Spending In Digital Customer Experience and Engagement Solutions Market: In-Depth Market Research Report 2019-2026

According to a new market report published by Transparency Market Research the spending in the global digital customer experience and engagement solutions market is expected to reach a value of US$ 522.2 Bn by 2026 on account of high adoption of customer experience enhancement solutions across the world. The market is projected to expand at a CAGR of 6.3% during the forecast period from 2018 to 2026.

Asia Pacific is anticipated to be a rapidly expanding region of the market, followed by Europe and North America during the forecast period. In terms of end-user, the retail and BFSI industry segment is anticipated to grow at a significant rate due to higher involvement of direct customers in these industry verticals across the globe. 

Implementation of Omni-channel and Customer Centric approach driving the adoption of Spending in digital Customer Eexperience and Engagement Solutions 

An Omni-channel experience is a cross channel approach that enables various communication channels such as social media, web, and mobile to integrate for engagement with customers. Involvement of customers with the organization increases due to the adoption of an Omni-channel approach, with the integration of various channels. This helps in broadening the customer base. An Omni-channel experience also enhances the user experience as it follows a customer centric approach. This approach offers wider exposure for organizations to implement their advertising and marketing strategies. Thus, Omni-channel being a customer centric approach drives the market at a considerable rate. 

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Spending in digital customer experience and engagement solutions: Scope of the report

The spending in digital customer experience and engagement solutions market has been segmented based on business type, touch points, industry, enterprise size, solutions, and region. According to the research, the Business to Business (B2B) type segment is expected to expand at a higher rate due to increased use of customer experience and engagement solutions. The digital marketing channel is projected to be the highest adopted channel for customer awareness as well as customer engagement purposes as it can be utilized across all industry verticals.

In terms of industry verticals, the retail industry, followed by banking and manufacturing industry are expected to have the highest implementation of digital customer experience and engagement solutions. These industries are increasing digital spending to adopt advanced solutions to resolve customer issues and to satisfy the rising customer needs.

Further, the retail industry has emerged as a fast growing industry in terms of digital investment. Investments have increased in artificial intelligence technology, analytics, and digital marketing. The customer lifecycle consists of customer awareness, customer engagement, purchase, and relation and support services. Customer awareness and customer engagement are expected to grow at a considerable rate as it is the primary process of involving the customer through marketing, campaigning, and UI designing. 

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In terms of revenue, North America holds a strong position in the global spending in digital customer experience and engagement solutions market. This is due to strong adoption of spending in digital customer experience and engagement solutions as the customers are becoming more aware about the technology and technological developments are taking placeacross the region. In addition, increasing use of digital customer experience and engagement solutions across business operations such as marketing and advertising is expected to support the market growth during the forecast period.

Demand for digital customer experience and engagement solutions is rising in Europe and Asia Pacific. In Europe, companies are implementing advanced customer support solutions such as chatbots and social media platforms for continuous interaction and reviews. Further, Asia Pacific is seeing rising implementation of digital marketing solutions and growing adoption of improved and integrated customer experience solutions.  

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IT Spending in Retail Industry Report 2020-2026 Manufacturers, End Users, Growth, Market Share And Revenue Analysis

According to a new market report published by Transparency Market Research the global IT spending in retail industry market is expected to reach a value of US$ 188.5 Bn by 2026, due to increasing adoption of advance technology by retail companies. The market is projected to expand at a CAGR of 6.5% during the forecast period from 2018 to 2026. North America is expected to hold the dominant position in the market followed by Europe and Asia Pacific during the forecast period.

Adoption of 5G Technology by E-commerce Companies Accelerating IT Spending in Retail Industry

5G provides significant speed compared to previous communication technologies. 5G enabled mobile networks are set to offer average speeds of around 1GBP, which is expected to significantly reduce latency, reduce power consumption, and support increased connection density of devices on the network.

