#Cloud Billing Market Forecast

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Cloud Billing Market - Forecast(2024 - 2030)

Cloud Billing Market Overview

Cloud Billing market value is estimated to be $6.5 billion in terms of value for 2021 and is projected to increase at a CAGR of 15.9% over the forecast period 2022-2027. Cloud Billing refers to the process of generating bills from the resource usage data catering its application in revenue management, account management and customer management. This type of billing is set of predefined billing policies and can leverage both recurring and usage-based revenue models. Cloud billing cater its application in numerous industry verticals such as BFSI, Retail, Education, Public sectors and many more. The increasing adoption of cloud computing has significantly increased in recent years which in turn are driving the cloud billing market. Additionally, the growing demand for paperless subscription billing operations will further accelerate the cloud billing market. A Cloud Billing is a technique of generating bills for the clients based on the resource usage data and policy. The perse types of cloud billing comprise of subscription billing, metered billing, cloud service billing and provisioning. Cloud-based infrastructure customers generally waste an estimated 45% of their spend, and cloud billing solutions are expected to help reduce this wastage combined with adoption of Internet of things (IoT) as well. Cloud billing caters its application to customer management, revenue management and account management. Revenue management held the leading share for the application segment. This cloud billing service utilizes its application in perse industry verticals such as Banking, financial services and insurance, education, manufacturing, telecommunications and others.

Report Coverage

The report: “Cloud Billing Market – Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Cloud Billing Market Report.

By Type – Subscription Billing, Metered Billing, Cloud Service Billing, Provisioning. By Application – Customer Management, Revenue Management, Account Management. By Deployment Model: SaaS, PaaS, IaaS. By End Use Industry – Banking, Financial Services, and Insurance, Retail, Education, Public Sector and Utilities, Healthcare and Life Sciences, Manufacturing, Media and Entertainment, Telecommunication and ITeS and Others. By Geography - North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Australia and Others), South America(Brazil, Argentina and others),and RoW (Middle East and Africa).

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Key Takeaways

North America dominated the Cloud Billing market owing to high adoption of cloud technologies in industries combined with stringent regulations in 2021.

The prices of cloud billing services also depend on various factors including service type and its use among various industry verticals namely retail, education, manufacturing, banking, financial services, insurance and many more. In the near future, the prices of cloud billing services are expected to further decrease considering the increasing scale of service providers and emergence of cost-effective solutions.

Cloud billing solutions are Data Center Infrastructure Management (DCIM) and operation solutions which are employed for generating the invoice for the clients based on inpidual resource utilization and policy. The various types of solutions considered for the cloud billing market assessment includes subscription billing, metered billing, cloud service billing and provisioning.

Cloud Billing Market Segment Analysis- By Type

Depending upon the type of cloud billing, it is segmented into subscription billing, metered billing, cloud service billing and provisioning. Metered billing is one of the major types of cloud billing market generating revenue of $2.5 billion in 2021 growing at a CAGR of 13.2% through 2022-2027. This is closely followed by cloud service billing generating revenue of $2.4 billion in 2021 growing at a CAGR of 16.9% through 2027. In the consumer ecosystem, the increasing demand of cloud storage space for storing files which can be accessed from multiple devices such as smartphones, tablets, PCs and so on is set to prominently drive the demand for cloud space in the future. These solutions are majorly employed for cloud data centers where multiple tenants use the IT resources. This solution automatically generates the bill for in accordance to the subscription length of the client tenants and the billing policies opted by cloud service provider

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Cloud Billing Market Segment Analysis- By Application

Account Management segment dominated the market with the market value of $2.7 billion and is projected to witness a rapid growth rate of CAGR 11.6% during 2022-2027 owing to its huge application in enterprises to monitoring and managing client accounts. Customer management is the fastest growing segment for cloud billing market growing at a CAGR of 17.0% throughout the forecast period 2022-2027. Customer management involves the monitoring and deployment of various cloud services such as IaaS, SaaS and PaaS as per the client demands. Revenue management includes bill generation for various clients in accordance to the policies, usage and taxation. It also assists in resource management to optimize the operating expenditures of the cloud data centers as well. Cloud billing solutions further support account management as well which enables the cloud service providers to maintain the privacy and security isolation of various tenants and subaccounts of these clients. The blooming adoption of public clouds among the SMEs and, private and hybrid clouds by large enterprises is set to drive the adoption of various DCIM and Operation solutions in the future including cloud billing solutions

Cloud Billing Market Segment Analysis- By Geography

North America is the dominant region for cloud billing market witnessing revenue share of 35% in 2021 and is projected to reach 33% by 2027. This is basically due to high adoption of cloud applications in various industry verticals. This is followed by Europe region generating revenue share of 28% in 2021. Germany and U.K. are the dominant region for cloud billing market in this region. Asia-Pacific is the fastest growing region growing at a CAGR of 17.9% in the forecast period 2022-2027. U.S. companies are very well-positioned to continue their domination in cloud billing. Factors such as a very innovative and competitive technologies, high levels of expertise which have been providing a competitive advantage to U.S. companies expanding their operations abroad which is fueling the market growth in this country.

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Cloud Billing Market Drivers

Adoption of IoT Technology is enhancing the performance of Cloud Billing in process Industries

In recent years, the processing industries such as oil & gas, chemical and others have started exploiting IoT technology. IoT helps in improving efficiency of Cloud Billing. There has been increasing demand for adoption of IoT System in industries as this system is integrated with cloud billing. Thus, IoT can be applied to improve the performance and efficiency of Cloud Billing, which in turn, will save maintenance costs and create a more secure work environment, thereby fueling the Cloud Billing industry. In spite of high adoption rates, only 54% of all the devices deployed in the adopter organizations are IIoT technology-enabled This will drive market growth. Increasing demand for error reduction in their products trade have been driving the need of these billing services in the manufacturing industries for the past five years. Cloud billing services are gaining the popularity in the manufacturing industries because of the data security, reliability and cost effective. In addition, these cloud billing services are also being deployed owing to the emphasis to assist the manufacturers as well as the supply chain managers in an industry to keep the track about the goods in the industrial warehouses and the goods sold

Need for lower operational and administration expenditure

Cost of the product and quality of service are the key factors in any market to retain the business. The promising feature of cloud billing to reduce operational and administration expenditure is creating new opportunities in various end-user industries. As per a recent press release by Deloitte, more than 60% of the banks across the globe are projected to adopt cloud services for account updates, deposits and loan processing billing with the help of cloud technology by the end of 2021. Banking and financial services organizations are switching to the cloud-based services to enhance their operations and customer management. Moreover, changing business landscape of the BFSI Sector, financial institutions have been taking active measures for automated Banking services including billing, and have also been focusing on risk management techniques associated with the operations

Cloud Billing Market Challenges

High Cost for investment Compared with On Premises Billing

The major challenge for Cloud Billing is the high cost for investment. Implementing a complete Cloud Billing involves a considerable initial investment. This is especially prevalent when comparing with On Premises billing However, this factor should be contrasted to the benefits in terms of productivity and compliance. The initial investment associated with switching from a human production line to an automatic production line is very high. Also, substantial costs are involved in training employees to handle this new sophisticated solution is hampering growth of the Cloud Billing market. Companies such as Google and Amazon have also witnessed a significant shift to Pay as You Go pricing as the current cost of $2700 and $4200 has been viewed as unsustainable for most SMEs.

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Cloud Billing Market Landscape

Acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Cloud Billing market. Cloud Billing top 10 companies include

Amazon

Oracle

Google

SAP

Salesforce

Zuora

Aria Systems

Cerillion

AppDirect

Zoho

Recent Developments

In September 2020, SAP introduced enhancements in SAP Subscription Billing. The newly added features include sending notifications before and after an allowance expires, setting prices for allowances, completing pending subscriptions, and setting cancellation notice dates.

In August 2020, Zuora, in partnership with GoCardless (UK), launched a joint solution for subscription payments. According to Zuora's Subscription Economy Index, over the past eight years, subscription revenue has grown eight times faster than sales revenue.

