2024 Poised to be a Breakout Year for Versatile Video Coding -- Justin Ridge, MC-IF
As demand for high-quality video continues to rise rapidly with the popularity of streaming services, social media video, and user-generated content, analysts at Verified Market Research project that the market for video encoding technology will reach $3.1 billion by the end of the decade, growing at a steady CAGR of 5.31%.
It is in this context that Versatile Video Coding (VVC) — a video codec that offers improved efficiency and applicability for a wide range of applications — provides significant business and economic implications for many sectors of the economy that depend on high-quality video experiences.
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Industrial Metaverse Spend to Reach US$6.3 Billion by 2030 As Immersive Engineering Use Cases Take Hold — ABI Research Reports
IMV is set to greatly enhance manufacturing engineering, training, safety, and production. According to a new report from ABI Research, spending on industrial metaverse solutions and services will grow at 22.8% to reach US$6.3 billion by 2030 as immersive and collaborative capabilities come to the forefront of industry 4.0 software development efforts to enable connectivity between digital twins and other systems.
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Enterprises Aim to Move Beyond Pilots, Accelerate Consumption of AI in 2024 — Everest Group Reports
In 2024, CIOs are expected to prioritize the adoption of gen AI for larger scale implementations. The primary motivation behind enterprise gen AI initiatives is to improve the velocity of existing operations. A recent global survey from Everest Group and Yates Ltd. suggests gen AI has successfully penetrated early enterprise adoption thresholds, with nearly 83% of global enterprises actively testing their capabilities or have already adopted gen AI for production-grade use cases.
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Cloud-Native Security Strategies are Key to Managing High-Performance Enterprise Infrastructures – Sean Flynn, Akamai
While most large enterprise technology leaders have reconciled themselves to running complex hybrid enterprise infrastructures made up of on-prem and cloud-based resources for the foreseeable future, their risk-management posture should be firmly rooted in cloud-native security principles. So says Sean Flynn, Director of Security Technology and Strategy at Akamai, in a recent podcast interview with BizTechReports.
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Top Trends Impacting Technology Providers in 2024 — Predictions from Gartner
Gartner, Inc. has highlighted the top trends that will impact technology providers in 2024.
“GenAI is dominating the technical and product agenda of nearly every tech provider,” said Eric Hunter, Managing Vice President at Gartner. “The technology reshapes a tech provider from its growth and product strategy down to the everyday tools used by its associates. Despite the potential for GenAI to reshape providers, it is not the only influence facing technology leaders. There are new friction points in growth plans, new points of fusion in marketing and sales, and new relationships opening up to TSPs.”
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35% of Asia/Pacific* Firms to Elevate ESG Reporting with AI by 2024, IDC Predicts
IDC predicts that by 2024, 35% of companies and regional public service institutions will leverage AI technology to advance their ESG metrics and data management beyond reporting capabilities to generate sustainability-driven cost benefits and competitive advantages. In a recent survey, technology buyers in APEJ ranked AI and its derivatives as the number one most useful innovative technology to meet their sustainability/ESG objectives.
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Global Tech Spend To Grow 5.3% In 2024, Reaching $4.7 Trillion — Forrester Reports
As economic conditions continue to improve, tech spend will grow 5.3% in 2024 — up from 3.5% in 2023. Two factors will primarily contribute to this growth: Increased spending on software and IT services, including genAI, cloud, security, and digital, and economic growth in Asia Pacific. By 2027, software and IT services will capture 69% of global tech spend, with investments in genAI software predicted to reach $227 billion by 2030.
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More Than 50% of CDAOs Will Secure Funding for Data Literacy and AI Literacy Programs by 2027, Predicts Gartner
By 2027, Gartner predicts over 50% of CDAOs will secure funding for data literacy and AI literacy programs due to the failure of enterprises to achieve the expected value from GenAI. Few organizations are implementing AI literacy programs, but industry executives are beginning to realize that a workforce knowledgeable in data, analytics, and AI is vital.
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Confidence Dips in Global Automotive Sector as Car Makers Face Slower Growth and Higher Costs — KPMG Reports
The latest KPMG Global Automotive Executive Survey reveals a dip in optimism as the sector deals with concerns over the global economy and rising costs. Overall, just 34% of executives said they were highly confident versus 41% the previous year. Meanwhile, highly confident respondents in Western Europe dropped from 31% last year to 24% and fell from 48% to 43% in the US.
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By 2028, GenAI-based Tools will be Capable of Writing 70% of Software Tests — IDC Reports
In a recent FutureScape report, IDC FutureScape: Worldwide Developer and DevOps 2024 Predictions — Asia/Pacific (Excluding Japan) Implications, IDC predicts that by 2028, GenAI-based tools will be capable of writing 70% of software tests, decreasing the need for manual testing, resulting in improvements to test coverage, software usability and code quality.
