Enterprise Asset Management Market to See Huge Growth & Profitable Business

Factors such as the surging deployment of enterprise asset management (EAM) solutions for effective utilization of assets, increasing need for the reduction of procurement and maintenance expenses, improved return on assets (ROA), growing internet of things (IoT) sector, rising number of construction projects, and mounting alertness regarding predictive analytics among large enterprises are expected to drive the enterprise asset management market in the foreseeable period (2020–2030) at a CAGR of 14.2%. According to P&S Intelligence, the market size stood at $5,682.1 million in 2020, which is expected to reach $21,471.3 million in 2030. 

One of the prime factors aiding the enterprise asset management market is the surging need for the reduction of procurement and maintenance expenses. EAM can help in minimizing maintenance costs by providing better information on capital investment, closely tracking of operations, and effectively controlling of equipment. Furthermore, it can reduce operating costs by mounting project return on investment (ROI), minimizing procurement cost of materials, and reducing maintenance cost. Further, the surging need of enterprises to optimize their operation costs by a significant number results in high demand for EAM solutions.

The offering segment of the enterprise asset management market is categorized into solution and service. Between the two, the solution category accounted for a larger market share in 2020. This is ascribed to the increasing need for better ROI on assets, rising demand for effective management of enterprise assets and resources, mounting need for streamlined business operations, and growing industries, such as retail, manufacturing, telecommunications, and healthcare. Whereas, the service category is projected to record faster growth in the coming years, owing to the increasing need for professional and managed services from businesses for smooth business operations.

Geographically, the North American enterprise asset management market accounted for the largest share in 2020. This is ascribed to the existence of several market players, increase in adoption of EAM services and solutions in several industries, presence of a large number of end users, rise in need to meet strict regulatory compliances, and high public and private investments for better management of equipment and assets, in the region. Moreover, companies focusing on safeguarding supply chain management (SCM), asset utilization, and predictive utilization, to streamline business operations, are also driving the regional market growth.  

Thus, the surging need for the reduction of procurement and maintenance expenses and the increasing deployment of EAM solutions for effective utilization of assets are expected to propel the market growth during the forecast period.

Off-Highway Electric Vehicles Market Will Hit Big Revenues in Future

The revenue of the off-highway electric vehicles market in 2030 will be $97,754.1 million, compared to an estimated $16,908.6 million in 2021, and it will witness a massive 21.5% CAGR between 2021 and 2030. The key reason behind it would be the technological advancements in electric propulsions, which have already been widely tested and adopted in on-road vehicles.

Key advancements in this regard include a higher battery capacity and power output, both of which are essential for the success of EVs. Moreover, all this must happen without an increase in the price of batteries, which remains a key concern for those switching or seeking to switch to electric mobility for on- and off-road purposes.

Another major driver for the sale of such vehicles is the growing demand for low-emission and -noise machines in the construction sector, as they can operate in densely populated areas and even indoors.

Thus, the BEV category dominates the off-highway electric vehicles market in the propulsion segment. The absence of the diesel engine not only makes BEVs emission-free, but also extremely quiet.

This is also consistent with construction being the largest application area of off-highway electric vehicles. The global population boom is making the construction of civic, industrial, commercial, and residential infrastructure necessary.

In this regard, the stringent emission regulations being implemented on conventional vehicles around the world are playing a major part, by making these automobiles increasingly expensive.

During the COVID-19 pandemic, the sale of such equipment witnessed a massive downfall due to the closure of construction sites, mines and oil & gas projects, and many manufacturing plants, including of these vehicles themselves.

However, the race to finish the delayed infrastructure projects as soon as possible is benefitting the off-highway electric vehicles market in the post-lockdown era, with many OEMs launching new vehicle models suited to different purposes.

APAC continues to witness the highest demand for off-highway machines with fully electric or hybrid-electric propulsion. The region is the world's largest construction market and also the most-polluted, led by China and India in both these aspects. Therefore, the focus on integrating electric drivetrains in off-highway vehicles has become really strong here in the recent past. Additionally, APAC is the largest manufacturer of EVs, thus leading to their easy availability.

