Tag: Machine Learning

Tenant Billing Software Market Size Worth $544.21 Million By 2027

The global tenant billing software market size is expected to reach USD 544.21 million by 2027, registering a CAGR of 8.4% over the forecast period, according to a new report by Grand View Research, Inc. Rapidly growing adoption of automatic tenant metering and smart grid technology is a primary factor propelling the growth of the market. The market growth can be ascribed to growing demand for real-time tenant utility consumption.

Several commercial properties still use manual tenant metering and bill generation as part of their tenant sub metering workflow. However, the manual metering not only makes the process slow but often builds several errors and inconsistencies for owners and occupants. Whereas, automated metering tracks revenue recovery in real-time and drills down to individual occupants. Moreover, it offers improved experience by showing occupant’s real-time transparency into their utility costs.

Rapidly increasing number of retail stores, hotels, business buildings, airports, and industrial sites is also offering promising growth prospects for the market. North America accounted for the largest market share in 2019 on account of rising demand for advanced tenant billing software in the region. Furthermore, enterprises of all sizes are creating a huge demand for cloud-based billing software in North America, thus boosting the market growth in this region.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/tenant-billing-software-market

Further key findings from the study suggest:

  • The tenant billing software market is anticipated to witness substantial growth during the forecast period owing to rising adoption of machine learning and IoT in various residential and commercial areas
  • The cloud deployment segment accounted for the largest market share in 2019 owing to increasing adoption among small, medium, and large enterprises and benefits offered in terms of decreasing disputes with occupants
  • The on-premise deployment segment is expected to witness significant growth over the forecast period owing to the benefits offered including easy integration with the enterprise’s existing IT infrastructure and high level of data security
  • Based on application, the commercial segment is expected to witness the fastest growth over the forecast period owing to increasing number of shopping stores, hotels, and business buildings
  • North America dominated the market in 2019 owing to the extensive adoption of cloud-based tenant billing software by enterprises of all sizes, coupled with growing real estate industry in the region
  • Key players in the market include Delmon Solution; Commercial Water & Energy Co.; Honeywell International Inc.; Entronix Energy Management, Inc.; Enertiv; TEAM (Energy Auditing Agency Ltd.); Accuenergy Ltd; MACH Energy; SystemsLink 2000 Ltd; Semsys; and IOTomation Ecotech Pvt. Ltd. New product or software development remains a key strategy among the leading players in the market

Edge Computing Market Worth $43.4 Billion By 2027

The global edge computing market size is anticipated to reach USD 43.4 billion by 2027, exhibiting a CAGR of 37.4% over the forecast period, according to a new report by Grand View Research, Inc. 5G technology is expected to act as a catalyst for market growth. Applications using the 5G technology are expected to change traffic demand patterns, enabling technology growth avenues for the telecom providers. The cloud leaders see this as a threat and have started investing in the edge ecosystem by engaging in partnerships with telecom companies. It’s quite evident that 5G and its probable benefits have the potential to create a powerful network based on the technology that is expected to reorganize the industry architecture.

The rise in the adoption of the technology by telecom companies is expected to embrace new opportunities in Multi-access Edge Computing (MEC) market space. MEC allows companies to mitigate network congestion and ensure higher application performance by bringing processing tasks and running applications closer to the cellular customer. Furthermore, the implementation of MEC at mobile base stations or edge nodes is expected to facilitate the rapid and flexible deployment of new services and applications for customers, which promises healthy market growth.

Furthermore, there has been an anticipated wave of micro Edge Data Center (EDC) capacity that differs from the large centralized data centers to support the centralization of hyperscale computing. These data centers are expected to range from small clusters of the edge cloud resources located on a streetlight to a few racks located in a shelter at the base of a cell tower or inside buildings. Additionally, the 5G networks use EDC to provide efficient local data services, which enables the EDCs to redirect edge traffic away from the carrier networks to local public internet networks. Also, various start-ups such as EdgeMicro is in the process of deploying commercial mini data centers for IT computing stack, redundant cooling, fire suspension, and biometric security.

The development of edge Artificial Intelligence (AI) is continually expanding due to the increase in the number of connected devices globally, which is expected to propel edge computing market growth over the next few years. Edge AI is expected to allow real-time operations, including data creation, reducing power consumption, and reduce the costs for data communications for wearable devices and self-driving cars. Various companies such as NVIDIA Corporation; Google Inc.; and Intel Corporation are developing processors specifically designed for the computing technology to accelerate the inferencing process. For instance, Atos SE launched AI-enabled high-performing server based on the technology to manage data. The installed BullSequana Edge Server steadily processes and manages IoT data, close to the source where it is generated.