In July 2020, Aria Systems launched Aria Marketplace Suite, it is an extension of the Aria billing and monetization platform, which enables B2B and B2C marketplace providers to streamline their operations. Aria Marketplace Suite offers product and revenue management tools for marketplace operators as well as a seamless billing and payments experience.

[beardedmrbean]

The price of electricity dropped into negative territory on Sunday, reports Iltalehti, citing data from power exchange Nord Pool. This was the second time electricity prices were on the negative side in Finland since last Wednesday, when spring flooding super-charged hydropower production.

With spot prices in Finland less than zero for most of Sunday, households with electricity contracts tied to the market price could see some savings on their next bill, according to IL.

According to Jukka Ruusunen, CEO of grid operator Fingrid, electricity is currently being produced to such an extent that it's pushing down the price.

"Now there's a lot of electricity production available — nuclear power, wind power, and even solar power in central Europe. It's not flexible when the price drops, so now producers are paying to produce it," he explained.

Record numbers move from Russia

Last year a total of 6,003 Russians moved to Finland, which is more than in the aftermath of the dissolution of the Soviet Union. Kauppalehti looks into who the record number of Russian citizens are who arrived in Finland last year.

Family ties, jobs and studies are still the most common reasons for Russians to seek residence in Finland, according to the business daily. There was, however, an uptick in Russians applying for specialist work permits. As Finnish companies withdrew from Russia, some of their employees applied for residence permits to work in Finland.

"Last year, there were around 7,800 residence permit applications from Russians, compared to 4,800 in 2021," Pauliina Helminen, a permit director at Immigration Service (Migri) told KL.

Russians meanwhile accounted for 1,172 of some 5,800 asylum applications filed in 2022.

Cool early June

The graduation weekend ahead may be cool for those celebrating the end of their school year.

"There is no major rainfall expected, but the weekend is not going to be warm, sunny, or dry either," Foreca meteorologist Joanna Rinne told Ilta-Sanomat.

She said that temperature-wise, it's generally likely to be around 10 degrees Celsius across Finland on Saturday. Forecasts show variable clouds for the first weekend of June, which also means that the sun may occasionally peak out in some parts of the country.

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Internet Solutions: A Comprehensive Comparison of AWS, Azure, and Zimcom

When it comes to finding a managed cloud services provider, businesses often turn to the industry giants: Amazon Web Services (AWS) and Microsoft Azure. These tech powerhouses offer highly adaptable platforms with a wide range of services. However, the question that frequently perplexes businesses is, "Which platform truly offers the best value for internet solutions Surprisingly, the answer may not lie with either of them. It is essential to recognize that AWS, Azure, and even Google are not the only options available for secure cloud hosting.

In this article, we will conduct a comprehensive comparison of AWS, Azure, and Zimcom, with a particular focus on pricing and support systems for internet solutions.

Pricing Structure: AWS vs. Azure for Internet Solutions

AWS for Internet Solutions: AWS is renowned for its complex pricing system, primarily due to the extensive range of services and pricing options it offers for internet solutions. Prices depend on the resources used, their types, and the operational region. For example, AWS's compute service, EC2, provides on-demand, reserved, and spot pricing models. Additionally, AWS offers a free tier that allows new customers to experiment with select services for a year. Despite its complexity, AWS's granular pricing model empowers businesses to tailor services precisely to their unique internet solution requirements.

Azure for Internet Solutions:

Microsoft Azure's pricing structure is generally considered more straightforward for internet solutions. Similar to AWS, it follows a pay-as-you-go model and charges based on resource consumption. However, Azure's pricing is closely integrated with Microsoft's software ecosystem, especially for businesses that extensively utilize Microsoft software.

For enterprise customers seeking internet solutions, Azure offers the Azure Hybrid Benefit, enabling the use of existing on-premises Windows Server and SQL Server licenses on the Azure platform, resulting in significant cost savings. Azure also provides a cost management tool that assists users in budgeting and forecasting their cloud expenses.

Transparent Pricing with Zimcom’s Managed Cloud Services for Internet Solutions:

Do you fully understand your cloud bill from AWS or Azure when considering internet solutions? Hidden costs in their invoices might lead you to pay for unnecessary services.

At Zimcom, we prioritize transparent and straightforward billing practices for internet solutions. Our cloud migration and hosting services not only offer 30-50% more cost-efficiency for internet solutions but also outperform competing solutions.

In conclusion, while AWS and Azure hold prominent positions in the managed cloud services market for internet solutions, it is crucial to consider alternatives such as Zimcom. By comparing pricing structures and support systems for internet solutions, businesses can make well-informed decisions that align with their specific requirements. Zimcom stands out as a compelling choice for secure cloud hosting and internet solutions, thanks to its unwavering commitment to transparent pricing and cost-efficiency.

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The Point of Sale (POS) receipt printer Market has witnessed remarkable growth over the past few years, driven by the increasing adoption of POS systems across industries such as retail, hospitality, and healthcare. These printers, essential for issuing transaction receipts, play a critical role in ensuring smooth business operations, enhancing customer satisfaction, and maintaining transaction records. With advancements in technology and changing consumer expectations, the POS receipt printer market is evolving rapidly, presenting a plethora of growth opportunities.

Browse the full report at https://www.credenceresearch.com/report/point-of-sale-pos-receipt-printer-market

Market Overview

POS receipt printers are integral components of POS systems, which include hardware and software designed to facilitate and streamline business transactions. These printers are commonly used in retail stores, restaurants, hotels, and other service-oriented industries to print receipts, invoices, and bills. The global POS receipt printer market has been experiencing significant growth, supported by the proliferation of digital payment methods, increased demand for efficient transaction management, and the rise of cloud-based POS systems.

According to market research, the POS receipt printer market is projected to grow at a healthy compound annual growth rate (CAGR) over the coming years. In 2023, the market size was estimated at approximately USD 3 billion, and it is expected to expand further as businesses increasingly shift towards automated and paperless transaction systems.

Key Drivers of Market Growth

1. Digital Transformation in Retail and Hospitality The widespread adoption of digital payment systems has led to an increased demand for POS receipt printers. Retailers and service providers are embracing technologies like contactless payments, mobile wallets, and online transactions, which necessitate modern POS systems that can quickly generate receipts for customers. These printers also support diverse printing needs, including QR codes, barcodes, and promotional content, thus enhancing the customer experience and facilitating faster checkout processes.

2. Growth of E-commerce and Omnichannel Retailing The rise of e-commerce and omnichannel retail strategies is propelling the POS receipt printer market. As consumers increasingly expect seamless shopping experiences across multiple platforms (both online and offline), businesses are integrating POS systems that allow them to synchronize inventory, manage orders, and provide receipts regardless of the sales channel. Receipt printers, in this context, ensure transparency and accountability in both in-store and delivery-based transactions.

3. Increased Adoption in Emerging Markets Emerging markets, particularly in Asia-Pacific and Latin America, are witnessing a surge in the adoption of POS systems due to the growth of the retail and hospitality sectors. As small and medium-sized enterprises (SMEs) modernize their operations, they are turning to POS systems equipped with receipt printers to manage payments more efficiently. Moreover, government initiatives promoting cashless transactions in these regions are further accelerating the demand for POS receipt printers.

Technological Advancements

Technological advancements have significantly influenced the POS receipt printer market. Over the years, traditional thermal and impact printers have evolved to offer more sophisticated solutions, including wireless and Bluetooth-enabled devices. Key innovations include:

1. Mobile and Wireless POS Printers The growing popularity of mobile POS (mPOS) systems has led to the development of portable receipt printers. These wireless printers enable businesses to print receipts on the go, making them ideal for events, food trucks, and other mobile operations. Bluetooth and Wi-Fi-enabled POS printers also allow seamless integration with tablets and smartphones, further enhancing their convenience.

2. Cloud-Based Printing Solutions Cloud-based POS systems are gaining traction, particularly among businesses looking to streamline operations and centralize data. POS receipt printers integrated with cloud technology enable businesses to store and retrieve transaction data remotely, offering greater flexibility and efficiency. Cloud-based solutions also allow for the management of multiple POS devices from a single location, making them ideal for chains and franchise businesses.