This presents lucrative opportunities for key off-highway electric vehicles market players, including Hyundai Doosan Infracore Co. Ltd., Komatsu Ltd., AB Volvo, Caterpillar Inc., LIEBHERR-International Deutschland GmbH, J.C. Bamford Excavators Limited, Sany Heavy Equipment International Holdings Company Limited, DEERE & COMPANY, Epiroc AB, and Hitachi Ltd. Thus, they have begun entering into partnerships and collaborations, merging with and acquiring similar firms, and expanding their geographical presence, apart from launching new vehicle models.

Health-Conscious People Generating Demand for Wearable AI Devices

The increasing public awareness about fitness level and surging public focus on healthy lifestyle, owing to the hectic work schedule and the sedentary life of people, are propelling the usage of wearable devices worldwide. People use wearable devices to track vitals, such as heartbeat, calorie intake, and calories burnt. The real-time information displayed by these devices helps reduce diabetes cases and encourage people to exercise regularly. Owing to the various benefits of artificial intelligence (AI)-powered wearable devices, electronics manufacturers are increasingly adopting AI technologies in their products.

Additionally, the mounting per capita income of people will also help the wearable AI devices market propel at a whopping CAGR of 29.0% during 2019–2024. According to P&S Intelligence, the market was valued at $11,182.8 million in 2018, and it will generate $49,240.6 million revenue by 2024. For instance, the World Bank states that the per capita gross national income (GNI) of China, Australia, and France grew from $10,390 in 2019 to $10,610 in 2020, $48,660 in 2018 to $50,540 in 2019, and $47,600 in 2018 to $50,400 in 2019, respectively. 

Currently, wearable device manufacturers are integrating AI technology in wristwear, such as fitness bands and smartwatches, earwear, and eyewear. In earlier times, AI-enabled wristwear was preferred over other wearables as they are equipped with AI functionalities, such as heart rate monitoring, sleep tracking, and personal voice assistance. All the above-mentioned AI-supported wearables consist of displays, sensors, memory devices, processors, power management systems, and connectivity integrated circuits (ICs). These advanced wearable devices are used in the gaming, healthcare, and consumer electronics industries.

 In recent years, AI-enabled wearable device manufacturers are predominantly focusing on partnerships to facilitate the adoption of their products among a greater number of people. For example, in January 2018, Xiaomi Corporation partnered with Oculus to introduce standalone VR headsets, such as Xiaomi Mi and Oculus GO VR Standalone. Both these headsets use Snapdragon mobile VR platform to meet high-processing requirements. Companies such as Fitbit Inc., Google LLC, BRAGI GmbH, Apple Inc., Fossil Group Inc., and Huawei Investment & Holding Co. Ltd., are also entering into partnerships to lure more customers.

Globally, North America dominated the wearable AI devices market in the recent past due to the presence of numerous consumer electronics manufacturers, the high per capita income of people, and hefty investments that were made to encourage AI integration in wearable devices in the region. For instance, the World Bank states that the per capita GNI of the U.S. was $66,060 in 2019. The organization also estimates that the per capita GNI of Canada grew from $49,430 in 2018 to $49,990 in 2019. 

In the upcoming years, the Asia-Pacific (APAC) region will emerge as a significant user of AI-enabled wearable devices, owing to the surging disposable income of people, booming population, and increasing adoption of advanced technologies, such as AI. For example, the Reserve Bank of India (RBI) data reveals that the gross national disposable income of India rose from INR 1,73,15,933 crore in financial year (FY) 2017–2018 to INR 1,92,37,943 crore in FY 2018–2019. 

Thus, the rising public focus on a healthy lifestyle and escalating per capita income of people are encouraging the usage of wearable AI devices worldwide. 

BFSI Security Market Set to Exhibit Tremendous Growth in Coming Years

The increasing digitization of banking and financial operations all over the world is pushing up the demand for banking, financial services, and insurance (BFSI) security solutions. This is because the rising adoption of personalized and digital banking is augmenting the threat of data breaches and cyber-attacks. Moreover, with banking operations moving to cloud networks and adopting digital technologies, the threat of data theft, including breach of sensitive and confidential information, is rising rapidly.

Because of these risks, banks and other financial organizations are increasingly adopting advanced security solutions. For example, InvestBank P.S.C. adopted a security solution developed by Cisco Systems Inc. in May 2018 for supporting its digital transformation strategy. The security solution included Cisco’s advanced malware protection (AMP) for end points, for the detection and prevention of advanced threats. Banks are also adopting the internet of things (IoT) for enhancing the security of their operations.

