Security Orchestration Automation and Response Market Size, Growth Insight, Share, Trends, Industry Key Players, Regional Forecast to 2024

According to a research report "Security Orchestration Automation and Response (SOAR) Market by Solutions, Services (Professional Services, Managed Services), Application, Deployment Mode (On-premises, Cloud), Organization Size, Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets, the SOAR market size is projected to grow from USD 868 million in 2019 to USD 1,791 million by 2024, at a CAGR of 15.6% from 2019 to 2024. The major drivers for the market include the rising need for compliance and enable a centralized view on threats.

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Based on organization size, the large enterprises segment is estimated to lead the market in 2019.

Large enterprises are defined as business entities with over 1,000 employees. Cyber attackers steal large sums of money from large enterprises and often these attacks happen over long periods of time. In 2017, the NotPetya cyberattack spread from Ukraine and severely affected the Danish company, A.P. Møller-Mærsk, the world’s largest container shipping company, causing a loss of USD 200-300 million. Similar losses were faced by Merck & Co., one of the largest pharmaceutical companies in the world. It was estimated that NotPetya suffered damages of over USD 10 billion. As large enterprises are often spread across many countries, and across many units, they require a central approach to visualize all threats and avoid errors that might occur through manual intervention. SOAR solutions provide the required solutions which can orchestrate all the processes and solutions and offers a combined effort by man and machine to remediate threats.

Based on vertical, the healthcare sector is projected to grow at the highest CAGR during the forecast period

The healthcare vertical covers information on personal health and critical data of patients. Data security is, therefore, of utmost importance to healthcare organizations. These organizations face several security challenges while maintaining the privacy of Electronic Health Records (EHR) and other related information. Moreover, due to highly proliferated digital medical devices, network management has become essential to save devices from malicious attacks. Additionally, with the adoption of technologies, such as BYOD and centralized information on patients, the healthcare vertical has become susceptible to advanced cyberattacks. Security orchestration solutions protect healthcare applications and data against vulnerabilities. Increased government regulations, such as the Health Insurance Portability and Accountability Act (HIPAA) compliance, have also resulted in the rapid adoption of SOAR solutions in the healthcare sector. The regulatory standards help in securing sensitive data, protecting identities by providing digital signatures, securing network gateways, and encrypting databases.

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North America is projected to lead the market during the forecast period

The North American region has sustainable and well-established economies, which empower these to invest significantly in R&D activities, thereby contributing to the development of new technologies in SOAR. The presence of a majority of key players is expected to be the major factor driving the growth of the market in this region. Key players, such as IBM Corporation (US), FireEye (US), Cisco Systems Inc. (US), Rapid7 (US), Splunk Inc. (US), Swimlane LLC (US), and Tufin (US), along with several start-ups in the region are offering SOAR solutions & services to cater the needs of customers.

Market Players

The major vendors covered in the SOAR market include IBM Corporation (US), FireEye (US), Cisco Systems Inc. (US), Rapid7 (US), Splunk Inc. (US), Swimlane LLC (US), Tufin (US), ThreatConnect (US), Demisto (Palo Alto Networks) (US), DFLabs (Italy), LogRhythm (US), Siemplify (US), Resolve Systems (US), CyberSponse (US), and Exabeam (US).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Private LTE Market Share, Revenue, Drivers, Trends and Influence Factors Historical & Forecast Till 2025

According to a research report “The global Private LTE Market size is projected to grow from USD 4.0 billion in 2020 to USD 7.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 13.6% during the forecast period published by MarketsandMarkets”. Major factors such as the need for unique and defined network quality are expected to drive the growth of the global private LTE market. However, the fragmented spectrum may limit the market growth. On the other hand, there are significant growth opportunities for private LTE vendors. The growing demand in industrial and commercial IoT and mobile robotics and ML are expected to shape the future of the private LTE market. The high initial cost of deployment may pose a challenge to market growth. Many countries are still facing challenges while investing in the infrastructure of LTE.

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Driver: Availability of unlicensed spectrums such as CBRS and MulteFire bands

Enterprises can use licensed and unlicensed spectrums to deploy private LTE networks globally. Vendors have developed chipsets, infrastructure components, and Customer Premises Equipment (CPE) that enable private LTE networks to run in two unlicensed frequency bands: 5 GHz and 3.5 GHz. In the US, the 3.5 GHz is a part of the Citizens Broadband Radio Service (CBRS) band and MulteFire function in a 5 GHz band across the globe except for the US. The availability of unlicensed bands can pave the way for enterprises to deploy private LTE networks quickly without the intervention of Mobile Network Operators (MNOs), who own these license spectrum bands.