3. Eco-friendly Solutions With growing concerns about sustainability, there has been a rising demand for eco-friendly POS receipt printers. Manufacturers are introducing energy-efficient printers that use less paper and consumables, aligning with businesses’ efforts to reduce their carbon footprint. Some advanced printers also offer the option to issue digital receipts, further minimizing paper waste.

Challenges

Despite its growth potential, the POS receipt printer market faces certain challenges. One significant hurdle is the shift towards paperless transactions, as consumers increasingly opt for digital receipts and businesses seek to reduce paper use. While digital receipts offer convenience and environmental benefits, they also pose a challenge for traditional receipt printer manufacturers who must innovate to remain relevant.

Additionally, market competition is intense, with numerous players offering a wide range of POS printers. Price sensitivity, particularly among SMEs, can also impact growth, as businesses may opt for lower-cost options without considering the long-term benefits of high-quality printers.

Future Outlook and Opportunities

The future of the POS receipt printer market looks promising, with continued growth expected due to technological advancements, the expansion of e-commerce, and increasing demand in emerging markets. The growing trend towards mPOS systems, cloud-based solutions, and eco-friendly printers offers lucrative opportunities for market players.

To stay competitive, manufacturers must focus on innovation, particularly in the areas of wireless connectivity, sustainability, and integration with modern POS systems. As businesses increasingly prioritize efficiency and customer experience, the demand for advanced POS receipt printers will continue to rise, solidifying their role as an essential component of transaction management systems.

Key Player Analysis:

Epson

Star Micronics

Bixolon

HP Inc.

Seiko Instruments

Zebra Technologies

CognitiveTPG

Citizen Systems

Toshiba TEC Corporation

Fujitsu

Segmentations:

By Type

Desktop Receipt Printer

Mobile Receipt Printer

By Technology

Thermal Printer

Impact/Dot Matrix

Inkjet

By End-use Industry

Hospitality

Healthcare

Retail

Warehouse/Distribution

Entertainment

Others

By Region

North America

The U.S

Canada

Mexico

Europe

Germany

France

The U.K.

Italy

Spain

Rest of Europe

Asia Pacific

China

Japan

India

South Korea

South-east Asia

Rest of Asia Pacific

Latin America

Brazil

Argentina

Rest of Latin America

Middle East & Africa

GCC Countries

South Africa

Rest of Middle East and Africa

Browse the full report at https://www.credenceresearch.com/report/point-of-sale-pos-receipt-printer-market

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Contact:

Credence Research

Please contact us at +91 6232 49 3207

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Transportation Management System Market - Forecast(2024 - 2030)

Transportation Management System Market Overview

Transportation Management System Market Size is forecast to reach $23.36 billion by 2027, at a CAGR of 17.6% during 2022–2027. The transportation management system is a part of enterprise resource planning which is a subset of supply chain management through which enterprises are able to plan effectively for in- shipment of route planning documentation and others. #Transportation #management allows tracking freight that’s on the road and even #receiving alerts to any transit exceptions or unforeseen delays from one location. The increasing complexities of logistics & transportation have resulted in #connected warehouses to new mileage delivery services which ultimately #increases the value and presence of TMS, transforming the old industry into an exciting place to drive change in community #development. An increase in demand for consumer goods leads along with the usage of cloud computing to a greater requirement of trade and transportation accomplishing the need for fleet management. An increase in the volume of trade goods will have a direct implication on the number of transportation management solutions & services. Hence, these are some of the factors propelling the growth of the Transportation Management System market in the forecast period 2022–2027.

Report Coverage

The report: “Transportation Management System Market — Forecast Repost (2022–2027)” by Industry ARC, covers an in-depth analysis of the following segments in the Transportation Management System Market.

By Offering: Solution (Traffic & Route Management, Order Management, Audit, Rating, Billing, Payment & Claims management, Fleet Monitoring & Tracking, Staff management, Warehouse, Hub & Yard Management, Reporting & Analytics, Others), Services (Training & Education, System Integration, Support & Maintenance). By Transportation Mode: Roadways, Railways, Airways, Maritime. By Organization Size: Small & Medium Enterprises, Large Enterprises. By Deployment: Cloud, On-Premises. By End-Users: Healthcare & Pharmaceuticals, Manufacturing, Mining, Marine, Energy & Utilities, Retail & E-Commerce, Transportation & Logistics, Government, Others. By Geography: North America (U.S, Canada, Mexico), South America (Brazil, Argentina and others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC (China, Japan India, SK, Aus and Others) and RoW (the Middle East and Africa).

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Key Takeaways

As the global demand for agricultural seeds is rising consistently, transportation management in the agricultural industry becomes even more vital in ensuring the agricultural production and food supply chain runs smoothly to prevent shortages across the world.

The Transportation Management Systems Market Size is witnessing significant growth in the U.S. due to the advent of Solar PV and wind power technologies, both of which are recognized for their intermittent nature and also account for a large portion of the renewable energy potential in the United States. The problem necessitates the development of more efficient battery energy storage devices.

Leading transport management solution providers in the U.S. are offering a multi-modal, automated solution through cloud-based services which helps organizations gain control of load planning/optimization, load tendering, carrier selection, shipping, tracking, freight audit and allocation of inbound and outbound shipments. These factors are increasing the transportation management system market share.

Global Transportation Management System Market, By Region, 2021

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Transportation Management System Market Segment Analysis — By Organization Size

The SMEs is growing at a significant CAGR of 19.36 % in the forecast period. In the transportation management system market, the Small and Medium Enterprises (SMEs) category is expected to dominate and hold the largest market share. The transportation management software and services help SMEs improve overall business productivity by offering concise information with a faster response time. Implementing these applications in SMEs through cloud-based services can also help with tracking deliveries in real-time, increasing customer service and increasing supply chain management along with fleet management ultimately increasing the transportation management system market share. As digitalization affects the contours of organizations across industries, the concept of small and medium-sized business models is destined to take on many new connotations. Automation’s penetration in enterprises of all sizes, large and small, is now the sole avenue that creates a level playing field for both large and small organizations. It is safe to conclude that in the coming years, the seamless deployment of SME transportation management systems will be the core competency that differentiates businesses.

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Transportation Management System Market Segment Analysis — By Offerings

The transportation management system for solution market was valued at $5,819.85 Mn in 2021 and is estimated to reach $14424.46 Mn by 2027, growing at around a CAGR of 16.27% during 2022–2027. The solution is sub-segmented into traffic & route management, order management, audit, rating, billing, payment & claims management, fleet monitoring & tracking, staff management, warehouse, hub & yard management, reporting & analytics and others. A transportation management solution acts as a logistics platform that uses technology to help businesses plan, execute and optimize the physical movement of goods, both incoming and outgoing, ensuring that the shipment is compliant and proper documentation is available. TMS provides visibility into day-to-day transportation operations, trade compliance information and documentation and ensures the timely delivery of freight and goods. Transportation management systems also streamline the shipping process and make it easier for businesses to manage and optimize their transportation operations, thus increasing the transportation management system market share.

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Transportation Management System Market Segment Analysis — By Geography

Transportation Management System Industry in the North American region held a significant market share of 34% in 2020. U.S. Transportation Management System Market Size was valued at $2192.74 Mn in 2021 and is estimated to reach $5069.98 Mn by 2027, growing at around a CAGR of 14.91% during 2022–2027. The growth of the U.S. Transportation Management System is majorly attributed to factors like the exceptional growth of e-commerce in the US which subsequently surged online purchases and raised retail sales. In order to fulfill the growing demand, distributors, retailers and manufacturers are adopting robust TMS for managing customer expectations and streamlining the shipping process, while making it easier for businesses to manage and optimize their transportation operations. Furthermore, the trend of automation has penetrated into every industry vertical in the U.S. including the supply chain management market. As a result, logistics processes need to be planned more quickly and in greater detail. The Transportation Management Solution perfectly coordinates the warehouse and the road. Hence, Transportation management solution has been widely adopted in the U.S. among manufacturers, distributors and third-party logistics providers (3PLs) as a part of streamlining planning and executing the physical movement of goods.