This technology assists in the identification of the devices and systems used for transmitting vulnerabilities, tracking of the location of financial crimes, and remote monitoring of surveillance devices for the early detection of various fraudulent activities. Besides this technology, financial institutions are also adopting smart security solutions for detecting potential cyber-attacks, assessing risks, automating operations, and centralizing management systems. In many countries, intelligent security solutions are quickly becoming popular among the organizations operating in the BFSI industry.

The growing deployment of such security solutions by banks and other financial organizations is positively impacting the growth of the global banking, financial services, and insurance (BFSI) security market. Due to this reason, the market is predicted to witness a massive surge in its valuation, from $31.3 billion to $175.1 billion, from 2019 to 2030. Furthermore, the market is predicted to advance at a CAGR of 16.9% between 2020 and 2030.

Depending on security type, the BFSI security market is divided into information security and physical security categories. Between the two, the information security category is predicted to exhibit higher growth rate in the market in the future years. The category is further divided into data loss prevention, antivirus, unified threat management, encryption, risk and compliance management, and identity and access management categories. Amongst these, the encryption category recorded the highest growth in the BFSI security market in the past.

Globally, the BFSI security market would exhibit lucrative growth in Europe and North America in the upcoming years, as per the forecast of P&S Intelligence, a market research company based in India. This is credited to the implementation of strict data policies aimed at enhancing data security in these regions. Additionally, the growing focus of financial organizations on digitization and the rising popularity of cloud-based data storage solutions will further propel the market growth in these regions in the future.

Hence, it can be said with full surety that the adoption of security solutions by BFSI organizations will rise enormously all over the world in the coming years, mainly because of the rising digitization in this domain and the growing prevalence of data breaches and cyber-attacks in banking and financial operations.

E-Commerce Automotive Aftermarket Demand To Rise Substantially in Future

The e-commerce automotive aftermarket size is expected to increase from an estimated $78,631.4 million in 2021 to $191,545.7 million by 2030 at a robust 10.4% CAGR. According to the market research study published by P&S Intelligence. Both repair shops and vehicle owners are now procuring replacement vehicle parts online, of which garages, or B2B customers, have been more significant till now. They generally buy the components in bulk, to fit in the vehicles of owners.

In the coming years, B2C customers, which include the vehicle owners themselves, will become rapidly significant for companies offering automotive aftermarket parts on online channels. This will be because of the growth in the DIY culture and shopping convenience that e-commerce offers people, in terms of doorstep delivery, special discounts, and product comparisons.

Key Findings of E-Commerce Automotive Aftermarket Report

E-Commerce Automotive Aftermarket Outlook 2022-2030

Replacement engine parts are being bought the most widely off e-commerce platforms because of the rise in the number and average age of vehicles around the world.

From 1.28 billion in 2015, the number of vehicles in operation had risen to 1.73 billion by 2020-end, thus driving the e-commerce automotive aftermarket by leading to the rising requirement for replacement parts.

Another key driver for the industry is the rising rate of digitization, which is offering an increasing number of people access to the internet. As per the World Bank, 56.7% of the global population had internet access in 2019, compared to 28.8% in 2010.

Moreover, the click-and-mortar concept is becoming popular as it allows customers to look the product up and pay for it online and pick it up at the physical store.

In the industry, third-party retailers are the dominant channel because they offer parts by a large number of manufacturers at discounted prices, thereby making the experience better for buyers.

APAC has the largest regional e-commerce automotive aftermarket size as it is home to the largest number of vehicles. Moreover, almost all established automotive component manufacturers have factories and sales presence here.

The key reason for the rising automobile sales in APAC is the increase in the disposable income of people, which is accompanied by industrialization and urbanization. Additionally, with technological advancements and strong safety regulations, the average age of automobiles has risen here. Similarly, with the government efforts to enhance their communications infrastructure, more inhabitants here now have access to the internet.

This is why the key e-commerce automotive aftermarket players, including both component manufacturers and online shopping portals, are entering into partnerships or acquiring each other. Major companies in the industry are Robert Bosch GmbH, Amazon.com Inc., Meritor Inc., eBay Inc., Genuine Parts Co. Inc., AutoZone Inc., CarParts.com Inc., Advance Auto Parts Inc., BUYAUTOPARTS LLC, and Alibaba Group Holding Ltd.

