Table Of Contents
- The field of information and communication technology has experienced exponential growth in the recent past. The launch of 5G services in many developed and developing countries of the world has accelerated the development of several innovations. Furthermore, the advent of emerging technologies such as quantum computing, blockchain, generative AI, machine learning, etc., have played a major role in strengthening the position of the ICT domain. The growing focus on cybersecurity to protect personal data from external attacks and malicious threats is anticipated to generate new avenues of growth in the sector. Along with this, the increasing transition toward cloud computing and services is gradually transforming the industry. Recently, Allied Market Research published a study that covers all these factors in detail. Moreover, it highlights the top 5 trends and developments in the ICT sector and analyzes their impact on the landscape.
- The emergence of artificial intelligence is one of the biggest breakthroughs in the field of electronics and communication technology. Almost all sectors of the global economy including healthcare, manufacturing, banking, etc., have been impacted by the introduction of AI. Applied AI, along with machine learning algorithms, is primarily used for performing analytical tasks and predictive maintenance jobs. Studies have shown that the integration of ML-based tools in different industrial processes offers better insights into various aspects of their performance and improves the decision-making capabilities of the stakeholders involved. Ultimately, this helps streamline the operations of the company, thereby bettering the efficiency and productivity of the industry. The growing investments in such technologies by governments and private companies to develop innovative solutions are expected to help the Artificial Intelligence (AI) industry gather a revenue of $3,636 billion by 2033.
- Machine learning refers to the study, development, and use of statistical algorithms and AI-based tools to generate data and perform different tasks without explicit instructions and human intervention. Today, ML is widely deployed in the fields of computer vision, natural language processing, drug development, finance, agriculture, speech recognition, etc. Additionally, in the past few years, the machine learning as a service industry has also flourished immensely with the growing adoption of such innovative technologies. Major technology companies such as HEWLETT PACKARD ENTERPRISE, PREDICTRON LABS LTD, AMAZON WEB SERVICES, etc., have launched solutions that aid companies in implementing AI and cognitive computing platforms for simplifying their operations. The rising adoption of cloud services has played a major role in augmenting the growth rate of the sector in Q3 2024.
- The advent of augmented reality and virtual reality has completely revolutionized the sphere of visual media technologies. These innovations have essentially changed the way users and viewers interact with digital content. Various end-use industries including education, healthcare, supply chain management, entertainment and gaming, etc., have started adopting AR and VR-based technologies to enhance customer satisfaction in the long run. For instance, virtual reality is used in the healthcare industry for various applications such as robotic-assisted surgery, wound care management, physical therapy and rehabilitation, wound care management, and many more. Similarly, augmented reality is widely employed by logistics companies in warehousing operations to monitor inventory levels, analyze customer buying patterns, and track delivery in real-time. The exponential growth of the augmented reality in warehousing and logistics industry is attributed to these advantages offered by immersive technologies.
- The rising awareness regarding the importance of privacy and the growing risk of malicious threats has increased the focus on cybersecurity technologies. These solutions generally include standard data protection packages, applications, and tools that provide comprehensive support for the networking systems concerned. The overall growth in the reception of advanced technologies has contributed to the rise of the consumer cybersecurity software industry. The landscape is expected to gather a revenue of $20.2 billion by 2032, thereby surging ahead at a CAGR of 10.1% from 2023 to 2032. Moreover, many governments across the globe are enacting legislation to expand security operations and safeguard critical infrastructure and organizations from external threats. With the presence of multinational giants such as Cisco Systems, Inc., IBM Corporation, Microsoft Corporation, and Fortinet, the North America region has witnessed substantial growth in investments in the field of cybersecurity and data protection in Q3 2024.
- Next-generation software development refers to the use of advanced cognitive technologies and methodologies for creating high-end application programs. Studies have shown that these new processes reduce the time required for code generation by around 35-40%, thus increasing the productivity of the organization. Certain tools and techniques such as low-code platforms, microservices and APIs, automated code reviews, AI-based testing, etc., have become the main pillars of next-gen software application development and deployment. Many companies such as HPE, Appian, Devin AI, Tata Elxsi, etc., have played a significant role in improving the scale and scope of the landscape. The growing use of cloud technologies, Kubernetes, ML-driven threat detection mechanisms, etc., has increased the demand for next-generation software development from different end-use industries in the third quarter of 2024. Additionally, the shift toward immersive technologies like AR and VR and the rising need for automation have helped the landscape flourish in the recent past.
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Onkar Sumant
Koyel Ghosh
How Are the Top 5 Trends in Q3 2024 Helping Companies in the ICT Domain Strengthen Their Position?