This is important for the increasing number of connected devices such as mobile phones and IoT devices. 5G is expected to greatly affect the adoption of Internet of Things (IoT) technology, with the increased speed, lower latency, and power requirements, facilitating machine to machine communication within a large network of low-cost sensors.

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Further, the emergence of private 5G networks are expected to provide retailers deeper capabilities to personalize in-store shopping experience such as streamlining payments, better inventory management, and tailored recommendations and offers. 5G communications technology is expected to drive mobile e-commerce further, with retailers providing their customers with media-rich interactions and personalized experiences across multiple touch points and channels - mobile, online, or in-store. 

According to Salesforce.com, Inc., 71% of shoppers used their mobile devices in-stores in 2018 (83% for shoppers aged 18-44), an increase from 62% in 2017. This enables retailers to provide a seamless customer experience. Early adopters of 5G technology in the retail industry are likely to provide their customers with revolutionary experiences and customized product offerings, along with rich content delivery mechanisms. This would provide a unique, personalized retail experience with greater chances of up-selling or cross-selling offerings to the customer. 

IT Spending in Retail Industry: Scope of the Report

The IT spending in retail industry market can be segmented based on component, organization size, deployment type, and region. On the basis of component, the market is segmented into application, services, and infrastructure software.

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According to the research, the application segment is anticipated to expand at the highest CAGR during the forecast period due to high adoption of advance technology solutions such as virtual and augmented reality, retail as a service, retail analytics solutions etc. For instance, Amazon's - Amazon Go store, a fully automated grocery store that has no cashiers or checkout lines. In an Amazon Go store, customers can walk in, scan an Amazon Go app, pick up the items they want, and leave. Amazon automatically tracks items taken from or returned to shelves, and charges the customer's account after they leave the store. Amazon charges the customer’s account, and sends a receipt subsequently -  no checkout line involved. The application segment is divided into front-end and back-end application. 

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Point of Sale (PoS) Receipt Printer Market Foraying into Emerging Economies 2019-2025

Some of the prominent participants in the global point of sale (PoS) receipt printer market are Citizen Systems Europe GmbH, Bixolon Co., Ltd., SEIKO EPSON CORP., Posiflex Technology, Inc., HP Development Company L.P., Transact Technologies, Inc., POS-X, Star Micronics, Inc., TVS Electronics, and ZIH Corp.

A report by Transparency Market Research forecasts the global point of sale (PoS) receipt printer market to rise at a 7.7% CAGR from 2016 to 2025 to become worth US$ 4.2 bn by 2025.

Presence of Major Retail Brands Powers North America Market

The different types of point of sale (PoS) receipt printers available in the market are desktop receipt printer and mobile receipt printer. Among the two, the desktop receipt printer is estimated to contribute a substantial share in the market. This is because desktop receipt printer segment contains different alternatives to support any PoS machine to provide high quality printing speeds with paper jam detection.

It supports essential receipt printing, slip printing or check validation. It includes all the critical desktop printer required to support various point of sale receipt printer application software, tools, and technologies. Examples of such desktop printer are thermal desktop printer, impact desktop printer with USB or Bluetooth connectivity and compatibility.

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Geographically, the key segments of the global point of sale (PoS) receipt printers market are North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Among them, North America holds a dominant share in the global point of sale (PoS) receipt printers market and going forward too, is slated to retain its leading share.

Primarily driving expansion in the North America market is Canada and the U.S. The two countries are home to many big names in retail such as Walgreen, Wal-Mart Stores, The Home Depot, Costco, The Kroger Co, Target, etc., and this is what makes them leading market in the region. The overall market in North America was worth US$591.47 mn in 2015.

Efficacy and Speed of PoS Receipt Printers Driving Market

A number of factors are said to be driving the market for point of sale (PoS) receipt printers which are mainly used to generate the receipt or bill of the transactions such as tickets and sales receipt. The unique perceived benefit of PoS receipt printers are that they are accurate, efficient, and effective and hence produce quality receipts and within the shortest time.