Technological Advancements Propelling Geospatial Imagery Analytics Market Growth

Technological innovations in geospatial imagery analytics solutions are widening their application base. The integration of artificial intelligence (AI) and big data in these analytics solutions for an efficient and faster analysis of data has led to the delivery of meaningful insights about the happenings on the earth, in less time. The need for the extraction of meaningful data and classification of its large volumes has led to the widescale adoption of these solutions in the healthcare, defense, retail and e-commerce, disaster management, and banking, financial services, and insurance (BFSI) sectors.

Moreover, the soaring demand for geospatial analytics solutions from business organizations to ensure demographic and geospatial support for their investment plans is driving the market growth. Firms are utilizing these solutions to design their business strategies, to stay ahead in the competition.

Currently, an increasing number of nano and small satellites are being launched by numerous countries to offer an array of services to the public, including TV channels and weather updates. These satellites are smaller and lighter than the traditional satellites, usually less than 500 kg, and therefore, easier to launch. Organizations such as the National Aeronautics and Space Administration (NASA) and Space Exploration Technologies Corp. are investing heavily in these satellites because they offer frequent, quicker, low-cost, and broader access to space.

The collection medium segment of the geospatial imagery analytics market is categorized into geographic information systems (GIS), unmanned aerial vehicles (UAVs), satellites, and others, which include airships, helicopters, balloons, and helikites. Amongst these, the GIS category accounted for the largest market share in 2017 due to the widescale utilization of GIS systems in the government, oil and gas, aerospace and defense, and water and wastewater treatment sectors. Moreover, the UAVs category is predicted to grow the fastest in the forecast period. This can be ascribed to the increasing adoption of UAVs by government agencies to collect geospatial information.

Geospatial imagery analysis is used for network analysis, geo visualization, and surface analysis, for various purposes, such as surveillance and monitoring, energy and resource management, conservation and research, exhibition and live entertainment, construction and development, and disaster management. These industries are mostly using network analysis solutions to cut down the additional cost incurred and time used due to inefficient networks. These solutions are most suitable for analyzing definitive paths, such as roads, drains, canals, and rivers, with pinpoint precision.

Geographically, Europe made the most use of geospatial imagery analytics in 2017 due to the integration of machine learning and AI in these solutions and growing commoditization of geospatial data. Apart from this, government organizations in European nations are adopting geospatial analytics for public safety and security, as technological developments have led to the introduction of numerous such solutions. During the forecast period, the Asia-Pacific (APAC) geospatial imagery analytics market will register the fastest growth. This can be attributed to the increasing number of connected devices and rising penetration of the internet in the region.

Therefore, advancements in geospatial imagery analysis solutions are encouraging governments and private companies to go for them.

Why Can Advanced Vehicles Not Be Serviced without Automotive Repair Software?

With the booming population, which is witnessing an increase in its purchasing power, the sale of automobiles is rising rapidly. Between 2015 and 2018, the number of vehicles in operation around the world rose sharply to 1.57 billion from 1.28 billion. Along with just the number of vehicles, even their quality is rising, as automakers are competing for a larger share in the market. As a result, people are using their automobiles for longer than before, which is leading to brisk business for vehicle repair and servicing entities.

Moreover, with the changing customer demands, vehicles are becoming more complex and more dependent on advanced technology. P&S Intelligence says that all these factors will together propel the automotive repair software market from $1,264.2 million in 2019 at a healthy 10.3% CAGR between 2020 and 2030. This is because with automobiles becoming more complex, auto repair and maintenance are moving beyond mechanical and electrical maintenance, to encompass software updates and cybersecurity as well.

Moreover, software also allows repair and maintenance entities to save time, which is crucial for answering customers’ demand for quick service. Apart from servicing and overhauling, such software helps repair personnel in inventory tracking, back-office operations, parts management, and appointment scheduling. Further, software enables garages to keep a track on their employees, drive productivity, and focus on areas that need improvement, in terms of the service quality or task duration. Similarly, companies that have garages in multiple places can integrate data from several locations at one place and share real-time information for smoother communication.

With time, as sales of connected, autonomous, and electric vehicles burgeon, so will the demand for automotive repair software. Compared to conventional automobiles, they have more electronic systems, including an electric powertrain, various sensors and cameras, and digital instrument clusters, which cannot be repaired without adequate technical know-how and advanced software. In 2019, 2.1 million electric cars were sold around the world, which brought the number of all such vehicles in operation to more than 7.2 million, says the International Energy Agency (IEA), thereby reflecting a rising demand for automotive repair software.