Opportunity: Emergence of industrial and commercial IoT

Organizations across various verticals are consistently trying to increase the use of IoT for automating their processes and increasing the throughput. Hence, the proliferation of IoT and associated technologies would create numerous opportunities for the private LTE market. The private LTE network allows users to integrate diverse sensors, machines, people, vehicles, and other devices across a wide range of applications and usage circumstances. Any private LTE network takes care of issues, such as reliability, service quality, security, and compliance. Companies such as Nokia, Samsung, and Cisco are some of the major players that are working toward the incorporation of private LTE networks in IoT. IIoT is another major use case in the private LTE market

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Asia Pacific (APAC) region to record the highest market share in the Private LTE market in 2020

 

APAC is an emerging region in the private LTE market. China, Japan, and Australia are the major countries contributing to the growth in APAC. APAC also constitutes major economies, such as Singapore, South Korea, and India. Japan, China, and Australia as essential for the growth of the private LTE market in this region. Japan and China are the largest manufacturing economies that produce automobiles, IT products, and electronic products. Manufacturing paradigm has changed considerably with industry seeking advanced technologies such as robotics and big data analytics becoming popular among them.

Key and innovative vendors in the private LTE market include Nokia ( Finland), Ericsson (Sweden), Huawei (China), ZTE (China), NEC (Japan), Affirmed Networks (US), Athonet (Italy), Samsung (South Korea), Redline communications (Canada), Airspan (US), Boingo Wireless (US), ASOCS (Israel), Casa Systems (US), Cisco (US), Comba (Hong Kong), CommScope (US), Druid Software (Ireland), ExteNet Systems (US), Fujitsu (Japan), Lemko (US), Mavenir (US), Quortus (UK), Star Solutions (Canada), Tecore (US), Telrad Networks (Israel), Wireless Excellence (UK), Accelleran (Belgium), Air-Lynx (France), Altiostar (US), Amarisoft (France), Baicells Technologies (US), Celona (US), IPLOOK (Hong Kong), JMA Wireless (US), Parallel Wireless (US), Phluido (US), NetNumber (US), JI Technology (Japan), Verizon (US), Sierra Wireless (Canada), Future Technologies (US), Ambra Solutions (Canada), URSYS (Australia), Geoverse (US), and Cradlepoint (US). These vendors have adopted many organic as well as inorganic growth strategies, such as new product launches, and partnerships and collaborations, to expand their offerings and market shares in the private LTE market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Insurance Fraud Detection Market Set to Witness an Uptick Size USD 7.9 billion to 2024: MarketsandMarkets™

According to a research report "Insurance Fraud Detection Market by Component (Solutions (Fraud Analytics, Authentication, and GRC), Service) Application Area (Claims Fraud, Identity Theft, Payment and Billing Fraud, and Money Laundering), Deployment Mode, Organization Size, and Region - Global Forecast to 2024" published by MarketsandMarkets, The global insurance fraud detection market is expected to grow from USD 2.5 billion in 2019 to USD 7.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 25.8% during the forecast period. The major aspects driving the market are the need to effectively manage huge volumes of identities by organizations; improving operational efficiency & enhancing the customer experience; increasing adoption of advanced analytics techniques; and stringent regulatory compliances. The insurance fraud detection market is growing drastically on account of the proliferation of cloud-based services in the insurance sector and increasing threats & frauds in this sector.

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The fraud analytics segment to constitute the largest market size during the forecast period

Fraud analytics is a discipline which involves a set of analytical techniques that analyze enterprises’ systems and database to identify the vulnerabilities where fraud can happen. These solutions monitor and analyze data from several data sources; detect anomalies and suspicious & unusual behavior across all channels; and provide a control mechanism to prevent fraudulent practices, in real-time. Fraud analytics is the core of all insurance fraud detection solutions. Many vendors offer traditional rule-based fraud analytics models, whereas some prefer Artificial Intelligence and Machine Learning based techniques. Fraud analytics solutions proactively detect frauds and also help meet compliance needs.