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This has led to their swift uptake in the proliferating retail and hospitality sector in the recent years. Other sectors promoting demand for point of sale (PoS) receipt printers are healthcare, warehouse/distribution, and entertainment. It serves to fulfill their need for mobility too.

One factor, providing headwinds to the global point of sale (PoS) receipt printers market, however, is the increasing adoption of cloud based point of sale system. This is because of a rising crop of environmentally conscious consumers shifting towards paperless transaction.

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IoT Connected Machines Market Report Provide the Development Strategies Adopted by Key Industry Players to Understand Competitive Scenario

According to a new market report pertaining to the global IoT connected machines market published by Transparency Market Research, the global IoT connected machines market is projected to reach a value of ~US$ 1.3 trillion by 2027, expanding at a CAGR of ~24% from 2019 to 2027. Growth of the IoT connected machines market can be attributed to the high demand for automation in industry verticals. North America is anticipated to lead the global IoT connected machines market, followed by Europe, during the forecast period. 

Increasing Use of Cloud Computing Accelerating the IoT Connected Machines Market

IoT can benefit M2M infrastructure with unlimited storage capabilities and resources of cloud to compensate its technological constraints such as processing, storage, and energy. The cloud also offers solutions to implement IoT connected machine service management and applications that can process the data produced. Hence, the increasing use of cloud computing is expected to further lead to the growth of the Internet of Things (IoT) connected machines market.

Cloud computing is a model that was introduced to provide IT services to businesses. The three levels of cloud computing (IaaS, PaaS, and SaaS) cover a huge range of services. Apart from service delivery and computing model of storage infrastructure, various models such as software application, data, and programming are also applicable to cloud computing. 

Increasing Urbanization, Globalization, and Ease of Communication Driving Use of IoT Connected Machines

Urbanization, globalization, and complexity of communication have made consumers more informed with access to product information, and they are able to compare prices and seek reviews. Keeping this in mind, retailers are leveraging IoT connected machines to offer omni-channel experiences. Unlike traditional retail shops that lacked the environment to get real-time information access, information is readily available with retailers, which is enabled by connected devices.

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Cities around the world can change the way in which they deliver services to residents, operate public transportation, manage the flow of road traffic, and manage real estate resources, by using network connectivity for collaboration, urban planning, communication, and other activities.

Increasing penetration of broadband in the U.S. since 2009, which has almost approached saturation, is expected to create a more accessible connected devices market. Also, the growing number of wireless technologies such as Wi-Fi, Bluetooth, Zigbee, Z-Wave, Insteon, DECT, and Thread have led to the growth of the market. 

IoT Connected Machines Market: Segmentation

• The global IoT connected machines market has been segmented based on component, industry, and region.
• In terms of component, the IoT connected machines market has been segmented into hardware, software, and services. The hardware component segment has been sub-segmented into IoT kits and gateway, while the services component segment is bifurcated into consulting, integration, and support services. The hardware component is expected to account for the largest share at ~72% of the global IoT connected machines market in 2019. The software component segment is projected to expand at a high CAGR of ~26% during the forecast period.

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• Based on industry, the IoT connected machines market has been divided into automotive, aviation, oil & gas, transportation, power generation & utility, manufacturing, healthcare, retail, transportation, and others (mining, agriculture). The healthcare segment is expected to see the highest adoption of IoT connected machines during the forecast period, at a CAGR ~26%. 

IoT Connected Machines Market: Regional Outlook

In terms of region, the global IoT connected machines market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America leads the global IoT connected machines market, accounting for a substantial share in 2018, with the U.S. and Canada being major markets in the region. The North America IoT connected machines market is expected to hold a share of ~39% during the forecast period. The Asia Pacific IoT connected machines market is expected to rise at a high CAGR of ~28% during the forecast period.

