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Security Information and Event Management (SIEM) vendors have begun to inject greater versatility into their platforms as well as incorporate new security functionalities and analyst-friendly dashboards. Also, managed SIEM providers are offering cloud-hosted SIEM solutions to lower the per customer cost-to-serve to penetrate the SMB market.
These advances will drive the $1.98 billion global SIEM market toward $3.23 billion by 2023. "SIEM 3.0, with its high degree of automated response and remediation, can detect malicious threats attempting to penetrate the environment and automatically perform actions to thwart attackers’ advances,” said Mauricio Chede, Senior Industry Analyst, Digital Transformation. "The integration of several functionalities, such as user & entity behavior analytics (UEBA), security operation and automation response (SOAR), and forensic analysis, is essential to effectively compete in the SIEM market."
Frost & Sullivan’s recent analysis, Security Information and Event Management (SIEM)—Global Market Analysis, Forecast to 2023, examines the market drivers, restraints, and market distribution channels of the SIEM market. It presents revenue forecasts and key findings to help participants make the most of the market potential. The study covers the four product types of physical appliance, virtual appliance, software, and Software-as-a-Service (SaaS).
You can read the full report here.
Growth and revenue opportunities emerge from the advent of new business models, mergers & acquisition activity, finds Frost & Sullivan...
Growth and revenue opportunities emerge from the advent of new business models, mergers & acquisition activity, finds Frost & Sullivan...Rebounding from a two-year slump, the non-destructive test (NDT) inspection services market is undergoing an overall transformation. The convergence of various technologies such as Big Data, predictive analytics, digital twin, cloud computing, and smart factories is enhancing growth opportunities in the market, giving rise to several new business models. Vendors are making concerted efforts to convert Big Data to smart data and shift the market from the traditional time-people business model to more proactive performance-based business models.
"Industrial Internet of Things (IIoT) and Artificial Intelligence (AI)-based NDT capabilities are altering market structures and driving the transformation of traditional business models,” said Prem Shanmugam, Senior Consultant for Measurement & Instrumentation at Frost & Sullivan. "Automation companies are increasingly repositioning themselves as service providers, while sensorization and predictive analytics have enabled vendors to develop innovative business models."
Frost & Sullivan’s recent analysis, Global Non-destructive Testing Inspection Services Market, Forecast to 2022, identifies key growth opportunities while detailing the challenges and threats. The forecast period is from 2018 to 2022, with 2017 being the base year. It covers the technology segments of ultrasonic, radiography, electromagnetic, visual inspection, and penetrant test.
For further information on this analysis, please visit: http://frost.ly/30g
"This evolving market ecosystem will encourage numerous mergers and acquisitions as NDT inspection service companies look to broaden their capabilities in areas such as online monitoring, robotics, and predictive analytics," noted Shanmugam. "The convergence of dimensional metrology with NDT applications will help create a competitive advantage for NDT vendors by allowing them to expand beyond their core capabilities. For instance, technology synergies will enable vendors to use 3D portable laser scanners to scan pipeline corrosion."
Another significant benefit of applying technologies such as connectivity, cloud, and advanced analytics is that it mitigates the challenge of a shrinking pool of experienced and qualified NDT technicians. There are additional revenue opportunities to be gained by leveraging cutting-edge technologies, such as:
- AI-powered industrial robots in inspection and material handling.
- Intelligent algorithms for processing huge amounts of data in real time.
- Drones to inspect components and repair damaged components in the wind energy sector. The results will be automatically analyzed using fuzzy logic and neural networks.
- Mechanical follow-up tools to ensure adherence to the structure of the actual part or new advanced technologies such as CT 3D X-rays.
- The combined synergies of NDT inspection services with online monitoring solutions similar to condition monitoring and other ICT and advanced analytics.
Global Non-destructive Testing Inspection Services Market, Forecast to 2022 is part of Frost & Sullivan’s global Test & Measurement Growth Partnership Service program.
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The rapid proliferation of service-based models, including Software-as-a-Service (SaaS) and asset management, is attracting new market participants to the analytical instrumentation space. In just a few years, analytical SaaS instrumentation and...
The rapid proliferation of service-based models, including Software-as-a-Service (SaaS) and asset management, is attracting new market participants to the analytical instrumentation space. In just a few years, analytical SaaS instrumentation and cloud-based alternatives to legacy solutions will dominate the industrial sector due to the shift in customer focus from instrumentation features to the ways in which the technology can help enhance business outcomes.
"As the data collected from instruments can potentially deliver more value than the hardware, there is high demand for analytical instruments that mine data and convert it into actionable insights,” said Mariano Kimbara, Senior Industry Analyst, Industrial Group at Frost & Sullivan.