The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period

The SMEs segment is expected to grow at a higher CAGR during the forecast period, owing to the increasing incidences of insurance frauds and cyber attacks on SMEs. The SMEs are small in terms of their size but cater to a large number of customers globally. Robust and comprehensive security solutions are not implemented in SMEs due to financial constraints. However, the large enterprise segment is estimated to hold a higher market share in 2019.

Insurance fraud detection solutions and services have been deployed over on-premises and cloud environment. Cloud deployment is expected to grow at the highest CAGR during the forecast period, while the on-premises deployment mode is estimated to hold the largest Insurance Fraud Detection Market size in 2019.

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North America to account for the largest market size during the forecast period

The global insurance fraud detection market has been segmented based on regions into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America to provide a region-specific analysis in the report. North America, followed by Europe, is estimated to become the largest revenue-generating region for insurance fraud detection solution and service vendors in 2019. Trends such as the Internet of Things (IoT), cloud adoption, and Bring Your Own Device (BYOD); and growing internal & external threats are some of the key factors expected to fuel the growth of the market in North America.

The APAC market is gaining traction, as the number of smart devices and BYOD trend are increasing in the developed and developing nations in APAC. The SMEs, as well as large enterprises in APAC, are becoming increasingly aware of the rising instances claims fraud, identity thefts, payment frauds, and have now started adopting insurance fraud detection solutions and services to combat them.

Key Insurance Fraud Detection Market Players

Major vendors that offer insurance fraud detection services across the globe are FICO (US), IBM (US), BAE Systems (UK), SAS Institute (US), Experian (Ireland), LexisNexis (US), iovation (US), FRISS (Netherlands), SAP (Germany), Fiserv (US), ACI Worldwide (US), Simility (US), Kount (US), Software AG (Germany), BRIDGEi2i Analytics Solutions (India), and Perceptiviti (India). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and acquisitions, to expand their offerings in the market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Facial Recognition Market Pegged to Expand Robustly, Classification, Application, SWOT Analysis and Competitive Landscape To 2025

According to a research report "Facial Recognition Market by Component (Software Tools (3D Facial Recognition) and Services), Application (Law Enforcement, Access Control, Emotion Recognition), Vertical (BFSI, Government and Defense, Automotive), and Region - Global Forecast to 2025" published by MarketsandMarkets,The global post-COVID-19 Facial recognition market size is expected to grow from USD 3.8 billion in 2020 to USD 8.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 17.2% during the forecast period.The facial recognition market is expected to be lucrative for technology vendors. It is also expected to witness substantial growth in the next five years due to increased investments by the government and defense sectors. Moreover, the growing surveillance industry, particularly in North America and Europe, would push companies to deploy or develop facial recognition solutions in the coming years. Furthermore, a high adoption rate is expected to be registered in APAC during the forecast period.

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By component, services segment to have fastest CAGR during the forecast period

The services segment is estimated to have the fastest growth rate in the facial recognition market. Services are provided by facial recognition software providers that help in implementing the solution without purchasing it. Services are further classified into training and consulting and cloud-based facial recognition. In training and consulting services, feasibility assessment, analysis, and advisory of large-scale governmental and military projects are all included. Features of cloud-based facial recognition services include time tracking, gender recognition, head pose estimation and analytics, and statistical overview related to the buying patterns are included.

Cloud-based facial recognition services are expected to gain momentum in the coming years due to increasing adoption of cloud-based software solutions by enterprises to enhance the security operations. BFSI, eCommerce, and education segments are expected to be the potential verticals for cloud-based facial recognition due to adoption of digital platforms for their operations, respectively

By application, law enforcement segment to have highest market share during the forecast period

By application area, the facial recognition market has been mainly categorized into emotion recognition, attendance tracking and monitoring, access control, law enforcement, and others. Over the past decade, many major technology players have acquired companies that are operating in the facial recognition domain to add value to their own services. For instance, technology giants, such as Microsoft, Amazon, and Google, are exploring into the space of facial recognition due to the increasing demand for this technology.

