Tag: Professional Services

Connected Retail Market Worth $53.75 Billion By 2022

The global connected retail market size is expected to reach USD 53.75 billion by 2022 according to a new report by Grand View Research, Inc. Increasing adoption of Internet of Things (IoT) across retail sector is expected to drive the connected retail market over the forecast period. IoT offers retailers opportunities in three important areas, the supply chain, customer experience, and new channels & revenue streams. Several retailers have successfully embraced IoT to help customers connect with the next-generation consumers, sophisticated technology, and leveraging connected devices.

Emerging retailing formats such as omni channel retailing are anticipated to fuel industry growth over the next seven years. Omni channel retailing offers a seamless and flexible shopping experience to customers by integrating and aligning channels. It creates opportunities for retailers to capture more sales and increase loyalty and brand awareness.

The widening presence of mobile devices and the expanded use of mobile networks such as e-commerce engines are expected to serve as facilitators for a unified online/offline retailing experience.

However, possibilities of unauthorized access to various IoT applications or breaking into the device connectivity system are expected to challenge the IoT connected devices industry.

Click the link below:
http://www.grandviewresearch.com/industry-analysis/connected-retail-market

Further key findings from the study suggest:

  • The hardware segment is expected to grow at a CAGR of over 19% over the forecast period. The software segment is expected to witness highest growth over the next seven years owing to increasing number of applications for retail industry. Emerging app-driven hardware and embedded software into connected devices and the capability to monetize such device features and functions may contribute to industry growth. Hardware segment comprises sensors, RFID and gateway components.
  • Bluetooth LE is expected to witness substantial growth, with a CAGR of over 25% over the forecast period due to significantly low power consumption. Bluetooth Low Energy has a very low transmission frequency, which greatly improves the power consumption. Wi-Fi technology dominated the market with the revenue share of over 32% in 2014.
  • Managed services segment is contributed to over 40% of the overall global revenue shares in 2014. Implementing these services reduces the IT costs and enables retailers to gain the technical advantage. Retailers are increasingly outsourcing services to reduce risks and focus on its core competencies.
  • Asia Pacific regional market is expected to grow at a CAGR of nearly 25% over the forecast period. Major manufacturers in the industry are based in China, owing to cheap labor and higher production capacities. Further, China is making heavy investments in IoT industry, which may contribute to market growth.
  • Key industry participants include Atmel Corporation, ARM Holdings PLC, Cisco Systems, Inc., IBM, Google, Inc., Intel Corporation, NXP Semiconductors N.V.,Microsoft Corporation, PTC, Inc., Softweb Solutions, Inc., SAP AG and Zebra Technologies Corporation.

Network Access Control Market To Grow At 30.2% CAGR From 2015 To 2022

The global network access control market is expected to be worth USD 4.39 billion by 2022. Rising demand for endpoint intelligence and risk mitigation have led to a high demand for NAC solution. Also, technological proliferation is also expected to augment the demand for NAC solution. Rising use of Internet of Things (IoT) and machine to machine networks is projected to fuel growth over the next seven years. Network access control is capable of addressing dynamic enterprise and regulatory scenario.

Several vendors in North America are investing in network access control solution due to which the market is likely to gain traction. The market is expected to present a lucrative opportunity for manufacturers as it attracts several large-scale investments. These investments are likely to contribute significantly to the industry growth in the region.

Countries in Asia Pacific including India and China have a tremendous potential for growth. Growing demand for cloud-based social and mobile technologies are extensively being used in the region which in turn is expected to propel demand over the forecast period. As a result, NAC solutions are projected to witness substantial growth over the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/network-access-control-market

Further key findings from the report suggest:

  • Web-based businesses are implementing security solution to save themselves from malware, cyber-attack and online fraud which affect organizational functioning and hamper business continuity.
  • Government run organization and agencies are adopting NAC solution to filter unauthorized users, networks and device connections. Regulatory compliance policies including Payment Card Industry Data Security Standard (PCI DSS) and Control Objectives for Information and Related Technology (COBIT) are likely to propel market growth.
  • The growing demand for secure network infrastructure is expected to drive NAC solutions growth primarily due to its ability to provide real-time tracking. Moreover, the substantial growth experienced by web based businesses and e-commerce websites, have led to increasing demand for secure infrastructure for carrying out e-transactions.
  • The online banking system is expected to present positive growth opportunities for BFSI vertical. The constant demand for high-end technology to combat hackers and malware by these institutions would augment the growth of NAC industry in this vertical. IT, financial institution and telecommunication companies have emphasized on endpoint intelligence and risk management efforts.
  • Vendors are focussing on adding functionalities such as post-connect and pre-connect to these solutions. Major steps are being taken in resolving the interoperability issues of NAC and making it more reliable. Key industry players include StillSecure, Portnox, Juniper Networks, Bradford Networks, Check Point Software Technologies, Aruba Networks, ForeScout, Cisco, Sophos, Bradford Networks, Aruba Networks, Pulse Secure, and Trustwave.

Insurance Fraud Detection Market Size Worth $9.7 Billion By 2025

The global insurance fraud detection market size is expected to reach USD 9.7 billion by 2025, registering a CAGR of 13.7% over the forecast period, according to a new report by Grand View Research, Inc. Detecting and preventing fraudulent activities is a global challenge for insurers. However, the emergence of advanced solutions such as the use of automated business rules, self-learning models, text mining, predictive analytics, image screening, network analysis, and device identification is expected to deliver actionable insights to improve claims processes. As a result, insurance organizations are adopting fraud detection solutions that not only recognize the genuine claims process but also reduce the number of false positives.

