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Yahoo
08-02-2025
- Business
- Yahoo
Digital Transformation Market in Oil and Gas to Grow by USD 56.4 Billion from 2025-2029, Fueled by Investments and Partnerships, with AI Driving Market Evolution
NEW YORK, Feb. 7, 2025 /PRNewswire/ -- Report on how AI is driving market transformation - The global digital transformation market in oil and gas industry size is estimated to grow by USD 56.4 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of 14.5% during the forecast period. Rrise in investments and partnerships is driving market growth, with a trend towards use of digital twin technology. However, lack of skilled labor poses a challenge. Key market players include Accenture PLC, Inc., AVEVA Group Plc, Emerson Electric Co., General Electric Co., Halliburton Co., Informatica Inc., Intel Corp., International Business Machines Corp., Microsoft Corp, NVIDIA Corp., Oracle Corp, Rockwell Automation Inc., SAP SE, Siemens AG, Sierra Wireless Inc., Tata Consultancy Services Ltd., Teradata Corp., and TIBCO Software Inc.. AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF Forecast period 2025-2029 Base Year 2024 Historic Data 2019 - 2023 Segment Covered Technology (IoT, E and P software, Big data, Cloud computing, and Others), Sector (Downstream, Upstream, and Midstream), and Geography (APAC, North America, Middle East and Africa, Europe, and South America) Region Covered APAC, North America, Middle East and Africa, Europe, and South America Key companies profiled Accenture PLC, Inc., AVEVA Group Plc, Emerson Electric Co., General Electric Co., Halliburton Co., Informatica Inc., Intel Corp., International Business Machines Corp., Microsoft Corp, NVIDIA Corp., Oracle Corp, Rockwell Automation Inc., SAP SE, Siemens AG, Sierra Wireless Inc., Tata Consultancy Services Ltd., Teradata Corp., and TIBCO Software Inc. Key Market Trends Fueling Growth The Oil and Gas industry is undergoing a significant digital transformation. Trends like Big Data, Cloud Computing, IoT, AI, and Digital twins are revolutionizing Upstream, Midstream, and Downstream operations. In Exploration, Geoscience platforms use Data Science to analyze drilling prospects. In Refining, AI-based simulation and Prescriptive Maintenance optimize refinery throughput and manufacturing efficiency. Industrial Control Systems are being automated for better asset utilization and risk management. Extended Reality solutions monitor critical assets and facilities, enhancing safety and preventing fires. Field Devices and Sensor Systems use Predictive Analytics for preventive maintenance. Crude oil demand and refinery processes are monitored in real-time for optimal performance. Computer Vision and Turnaround planning tools ensure manufacturing efficiency and safety. Energy industries are embracing Digitalization, from Gas Stations to Petrochemicals, for improved risk management and operational excellence. The oil and gas industry is embracing digital transformation by integrating technologies like the digital twin. This innovation allows companies to create virtual models of their products, enabling comparison of actual and ideal conditions. By adopting digital twin technology, oil and gas firms can enhance safety, foster learning, and innovate production processes. Digital technology facilitates disparate views of sub-surface and surface systems, contributing to cost savings in energy production. Insights on how AI is driving innovation, efficiency, and market growth- Request Sample! Market Challenges The Oil and Gas industry is undergoing a significant digital transformation. Challenges such as Big Data, Cloud Computing, Internet of Things (IoT), Artificial Intelligence (AI), and Industrial Control Systems (ICS) are driving this change. Upstream, midstream, and downstream sectors are adopting digital solutions to monitor critical assets, optimize operations, and improve safety. Extended reality solutions are used to train workers and maintain facilities. Digital twins help explore new prospects in exploration and geoscience. Crude oil demand, High Speed Diesel, and refinery throughput are monitored using AI-based simulation and predictive analytics. Preventive maintenance is automated using prescriptive maintenance and sensor systems. Downstream operations, including petrochemicals, refining, and manufacturing efficiency, are improved using automation solutions and turnaround planning tools. Computer Vision is used for risk assessment and safety. The energy industries are digitalizing to monitor equipment performance, optimize energy usage, and manage application performance. IoT sensors are used to monitor critical assets, and AI is used for predictive maintenance and risk assessment. Extended reality solutions are used for training workers and maintaining facilities. Critical assets, including facilities and gas stations, are monitored using digitalization. AI and machine learning are used for optimization, automation, and risk assessment. Digitalization also helps in real-time monitoring of refining processes and preventive maintenance. The digital transformation in the Oil and Gas industry is essential for improving efficiency, reducing costs, and enhancing safety. It involves the adoption of various technologies such as Big Data, Cloud Computing, IoT, AI, and Extended Reality. The challenges include ensuring cybersecurity, integrating legacy systems, and training workers on new technologies. Despite these challenges, the benefits of digital transformation in the Oil and Gas industry are significant. Oil and gas producers are implementing advanced technologies, such as Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT) solutions, and big data analytics, to