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For Firms To Extract The Most Value From Their Tech Investments, IT And Business Strategies Must Be In Lockstep — Forrester Reports
Forrester estimates that global tech spending will rise to $4.7 trillion in 2024, However, the highly competitive markets and increased spending will add pressure on technology leaders to provide IT capabilities that can contribute to their firm's growth agenda while managing costs and increasing efficiencies - and disconnected IT strategies can undermine the positive impact on revenue, profit, customer satisfaction, and employee engagement.
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90% of CEOs Are Waiting for GenAI to Move Past the Hype or Experimenting in Small Ways — BCG Reports
GenAI exploded into the public consciousness in 2023, promising to transform the way business functions. Despite the potential, leaders are struggling to convert hype into reality. According to a new report by BCG, 66% of executives are ambivalent or outright dissatisfied with their organization’s progress on AI and GenAI so far, citing three primary reasons for their dissatisfaction: a lack of talent and skills (62%), an unclear AI and GenAI roadmap and investment priorities (47%), and absence of strategy regarding responsible AI and GenAI (42%).
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Half of Supply Chain Organizations Plan to Implement GenAI in the Next 12 Months, Gartner Survey Shows
Half of supply chain leaders plan to implement generative AI (GenAI) in the next 12 months, with an additional 14% already in the implementation stage, according to a survey by Gartner, Inc. The survey data also showed that chief supply chain officers (CSCOs) are dedicating 5.8% of their function’s budget, on average, to GenAI.
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Enhanced Connectivity and Improved Computing Power to Drive 15 Million Global Shipments of Video-On-Demand Embedded Cars in 2030 — ABI Research Reports
Automotive OEMs are focused on integrating immersive VoD and gaming to fill the vehicle with digitally native experiences that generate engagement and revenue among their customers. ABI Research forecasts worldwide shipments of cars with VoD will reach 15.09 million by 2030, driven by improved connectivity, higher screen size and resolution, and enhanced computing power of today’s vehicles.
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The Telecom Industry Will be Calculated in Its Progression to 6G to Ensure Meaningful ROI — Technology Business Research Reports
The 2023 Brooklyn 6G Summit highlighted both the optimism and uncertainty the telecom industry is experiencing as it progresses from the 5G era, which is about halfway through its developmental cycle, to the 6G era, which is expected to commence in 2028, when the first 6G specification in 3rd Generation Partnership Project (3GPP) Release 21 is finalized.
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The Right High Dynamic Range Strategies Can Open Doors to Cost-Effective Competitive Differentiation Among Video Streaming Providers
The highly competitive streaming video landscape is prompting executives in the over-the-top (OTT) video streaming market to explore features and capabilities that drive customer retention and greater audience engagement. High Dynamic Range (HDR) is a technology that falls into this category of emerging solutions as it gains more attention from consumers and the industry, according to Nick Mitchell, Media Solutions Consultant for InterDigital, in an interview for journalists.
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Does SD-WAN Have a Future in a SASE World? GigaOm Reports
In the ever-evolving landscape of networking and security, two buzzwords have been making the rounds: SD-WAN and SASE. With the confusion surrounding them and SASE (the newer of the two), you may wonder: “Does SD-WAN have a future in a SASE world?” GigaOm explores the benefits of SD-WAN, the hype around SASE, how they fit together, and whether SASE is an automatic choice for all SD-WAN customers.
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Smart Home Devices Resonate with Consumers, Global Shipments to Double by 2027 — Futuresource Consulting Reports
Consumer adoption of smart home devices continues apace, with a new Futuresource Consulting report indicating that shipments could have exceeded 257 million units worldwide in 2023. That’s a year-on-year increase of 23%, and the specialist research firm expects sector activity to intensify over the next few years.
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GenAI to Takeover 30% of Traditional Marketing’s Mundane Tasks by 2027 — IDC Reports
GenAI is predicted to handle 30% of traditional marketing tasks in Asia/Pacific by 2027. 37.8% of CMOs are already implementing GenAI technologies. Marketing is becoming more data-driven with the rise of Generative AI, content fatigue, phasing out of cookies and a shift towards open advertising.
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Global Shipments of Smart TVs Poised to Make a Slow Recovery, According to IDC
Worldwide smart TV shipments are on track to decline 5.5% year over year in 2023, according to IDC. However, the market is expected to recover with a flat growth forecast in 2024, followed by slow growth in the following years. With high inflation and long refresh cycles, much of the growth in the smart TV market is relegated to emerging markets.
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