The field of information and communication technology has experienced exponential growth in the recent past. The launch of 5G services in many developed and developing countries of the world has accelerated the development of several innovations. Furthermore, the advent of emerging technologies such as quantum computing, blockchain, generative AI, machine learning, etc., have played a major role in strengthening the position of the ICT domain. The growing focus on cybersecurity to protect personal data from external attacks and malicious threats is anticipated to generate new avenues of growth in the sector. Along with this, the increasing transition toward cloud computing and services is gradually transforming the industry. Recently, Allied Market Research published a study that covers all these factors in detail. Moreover, it highlights the top 5 trends and developments in the ICT sector and analyzes their impact on the landscape.
Increasing adoption of Applied AI to create numerous growth opportunities
The emergence of artificial intelligence is one of the biggest breakthroughs in the field of electronics and communication technology. Almost all sectors of the global economy including healthcare, manufacturing, banking, etc., have been impacted by the introduction of AI. Applied AI, along with machine learning algorithms, is primarily used for performing analytical tasks and predictive maintenance jobs. Studies have shown that the integration of ML-based tools in different industrial processes offers better insights into various aspects of their performance and improves the decision-making capabilities of the stakeholders involved. Ultimately, this helps streamline the operations of the company, thereby bettering the efficiency and productivity of the industry. The growing investments in such technologies by governments and private companies to develop innovative solutions are expected to help the Artificial Intelligence (AI) industry gather a revenue of $3,636 billion by 2033.
Industrialization of machine learning expanding the scope of the domain
Machine learning refers to the study, development, and use of statistical algorithms and AI-based tools to generate data and perform different tasks without explicit instructions and human intervention. Today, ML is widely deployed in the fields of computer vision, natural language processing, drug development, finance, agriculture, speech recognition, etc. Additionally, in the past few years, the machine learning as a service industry has also flourished immensely with the growing adoption of such innovative technologies. Major technology companies such as HEWLETT PACKARD ENTERPRISE, PREDICTRON LABS LTD, AMAZON WEB SERVICES, etc., have launched solutions that aid companies in implementing AI and cognitive computing platforms for simplifying their operations. The rising adoption of cloud services has played a major role in augmenting the growth rate of the sector in Q3 2024.
Rising investments in immersive technologies maximizing the revenue share of the sector
The advent of augmented reality and virtual reality has completely revolutionized the sphere of visual media technologies. These innovations have essentially changed the way users and viewers interact with digital content. Various end-use industries including education, healthcare, supply chain management, entertainment and gaming, etc., have started adopting AR and VR-based technologies to enhance customer satisfaction in the long run. For instance, virtual reality is used in the healthcare industry for various applications such as robotic-assisted surgery, wound care management, physical therapy and rehabilitation, wound care management, and many more. Similarly, augmented reality is widely employed by logistics companies in warehousing operations to monitor inventory levels, analyze customer buying patterns, and track delivery in real-time. The exponential growth of the augmented reality in warehousing and logistics industry is attributed to these advantages offered by immersive technologies.
Growing emphasis on cybersecurity and data protection impacting the industry positively
The rising awareness regarding the importance of privacy and the growing risk of malicious threats has increased the focus on cybersecurity technologies. These solutions generally include standard data protection packages, applications, and tools that provide comprehensive support for the networking systems concerned. The overall growth in the reception of advanced technologies has contributed to the rise of the consumer cybersecurity software industry. The landscape is expected to gather a revenue of $20.2 billion by 2032, thereby surging ahead at a CAGR of 10.1% from 2023 to 2032. Moreover, many governments across the globe are enacting legislation to expand security operations and safeguard critical infrastructure and organizations from external threats. With the presence of multinational giants such as Cisco Systems, Inc., IBM Corporation, Microsoft Corporation, and Fortinet, the North America region has witnessed substantial growth in investments in the field of cybersecurity and data protection in Q3 2024.
The transition toward next-generation software development augmenting the growth rate of the landscape
Next-generation software development refers to the use of advanced cognitive technologies and methodologies for creating high-end application programs. Studies have shown that these new processes reduce the time required for code generation by around 35-40%, thus increasing the productivity of the organization. Certain tools and techniques such as low-code platforms, microservices and APIs, automated code reviews, AI-based testing, etc., have become the main pillars of next-gen software application development and deployment. Many companies such as HPE, Appian, Devin AI, Tata Elxsi, etc., have played a significant role in improving the scale and scope of the landscape. The growing use of cloud technologies, Kubernetes, ML-driven threat detection mechanisms, etc., has increased the demand for next-generation software development from different end-use industries in the third quarter of 2024. Additionally, the shift toward immersive technologies like AR and VR and the rising need for automation have helped the landscape flourish in the recent past.
Summarizing the expansion in the ICT sector during Q3 2024
The AMR study on the latest trends and advancements in the ICT sector shows that the landscape has witnessed stunning growth in the third quarter of 2024. The rising adoption of Applied AI and machine learning as a service model has revitalized the domain during the period. Moreover, the growing investments in immersive technologies like AR and VR, the increased emphasis on cybersecurity, and the shift toward next-generation software development have generated numerous opportunities for the growth of the industry participants. These openings, if capitalized in the right manner, can help the sector scale new heights in the coming period.