boost their return on investments. Big data has gained popularity due to the growing awareness of data-driven solutions. However, transforming massive datasets into valuable insights using big data analytics solutions necessitates technological expertise and analytics capabilities. Identifying the pertinent data for storage and processing is a significant challenge for professionals in data management. Moreover, analyzing unstructured data requires additional effort. Real-time analytics using big data and cloud-based software solutions offer oil and gas companies innovative opportunities to enhance oil production process efficiency, minimize costs and risks, ensure regulatory compliance, enhance safety, and make informed decisions. Insights into how AI is reshaping industries and driving growth- Download a Sample Report Segment Overview This digital transformation market in oil and gas industry report extensively covers market segmentation by Technology Sector Geography 1.1 IoT- The oil and gas industry faces economic pressures from disparities in demand and supply, as well as volatile global energy prices. To address these challenges, companies are focusing on enhancing and extending the value of their existing assets while seeking new reserves. The implementation of Internet of Things (IoT) technology is a key strategy for transformation. In the upstream segment, IoT reduces non-productive time by enabling predictive maintenance of crucial equipment. In the midstream segment, IoT connects pipeline networks, monitors leaks and emissions, and optimizes emergency shutdown systems. In the downstream segment, real-time data analysis enables accurate consumer consumption predictions. IoT solutions in oil and gas are projected to increase crude output, profits, and global GDP. By deploying IoT devices across the value chain, organizations can make better decisions, create a safer working environment, and optimize operations. These benefits will drive the growth of the global digital transformation market in oil and gas industry. Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2025-2029) and historic data (2019 - 2023) Research Analysis The Digital Transformation Market in the Oil and Gas Industry is experiencing significant growth as companies seek to optimize operations, enhance safety, and improve efficiency. The integration of technologies like Big Data, Cloud Computing, Internet of Things (IoT), Artificial Intelligence (AI), and Industrial Control Systems (ICS) is revolutionizing the sector. Upstream, midstream, and downstream processes are being digitized, with a focus on monitoring critical assets and exploration prospects using data science and geoscience platforms. Extended Reality (XR) solutions are being used to train personnel and simulate complex processes, while AI-based simulation and automation are streamlining workflows. Field devices and gas stations are being connected to the cloud for real-time monitoring and preventive maintenance. Computer Vision is being used to detect anomalies and prevent fires. Digitalization is transforming energy industries, from automating processes to optimizing petrochemicals production. Market Research Overview The Digital Transformation Market in the Oil and Gas Industry is witnessing significant growth due to the integration of advanced technologies such as Big Data, Cloud Computing, Internet of Things (IoT), Artificial Intelligence (AI), Industrial Control Systems, Extended Reality (XR), and Field Devices. These technologies are revolutionizing Upstream, Midstream, and Downstream operations in the Energy Industries. Big Data and Data Science are used for Exploration Prospects and Geoscience Platforms to enhance Crude Oil Demand and High Speed Diesel production. Cloud Computing and AI-based Simulation optimize Refining Processes and improve Asset Utilization and Manufacturing Efficiency. IoT Sensor Systems monitor equipment performance, preventive maintenance, and detect potential Fires. XR solutions provide Workers with training experiences and facilitate Remote Operations. Automation and Optimization tools reduce Risk and improve Safety in critical assets and facilities. Predictive Analytics and Prescriptive Maintenance enable Preventive measures, while Computer Vision and AI enhance Turnaround Planning and Application Performance Management. The Digitalization of Downstream operations, including Petrochemicals and Refining, leads to increased Refinery Throughput and improved Crude Oil Demand forecasting. Table of Contents: 1 Executive Summary2 Market Landscape3 Market Sizing4 Historic Market Size5 Five Forces Analysis6 Market Segmentation Technology Sector Geography 7 Customer Landscape8 Geographic Landscape9 Drivers, Challenges, and Trends10 Company Landscape11 Company Analysis12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: media@ View original content to download multimedia: SOURCE Technavio
Yahoo
07-02-2025
- Business
- Yahoo
IT and BPO Services Market in India to Grow by USD 214.8 Billion from 2025-2029, Boosted by Rising Cost Pressure, with AI Impact on Market Landscape
