helps in increasing transparency, operational speed, and minimizing the associated delays and costs
The healthcare segment is expected to emerge as the fastest-growing end-use segment over the next six years. Insurtech in healthcare provide customers with custom insurance along with easy claim process
The North America region is expected to continue to dominate the market over the forecast period. Increased adoption of advanced technologies such as machine learning, artificial intelligence, and blockchain by insurance companies in the region is contributing remarkably to the growth of the market
The key players in the insurtech market include DXC Technology Company; Damco Group; Majesco; Oscar Insurance; Wipro Limited; Trōv, Inc.; Quantemplate; Shift Technology; and Zhongan Insurance.

Biotechnology/Pharmaceutical Services Outsourcing Market Worth $92.9 Billion By 2025

The global biotechnology services outsourcing market is expected to reach USD 92.9 billion by 2025, according to a new report by Grand View Research, Inc. Pharmaceutical industry has been adaptive of the function of outsourcing certain clinical and corporate functions as early as 2002. Among the services outsourced, clinical trial management and contract manufacturing were the forerunners. For instance, Johnson & Johnson was the first pharmaceutical company to outsource its applications development and maintenance (ADM).

In 2015, over USD 50.0 billion was spent on pharmaceutical R&D activities majorly on oncology, diabetes, and autoimmune therapy classes, which is expected to propel the biotechnology services outsourcing market growth over the forecast period.

Shrinking profit margins coupled with rising competition in the market space, and augmenting regulatory burden are other vital impact rendering factors. The pharmaceutical services outsourcing market is expected to register growth at a CAGR of 8.7% during the forecast period. On the other hand, pending immigration legislations in the U.S. may hinder business economics and outsourcing risks.

Pharmaceutical and biotechnology industries in Europe are significantly investing in R&D in the recent year owing to rising demand for advanced medicines. This may be attributed to increasing aging population, incidence of chronic diseases, and communicable diseases.

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https://www.grandviewresearch.com/industry-analysis/biotechnology-pharmaceutical-services-outsourcing-market

Further key findings from the report suggest:

Consulting services are inclusive of regulatory compliance, remediation, and quality management systems consulting, which is expected to dominate the pharmaceutical services outsourcing market in 2025.
In 2013, the U.S. FDA revised the guidelines for registration trials of drugs used in the treatment of acute bacterial skin and skin structure infections, thereby promoting growth of regulatory affairs services.
Other services such as contract manufacturing, product upgrade, and IT consulting services are projected to grow swiftly. Increasing focus on generic medicine and regional expansions in developing regions are some of the key contributing factors
Presence of cheap labor, skilled personnel and rapid growth of the pharmaceutical industry within the Asia Pacific region presents numerous opportunities for service providers, thereby representing a lucrative growth rate over the forecast period.
Service based expertise may be found in players such QuintilesIMS, Parexel Corporation, Lachman Consultant Services, Inc., Concept Heidelberg GmbH, and others. These players compete on the basis of service quality, competitive pricing, and long-term relations with healthcare industry participants.

Big Data Market Size Worth $123.2 Billion By 2025

The global big data market size is expected to reach USD 123.2 billion by 2025, according to a new report by Grand View Research, Inc. The amount of data flowing across organizations has witnessed enormous growth over the last few years and the trend continues. Evolving consumer demands coupled with contracting budgets are impacted by the proliferating data, which puts considerable pressure on organizations to make the right decision in order to seize a competitive advantage.

Big data solutions enable organizations to effectively manage large data volumes thereby reducing cost. Additionally, these solutions also facilitate companies to overcome frauds, streamline critical business processes, and reduce errors. Further, the growing need to manage and monitor the heterogeneous nature of the data generated from web clicks to satellite data is also anticipated to significantly propel the industry growth over the next few years.

Increased adoption of cloud computing has generated a large amount of data on account of rapid technological advancements and increased connectivity, owing to smartphone proliferation. Thus, the big data market is estimated to witness a high demand in order to keep pace with this data explosion. However, lack of skilled manpower including data analysts and data scientists that are required to leverage big data capabilities is expected to hamper the demand. There exists a huge requirement for professionals who are capable of exploiting big data analytics in order to make valuable decisions.

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https://www.grandviewresearch.com/industry-analysis/big-data-industry

Further Key Findings from the Report Suggest:

The network equipment segment is expected to witness a healthy growth at a CAGR exceeding 20% over the forecast period, owing to the reinforcement of new network infrastructures in order to offer enhanced security.
The visualization segment emerged as the fastest growing software segment over the forecast period, which is ascribed to the elevating demand for visuals to represent the analyzed data and convey exact interpretation to consumers.
Media & entertainment and gaming captured a sizeable share exceeding 5% of the overall revenue, which is attributed to the growing number of companies seeking to escalate the value of their assets by integrating creativity with technological breakthroughs.
North America accounted for a sizeable revenue share exceeding 30% in 2015, which is attributed to the high penetration, primarily, across the IT & telecommunication, BFSI, and retail sectors.
Notable industry players, such as IBM, HP, Cloudera, and Oracle, are gradually investing in R&D, for developing unified big data solutions that offer increased capabilities. These players rely on developing innovation-led solutions to increase productivity and reduce cost in an attempt to attract new customers.