"Consequently, service providers are delivering software solutions that help digitize lab operations by intelligently connecting people, processes, data, and instruments. These solutions will allow users to target services more strategically, better utilize assets, reduce downtime, and plan program schedules."
Frost & Sullivan’s recent analysis, Advanced Services in the Analytical Instrumentation Market, Forecast to 2022, identifies new areas of advanced services, including asset management services, radio frequency identification (RFID) inventory control services, laboratory intelligence services, consulting services, and compliance services. It also offers a deep dive into new data-driven business models.
For further information on this analysis, please visit: http://frost.ly/2ze
"In the current connected era of continual business transformation, there is an intense need to consolidate all work order management activity into a unified, automated data platform to optimize costs," noted Kimbara. "System vendors are, therefore, offering new, unified platforms that remove organizational silos and ensure connections among cross-functional divisions, linking sales, procurement, finance, logistics, suppliers, and scientists."
In addition to developing integrated service capabilities, market vendors could explore the growth opportunities present in:
- Delivering an OPEX model. Create an asset management service that increases visibility into the condition of existing assets.
- Shifting from a reactive business model to a proactive business model. A central data platform with automated allocation of instruments and inventory based on project demand and timelines can help anticipate events and lower costs.
- Tapping opportunities to cross-sell. The growth of asset management services could lead to revenue opportunities from rental services.
- Delivering offline and online measurement services. They can expand service lines through partnerships with software analytics providers.
- Making available expert, multi-vendor instruments service support for instruments in the entire laboratory.
Advanced Services in the Analytical Instrumentation Market, Forecast to 2022 is part of Frost & Sullivan’s global Test & Measurement Growth Partnership Service program.
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Teleopti's pioneering work in the WFM market, backed by the outstanding customer value of its full-featured product set, has earned it an eminent position in the market. Its commitment to product innovation is highlighted by the richness of its features in all areas, from forecasting and scheduling to performance management and agent enablement.
Teleopti was an early mover in the WFM market, and is now one of the last of the pure-play WFM providers, allowing it to focus on improving WFM and not spread resources over the other areas of agent performance optimisation (APO). It has a powerful, flexible, versatile, best-of-breed WFM solution that meets the diverse needs of European and global markets. Its solutions are available on-premise and in the cloud, allowing companies of all sizes to choose the option that best fits their budgets.
"Being able to deliver its solution on-premise, the company has an advantage in countries that are reluctant to move to the cloud. However, as with the rest of the industry, Teleopti provides cloud-based alternatives as well,”
Being headquartered in Sweden, in a region with numerous countries and various labor laws, has given Teleopti knowledge of specific needs across different regions. For instance, for the Middle East market, Teleopti created a prayer planning function within its product that inserts breaks at the required times. The agent screens also accommodate differences in language — including reading from right to left — and regional calendars.
The company differentiates itself through its consulting model and staffing tenured consultants with expertise in contact centres.
Customer engagements start with pre-installation analysis, but a critical component of the engagement is that the consultant sticks with the customer for the first half year after implementation, before handing off to a post-sales support team. This model tends to be expensive, but it has paid off for Teleopti by ensuring long-term customer satisfaction.
"Teleopti has been successful in its attempts to deliver top-class ownership experience, as evidenced by 9 out of 10 of Teleopti’s customers recommending the solution to others,"
The company also places due emphasis on employee satisfaction, providing easy-to-use and visually appealing access for agents on mobile devices, supporting shift trading or requesting time off no matter where they are. Gamification is another key area designed to keep employees motivated and engaged.
Significantly, the company’s offerings have attracted notable partners, including system integrator and value-added reseller partners normally found in the ranks of well-established contact centre players. Longstanding partnerships with companies such as ZOOM International, ASC, and Telstrat enable Teleopti to go head-to-head against the more entrenched WFO suite providers.
Overall, strategic partnerships and a rich product line have ensured customer loyalty and profitability for Teleopti, making it a name to be reckoned with in the EMEA WFM market.
Each year, Frost & Sullivan presents this award to the company that has demonstrated excellence in implementing strategies that proactively create value for its customers with a focus on improving the return on the investment that customers make in its services or products. The award recognizes the company's inordinate focus on enhancing the value that its customers receive, beyond simply good customer service, leading to improved customer retention and, ultimately, customer base expansion.
Frost & Sullivan’s Best Practices Awards recognise companies in a variety of regional and global markets for outstanding achievement in areas such as leadership, technological innovation, customer service, and product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research.