North America dominated the market in 2019 and accounted for largest share in terms of revenue. The growth is attributed to rising adoption of the technology among manufacturers in U.S. Increasing number of startups developing advanced business solutions based on the technology is driving the market in the region. Asia Pacific is anticipated to witness highest CAGR over the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/edge-computing-market

Further key findings from the report suggest:

  • The software segment is envisioned to witness the fastest growth due to large scale deployment of edge computing-based software stack platforms
  • The data center segment is expected to grow the fastest over the forecast period owing to the growing trend to shift from a centralized cloud server to edge server on account of reduced latency
  • The Asia Pacific region is expected to emerge as the fastest-growing regional market owing to the advent of 5G in the region and rising uptake of IoT-backed applications
  • Some of the key players in the edge computing market are Amazon Web Services (AWS), Inc.; Belden Inc.; Cisco Systems, Inc.; Digi International Inc.; Hewlett Packard Enterprise Development LP; Intel Corporation; Microsoft Corporation, and IBM Corporation.

Cloud Computing Market Worth $765.6 Billion By 2027

The global cloud computing market size is expected to reach USD 765.6 billion by 2027, expanding at a CAGR of 14.9%, according to a new study conducted by Grand View Research, Inc. Increasing adoption of cloud-first strategies by organizations to optimize their business models and drive revenue growth is expected to drive the market. In addition, cost effectiveness, boost in functional capabilities, and substantial increase in number of small and medium enterprises are other key factors driving the growth. Moreover, technologies such as artificial intelligence, machine learning will complement cloud services to boost the organizational growth across industries.

The critical factor anticipated to foster the market growth is the infusion of big data. Incapability of the traditional data warehouses to manage and analyze the volume, velocity, variety, and veracity of big data will be addressed by cloud computing technology. Moreover, economies of scale offered by the platform will allow privacy and security to be managed more efficiently. Besides, in the age of Bring Your Own Device (BYOD) culture adopted by IT companies, cloud technology will help people to access data anytime, anywhere and make companies more connected and global. The Coronavirus (COVID19) outbreak and the subsequent measures to contain it forced organizations to work remotely leading to higher adoption of cloud technology by enterprises.

At present, cloud services have been utilized across various industries and most of the organizations are relying on IT resources to conduct their day to day work. These services initially needs considerable capital investment and regular maintenance. Government organizations are also adopting cloud services for storage, disaster recovery, risk compliance management, and identity access management applications. In October 2019, amidst corporate hostility, Microsoft Corporation was awarded the U.S Department of Defensecloud computing contract, Joint Enterprise Defense Infrastructure (JEDI) worth USD 10 billion.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/cloud-computing-industry

Cloud computing market report highlights:

  • Infrastructure as a Service (IaaS) segment is predicted to expand at the highest CAGR over the forecast period owing to increased adoption of multi-cloud, scalability, and fast data accessibility. Companies like Amazon.com Inc.; Microsoft Corporation; Alibaba Group Holding Ltd.; Google LLP.; and IBM Corporation are some of the key IaaS vendors in the market
  • Application development and testing is likely to be the fastest growing segment over the forecast period owing to the efficient and scalable development of applications on cloud platform. Moreover, compared to traditional development methods, app development time is likely to reduce by 31%, and quality assurance costs by 34%
  • Hybrid deployment is anticipated to be the fastest growing segment owing to growth of cloud and industrialized services and decrease in traditional Data Center Outsourcing (DCO). Moreover, flexibility to move workloads between private and public deployment as per the computing needs, hybrid segment will provide enterprises greater flexibility and more data deployment options in the long run
  • Small and medium enterprise segment is anticipated to be the fastest growing segment owing to reduced costs for IT hardware and software, improved processing capacity and elasticity of storage, and improved access to data and service. The growth of adoption of cloud technology among SMEs in developing regions is likely to boost the market growth over the forecast period
  • The manufacturing end-use segment is expected to expand at the highest CAGR over the forecast period. Owing to various functionalities, cloud computing aids manufacturers to utilize multiple types of production system ranging from High Performance Computing (HPC) and 3D printing to IoT and industrial robots
  • Asia Pacific is expected to emerge as the fastest-growing region owing to the increasing focus of SMEs and large enterprise to enhance their digital initiatives. Growth in IT services industry in the markets such as India, China, and other South Asian countries will also propel the market growth