Transportation Management System Market Drivers

Digital transformation in the sector is projected to drive market expansion:

Integration of the latest technologies such as blockchain and artificial intelligence, to improve transportation management system capabilities is one of the most recent and popular trends. The increasing preference for cloud-based services, Cloud Computing, anti-theft GPS and IoT-enabled solutions to provide transparency and security is pushing the use of sophisticated transportation management systems. The introduction of AI-enabled, self-driving trucks, fleet management, as well as the continuous development of 5G networks, are expected to change the transportation Management System industry and create new potential for market growth. The desire for greater agility in transportation and logistics operations that enable businesses to generate better customer experiences is being driven primarily by the industry’s digital transformation. The Internet of Things (IoT), big data and artificial intelligence (AI), as well as its predictive capabilities, have resulted in smarter and more effective transportation operations and this will help to boost the market growth. AI-powered predictive analytics can assist transportation service providers in optimizing route planning and delivery timetables. Furthermore, the technology-based strategy provides increased asset performance through timely maintenance, resulting in fewer failures.

Growing demand for E-commerce projected to drive the market:

With the internet gaining momentum and influence in all aspects of daily life over the last 15 years, package transportation has seen an increase in its reach and influence increasing the transportation management system market size. Because of the popularity of e-commerce, a rising number of individuals are purchasing things online rather than visiting brick-and-mortar establishments. This dramatic shift in the e-commerce sector is forcing shippers to adjust their supply chains to new technologies such as cloud computing and new ways for consumers to purchase items online. The e-commerce sector is rapidly expanding as more consumers use online platforms and smart gadgets for this purpose. E-commerce is on course to overtake traditional sales channels. The need for scalability, flexibility and visibility throughout the supply chain is propelling the transportation system market. With the rising e-commerce market around the world, the online retail market is evolving at a rapid pace and customers are looking for highly tailored experiences, which support market growth. As the transportation and logistics industries expand, the desire for smarter, more efficient and faster shipping services becomes increasingly vital, contributing considerably to the growth of the transportation management system market.

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Transportation Management System Market Challenge

Concerns about data security are growing and this will hinder market growth:

The risks of data exploitation and theft are increasing as shippers, forwarders, transportation companies and infrastructure providers digitize their processes. Enterprises have confidential data that must be protected to avoid data breaches and theft, which can harm the reputation of the enterprise as a whole. Data from businesses can leak across the internet and be viewed by unauthorized individuals, which is an increasing worry. For example, Transportation Management System Industry necessitates multitenant architecture, in which a single version of the software operates on a server shared by numerous customers. In this case, subscribers of an enterprise may be able to examine the data of competitors. These security risks pertaining to illegal data access would endanger enterprise data security as well as competitive business position.

Transportation Management System Market Landscape

Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Transportation Management System top 10 companies are Oracle Corporation, SAP SE, C.H ROBINSON, TRIMBLE, Inc., Blujay Solutions, Blue Yonder, Inlet-Logistics, Manhattan Associates, Metro Infrasys Private Limited, Mercuryate International Inc., among others.

Recent Developments

In 2022, C. H. Robinson announced a long-term strategic partnership with Waymo on mutually exploring the practical application of autonomous driving technology in both logistics and supply chains.

In 2021, SAP Transportation Management announced merging with Sedna Systems to allow shippers to use both products to gain a whole new level of control over transportation management-related data

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Patient Engagement Solutions Market Forecast to Grow at 17.54%  CAGR from 2024 to 2031 | SkyQuest Technology

The Global Patient Engagement Solutions Market was valued at USD 16.58 billion in 2022 and is projected to grow to USD 70 billion by 2031, with a compound annual growth rate (CAGR) of 17.54% during the forecast period (2024-2031).

Market Overview

Patient engagement solutions refer to tools like online patient portals that enable medical organizations to interact effectively with their patients. The growing awareness of mobile health technologies, an aging population, and government incentives are driving demand for these solutions. Patients increasingly use technology to monitor and manage their health, particularly in cases of chronic illnesses. Innovations in health tracking, wearable devices, and remote monitoring are further boosting this market.

Get your free sample: https://www.skyquestt.com/sample-request/patient-engagement-solutions-market

Key Market Dynamics

Drivers: The advancement of mobile apps and wearables, increased awareness of chronic disease management, and government initiatives such as the Meaningful Use Act are propelling market growth.

Restraints: Strict regulatory frameworks like HIPAA and concerns over the protection of patient data are hindering wider adoption of patient engagement solutions.

Segmental Analysis Segmental Analysis

Component

Software (Standalone Software, and Services

Therapeutic Area

Chronic Diseases, Fitness, and Others

Functionality

Telehealth, E-Prescribing, and Billing & Payments

End Users

Providers and Payers Regional Insights

North America leads the market, driven by the widespread adoption of mobile health (mHealth) and electronic health records (EHRs). Government support and significant investments also contribute to regional dominance.

Asia Pacific is the fastest-growing region, with rising demand for modern healthcare systems, an increase in smartphone users, and government initiatives supporting patient engagement solutions.

Ask for customization: https://www.skyquestt.com/speak-with-analyst/patient-engagement-solutions-market

Competitive Landscape

IBM (US) 

McKesson Corporation (US) 

Allscripts (US) 

ResMed (US) 

Epic Systems Corporation (US) 

Orion Health (New Zealand) 

GetWellNetwork (US) 

Athenahealth (US) 

Oneview Healthcare (Ireland) 

MEDITECH (US) 

Cognizant (US) 

Symphony Care (US) 

Harris Healthcare (US) 

Recent Developments

Engage Technologies Group Inc. partnered with APX Platform in April 2023 to create an industry-disrupting Practice Performance System aimed at improving patient engagement.

Athenahealth Inc. implemented its cloud-based EHR and patient engagement solution with LCH Health and Community Services in May 2023.

Go through the detailed TOC of the report: https://www.skyquestt.com/report/patient-engagement-solutions-market

Market Trends

The rise in personalized care and the adoption of mobile technology are major trends shaping the patient engagement solutions market. Mobile health apps and wearables are enabling patients to monitor and manage their health on their own, fostering higher patient engagement.

Conclusion

The patient engagement solutions market is experiencing significant growth driven by technological advancements and increasing patient awareness. Major players are competing in a rapidly evolving field, introducing innovative solutions and forming strategic partnerships to capture market share. The market is expected to expand substantially through 2031, with increasing demand for personalized healthcare solutions and remote monitoring technologies.

About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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Predicting the Future of the Hospital Information System Market: Trends and Analysis

The global hospital information system (HIS) market is set for rapid growth, with the market size expected to increase from USD 114.89 billion in 2023 to USD 484.50 billion by 2032, at a compound annual growth rate (CAGR) of 17.34% over the forecast period from 2024 to 2032. The expansion of this market reflects the increasing adoption of digital technologies in healthcare and the growing demand for efficient patient management solutions.

Hospital information systems are comprehensive, integrated systems designed to manage the administrative, financial, and clinical aspects of hospitals. These systems play a vital role in ensuring smooth workflows, improving patient care, and enhancing hospital efficiency by streamlining information management and automating processes.

Key Market Drivers

Growing Need for Efficient Healthcare Solutions: The demand for improved operational efficiency in hospitals is driving the adoption of HIS. Hospitals face increasing pressure to provide high-quality care while optimizing resource use and reducing operational costs. HIS offers solutions for managing patient data, electronic health records (EHRs), billing, and inventory management, which leads to more streamlined operations and reduced administrative burdens.

Rising Adoption of Electronic Health Records (EHRs): The global shift toward digitizing healthcare records has been a major catalyst for the growth of the HIS market. EHR systems enable healthcare providers to store, access, and share patient data electronically, leading to improved diagnosis, treatment planning, and patient outcomes. Governments worldwide are implementing regulations and providing incentives to promote the use of EHRs, further fueling the demand for HIS solutions.

Technological Advancements: The continuous advancements in cloud computing, artificial intelligence (AI), big data analytics, and interoperability solutions are revolutionizing the healthcare industry. Cloud-based HIS platforms offer scalability, data security, and remote access, which are crucial for large healthcare networks. AI and analytics help hospitals harness the power of big data, enabling predictive analysis, improved patient care, and better resource management.