NEW YORK, Feb. 7, 2025 /PRNewswire/ -- Report with market evolution powered by AI - The IT and BPO services market in India size is estimated to grow by USD 214.8 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of 12.3% during the forecast period. Rising cost pressure to maintain in-house it systems is driving market growth, with a trend towards increased adoption of application outsourcing. However, lack of effective communication between client and vendor poses a challenge. Key market players include Accenture PLC, Automatic Data Processing Inc., Cognizant Technology Solutions Corp., ExlService Holdings Inc., Firstsource Solutions Ltd., Genpact Ltd., HCL Technologies Ltd., Hinduja Group Ltd., Infosys Ltd., International Business Machines Corp., Morae Corp., Serco Group Plc, Srisys Inc., StarTek Inc., Sutherland Services Inc., Tata Consultancy Services Ltd., Tech Mahindra Ltd., TTEC Holdings Inc., Wipro Ltd., and WNS Holdings Ltd.. AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF Forecast period 2025-2029 Base Year 2024 Historic Data 2019 - 2022 Segment Covered End-user (Finance, Insurance, Telecom, Healthcare, and Others), Type (Export and Domestic), Product (IT services, BPM, and Software and research and development), and Geography (APAC) Region Covered India Key companies profiled Accenture PLC, Automatic Data Processing Inc., Cognizant Technology Solutions Corp., ExlService Holdings Inc., Firstsource Solutions Ltd., Genpact Ltd., HCL Technologies Ltd., Hinduja Group Ltd., Infosys Ltd., International Business Machines Corp., Morae Global Corp., Serco Group Plc, Srisys Inc., StarTek Inc., Sutherland Global Services Inc., Tata Consultancy Services Ltd., Tech Mahindra Ltd., TTEC Holdings Inc., Wipro Ltd., and WNS Holdings Ltd. Key Market Trends Fueling Growth Companies are turning to IT and Business Process Outsourcing (BPO) service providers in India for application development services to stay competitive in the market. The complex and costly nature of application development makes it beneficial for organizations to outsource this function. IT and BPO service providers offer modular architectures and compatibility with advanced IT infrastructure like the cloud. They also develop intelligent applications capable of handling multiple features and large data volumes. Effective application portfolio management is a priority for service providers to add value. DevOps and Agile methodologies are increasingly used for software development, enabling automation and improved business processes. Leading vendors like Accenture Plc and International Business Machines Corp. Offer application outsourcing services, contributing to the market's growth. The IT and BPO services market in India continues to grow, with trends including data processing, forms processing, and running support. Businesses require troubleshooting and problem resolution for their computer software, hardware, peripherals, and up-selling, promoting, and cross-selling opportunities. Insurance processing and claims are key sectors, with policy maintenance and management also in demand. Data entry, conversion, and financial services such as accounts receivables, financial statements, and bank reconciliations are common requirements. Form processing services, including online forms, payroll processing, medical billing, and contact centers, are also popular. Artificial intelligence and niche BPO services are emerging trends, driven by skilled labor, incentives, tax breaks, and macroeconomic factors. B2G, B2B, and B2C enterprises are significant clients, with technology spending and consulting services also contributing. IT associations play a crucial role in shaping the industry's growth, which is expected to contribute significantly to India's GDP. Insights on how AI is driving innovation, efficiency, and market growth- Request Sample! Market Challenges • Clear and effective communication is essential for the successful implementation of IT and BPO services in India. Vendors must maintain open lines of communication with clients to deliver services on time. Technical communication in outsourcing contracts is necessary to minimize risks and build trust. Misunderstandings can arise due to language and cultural differences, leading to potential system failures. Effective communication is crucial in various IT service delivery processes, including application development, testing, and system integration. Ineffective communication between clients and vendors can negatively impact the growth of the IT and BPO services market in India. • The Indian IT and BPO services market is experiencing significant growth, driven by increasing technology spending from B2B, B2G, and B2C enterprises. However, challenges persist. Niche BPO services face stiff competition due to the availability of skilled labor and incentives like tax breaks. Macroeconomic factors, such as GDP growth and Internet penetration, provide a favorable environment. However, the use of Artificial Intelligence (AI) technologies and automation in ITES requires internal resources and core competency development. Pestle analysis reveals challenges like BPO attrition, wage structures, and data security. Surveys conducted by IT associations indicate the need for process automation, intelligent workflows, and cloud technology adoption. BPO services include horizontal services like payroll and accounting, and vertical-specific services like telemarketing, social media marketing, and customer service. Government initiatives, such as cloud technology and process automation, are essential for businesses to remain competitive. CRM and ERP systems, personalized services, and data security are key areas of focus for businesses. The Internet of Things and automated workflows are emerging trends. Business scheduling and automated workflows are critical for efficient operations. In conclusion, the Indian IT and BPO services market presents opportunities and challenges. Businesses must focus on developing AI technologies, addressing attrition, and adopting cloud and automation to remain competitive. Consulting services and outsourcing services can help businesses navigate these challenges. Insights into how AI is reshaping industries and driving growth- Download a Sample Report Segment Overview This it and bpo services market in India report extensively covers market