Global Business Software and Services Market Could Exceed $900 Billion by 2026
Financialnewsmedia.com News Commentary
PALM BEACH, Florida, July 9, 2020 /PRNewswire/ -- Business software refers to software, that is specifically designed for analyzing business data to understand the strengths and weaknesses of an organization. This software is incorporated in the organizations to increase the organization's effectiveness across all its functions. A recent report from one industry insider, Grand View Research, said that the global business software and services market size was valued at USD 322.91 billion in 2018 and is expected to expand at a CAGR of 10.7% from 2019 to 2025. The rapid rise in the volume of enterprise data and automation of business processes across several industries such as retail, manufacturing, healthcare, and transportation is expected to drive the growth. However, another industry report projects even higher growth. Verified Market Research said that the Global Business Software and Services Market was valued at USD 396.69 Billion in 2018 (higher than Grand View's number) and is projected to reach USD 917.13 Billion by 2026, growing at a higher CAGR of 11.07% from 2019 to 2026. The Grand View reports stated: "Numerous organizations are adopting business solutions to increase operational efficiency by integrating administrative systems into a single program. Business solution modules link departmental information and data together with real-time updates, which offers better transparency in business operations. Enterprises opt for the ideal software and solutions depending on their need. Active tech companies in the industry making moves include: ATWEC Technologies, Inc. (OTCPK: ATWT), 2U, Inc. (NASDAQ: TWOU), Slack Technologies, Inc. (NYSE: WORK), Ideanomics, Inc. (NASDAQ: IDEX), Safe-T Group Ltd (NASDAQ: SFET).
Cloud and on-premise technologies are preferably deployed based on organizational needs and requirements. The growing demand and rising preference of organizations for different enterprise software and services as it enables a customization of software according to client's requirements. This is expected to drive demand for on-premise deployment over the forecast period." They continued: "Increasing preference for efficient networking solutions and automation capabilities is expected to drive demand for enterprise software and services in large enterprises segment. The growing emphasis on strategic decision-making and resource allocation are expected to further drive the segment growth.
ATWEC Technologies, Inc. (OTCPK: ATWT) BREAKING NEWS: ATWEC Technologies Begins Shipping Patented KV-4™ Systems - Completion of Pilot Programs Validates ATWT's Latest Product Launch - ATWEC Technologies, a US-based technology company specializing in child safety, today announced the successful completion of its two recent pilot programs, validating the Company's new KV-4™ child reminder systems for use in all school transport vehicles.
The Company was able to implement its unique child safety pilots at Arrow Christian Academy in College Park, GA and Kids Child Care Center, in West Memphis, AR, where the new units were tested by day care drivers and other key personnel.
"I was extremely impressed with the sophistication and functionality of ATWT's new KV-4™ child reminder unit," said Arrow Christian's Director Tammy Woods. "ATWEC trained our drivers to use the system, and everyone loved how easy it is to operate. All of our parents will be thrilled to know that their children will be kept safe and secure while they're on the bus."
The Company has been working closely with its manufacturer to finalize upgrades to the new units, and the Board has authorized mass production of th KV-4™, now ready for market. This week, initial units have been shipped to customers in Texas and Florida, to be ready for the upcoming school year.
Alex Wiley, the Company's CEO, stated "We wanted to really test the units, and get validation from some of our best customers. The feedback has been tremendous, and we are now ramping up production, so we can deliver to our customers across the US – from schools in Georgia, to day cares in California, to Head Starts in Louisiana. We're primed for multiple installations, making every vehicle safer, in order to protect our greatest assets."
Additional industry related developments from around the markets:
2U, Inc. (NASDAQ: TWOU) - This summer, Columbia Engineering and the University of Pennsylvania College of Liberal and Professional Studies are offering the first online coding boot camps for high school students in partnership with Trilogy Education, a brand of 2U, Inc. (Nasdaq: TWOU).
The Penn Summer High School Coding Camp and Columbia Engineering High School Coding Academy are three-week intensive online immersions designed to introduce high school students to front-end web development. Both online summer programs have start dates in July and August and are open for enrollment now to learners in grades 9-12, age 13 or older.
Slack Technologies, Inc. (NYSE: WORK) recently announced that we have acquired Rimeto. Rimeto has reimagined the business directory over the last four years, much in the same way we have reimagined business communication. Rimeto's advanced profile and directory features will be integrated into Slack directly, but we will also continue to offer Rimeto as a standalone product and support their existing enterprise customers.
Rimeto is a powerful cultural tool that can help strengthen employee ties to each other and to their work. If there's one thing we've heard over and over from our customers and employees alike during the pandemic, it's that people are struggling to stay connected. We all want to understand the people we work with and have context around their lives. Employees with weak social ties to their colleagues aren't as happy or productive as employees at companies with a thriving, healthy culture. But the typical enterprise directory certainly doesn't help; it's about as valuable today as a phone book and usually less informative.
Ideanomics, Inc. (NASDAQ: IDEX) recently announced that Harvest Global Investments (HGI) and its affiliate Harvest Alternative Investments will act as an advisor to Ideanomics with an emphasis on its Mobile Energy Global (MEG) division and H2FC and BEV Medici Motor Works truck and specialty vehicles business. Dr. Henry XueJun Zhao will assume the advisory position, as well as become a board member to Medici Motor Works, to assist Ideanomics with maximizing shareholder value for its EV divisions. The types of advisory activities include the potential to assist with capital raising, M&A, and other types of investment banking services for MEG and Medici Motor Works.
Additionally, as an advisor to Ideanomics, HGI will offer its senior management's experience in assisting growth companies for more than 25 years, allowing it to participate closely in areas such as business strategy and scaling operations.
Safe-T Group Ltd (NASDAQ: SFET) recently announced it has successfully expanded its indirect partner sales channel during the course of the second quarter of 2020.
Since the implementation of Safe-T's strategy earlier this year, to shift from direct to indirect sales, more than 25 new partners joined Safe-T as sales channels for its remote access solutions, expanding the reach and presence of Safe-T's solutions in Europe, North and South America, Asia and Africa. With its innovative Software Defined Perimeter product suite, Safe-T is well positioned to provide its channel partners' enterprise customers with a variety of solutions for secure remote access (ZTNA - Zero Trust Network Access). Ensuring channel partners have everything they need to protect their customers is of prime importance, especially with the increased exposure organizations face due to the need in this challenging pandemic time, to allow their employees and customers with remote access to information and applications.
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