Increased Focus on Patient-Centered Care: As healthcare moves toward a more patient-centric approach, hospitals are leveraging HIS to offer personalized care, improve patient engagement, and ensure better outcomes. HIS systems allow for real-time monitoring of patient health, timely alerts, and seamless communication between healthcare providers and patients, all of which contribute to better care coordination and patient satisfaction.

Rising Healthcare Expenditure and Infrastructure Investments: Governments and private organizations are investing heavily in upgrading healthcare infrastructure, particularly in developing regions. This increased expenditure is driving the adoption of HIS as hospitals seek modernized solutions to cope with rising patient numbers, enhance operational efficiency, and comply with regulatory requirements. The growth of healthcare services in emerging economies is expected to contribute significantly to the market’s expansion.

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Challenges and Opportunities

While the HIS market is poised for significant growth, it faces several challenges. One of the main obstacles is the high cost of implementing these systems, which can be a barrier for smaller healthcare facilities. Additionally, concerns over data security, privacy, and interoperability remain critical issues that healthcare providers need to address.

However, these challenges also present opportunities for innovation. Companies are increasingly focusing on developing affordable, scalable HIS solutions and enhancing data security measures. The rise of telemedicine, remote patient monitoring, and mobile health applications further expands the scope for HIS growth, as these technologies increasingly integrate with hospital systems.

Regional Insights

North America currently dominates the HIS market, driven by the region’s advanced healthcare infrastructure, widespread adoption of EHRs, and favorable government policies. Europe follows closely, with a strong focus on healthcare digitization and regulatory compliance. However, the Asia-Pacific region is expected to witness the highest growth rate during the forecast period, as countries like China, India, and Japan invest heavily in healthcare modernization, digital transformation, and infrastructure development.

Future Outlook

The hospital information system market is set to undergo rapid evolution in the coming years, driven by technological advancements, the increasing demand for efficient healthcare management solutions, and a growing focus on patient care. The integration of AI, big data, and cloud-based solutions will continue to play a pivotal role in shaping the future of HIS, enabling hospitals to offer improved services and enhance their operational efficiency.

By 2032, the global HIS market is expected to reach a staggering USD 484.50 billion, up from USD 114.89 billion in 2023. With healthcare providers embracing digital solutions and governments prioritizing healthcare reforms, the market is primed for sustained growth over the next decade

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Revenue Cycle Management Market Revenue, SWOT, PEST Analysis, Growth Factors, 2024–2030

The Revenue Cycle Management Market is projected to grow from USD 47.2 billion in 2023 to USD 95.5 billion by 2030, registering a CAGR of 10.6% during the forecast period (2024 – 2030). Revenue Cycle Management (RCM) has emerged as a critical component of healthcare administration, ensuring that healthcare providers receive timely payment for the services they deliver. As the complexities of healthcare financing grow, the RCM market has become an essential pillar in maintaining financial stability for healthcare organizations.

RCM is the financial process that healthcare organizations use to manage the administrative and clinical functions associated with patient service revenue. This process begins when a patient schedules an appointment and continues through billing and the collection of payments. Effective RCM streamlines the billing cycle, reduces errors, and ensures that healthcare providers can sustain their operations by securing consistent cash flow.

Key steps in the RCM process include:

Patient registration and insurance verification

Coding and charge capture

Claim submission and tracking

Denial management

Payment posting and patient collections

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Key Players in the RCM Market

Cerner Corporation

McKesson Corporation

Epic Systems Corporation

Allscripts Healthcare Solutions

The Growth of the RCM Market

Increased Healthcare Costs and Complexity

As healthcare systems worldwide grapple with rising costs, providers face mounting pressure to optimize their revenue cycle to ensure profitability. Government regulations, payer policies, and complex billing procedures often result in revenue leakage if not managed properly. This has created a demand for robust RCM solutions that can streamline processes, minimize errors, and maximize revenue.

Adoption of Healthcare IT Solutions

The digital transformation of healthcare has accelerated the adoption of advanced IT solutions in the RCM space. Technologies like Artificial Intelligence (AI), Machine Learning (ML), and automation are being leveraged to reduce manual errors, speed up billing cycles, and enhance operational efficiency. Cloud-based RCM systems have also gained popularity due to their scalability, flexibility, and ability to integrate with Electronic Health Records (EHR) systems.

Growing Focus on Value-Based Care

As healthcare shifts toward a value-based care model, providers are incentivized to improve the quality of care while reducing costs. This paradigm shift is driving the need for sophisticated RCM systems that can handle value-based payment models, such as bundled payments and shared savings programs. These systems need to capture data more accurately, analyze it in real-time, and ensure compliance with emerging payment methodologies.

Challenges Facing the RCM Market

Despite its growth, the RCM market faces several challenges:

Complex Regulatory Environment

Healthcare regulations are constantly evolving, especially in markets like the U.S., where the Affordable Care Act (ACA), Medicare, and Medicaid play pivotal roles. Compliance with ever-changing regulations, coding standards (ICD-10), and payer requirements creates additional layers of complexity that RCM systems must navigate.

High Implementation and Maintenance Costs

While RCM systems offer immense benefits, their implementation and ongoing maintenance can be costly, particularly for smaller healthcare providers. The initial investment in software, hardware, and staff training can be a significant barrier for some organizations. Additionally, ensuring seamless integration with other IT systems, such as EHRs, requires substantial time and resources.

Data Security Concerns

With the increasing reliance on digital platforms and cloud-based systems, data security has become a major concern. Healthcare data is highly sensitive, and breaches or cyberattacks can have far-reaching consequences. RCM providers must prioritize robust security measures, ensuring compliance with regulations like HIPAA (Health Insurance Portability and Accountability Act) while safeguarding patient data.

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Future Trends in the RCM Market

As the healthcare landscape continues to evolve, several trends are expected to shape the future of the RCM market:

AI and Machine Learning Integration

AI and ML are set to revolutionize the RCM market by automating processes such as claims denial management, predictive analytics, and patient payment forecasting. These technologies can analyze large datasets to identify patterns, anticipate billing issues, and improve the overall efficiency of the revenue cycle.

Telehealth and Remote Care

The COVID-19 pandemic has accelerated the adoption of telehealth, and RCM systems will need to adapt to manage the unique billing and reimbursement challenges associated with virtual care. As telehealth becomes more mainstream, RCM providers will focus on developing solutions that can handle the complexities of telehealth billing and compliance.

Blockchain Technology

Blockchain has the potential to bring transparency and security to healthcare transactions. By creating an immutable ledger of transactions, blockchain can enhance trust between providers, payers, and patients while reducing administrative inefficiencies.

Conclusion

The Revenue Cycle Management market is poised for continued growth as healthcare organizations seek to navigate the complex financial and regulatory environment. With advancements in technology and a focus on efficiency, RCM systems will play a crucial role in ensuring the financial health of healthcare providers. As the market expands, innovation in AI, telehealth, and blockchain will shape the future of revenue cycle management, helping healthcare organizations thrive in an increasingly competitive landscape.

[msinsights]

EV Charging Management Software Platform Market Size, Share, Emerging Trends, Top Vendors, CAGR Status, Growth Opportunities and Forecast by 2031

The EV Charging Management Software Platform Market report by Metastat Insight sheds light on a transformative industry that is poised to revolutionize the way we charge and utilize electric vehicles. As the world embraces sustainable transportation solutions, the demand for intelligent and efficient charging systems has skyrocketed, driven by the rapid adoption of electric vehicles across various sectors. 

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Top Companies

AMPECO LTD, Blink Charging Co., ChargeLab Inc., ChargePoint, Inc., Current AS., Driivz Ltd., Etrel, EVBox, EV Connect.

This burgeoning market represents a critical component of the electric vehicle (EV) ecosystem, offering a suite of software solutions designed to streamline and optimize the management of EV charging infrastructure worldwide. From charging station operators and energy utilities to fleet managers and individual EV owners, the demand for robust and intuitive EV charging management software platforms continues to soar in tandem with the rapid proliferation of electric vehicles across the globe. 

These platforms encompass a broad spectrum of functionalities, ranging from real-time monitoring and billing management to demand forecasting and network optimization. By leveraging cutting-edge technologies such as cloud computing, data analytics, and artificial intelligence, these software platforms empower users to effectively manage, monitor, and monetize their EV charging infrastructure with unprecedented efficiency and scalability. 