segmentation by End-user Type Product Geography 1.1 Finance- The finance sector, including banking and financial institutions, was a significant contributor to the IT and BPO services market in India in 2023. The increasing number of banking and finance institutions has led to a growing demand for customer retention solutions, driving the adoption of IT services for IT infrastructure management and BPO services for customer support and sales. Global banking and finance institutions rely on India for their IT and BPO services, fueling market growth. However, regulatory challenges, such as stringent licensing requirements for new banks, may hinder the growth potential of the banking sector in the IT and BPO services market during the forecast period. Despite these challenges, the finance segment is expected to experience moderate growth due to the continued demand for IT and BPO services to streamline operations and enhance customer experience. Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2025-2029) and historic data (2019 - 2022) Research Analysis The IT and BPO services market in India has been witnessing significant growth due to various factors. The country's large pool of skilled labor, incentives in the form of tax breaks and subsidies, and macroeconomic factors such as favorable business environment and stable political conditions have made India an attractive destination for businesses seeking BPO services. B2G, B2B, and B2C enterprises across the globe are increasingly outsourcing their non-core functions to India to reduce costs and focus on their core competencies. The ITES industry in India offers a wide range of services, including horizontal services like data processing, forms processing, and running support, as well as vertical-specific services tailored to industries such as healthcare, finance, and retail. The adoption of artificial intelligence (AI) technologies in BPO services is a game-changer, enabling automation of repetitive tasks and improving efficiency. Technology spending on AI and other advanced technologies is expected to increase in the coming years. However, internal resources and core competency in AI technologies are essential for successful implementation. Pestle analysis reveals that the BPO services market in India faces challenges such as increasing competition, changing regulatory environment, and customer expectations for higher quality and faster turnaround times. Payroll, accounting, telemarketing, IT hardware, software, and peripherals are some of the common services offered by BPO providers in India. Up-selling and cross-selling are also essential strategies for BPO companies to grow their revenue streams. Market Research Overview The IT and BPO services market in India continues to grow, driven by various macroeconomic factors such as a large pool of skilled labor, incentives in the form of tax breaks and subsidies, and increasing technology spending by B2G, B2B, and B2C enterprises. The market encompasses a wide range of services including niche BPO services, horizontal services like payroll and accounting, and vertical-specific services such as insurance processing and claims handling. Artificial intelligence (AI) technologies are increasingly being adopted in the industry, leading to process automation, intelligent workflows, and personalized services. Cloud technology and business scheduling are also becoming essential components of the ITES industry. Surveys conducted by IT associations reveal that wage structures, data security, and attrition remain key challenges for the industry. However, the adoption of automation, CRM, ERP systems, and automated workflows is helping to address these issues. The Indian IT and BPO services market is expected to grow further, fueled by the increasing number of Internet users and improved telecommunication and internet penetration. The market is also witnessing an upswing in the adoption of IoT, data processing, forms processing, and running support services. Consulting services and outsourcing services are also gaining popularity, with up-selling, promoting, and cross-selling becoming key strategies for growth. The industry is expected to continue its growth trajectory, driven by the need for cost-effective solutions and the availability of a large pool of skilled labor. Pestle analysis reveals that the industry is facing challenges from regulatory changes, increasing competition, and changing customer preferences. However, the industry's core competency in providing cost-effective services and its ability to adapt to changing technologies make it a resilient and dynamic market. Table of Contents: 1 Executive Summary2 Market Landscape3 Market Sizing4 Historic Market Size5 Five Forces Analysis6 Market Segmentation End-user Type Product Geography 7 Customer Landscape8 Geographic Landscape9 Drivers, Challenges, and Trends10 Company Landscape11 Company Analysis12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: media@ View original content to download multimedia: SOURCE Technavio Sign in to access your portfolio
Yahoo
05-02-2025
- Business
- Yahoo
Last Mile Delivery Market to Grow by USD 51.1 Billion from 2025-2029, Boosted by Global E-Commerce Growth, AI's Impact on Market Landscape