The prevention and detection of fraud capabilities are increasing with the growing awareness of perpetrators and sophisticated crimes. Global concerns about the ever-increasing cases of insurance frauds coupled with sophisticated organized crime, have signaled a need for coherent action by all insurance companies. As per a research conducted by the Federal Bureau of Investigation (FBI), the total estimated cost of insurance fraud in the U.S. is expected to be more than USD 40 billion per year. As a result, in the U.S., it has led to an increased premium of approximately USD 420 to 700 per year for the average earning family. Similarly, according to the Association of British Insurers in the U.K., insurer unearthed more than 113,000 fraudulent claims and 449,000 dishonest insurance applications, valued at USD 1.3 billion. Thus, to curb fraudulent claims coupled with the various stringent regulations set by the government, enterprises are expected to adopt these solutions in the near future. These solutions are expected to enable an enterprise to identify fraudulent activities with higher speed and accuracy, thereby improving the consumer experience by realizing fast payouts.

In the insurance sector, fraudulent activities are primarily categorized as criminal and cultural. In criminal type, professional perpetrators habitually try to identify a weak system to attack. While in cultural type, a genuine claimant is opportunistic by exaggerating a claim. With the help of data analytics, insurance companies can analyze and detect the possibility of fraudulent activities. The user can enter data, and claim applications are automatically given a score to indicate the likelihood that scam has occurred. Thus, the use of predictive modeling can potentially produce a quantified score that helps a company to understand the propensity of a scam. Monitoring the arrived score through the use of advanced solutions is expected to show more accurate and effective results than that of traditional fraud detection methods. However, relying solely on technology for suspecting the fraudulent activities to be flagged is expected to be a key challenge for the insurers. Thus, to overcome such challenges, analysts are required to initiate immediate action and follow appropriate measures to help the company reduce losses.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/insurance-fraud-detection-market

Further key findings from the report suggest:

  • Solutions segment held the leading market share in 2018 and is expected to continue leading over the forecast period
  • Managed services segment is anticipated to exhibit the fastest CAGR of 15.6% over the forecast period
  • Large enterprise segment dominated the market with highest revenue share in 2018
  • The Asia Pacific region is anticipated to witness the fastest CAGR over the forecast period

Insurance Fraud Detection Market Size Worth $9.7 Billion By 2025

The global insurance fraud detection market size is expected to reach USD 9.7 billion by 2025, registering a CAGR of 13.7% over the forecast period, according to a new report by Grand View Research, Inc. Detecting and preventing fraudulent activities is a global challenge for insurers. However, the emergence of advanced solutions such as the use of automated business rules, self-learning models, text mining, predictive analytics, image screening, network analysis, and device identification is expected to deliver actionable insights to improve claims processes. As a result, insurance organizations are adopting fraud detection solutions that not only recognize the genuine claims process but also reduce the number of false positives.

The prevention and detection of fraud capabilities are increasing with the growing awareness of perpetrators and sophisticated crimes. Global concerns about the ever-increasing cases of insurance frauds coupled with sophisticated organized crime, have signaled a need for coherent action by all insurance companies. As per a research conducted by the Federal Bureau of Investigation (FBI), the total estimated cost of insurance fraud in the U.S. is expected to be more than USD 40 billion per year. As a result, in the U.S., it has led to an increased premium of approximately USD 420 to 700 per year for the average earning family. Similarly, according to the Association of British Insurers in the U.K., insurer unearthed more than 113,000 fraudulent claims and 449,000 dishonest insurance applications, valued at USD 1.3 billion. Thus, to curb fraudulent claims coupled with the various stringent regulations set by the government, enterprises are expected to adopt these solutions in the near future. These solutions are expected to enable an enterprise to identify fraudulent activities with higher speed and accuracy, thereby improving the consumer experience by realizing fast payouts.

In the insurance sector, fraudulent activities are primarily categorized as criminal and cultural. In criminal type, professional perpetrators habitually try to identify a weak system to attack. While in cultural type, a genuine claimant is opportunistic by exaggerating a claim. With the help of data analytics, insurance companies can analyze and detect the possibility of fraudulent activities. The user can enter data, and claim applications are automatically given a score to indicate the likelihood that scam has occurred. Thus, the use of predictive modeling can potentially produce a quantified score that helps a company to understand the propensity of a scam. Monitoring the arrived score through the use of advanced solutions is expected to show more accurate and effective results than that of traditional fraud detection methods. However, relying solely on technology for suspecting the fraudulent activities to be flagged is expected to be a key challenge for the insurers. Thus, to overcome such challenges, analysts are required to initiate immediate action and follow appropriate measures to help the company reduce losses.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/insurance-fraud-detection-market

Further key findings from the report suggest:

  • Solutions segment held the leading market share in 2018 and is expected to continue leading over the forecast period
  • Managed services segment is anticipated to exhibit the fastest CAGR of 15.6% over the forecast period
  • Large enterprise segment dominated the market with highest revenue share in 2018
  • The Asia Pacific region is anticipated to witness the fastest CAGR over the forecast period