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Retail Analytics Market Revenue Analysis by Regions, Types and Manufacturers Forecast to 2027

Transparency Market Research has published a new report in which it states that the global retail analytics market is on course to achieve a stellar valuation for the forecast period of 2019 to 2027. According to the report, the retail analytics market will reach a valuation worth US$24 bn by the end of 2027. To achieve such great valuation, the global market for retail analytics will exhibit a massive CAGR of 19% during the given forecast period of 2019 to 2027.

Increasing Digitization is Generating Huge Amounts of Customer Data

There are multiple factors that are responsible for driving the growth of the global retail analytics market to such aforementioned heights. Growing use of personal electronic devices such as laptops, tablets, and smartphones, has helped the companies operating in the global market to collect huge amounts of consumer data from these devices.

With this large amounts of data, the companies are able to gain valuable and actionable insights about the purchasing patterns, buying preferences, and behavioral patterns of the consumers. These insights have helped the companies to make better strategic decisions and also helped in cutting down the operational expenses. As a result, such developments are expected to provide considerable growth opportunities for the global retail analytics market in the near future.

Maintaining Customer Loyalties is Priority for Market Players

On the other hand, growing competition in the global retail analytics market has provided customers with a broad range of options. This has made it a bit difficult for the retail companies to scale up their customer lifecycle value. However, these retailers are now concentrating on analyzing the gathered data and predict the needs and demands of their consumers.

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This has helped the retailers to be better prepared in terms of future demands and also retaining customer loyalties for longer periods. Moreover, the data gives precise insights that can drive the marketing campaigns of the companies to generate more revenue. Such benefits of retail analytics are thus encouraging their adoption and thus expected to drive the market growth.

Some of the key players in the global retail analytics market include names such as SAS Institute, SAP SE Inc., Oracle Corporation, IBM Corporation, and Microsoft Corporation among others.

In terms of geographical segmentation, the global retail analytics market is divided into five key regions namely Latin America, Middle East and Africa, North America, Europe, and Asia Pacific. Of these, currently the global retail analytics market is dominated by the region of Asia Pacific. According to the research report, the regional segment will exhibit a massive CAGR of 24% for the given period of forecast. The growth of the regional segment can be primarily attribute to the presence of emerging economies such as Singapore, China, and India. With fast digitization, increasing penetration of internet and mobile data, and growing infrastructural developments in these countries, it is projected to create several lucrative business opportunities for the growth of the retail analytics market.

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Manufacturing Operations Management Software Market: Potential Growth, Challenges, Attractive Valuation – Global Forecasts 2020 – 2027

According to a new market report pertaining to the global manufacturing operations management software market published by Transparency Market Research the global manufacturing operations management software market is projected to reach a value of US$ 17 Bn by 2027.

The MOM software market is projected to expand at a CAGR of ~10% from 2019 to 2027. Growth of the market can be attributed to the shift of manufacturing toward digitization. Asia Pacific is anticipated to dominate the manufacturing operations management software market at a CAGR of ~11% during the forecast period.

In terms of revenue share, the manufacturing operations management software market is dominated by North America, followed by Europe. In 2019, the software segment is estimated to be valued at ~US$ 5 Bn in the global manufacturing operations management software market, and see an opportunity of ~US$ 10 Bn in terms of revenue from 2019 to 2027, reflecting a CAGR of ~9% during the forecast period.

Manufacturing Heading Toward Digital Transformation to Promote MOM Software Market Growth

Today, manufacturing companies use a range of digital services to manage their operations, and more than 70% of the analysis and monitoring of their routine processes takes place using software solutions. The implementation of advanced software-based solutions, such as MOM, is on the rise in order to overcome technical errors.

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Moreover, MOM plays a vital role in integrating information systems on the shop floor, with business systems in corporate offices, leading to a gradual phasing-out of traditional paper-based systems. The demand for manufacturing operations management software is expected to increase during the forecast period due to these advantages offered by these systems.