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One of the key drivers fueling the growth of the Global EV Charging Management Software Platform market is the escalating adoption of electric vehicles worldwide. With governments, businesses, and consumers alike increasingly embracing EVs as a sustainable alternative to traditional gasoline-powered vehicles, the demand for robust charging infrastructure and management solutions has surged dramatically. EV charging management software platforms play a pivotal role in facilitating the seamless integration of EV charging stations into existing grid infrastructure, thereby enabling reliable and efficient charging services for EV owners across diverse geographies and use cases. 

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Increasing Recession Cash Flow with AI

Financial strain often intensifies during recessions, making cash flow management difficult. Accounts receivable (AR), representing money owed to a company, become particularly problematic. However, artificial intelligence (AI) can help mitigate these challenges and maintain steady cash flow.

To appreciate AI's impact, consider traditional recession management approaches. Companies have long relied on manual tracking of expenses and income to monitor their financial health. Forecasting relied on analyzing past performance data while reporting relied on assembling dispersed spreadsheets and documents. The absence of integrated systems also resulted in incomplete insights into challenges and hindered coordinated responses and adaptive planning.

Today, AI-driven solutions have transformed the financial landscape, including managing cash flow during recessions. Take JPMorgan Chase & Co's Cash Flow Intelligence tool, for example. This AI tool streamlines cash flow analysis and forecasting for corporate clients, automating manual processes. Since its launch, approximately 2,500 corporate customers have adopted the product, reducing cash flow-related tasks by nearly 90 percent. The applications of such tools are wide-ranging and vital in difficult economic situations.

Modern cloud-based financial platforms, for instance, have machine learning and predictive analytics capabilities, enabling companies to better navigate economic downturns. By leveraging AI to automate accounting processes and centralize financial data, companies gain real-time insights into crucial metrics. Such metrics include cash flow projections, revenue trend forecasts, and AR aging analysis, a critical tool for managing outstanding invoices and optimizing collection strategies.

AI can also enhance communication between organizations and their clients. For instance, to remind customers of payment obligations, it can draft emails and assist AR teams in analyzing individual accounts to customize messages. AI can also guide users on the email tone, suggesting the use of softer language initially and gradually shifting to more assertive requests the further past the due date, all while maintaining a professional approach. Personalizing each email with client details from invoices is also possible, making interactions more engaging.

Additionally, AI can sift through many emails, categorize communications based on priority, and then use its language processing capabilities to respond to customer queries and recommend actions. Companies can also quickly send targeted payment reminders at scale without extensive manual effort. Moreover, from past analysis of customer payment behaviors, the AR team can know when to expect payments.

Machine learning algorithms can automate invoice matching, instantly crediting payments to the correct accounts. These algorithms enhance cash flow management and help avoid assessing customers incorrect late fees and service disruptions due to human errors. AI chatbots can also engage customers, sending them payment reminders, answering their billing questions, and facilitating easy online payments.

Another application is managing the cash runway - how long a company can operate with its current cash reserves without additional fundraising or revenue. AI extends operational longevity by automating cash flow tracking. It can identify inefficiencies and unnecessary expenditures and generate real-time financial reports, allowing companies to address cash issues quickly. In doing so, it improves sales and marketing and extends operational lifespan during recessions. Moreover, AI can help companies forecast future cash flow scenarios, enabling proactive decision-making to optimize resource allocation.

When evaluating AI solutions for cash flow management, companies should prioritize accuracy and efficiency. Seamless integration with a company's existing accounting software, customer relationship management software, and other financial tools is important to ensure compatibility and facilitate data communication and exchange between systems. Additionally, companies should check how the tool deals with unusual situations, such as errors. The selected solution should also be able to provide real-time insights and reports for improvement, be safe and secure, and be compliant with regulations.

[industryforecastnews]

Physical Therapy Software Market Size, Share & Trends Report, 2030

Physical Therapy Software Market Growth & Trends

The global physical therapy software market size is expected to reach USD 2.52 billion by 2030, registering a CAGR of 11.0% during the forecast period, according to a new report by Grand View Research, Inc. Advancement in health IT technologies, growing investments in healthcare sector, integration of practice management with other health IT solution are the factors expected to drive the market growth. Furthermore, benefits associated with physical therapy software such as generating less paperwork, reducing billing errors, and other benefits supports in market growth.

As physical therapists have expanded into more diverse and autonomous practice locations, they are required to make more operative and efficient clinical decisions. Making sound clinical conclusions needs the right information at the right time and in the right format. Hence, physical therapy software expected to cater such market demand, in turn, promotes the market growth.

Since the emergence of COVID-19, every industry has grappled with how to do business and deliver services to their constituents, clients, and patients. Consistent with an American Physical Therapy Association (APTA) report from August 2020, nearly half of the clinic owners shut their doors at some point in the initial months of the pandemic. A large majority of clinic owners informed revenue losses. Physical therapists and their assistants faced reduced hours and income as they navigated an exclusively new way of providing services: telehealth visits.

Effective standardization of the functions and correct data management became even more important to the successful delivery of care across populations. Thus, the healthcare organizations are investing in a software solution to tackle the challenges of managing repetitive tasks, follow-ups, and become compliant with the healthcare guidelines, thus, expected to drive the market growth.

From the computers growth that better track patient medical records to handheld devices that stimulate healing at the cellular level, technology has constantly evolved to better assist individuals— the patients. And nowadays, technology can better aid therapy practice. In the physical therapy world, new advancements in technology are taking place. In February 2021; Alliance Physical Therapy partners introduced Outpatient Therapy EMR Software. Agile EMR can bring together, all the essential elements of compliance, documentation, billing, and care, coordinating into one complete platform.

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Physical Therapy Software Market Report Highlights

Mobile & Tablet segment was the largest revenue-generating segment of the Physical Therapy Software market in 2023. These devices are quickly outpacing the usage of desktops and laptops. Besides, the usage of tablets and mobiles is on the rise in hospitals and clinics as well

Cloud-Based segment is estimated to account for the largest market share and witnessed lucrative growth due to the growing adoption and rising popularity of the cloud-based healthcare services

On the end-use, hospitals segment held the largest market share during the forecast period. Hospitals are the prime point-of-care for all kinds of health problems, owing to which the segment is anticipated to hold the largest share in the global market

North America accounted for the major revenue share in 2023 owing to greater awareness levels and improved healthcare infrastructure are one of the largest industrial verticals in the U.S. This further propels the market growth of this region

The market is highly competitive in nature as major players are focusing on the product innovation, new product developments, distribution agreements, and expansion strategies to improve their market penetration

In January 2022, WebPT acquired Clinicient and its subsidiary Keet. The acquisition offers further scale and industry expertise to WebPT. Such factors are likely to maintain the intensity of rivalry in the market at a high level.

Physical Therapy Software Market Segmentation

Grand View Research has segmented the global physical therapy software market based on interface, deployment, end-use, and region:

Physical Therapy Software Interface Outlook (Revenue, USD Million, 2018 - 2030)

Desktop & Laptop

Mobile & Tablet

Physical Therapy Software Deployment Outlook (Revenue, USD Million, 2018 - 2030)

Cloud-based

Server-based

Physical Therapy Software End-use Outlook (Revenue, USD Million, 2018 - 2030)

Hospitals

Clinics

Others

Physical Therapy Software Regional Outlook (Revenue, USD Million, 2018 - 2030)

North America

U.S.

Canada

Mexico

Europe

Germany

UK

France

Italy

Spain

Denmark

Sweden

Norway

Asia Pacific

China

Japan

India

South Korea

Australia

Thailand

Latin America

Brazil

Argentina

Middle East and Africa (MEA)

South Africa

Saudi Arabia

Kuwait

UAE

List of Key Players in the Physical Therapy Software Market

Practice Fusion, Inc.

WebPT

Systems 4PT

Axxess

DrChrono Inc. (EverHealth Solutions Inc.)

Power Diary Pty Ltd.

BioEx Systems, Inc.

Meditab

OptimisCorp

MICA Information Systems, Inc.