Such software can be installed on mobile phones, tablets, and computer systems. Currently, computers are the most-preferred interface for such programs because they offer larger storage, which is important for the heavy software. However, the usage of mobile phones for deploying automotive repair software is rising rapidly, as such devices offer convenience to repair personnel, who no longer have to shunt between their computer and working area to check technical service bulletins (TSBs), colored wiring diagrams, and commonly replaced parts data. This quickens up the process and makes it more efficient and allows repair entities to service more vehicles in a given time, thereby letting them boost their earnings.

Since such software is a result of modernization, North America has been the most-productive automotive repair software market till date. Many regional garages possess the technical know-how regarding advanced vehicles and the software required for their repair and maintenance. Moreover, people are using their vehicles for longer than before, and they also want more mileage out of them, for which a stronger focus is mandated on repair and servicing. In the coming years, such software is expected to find widespread adoption in other parts of the world too, especially Asia-Pacific (APAC), which is the largest auto market anywhere and witnessing rapid technological advancements.

Hence, as vehicles become more complex with the integration of electric propulsion and numerous connected technologies, repair shops will become more dependent on advanced software for their day-to-day operations.

How Is Retail Sector Augmenting Self-Checkout Systems Demand?

Retail stores around the world are focusing on reducing operational expenses and checkout time by deploying self-checkout systems. Additionally, the incorporation of such systems also increases the in-store productivity of retail outlets and saves labor costs by automating the work of cashiers and clerks. Moreover, these systems also assist retailers in maintaining overall output and efficiency of the purchasing process, while fulfilling the expectations of customers. Thus, the surging focus of retail store owners on providing a better customer experience will accelerate the adoption of self-checkout systems in the foreseeable future.

 Contactless payment is usually done through smartphones and near-field communication technology (NFC)-enabled payment options. In recent years, the integration of NFC and radio frequency identification (RFID) in self-checkout systems has become a major market trend. 

In the coming years, retail stores will show a high inclination toward wall-mounted and countertop cashless and cash-based self-checkout systems to offer a better customer experience, owing to the availability of limited space in small stores. Additionally, healthcare facilities, hotels, restaurants, retail stores, entertainment arenas, and travel spaces can also opt for standalone cash and cashless systems to improve their operations and enhance customer experience. In the preceding years, cashless self-checkout systems were preferred over cash variants due to the rapid digitization of end use industries.

The retail store segment of the self-checkout systems market is classified into convenience stores, supermarkets and departmental stores, hypermarkets, and others, such as pharmacies, grocery stores, and other small-sized stores. Under this segment, the hypermarkets category accounted for the largest market share in 2017, due to the large footfall of customers in these stores. Whereas, supermarkets and departmental stores and convenience stores are expected to exhibit significant growth throughout the forecast period, owing to the surging focus of these stores on reducing waiting time for shoppers and tackling labor shortage.  

In recent years, self-checkout system manufacturers, such as ITAB Group, International Business Machines (IBM) Corporation, Pan-Oston, Diebold Nixdorf Incorporated, Olea Kiosks Inc., PCMS Group Ltd., Fujitsu Limited, NCR Corporation, and Toshiba TEC Corporation, have opted for product introduction, partnerships, and facility expansions to meet the needs of the travel, retail, healthcare, hospitality, and entertainment industries. For example, in May 2018, NCR Corporation introduced a web-based analytics system, named Horizon, for the retail sector. This system allows retail store owners analyze data generated from self-checkout queues and provide recommendations for improvement of operations. 

According to P&S Intelligence, the North American region accounted for the largest share in the self-checkout systems market in 2017 due to the early adoption of advanced technologies and the presence of major players in the U.S. and Canada. Whereas, the Asia-Pacific (APAC) market is expected to register the fastest growth during the forecast period. This will be on account of the increasing focus of retail stores of India, China, and Japan on advanced technologies to allow human-free checkouts. 

Therefore, the surging focus of the retail sector on providing improved customer experience and the rising popularity of contactless payment will facilitate the adoption of self-checkout systems in the upcoming years.  