With the COVID-19 outbreak, the demand for biometric recognition technologies, such as facial recognition, has increased for analyzing and identifying subjects wearing facial masks, especially in high security applications. Wearing masks has made face recognition difficult, which leads to the need to modify or upgrade the existing algorithms, involving the iris, pupil, sclera, upper and lower eyelids, eye folds, eye corners, skin texture, fine wrinkles, skin color, and skin pores, has also increased. Law enforcement agencies are investing in the R&D of advanced technologies. For instance, the US Department of Defense’ DARPA planned to invest around USD 2 billion on AI-based technologies, such as facial recognition. This is expected to fuel the growth of law enforcement application market in the coming years.

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North America to hold the largest market size during the forecast period

The North American region consists of developed countries that are technologically advanced with well-developed infrastructures. Owing to their strong economies, the US and Canada are expected to be major contributors to the growth of the facial recognition market. With technologies advancing every single day and growing economies of North America, companies in the region can afford to invest huge amounts on the adoption of these technologies. North America has a history of the use of facial recognition solutions and services. Flourishing technologies, such as smart infrastructures, smart city initiatives, the use of ePassports, and eVisa, are factors driving the growth of the facial recognition market.

Major vendors in the global facial recognition market include NEC Corporation (NEC) (Japan), Aware, Inc. (Aware) (US), Ayonix Corporation (Ayonix) (Japan), Cognitec Systems GmbH (Cognitec Systems) (Germany), NVISO SA (nViso) (Switzerland), Animetrics (US), Neurotechnology (Lithuania), Daon (Ireland), Stereovision Imaging, Inc. (SVI) (US), Techno Brain (Dubai), Innovatrics (Bratislava), id3 Technologies (id3) (Israel), Thales (France), Idemia (France), Nuance Communications, Inc. (Nuance) (US), BioID (Germany), Fulcrum Biometrics, LLC. (Fulcrum Biometrics) (US), TrueFace.AI (US), Amazon (US), FacePhi (Spain), Herta Security (Herta) (Spain), Kairos AR, Inc. (Kairos) (US), SightCorp Inc. (SightCorp) (The Netherlands), and Microsoft Corporation (Microsoft) (US).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Mr. Aashish Mehra
MarketsandMarkets™ INC.
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Digital Experience Platform Market Driving Factors, Industry Growth, Key Vendors and Forecasts to 2024

According to a research Report "Digital Experience Platform Market by Component (Platform and Services), Deployment Type (Cloud and On-premises), Vertical (Manufacturing, IT & Telecom, BFSI, Healthcare, Travel & Hospitality, and Public Sector), and Region - Global Forecast to 2024" published by MarketsandMarkets, is expects to grow from USD 7.9 billion in 2019 to USD 13.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 12.0% during the forecast period. Major factors expected to drive the growth of the DXP market include help in understanding the immediate needs of customer, reducing the customer churn rate, growing deployment of cloud-based solutions, and rising demand for big data analytics.

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By deployment type, the cloud segment to constitute a larger market size during the forecast period

By deployment type, the Digital Experience Platform Market has been segmented into cloud and on-premises. The cloud segment is expected to grow at a higher CAGR during the forecast period, due to its cost-efficiency and hassle-free integration. Various enterprises prefer cloud services due to their wide-ranging benefits. Small and Medium Enterprises (SMEs) adopt the cloud model, as it helps reduce initial IT costs, such as the costs of hardware setup and power consumption, and requires less physical space. Large enterprises can benefit from the cloud services, as they can host their large number of applications in the cloud network, which eases application management. With cloud, enterprises can achieve improved collaboration, along with faster performance, quick responsiveness, and greater agility, without having to operate a server infrastructure. The cloud deployment type offers customers a usage-based service model with the pay-per-use facility.

The managed services segment to grow at a higher CAGR during the forecast period

By services, the managed services segment is expected to hold a larger market size than the professional services segment during the forecast period as they help clients handle DXP operations on-premises as well as on the cloud. The prime responsibility of the managed services providers is to improve the efficiency of inbound and outbound operations cost-effectively for enterprises. Managed services assist clients in outsourcing the DXP to service providers for efficiently managing their key business operations. These services are very useful for companies, which do not have internal budgets or analytical skills to implement and manage the Customer Experience (CX) solution. The managed service providers handle end-to-end deployment and after sales services for the solutions.

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North America to account for the largest market size during the forecast period.