Oracle

Kareo, Inc.

NXGN Management, LLC

Browse Full Report: https://www.grandviewresearch.com/industry-analysis/physical-therapy-software-market-report

[industrynewsupdates]

Smart Cities Market Scenario, Size, Outlook and Forecast Report 2024-2030

The global smart cities market size was valued at USD 748.7 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 25.8% from 2023 to 2030. 

The increasing urbanization, the need for efficient management of resource utilization, public safety concerns, and increasing demand for an environment with efficient energy utilization are the major driving factors for the market growth. Due to the COVID-19 pandemic, countries followed strict lockdowns and mobility constraints to avoid the spread of the virus. During the pandemic, the dependence of global economies on urban areas and the importance of public healthcare in smart city initiatives have been brought to light. However, organizations are trying to implement emerging technologies such as the Internet of Things (IoT) and Artificial Intelligence (A.I.) to overcome the challenges faced during the pandemic.

Gather more insights about the market drivers, restrains and growth of the Smart Cities Market

The need for sustainable structure due to the growing population and urbanization has become significant for market growth. Several regional governments are trying to handle these problems via smart city initiatives across serviceable segments, such as mobility, utility, safety, and management. The local governments have also been at the forefront of stimulating organizational and institutional changes, enabling steady investments, and creating a consortium for bringing diverse businesses together. The emergence of a new genre of public-private partnerships is also a particular development attributable to the smart city’s developments. Further, infrastructure development financing and funding models and governance systems are playing a major role in fueling the market.

The smart cities market growth can be attributed to the growing adoption of nanotechnology, Artificial Learning (A.I.), Machine Learning (ML), cloud computing, IoT, cognitive computing, big data analytics, and open data. Moreover, the increasing implementation of Build-Own-Operate (B.O.O.), Build-Operate-Transfer (B.O.T.), Original Brand Manufacturer (O.B.M.), and Bill of Material (B.O.M.) business models is also driving the successful project execution of smart cities. Asian countries have been pursuing numerous initiatives to encourage the adoption of digital technologies for smart cities while seeking to maintain consumer data privacy. Moreover, several government initiatives worldwide are anticipated to drive market growth further.

Though smart city projects need a diverse set of technologies, such as IoT, A.I., and smart sensors, to monitor city infrastructure, their application varies across projects and from city to city. The key driving factors for implementing smart city solutions are the need to improve resilient cities, reduce energy, and concern over the increase of environmental waste. Additionally, the vendors invest in Research & Development (R&D) to establish new systems and technologies for connected infrastructure across smart city projects. The key players in the market, such as Cisco Systems, Siemens AG, and IBM Corporation, are actively investing in R&D activities related to connected infrastructure in smart city development worldwide.

The smart cities concept has been gaining traction in recent years owing to numerous novel advantages smart cities can provide. However, several barriers are affecting the growth of the market. The high initial costs that are the prerequisite for the upheaval of the existing infrastructure of cities may restrain the growth of the market. The sheer number of financial commitments needed for the projects has been an important factor in slowing down market developments. However, the current scenario is expected to change in the coming years as there have been many other investment techniques that are gaining popularity, such as Build Transfer (B.T.), Build Operate Transfer (B.O.T.), Build Own Operate (B.O.O.), and public-private partnerships.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

• The global cleaning robot market size was estimated at USD 4.96 billion in 2023 and is anticipated to grow at a CAGR of 22.9% from 2024 to 2030. 

• The global smart highways market size was estimated at USD 57.45 billion in 2023 and is projected to grow at a CAGR of 19.3% from 2024 to 2030.

Smart Cities Market Segmentation

Grand View Research has segmented the global smart cities market report based on application, smart governance, smart utilities, smart transportation, smart healthcare, and region.

Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Smart Governance

• Smart Building

• Environmental Solution

• Smart Utilities

• Smart Transportation

• Smart Healthcare

• Smart Public Safety

• Smart Security

• Smart Education

Smart Governance Outlook (Revenue, USD Billion, 2018 - 2030)

• City Surveillance

• C.C.S.

• E-governance

• Smart Lighting

• Smart Infrastructure

Smart Utilities Outlook (Revenue, USD Billion, 2018 - 2030)

• Energy Management

• Water Management

• Waste Management

• Meter Data Management

• Distribution Management System

• Substation Automation

• Other Smart Utilities Solutions

Smart Transportation Outlook (Revenue, USD Billion, 2018 - 2030)

• Intelligent Transportation System

• Parking Management

• Smart Ticketing & Travel Assistance

• Traffic Management

• Passenger Information

• Connected Logistics

• Other Smart Transportation Solutions

Smart Cities Smart Healthcare Outlook (Revenue, USD Billion, 2018 - 2030)

• Medical Devices

• Systems & Software

Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa (MEA)

Key Smart Cities Company Insights

Some of the key players operating in the market include Microsoft Corporation, and Oracle Corporation.

• Microsoft Corporation provides business software and solutions. The well-known software products from Microsoft are the Microsoft 365 series of productivity programs, Windows series of operating systems, and the Edge browser. Its flagship hardware products are Xbox video game consoles and Microsoft Surface touchscreen computers.

• Oracle Corporation is a provider of IT software and services. The company sells database software and technology, cloud engineered systems, and enterprise software products, such as, human capital management software, enterprise resource planning software, supply chain management software, enterprise performance management software, and customer relationship management software.

• Ericsson, and Telensa are some of the emerging market participants in the smart cities market.

• Ericsson develops the IT products and services for the telecommunications industry and is currently leading the way in 5G. The company sells infrastructure, software and services in the field of information and communication technology for mobile service providers and enterprises, including 3G, 4G and 5G equipment, Internet Protocol (IP) and optical transport systems.

• Telensa offers simple and effective smart lighting solutions for public and district lighting to help cities, utilities and large areas manage their lighting to save money and reduce costs.

Key Smart Cities Companies:

• ABB Limited

• AGT International

• AVEVA Group plc.

• Cisco Systems, Inc.

• Ericsson

• General Electric

• Honeywell International Inc.

• International Business Machines Corporation

• Itron Inc.

• KAPSCH Group

• Huawei Technologies Co., Ltd.

• Microsoft Corporation

Recent Developments

• In December 2023, Msheireb Properties (MP), Qatar based property developer, signed a Memorandum of Understanding (MoU) with Microsoft Corporation, software products developer, to develop a ‘Smart Experience’ project for visitors, retail, residents, and commercial customers in MP’s development, Msheireb Downtown Doha (MDD).The Smart Experience project is revolutionizing the way citizens interact with the urban environment by incorporating new solutions to improve the lives of MDD members.

• In November 2023, Smart City Expo World Congress (SCEWC), the international event on cities and smart urban solutions organized by Fira de Barcelona. It is an exhibition of innovative urban solutions and projects that focus on ways to transform modern cities into more sustainable, efficient and habitable places. The congress program of SCEWC comprises eight main themes, including energy and environment, enabling technologies, mobility, housing and inclusion, management and economy, security and blue economy, and infrastructure and buildings.

• In August 2023, NEC Corporation India, IT services provider, launched Smart City project in Tirupati, India, for Tirupati Smart City Corporation Limited.Under this project, NEC Corporation India would implement ICT solutions across the city and establish a City Operations Center (COC) in Tirupati. ICT solutions, such as, a unified command and control center, and integrated services enable real-time data collection and analysis and two-way communication, helping to provide more effective responses to environmental, and health safety.

• In March 2023, Honeywell International announced the initiation of the first phase of the Bangalore Safe City Project. The initiative seeks to establish a secure, efficient, and empowering environment for girls and women by leveraging advanced safety and security technology. As part of the project, Honeywell plans to deploy over 7,000 video cameras at strategic locations throughout Bengaluru, equipped with cutting-edge artificial intelligence (AI) capabilities. These AI-powered video analytics systems will enable comprehensive analysis of video feeds spanning the city, contributing to enhanced safety and surveillance measures.

• March 2023, Siemens, a smart infrastructure provider, announced the launch of a smart IoT solution called Connect Box to manage smart buildings. Connect Box offers a user-friendly approach for monitoring building performances, helps optimize energy, and substantially improves the air quality inside small to medium buildings such as retail shops, schools, apartments, and small offices in smart city projects. Therefore, The increasing implementation of IoT in smart cities market is expected to drive the market growth.