MOM Software Market: Regional Outlook

In terms of region, the global manufacturing operations management software market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The MOM software market in Asia Pacific is expected to expand at the highest CAGR during the forecast period. Asia Pacific is one of the fastest growing markets in the global manufacturing operations management software market, as this region is witnessing increased adoption of new technologies. The manufacturing operations management software markets in North America and Europe are also expected to expand rapidly during the forecast period.

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The report provides in-depth segment analysis of the global MOM software market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries that hold growth opportunities or account for significant shares has also been included as part of the geographic analysis of the manufacturing operations management software market.

Manufacturing Operations Management Software Market: Competition Dynamics

The research study includes the profiles of leading companies operating in the global manufacturing operations management software market. Key players profiled in the report include Siemens AG, ABB Ltd., Dassault Systems SA, Emerson Process Management, Honeywell, International Inc., General Electric Co., and Invensys plc.

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Real-time (Graphics and Video) Rendering Solutions Market Pegged for Robust Expansion During 2019 to 2027

According to a new market report pertaining to the global real-time (graphics and video) rendering solutions market published by Transparency Market Research , the global real-time (graphics and video) rendering solutions market is projected to reach a value of ~US$ 4 Bn by 2027, from US$ 1 Bn in 2018, expanding at a CAGR of ~17% from 2019 to 2027.

Expansion of the real-time (graphics and video) rendering solutions market can be attributed to the widespread adoption of 3D content among organizations, and less time required for 3D rendering with reduced cost. North America is anticipated to lead the global real-time (graphics and video) rendering solutions market, followed by Europe, during the forecast period. 

Widespread Adoption of 3D Content Driving Real-time (Graphics and Video) Rendering Solutions Market

Industries such as media & entertainment, manufacturing, and automotive have increased the use of 3D content to enable creativity and impact the manner in which thoughts or ideas are rendered and conceptualized. 3D content is widely utilized by various organizations for product design as well as modeling, in order to enable them to generate better graphics.

3D content has emerged as a significant part of the designing process among engineers and architects. Designers, architects, and engineers are focusing more on leveraging 3D rendering software to convert their innovative ideas into design in real-time by exploring several options, making modifications, and creating several versions of their designs. Hence, the widespread adoption of 3D content among organizations is positively impacting the real-time (graphics and video) rendering solutions market, worldwide. 

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Increasing Demand for Prototyping of New Product Design Across Industries to Provide Opportunity

A prototype is an initial model, sample, or proclamation of a product built to examine a process or an act, or a concept, as a thing to be simulated or learned from. It is a term engaged in diversified context, such as design, semantics, and software programming. Furthermore, a prototype is primarily utilized to assess a new product design in order to improve precision by designers, system analysts, and users. Various manufacturing companies develop prototypes of their new products by employing visualization and 3D rendering software before commencing actual production, and test them across users for acceptability.

This trend of prototyping is rising rapidly across industry segments, which, in turn, is likely to boost the demand for 3D rendering software. The demand for prototyping is rising, as enterprises are launching new and innovative products to increase their market share. Hence, the demand for 3D rendering software among industries is expected to positively influence the real-time (graphics and video) rendering solutions market in the near future. 

Real-time (Graphics and Video) Rendering Solutions Market: Segment Analysis

The global real-time (graphics and video) rendering solutions market has been segmented based on solution, deployment, enterprise size, application, end use, and region.

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In terms of solution, the real-time (graphics and video) rendering solutions market has been segmented into platform/tools and professional services. The platform/ tools segment is expected to hold a prominent share of the global real-time (graphics and video) rendering solutions market by the end of 2019. The professional services segment is projected to expand at a notable CAGR of ~21% during the forecast period.

Based on deployment, the real-time (graphics and video) rendering solutions market has been divided into cloud-based, on-premise, and hybrid. The on-premise segment is expected to hold the largest market share by the end of 2019. The cloud-based segment is expected to account for the highest CAGR of 19% from 2019 to 2027.

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