The geographic analysis of the Digital Experience Platform Market includes 5 major regions, namely, North America, Asia Pacific (APAC), Europe, Latin America, and the Middle East and Africa (MEA). The market in North America is expected to grow at a high rate during the forecast period, due to the rapid adoption of advanced technologies by industries. Organizations in North America are opting for various digital channels, such as web portals, social media, call centers, and mobile phones to collect customer feedback data. In North America, the demand for DXP will be the highest in the travel and hospitality vertical. Organizations are fostering a customer-centric culture and are working to drive customer engagement by dealing with real-time customer data. For instance, Mercedes-Benz USA worked with Medallia to create a CX that empowers dealers to understand and respond to customer-generated feedback instantly.

Key Digital Experience Platform Market Players

Key and emerging market players include Adobe Systems (US), Oracle (US), SAP (Germany), IBM (US), Microsoft (US), Salesforce (US), OpenText (Canada), SDL (UK), Sitecore (US), Acquia (US), Jahia (Switzerland), Episerver (US), Squiz (Australia), BloomReach (US), Liferay (US), Kentico (Czech Republic), and censhare (Germany). These players have adopted various strategies to grow in the DXP market. The companies are focused on inorganic growth strategies to strengthen their market position. Adobe Systems (US) entered the DXP market with its product, Adobe Experience Cloud and has become a pioneer in offering digital experience solutions to enterprises worldwide.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
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USA: +1-888-600-6441

 

 

 

Commerce Cloud Market Driving Factors, Industry Growth, Key Vendors and Forecasts to 2024

According to a research report "Commerce Cloud Market by Component (Platforms and Services), Organization Size, Application (Electronics, Furniture, and Bookstores, Grocery and Pharmaceutical, Automotive, and Fashion and Apparel), and Region - Global Forecast 2024", published by MarketsandMarkets, The global commerce cloud market size is expected to grow from USD 8.9 billion in 2019 to USD 27.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 24.9% during the forecast period. Increased flexibility and performance, and reduced time and cost are expected to spur the demand for commerce cloud offerings across the globe.

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Focus on selecting the right commerce cloud solution to drive the adoption of training and consulting services

Training and consulting services are provided by highly qualified industry or domain experts. Organizations hire experts to gain an enhanced strategic outlook, improve their overall performance, and transform their business operations. By offering consulting services, enterprises understand the competencies of different commerce cloud vendors. Moreover, these services help reduce risks, minimize complexities, and increase Reutrn on Investment (RoI). Additionally, consulting services enable enterprises in making smarter decisions for the growth of their businesses. Furthermore, with the help of consulting services, the commerce cloud providers can offer tailored commerce cloud solutions to their customers and deliver maximum benefits.

Large enterprises to deploy commerce cloud platforms to effectively execute trading strategies

As commerce cloud technologies are simplifying the Information Technology (IT) aspects, several enterprises have replaced their traditional data center infrastructure technologies and various other management processes with cloud computing. Hence, a number of enterprises have built strategies inclined toward commerce cloud enablement. The major benefit large enterprises have with cloud transformation, is that the commerce cloud services are maintained and supported by the vendors themselves. Firms can thereby engage their employees in more strategic business tasks. The demand for flexible, scalable, and convenient commerce cloud solutions for large enterprises pushes service providers to come up with new technologies and offer innovative solutions. Hence, the commerce cloud market for large enterprises is growing.

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North America to dominate the global commerce cloud market in 2019

North America is expected to be the largest contributor among all the regions, owing to its adoption of commerce cloud platforms and solutions by enterprises. The top countries in the North American region, contributing to the growth of the market, include the US and Canada. The enterprises present in various countries of this region, especially in the US, have leveraged Artificial Intelligence (AI), Machine Learning (ML), and deep learning technologies as a part of their ongoing business process to stay competitive in market. North American countries have a well-established economy, which enables commerce cloud vendors to invest in new technologies. Furthermore, the region is regarded as the center of innovation where ITgiants are rolling out new offerings and aggressive collaborations are taking place pertaining to the market.

The report also studies various growth strategies, such as mergers and acquisitions, partnerships and collaborations, and developments, adopted by the major players to expand their presence in the global market. Major vendors in the commerce cloud market include IBM (US), SAP (Germany), Salesforce (US), Apttus (US), Episerver (US), Oracle (US), Magento (US), Shopify (Canada), BigCommerce (US), and Digital River (US), Elastic Path (Canada), VTEX (Brazil), commercetools (Germany), Kibo (US), and Sitecore (India).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441