NEW YORK, Feb. 5, 2025 /PRNewswire/ -- Report with market evolution powered by AI - The global last mile delivery market size is estimated to grow by USD 51.1 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of 4.2% during the forecast period. Growing global e-commerce industry is driving market growth, with a trend towards strong focus on technological advances. However, operational challenges for last mile delivery companies poses a challenge. Key market players include Accenture PLC, CMA CGM SA Group, Deutsche Bahn AG, DHL Express Ltd., DSV AS, FarEye Technologies Inc., FedEx Corp., FM Logistic, Honeywell International Inc., Infosys Ltd., J B Hunt Transport Services Inc., Kuehne Nagel Management AG, Mara Labs Inc., Nippon Express Holdings Inc., Royal Mail Group Ltd., Schneider Electric SE, SNCF Group, United Parcel Service Inc., Werner Enterprises Inc., and XPO Inc.. Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF Last Mile Delivery Market Scope Report Coverage Details Base year 2024 Historic period 2019 - 2023 Forecast period 2025-2029 Growth momentum & CAGR Accelerate at a CAGR of 4.2% Market growth 2025-2029 USD 51.1 billion Market structure Fragmented YoY growth 2022-2023 (%) 3.9 Regional analysis APAC, North America, Europe, Middle East and Africa, and South America Performing market contribution APAC at 51% Key countries US, Germany, China, Canada, India, UK, Japan, South Korea, France, and Italy Key companies profiled Accenture PLC, CMA CGM SA Group, Deutsche Bahn AG, DHL Express Ltd., DSV AS, FarEye Technologies Inc., FedEx Corp., FM Logistic, Honeywell International Inc., Infosys Ltd., J B Hunt Transport Services Inc., Kuehne Nagel Management AG, Mara Labs Inc., Nippon Express Holdings Inc., Royal Mail Group Ltd., Schneider Electric SE, SNCF Group, United Parcel Service Inc., Werner Enterprises Inc., and XPO Inc. Market Driver The Last Mile Delivery market is experiencing significant trends as consumer expectations shift towards real-time tracking, on-demand services, and better customer experience. Urban congestion and sustainability considerations are driving the need for efficient logistics processes and innovative solutions like autonomous vehicles and drones. E-commerce growth and the rise of peer-to-peer marketplaces are increasing the importance of last mile delivery. Technology insights, such as route optimization and mobile applications, are streamlining the logistics process from distribution centers to the customer's doorstep. Brick-and-mortar retailers are adopting omnichannel retailing and cloud kitchens to meet changing consumer behavior. Logistics costs, including shipping and transportation, are a concern for both retailers and customers. Autonomous technology, like delivery robots and Scout, and non-autonomous technology, like ground delivery vehicles and skilled workers, are being used to reduce these costs. Poor infrastructure and logistics costs are challenges for the industry, but advancements in IT standards, system integration, and transportation hubs are helping to overcome these hurdles. The logistics market is expected to grow as freight transportation companies and supply chain activities adapt to meet the demands of the e-commerce industry and the need for easy returns and shipping options. In 2024, the last mile delivery market witnessed a significant trend with the increasing use of advanced technology for real-time package tracking. Consumers gained control over their retail deliveries through user-friendly online tools, offering transparency and convenience. However, managing large or heavy packages presented a challenge. To tackle this issue, delivery providers introduced web and mobile applications for scheduling and managing such deliveries. These tools facilitated real-time tracking, electronic rescheduling, and notifications to customers via email, text, or voice calls in case of delays. Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution! Market Challenges • Last Mile Delivery Market: Overcoming Challenges in E-commerce and Retail The Last Mile Delivery market is a critical component of the retail and e-commerce industries, connecting distribution centers to customers' doorsteps. Consumer expectations for real-time tracking, on-demand services, and fast delivery times put pressure on companies to optimize their logistics processes. Urban congestion, sustainability considerations, and the need for better delivery services add complexity to the equation. Technology insights, such as autonomous vehicles, drones, and mobile applications, offer potential solutions. However, challenges remain, including poor infrastructure, logistics costs, and the postal address system. E-commerce industry growth and the increasing popularity of on-demand services drive the need for efficient route optimization and skilled workers. Retailers, from brick-and-mortar to omnichannel, face competition from e-commerce and food delivery platforms. Company costs, including shipping and transportation, are a significant concern. Autonomous technology, such as delivery robots and Scout, and non-autonomous technology, like ground delivery vehicles, are key players in the market. Trade activities, including trading of goods and services, freight transportation companies, and supply chain activities, all contribute to the Last Mile Delivery landscape. The use of warehouses, transportation hubs, and fulfillment services is essential for efficient and cost-effective operations. The Internet and online shopping have transformed consumer behavior, leading to increased demand for product delivery services. Expected delivery times, shipping options, tracking options, and easy returns are all crucial factors for customer satisfaction. The integration of IT standards and logistics market trends, such as cloud kitchens and food delivery platforms, further impact the Last Mile Delivery landscape. Financial costs, transportation infrastructure, and inventories are essential considerations for companies navigating the Last Mile Delivery market. The use of technology, skilled workers, and effective logistics processes can help mitigate these challenges and provide better services to customers. • Last mile delivery operations