Order a free sample PDF of the Smart Cities Market Intelligence Study, published by Grand View Research. 

[healthcaremarketanalysis]

Medical Billing Market: $16.8B to $27.7B Growth Forecast (2024-2029)

The "Medical Billing Market Size, Share & Trends by Product (Software, Service), Application (RCM, EHR, Practice Management), Type (Account receivable, Claim, Coding, Analytics), Service (Managed, Professional), End User (Hospital, Speciality), & Region- Global Forecast to 2029" report highlights substantial growth projections. It anticipates the market to escalate from $16.8 billion in 2024 to $27.7 billion by 2029, at a notable CAGR of 10.5%. The global medical billing market is experiencing significant growth, driven by increasing patient numbers, the rising complexity of medical billing and coding procedures, expanding healthcare insurance coverage, and growing healthcare expenditure. The need for regulatory compliance and the shift towards electronic health records (EHR) integration and digitalization also contribute to this growth. Outsourcing medical billing services for better revenue cycle management and adopting advanced technologies such as AI, cloud solutions, and automation further propel market expansion. The growing geriatric population and prevalence of chronic diseases increase the number of insurance claims, driving the demand for medical billing solutions. However, the high cost of deployment, including maintenance, software updates, and training, poses a restraint, particularly for small healthcare facilities. Opportunities in the market include the rising demand for AI and cloud-based deployment to optimize billing processes and reduce errors. Data security concerns and the risk of breaches remain significant challenges. The market is segmented by component, facility size, end users, and region, with North America holding the largest share in 2023. Key players in the market include Oracle, McKesson Corporation, Veradigm LLC, and others.

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Global Medical Billing Market Dynamics

DRIVER: Growing patient numbers and the ensuing expansion of health insurance

The growing geriatric population, the chronic diseases pervasiveness, and the burgeoning demand for quality healthcare in global healthcare are these days posing an increasing strain on the global healthcare system. The World Health Organization (WHO) reports that the number of people aged 60 and older is expected to grow from roughly 900 million in 2015 to about 2 billion by 2050. The CDC stated that chronic diseases like cancer, cardiovascular disease (CVD), diabetes, and respiratory diseases cause approximately 70% of deaths in the US every year. In addition to this according to Eurostat, 21% of the Europe population was aged 65 and over, compared to the 16% in 2001.

Restraint: High cost of deployment

Factors influencing the cost of medical billing services include the volume and complexity of services handled, impacting the need for extensive billing resources. Medical billing systems are expensive software solutions, with maintenance and software update costs often exceeding the initial purchase price. Support and maintenance services, which include software modifications and upgrades represent a huge recurring expenditure. This contributes to a large portion of the total cost of ownership. Additionally, the healthcare industry often lacks internal IT expertise, necessitating end-user training to maximize the efficiency of medical billing solutions, further increasing the cost of ownership. Post-sale custom interface development for software integration also requires additional verification and validation to ensure accuracy and completeness, adding to the overall expenses.

OPPORTUNITY: Rising demand for AI and cloud-based deployment

Using machine learning algorithms and predictive analytics to shorten drug discovery times, give patients virtual help, and speed up illness diagnosis by analyzing medical images, combining data and artificial intelligence (AI) can potentially improve outcomes and save costs. Because Al can optimize both clinical and non-clinical processes, it is becoming increasingly popular in the healthcare industry. This is because Al can solve a wide range of issues for patients, providers, and the industry as a whole. With Al's assistance, manual and repetitive processes that arise during patient access, automated coding, expediting claim processing, lowering billing errors, collections, and denials can all be automated. When AI is combined with medical billing, it can mimic intelligent human behavior and carry out these tasks more precisely

CHALLENGE: Concerns about confidentiality and data security

The shift to digital medical records has amplified data vulnerabilities, escalating the risk of breaches. Issues include inadequate internal controls, outdated policies, and insufficient training. While technologies like EHRs and health data exchanges enhance healthcare efficiency, they also widen security risks. Safeguarding proprietary data and applications remains a pivotal challenge hindering the growth of the medical billing market.

The global medical billing industry is segmented by component, facility size, end users and region

By component type, the service segment accounted for the largest share of the medical billing industry in 2023.

The medical billing market is segmented by component type into software and service solutions. The service segment accounted for the largest market share in 2023. This segment is further sub-segmented into managed services and professional services. The service segment holds the largest share in the medical billing market because of its critical role in providing complete solutions and specialized knowledge that expedites healthcare providers' billing processes. These services include vital tasks like medical coding, claims submission, denial management, and revenue cycle management to maximize reimbursement and financial performance. The dominance of the service segment is further supported by its capacity to provide scalable solutions that can adjust to changing patient volumes and practice sizes, as well as by its dedication to upholding compliance with strict healthcare laws like HIPAA, which guarantees patient privacy and data security.

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The cloud based deployment model is the fastest growing segment in the medical billing industry.

Based on deployment, the medical billing market is segmented into on-premises model, cloud-based based model and SaaS based model. The cloud-based model Medical Billing market is poised for significant growth in the forecast period. As these solutions benefits over conventional on-premise options. First off, cloud-based medical billing systems lower startup expenses and increase accessibility for smaller healthcare businesses by doing away with the requirement for upfront hardware infrastructure investments. Second, these systems are scalable, which frees healthcare providers from the limitations of physical infrastructure to quickly modify resources in response to shifting patient volume and commercial needs.

Large-sized facilities accounted for the largest share of the medical billing industry share in 2023.

Based on facility size, the medical billing market is segmented into large, mid, and small-sized facilities. Some important variables drive the expansion of large-scale facilities in the medical billing industry. The rising cost of healthcare and the intricacy of medical billing procedures call for sophisticated billing solutions, which major facilities can provide. These facilities offer a wide range of services necessary for effectively managing large numbers of patient data and transactions. These services include revenue cycle management, coding, compliance, and claims processing

North America accounts the largest share of medical billing industry in 2023.

Based on the region, the medical billing market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2023 North America accounted for the largest share of the Medical Billing market. The need for effective billing solutions is being driven by integrated billing systems, a complicated and varied healthcare payer landscape, strict regulatory compliance requirements like HIPAA, and substantial healthcare costs. The area also benefits from a sizable patient and healthcare provider base, which encourages competition and innovation among medical billing service providers and technology vendors.

Prominent players in Medical Billing market include Oracle (US), Mckesson Corporation (US), Veradigm LLC (US), Athenahealth, Inc. (US), , Quest Diagnostics Incorporated (US), eClinicalWorks (US), CureMD (US), DrChrono (US), NextGen Healthcare, Inc. (US), CareCloud, Inc. (US), AdvancedMD, Inc. (US), , Kareo, Inc. (US), TherapyNotes LLC. (US), RXNT (US), WebPT (US), CentralReach LLC (US), Epic Systems Corporation (US), CollaborateMD Inc. (US), Advanced Data Systems Corporation (US), ChartLogic (US), Meditab (US), EZClaim (US), RevenueXL Inc. (US), Ambula Health (US), , AllStars Medical Billing (US), Apero Health, Inc. (US), TotalMD (US), Proclaim Billing Services (US).

Recent Developments of Medical Billing Industry:

In January 2024, McKesson Corporation (US) collaborated with Hoffmann-La Roche Limited (Switzerland) to launch patient support program that address administrative challenges and enhances patient experience, streamline the administrative process and accelerates the reimbursement process.

In November 2023, Veradigm LLC (US) launched a software platform named Veradigm Intelligent Payments to offer Intelligent Payments within Veradigm Payerpath via a collaboration with RevSpring to accelerate payment rates and decrease the time spent manually reconciling records for healthcare provider practices.

In May 2023, athenahealth, Inc. (US) partnered with LCH Health and Community Services (US) to implemented athenaOne, athenahealth, Inc.’s integrated, cloud-based electronic health record (EHR), medical billing, and patient engagement solution, as well as athenaOne Dental to provide a more seamless experience for its patients and providers and to support the nonprofit’s growth strategy.