Salesforce Services Market to Record CAGR of 18.9% and Increase in Revenue by 2030

In today’s world of fierce competition, just coming up with unique products and creative marketing campaigns is not enough for companies. They also need to implement a strong focus on client satisfaction and retention and analysis of how well their marketing campaigns are faring. Moreover, with the rising penetration of smartphones and the internet, more people are using mobile and computer applications to interact with companies, which is why app development has become such a lucrative occupation.

According to P&S Intelligence, the increasing awareness of companies on all these areas is the key factor that will drive the salesforce services market to $55,307.6 million by 2030 from $9,124.2 million in 2019, at an 18.9% CAGR between 2020 and 2030. Salesforce refers to customer relationship management (CRM) solutions that help firms manage their customer service, sales, marketing, e-commerce, application development, and analytics processes. They allow companies to monitor the customer behavior and offer personalized recommendations, analyze the impact of their marketing activities, forecast sales, manage leads, store and process internet of things (IoT) data, and automate repetitive tasks.

Salesforce service solutions are being widely used in the retail & e-commerce, banking, financial services, and insurance (BFSI), IT & telecom, healthcare, government, and manufacturing sectors. Among these, these solutions find the highest adoption in the BFSI industry, which is constantly making efforts to connect with the young and tech-savvy customers digitally. Moreover, companies in the industry are deploying salesforce solutions to get an in-depth insight into customers’ accounts and queries and engage with the latter better.

The burgeoning adoption of the cloud is one of the biggest reasons the salesforce services market generates the highest revenue from North America. In addition, the continent is home to the world’s largest IT industry, which results in both the easy availability and high demand for such solutions. North America is also generally the first region to adopt emerging technologies, especially those related to the IT field. In the coming years though, the fastest rise in the adoption of salesforce services would be seen in Asia-Pacific (APAC), owing to economic growth, increasing preference for cutting-edge technologies, and expanding BFSI sector.

Therefore, as enterprises across industries indulge in even fiercer competition, they will likely procure software and apps that help make their business process smoother and more efficient.

How Do Automation Services Help in Managing Data?

AaaS enables business organizations to form a virtual workforce that can perform multiple tasks with improved efficiency, at a low cost. With the deployment of virtual workforces, the need for human intervention is eliminated.

Moreover, the surging adoption of new-age technologies in the banking, financial services, and insurance (BFSI) sector has led to the increasing utilization of automation solutions. The BFSI sector generates a large amount of data, which is now being documented and analyzed with accuracy by utilizing automation software. Moreover, the adoption of AaaS in this sector reduces the time taken for documenting, accounting, invoicing, calculations, and other important but daily and routine functions. These advantages result in the streamlining of BFSI operations and improvements in the efficiency of the overall system.

The type segment of the automation as a service market is bifurcated into rule-based and knowledge-based. In 2017, the rule-based bifurcation held the larger market share due to the deployment of automation programming solutions to automate various tasks that do not need high cognitive abilities and are least complex. Moreover, the knowledge-based category is exhibiting rapid growth in the market owing to the better ability of knowledge-based automation solutions to deal with high volumes of unstructured data.

This is why the BFSI sector is generating a high demand for automation in compliance, credit card approval, customer service, fraud detection, invoice digitization, mortgage processing, report build-up, know your customer (KYC) integration, account closing, and ledger update processes. Additionally, the AaaS software finds wide application in the retail and consumer goods industry, as it offers better customer service and curtails lead times for products. Besides, these solutions provide better cost control, higher productivity, and enhanced process control.

In 2017, the North American automation as a service market generated the highest revenue due to the advanced service industry, high IT expenditure, presence of large enterprises, and technological developments in the region. According to P&S Intelligence, the Asia-Pacific (APAC) region is expected to showcase the fastest growth in the market in the forecast years. This can be attributed to the expanding service industry, particularly in India and China, economic development, growing digitalization, and rising adoption of novel technologies.

In recent years, key AaaS solution vendors have started to adopt measures such as geographical expansion, product launches, and mergers and acquisitions to gain a competitive edge over each other. For example, in May 2018, Micro Focus International plc introduced Vertica 9.1, a new variant of Vertica, with additional features including the separation of computer resources from data storage and simplified operations, to enable clients to curtail costs of their cloud infrastructure. Further, in July 2018, Accenture plc acquired Kogentix to strengthen the Accenture Applied Intelligence services in North America by utilizing the AI and big data services and solutions offered by Kogentix.

Thus, the advancements in technology and quick digitalization of several industries have augmented the demand for AaaS solutions globally.