present unique challenges for businesses, as they aim to provide transparency, efficiency, and profitability. While long-distance transportation costs are lower due to economies of scale, last mile delivery involves individual deliveries to numerous locations, leading to increased labor and fuel expenses. In this competitive market, pricing and delivery time are key differentiators. Customers seek cost-effective solutions from reliable service providers. Managing last mile delivery costs while maintaining customer satisfaction is a crucial business objective. Discover how AI is revolutionizing market trends- Get your access now! Segment Overview This last mile delivery market report extensively covers market segmentation by Service Application Geography Technology 1.1 B2C- The last mile delivery market refers to the transportation of parcels and goods from transportation hubs to consumers' homes in the B2C sector. With in e-commerce sales, the significance of last mile delivery has grown substantially. In contrast to B2B last mile delivery, B2C deliveries involve smaller and individual deliveries, posing challenges for operators due to low margins and the need for delivering to unique locations. However, the market has experienced growth, driven by the expansion of B2C services and the introduction of new services like next-day and same-day deliveries, real-time tracking, and easy returns. Vendors are leveraging big data and consumer analytics to optimize delivery routes, reduce fuel wastage, and enhance the consumer experience. Companies like DHL use real-time traffic, road, and weather information, as well as historical purchase data, to streamline operations and improve efficiency. These factors contribute to the expansion of the B2C segment, fueling the growth of the global last mile delivery market. Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics Research Analysis Last Mile Delivery Market: Bridging the Gap between Retailers and Customers Last Mile Delivery (LMD) refers to the final leg of the supply chain, from the distribution center or transportation hub to the customer's doorstep. This critical stage of the logistics process is shaped by evolving consumer expectations, urban congestion, sustainability considerations, and technological advancements. Consumers demand real-time tracking, on-demand services, and seamless experiences. Retailers, from e-commerce giants to brick-and-mortar stores, are adapting by implementing technology insights, such as mobile applications, route optimization, and autonomous technology, to streamline the LMD process. Urban congestion poses challenges, leading to the exploration of alternative delivery methods like drones and autonomous vehicles. Sustainability considerations also influence the LMD landscape, with companies focusing on reducing carbon emissions and adopting green practices. Peer-to-peer marketplaces and cloud kitchens catering to food delivery platforms further expand the LMD market. The logistics process, from distribution centers to transportation hubs, warehouses, and delivery destinations, is undergoing significant transformation to meet the needs of tech-savvy, convenience-driven consumers. Company costs and shipping costs are crucial factors in the LMD market, with companies striving for efficient operations and competitive pricing to maintain a competitive edge. The LMD market continues to evolve, offering endless opportunities for innovation and growth. Market Research Overview The Last Mile Delivery market refers to the final leg of the supply chain, which involves transporting goods from a transportation hub or distribution center to the customer's doorstep or retail store. Consumers expect fast, reliable, and convenient delivery services, leading to the rise of on-demand services and real-time tracking. Urban congestion and sustainability considerations are major challenges, driving the adoption of autonomous vehicles, drones, and non-autonomous technology. The logistics process involves distribution centers, warehouses, and delivery vehicles, with companies striving for route optimization and efficient use of transportation hubs and warehousing space. E-commerce, peer-to-peer marketplaces, and food delivery platforms are major drivers of last mile delivery growth. Technology insights, such as mobile applications and cloud kitchens, enable better delivery services and customer experience. The e-commerce industry's growth and increasing consumer behavior towards online shopping in product delivery services. However, poor infrastructure, logistics costs, and company costs, including shipping and handling fees, remain challenges. The logistics market includes freight transportation companies, supply chain activities, and fulfillment services, requiring skilled workers, IT standardization, and system integration. The use of autonomous delivery, such as delivery robots and Scout, is expected to revolutionize last mile delivery, reducing transport costs and increasing efficiency. Trade activities, both domestic and overseas, require effective last mile delivery solutions, with expected delivery times, shipping options, and tracking options being crucial factors for customers. Table of Contents: 1 Executive Summary2 Market Landscape3 Market Sizing4 Historic Market Size5 Five Forces Analysis6 Market Segmentation Service Application Geography Technology 7 Customer Landscape8 Geographic Landscape9 Drivers, Challenges, and Trends10 Company Landscape11 Company Analysis12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: media@ View original content to download multimedia: SOURCE Technavio
Yahoo
29-01-2025
- Business
- Yahoo
Custom Application Development Service Market to grow by USD 53.7 Billion from 2025-2029, driven by cloud adoption, AI's impact on market trends
NEW YORK, Jan. 29, 2025 /PRNewswire/ -- Report on how AI is redefining market landscape - The global custom application development service market size is estimated to grow by USD 53.7 bn from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of 9.4% during the forecast period. Increasing adoption of cloud-based services is driving market growth, with a trend towards emergence of low-code development platforms (ICDP). However, availability of open-source platforms poses a challenge. Key market players include Accenture PLC, Appinventiv Technologies Pvt. Ltd., Capgemini Services SAS, Chetu Inc., Cognizant Technology Solutions Corp., Datamatics Services Limited, DXC Technology Co., Fujitsu Ltd., HCL Technologies Ltd., Iblesoft Inc., Infanion, Infosys Ltd., International Business Machines Corp., LTIMindtree Ltd., NTT DATA Corp., Radixweb, ScienceSoft USA Corp., Software AG, Speridian Technologies, and Wipro Ltd.. Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF Custom Application Development Service Market Scope Report Coverage Details Base year 2024 Historic period 2019 - 2023 Forecast period 2025-2029 Growth momentum & CAGR Accelerate at a CAGR of 9.4% Market growth 2025-2029 USD 53.7 billion Market structure Fragmented YoY growth 2022-2023 (%) 8.4 Regional analysis North America, Europe, APAC, South America, and Middle East and Africa Performing market contribution North America at 37% Key countries US, China, Germany, UK, Canada, India, France, Japan, Brazil, and UAE Key companies profiled Accenture PLC, Appinventiv Technologies Pvt. Ltd., Capgemini Services SAS, Chetu Inc., Cognizant Technology Solutions Corp., Datamatics Global Services Limited, DXC Technology Co., Fujitsu Ltd., HCL Technologies Ltd., Iblesoft Inc., Infanion, Infosys Ltd., International Business Machines Corp., LTIMindtree Ltd., NTT DATA Corp., Radixweb, ScienceSoft USA Corp., Software AG, Speridian Technologies, and Wipro Ltd. Market Driver Custom application development services are on the rise, with a focus on industry-specific applications and real-time data analysis. Flexible workspaces and remote work are becoming the norm, leading to cost reduction and increased agility. AI-driven chatbots and robotics automation are enhancing business processes in various sectors, including investment banking. Cloud technology is a major trend, with cloud-based software development, centralized systems, and web-based solutions offering ease of access, flexibility, and cost-effectiveness. Analytical tools and business intelligence (BI) are essential for large enterprises and SMEs in IT & telecom, retail, and other sectors, providing insights for decision-making and inventory cost reduction. Security is a top concern, with cyberattacks and cybercrimes on the rise. Investment in cyber insurance and AI, IoT, machine learning, and blockchain technologies is essential for data security. Open-source programs offer intellectual property advantages, but come with security risks. Features and functions of corporate software are evolving, with automation, performance, and scalability key priorities. Remote access and real-time information are essential for businesses in the retail, grocery, and food delivery sectors. Cloud deployment ensures reliability and data security. Mobile apps and IoT systems are transforming industries, with IoT investments in devices and analytics capabilities driving innovation. Smart technology and design are essential for user experience and adoption. Ultimately, custom application development services offer businesses a competitive edge, enabling them to streamline processes, reduce costs, and make informed decisions. The custom application development service market is witnessing a significant trend with the increasing adoption of Low-Code Development Platforms (LCDPs). These platforms enable developers to build applications with minimal hand-coding, utilizing visual interfaces and drag-and-drop features. This accelerates the development process, allowing businesses to launch custom applications swiftly and efficiently compared to conventional coding methods. LCDPs abstract much of the software development intricacies, making it more accessible to non-technical users, such as business analysts and subject matter experts. By involving these stakeholders in the application development process, the need for specialized IT resources is reduced. The architecture and design of company systems are crucial in shaping the entire process and lifecycle of enterprises. Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution! Market Challenges Custom application development services help businesses create unique software solutions tailored to their industry applications. Challenges include real-time data analysis, flexible workspaces, AI-driven chatbots, robotics automation, and remote work. Cost reduction is a significant factor, with analytical tools and business intelligence (BI) essential for decision-making. Investment banking, retail, IT & telecom segments, and SMEs all benefit from cloud technology's agility, performance, and cost-effectiveness. Cloud-based software development enhances scalability, integration, and security. Open-source programs offer flexibility, but IP protection is crucial. Cross-departmental communication and automating processes are key. Industry-specific challenges include inventory costs, cyberattacks, and cybercrimes, requiring cyber insurance. Features like AI, IoT, machine learning (ML), Blockchain, robots, and data science are essential. Cloud deployment ensures ease of access and real-time information. Remote access and real-time information are vital for large enterprises and SMEs alike. Security, reliability, and data security are non-negotiable. Mobile apps, retail stores, grocery stores, and food delivery services all require customized solutions. In summary, custom application development services address industry-specific challenges, offering features like AI, IoT, ML, and Blockchain, while ensuring security, scalability, and cost-effectiveness. Cloud technology and open-source programs offer flexibility and agility, making them ideal solutions for businesses in various sectors. Open-source software platforms, such as Apache NetBeans, Apache Cordova, Eclipse IDE, and Bootstrap, offer free use and development resources for application creators. These platforms, built by and for communities of software engineers, are easily accessible on web portals. Their availability negatively impacts the revenue of proprietary application development service providers. End-users benefit from open-source software through free support, prevention of vendor lock-in, and adherence to open standards. These systems, like Apache NetBeans and Eclipse IDE, are distributed version control systems, ensuring efficient application development. Discover how AI is revolutionizing market trends- Get your access now! Segment Overview This custom application development service market report extensively covers market segmentation by Deployment 1.1 On-premise 1.2 Cloud End-user 2.1 Large enterprises 2.2 SMEs Geography 3.1 North America 3.2 Europe 3.3 APAC 3.4 South America 3.5 Middle East and Africa 1.1 On-premise- Custom application development services refer to the creation of unique software solutions tailored to meet specific business requirements. On-premise deployment is a popular choice for these services, offering clients full control over their hardware and software. However, on-premise deployment comes with higher upfront costs compared to cloud deployment, which requires recurring monthly payments. Additionally, on-premise deployment offers greater data security as clients have single access points and control over their servers and data. Large companies dealing with sensitive business information often opt for on-premise application development services due to the enhanced security features. For instance, Infosys Ltd. (Infosys) helped Anglian Water develop an on-premise custom application to ensure product quality. Despite the advantages, the use of on-premise application development services is expected to decrease during the forecast period due to the high capital expenditure associated with maintaining internal servers. This trend will contribute to the growth of the global custom application development service market, as more businesses shift towards cloud-based solutions. Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics Research Analysis Custom Application Development Service Market: Custom software development is a dynamic industry that caters to the unique needs of businesses across various sectors. The market encompasses industry applications, real-time data analysis, flexible workspaces, and advanced technologies like AI-driven chatbots and robotics automation. Remote work and cost reduction are key drivers, with analytical tools and business intelligence (BI) enabling data-driven decision-making. Machine learning and artificial intelligence are transforming business processes in sectors like investment banking, IT & telecom, and retail. Features such as real-time analytics, cross-departmental communication, and automating processes are essential. Analytics software, cloud technology, mobile apps, and services for grocery stores, grocery delivery services, and food delivery services are significant market segments. The market's continuous evolution ensures the delivery of innovative solutions that meet evolving business needs. Market Research Overview The Custom Application Development Service Market is a dynamic and evolving industry that caters to the unique software needs of businesses across various sectors. This market encompasses the development of industry applications, including real-time data analysis, flexible workspace solutions, and AI-driven chatbots. Robotics automation and remote work are also key areas of focus, offering cost reduction and enhanced performance through analytical tools and business intelligence (BI) solutions. Cloud technology plays a significant role in this market, with cloud-based software development, centralized systems, and web-based solutions enabling scalability, integration, and real-time information access. Agile methodologies and open-source programs ensure flexibility and cost-effectiveness. Key applications include investment banking, retail, IT & telecom, and SMEs. Features such as automating processes, inventory cost reduction, and decision-making capabilities are essential for businesses looking to enhance profitability and remain competitive. Security risks, including cyberattacks and cybercrimes, necessitate investment in cyber insurance and advanced security measures. IoT, AI, machine learning, and blockchain technologies are driving innovation in this market, with smart technology and data science at the forefront. Revelation of IoT systems, IoT investments, and IoT devices are transforming industries and creating new opportunities for custom application development services. Table of Contents: 1 Executive Summary2 Market Landscape3 Market Sizing4 Historic Market Size5 Five Forces Analysis6 Market Segmentation Deployment End-user Geography 7 Customer Landscape8 Geographic Landscape9 Drivers, Challenges, and Trends10 Company Landscape11 Company Analysis12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: media@ View original content to download multimedia: SOURCE Technavio
