Non-fungible Token Market Driven by Increasing Importance of NFTs in the Cryptocurrency Industry

Non-fungible token (NFTs) is a financial security that comprises digital data stored in a blockchain and its ownership is recorded in the blockchain and can be transferred by the owner. NFTs can be sold and traded and are cryptographic assets that have unique identification codes and metadata that can easily distinguish them from one another. NFTs represent ownership of unique items and enables tokenization of things such as art, collectibles, and even real estate. The different and unique construction of each NFT has the potential for several use cases. Since they are based on blockchain, non-fungible tokens can remove intermediaries and connect artists with their audiences. NFTs can effectively remove intermediaries, simplify transactions, and create new markets.

Majority of the current trend and market for NFTs is revolving around collectibles such as digital artwork, sports cards, and rarities. Smart NFT is physically bound to its IoT device through the use of physical unclonable function that enables recovering of its private key and then the blockchain account address. While NFTs have been around for a while, they are gaining rapid prominence owing to rising popularity of metaverse and as a popular way to buy and sell digital artwork. Non-fungible tokens create digital scarcity as they are one of a kind and have unique identification codes. Non-fungible tokens also contain built-in authentication that serve as a proof of ownership. Since NFTs have unique digital signatures, it makes it impossible for NFTs to be exchanged for or equal to one another. NFTs are typically held on the Ethereum blockchain, although other distributed ledgers support its creation. NFTs and blockchain offer content creators and artists a unique opportunity to monetize their art by selling them directly to consumers and receive a percentage of sales or royalties when any art is sold.

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In May 2022, popular social media platform Instagram announced it was planning NFT integrations for Ethereum, Polygon, Solana, and Flow. Instagram plans to support widely used crypto wallets and users will be able to prove their ownership by plugging in their wallets and also showcase them on their profiles and tag the creators who have developed them. The pilot testing will be featuring a small group of NFT aficionados that are based in the United States. Meta will be following up this launch on Instagram with minting and group membership options on Facebook.

Some of the major companies in the Non-fungible token market include YellowHeart, Cloudflare, Inc., PLBY Group, Inc., Dolphin Entertainment, Inc., Funko Inc., OpenSea (Ozone Networks, Inc.), Takung Art Co., Ltd., Dapper Labs, Inc., Nifty Gateway (Gemini Trust Company, LLC), and MakersPlace (Onchain Labs, Inc.). In May 2022, Andreessen Horowitz (a16z) led the seed round worth USD 25 million to fund the launch of Co:Create, which is a new protocol that aims to support and accelerate the growth of NFT projects and enable them to launch their own native tokens. Co:Create also aims to manage and engage communities through decentralized autonomous organizations while simultaneously incentivizing the growth and progress of dApp ecosystems around their collections.   

Integration of Big Data and AI in Energy Systems to Meet Global Energy Needs to Drive Energy and Utilities Analytics Market Growth

 

Energy and utilities analytics refers to the process of collecting electrical data and applying sophisticated analytical software and algorithm to generate and deliver insights regarding consumption. Application of analytics to the vast amount of data generated by utilities across the globe offers a lucrative opportunity to discover new patterns of customer usage, enable better forecast of demand, allow efficient management of energy constraints, and improve compliance with regulatory authorities. In addition, it can help prevent fraud, reduce loss, and enhance customer service significantly. Growing focus on energy efficiency in building management has contributed to the emergence of smart building technology that leverage IoT sensors to generate comprehensive data and insights to help achieve energy efficiency.

Energy and utilities cover energy and power including electricity, natural gas, fuel, oil and other energy sources including renewable and alternative sources of energy. Over the recent years, there have been tremendous advancements in technology and have led to the development of IoT devices and submeters that are very sophisticate and can collected electrical data in real time. This data is then fed into energy analytics software to generate specific and actionable insights from the energy analytics. This has made energy analytics a crucial tool in building operations management. Analytics are at the core of smart building systems and availability of intelligent analytics platform enables users to leverage big data and reduce energy consumption significantly. Critical insights into operations can enable utilities to shift from expensive time-based approach and focus on developing a more informed approach about making repairs and improving operations and maintenance. In addition, analytics can help detect equipment defects, alert staff to anomalies in performance, and energy consumption to provide insight about irregularities and speed up maintenance, repair, and replacement of equipment.

In April 2022, Sarawak Energy announced it had received an award for analytics on utilities in the Malaysia Technology Excellence Awards. Sarawak Energy said it aspires to be a digital utility and a renewable powerhouse in the region. The company’s efforts for digitalization of energy sector led to the development of Dynamic Water Dispatch Management (DWDM) system that was implemented in March 2021 to modernize hydrological forecasting and dispatching of hydroelectric plants.

Major companies in the energy and utilities analytics market include Microsoft Corporation, Eaton Corporation plc, IBM, SAP SE, General Electric Company, AWS, Oracle, Schneider Electric SE, Siemens AG, and Cisco Systems, Inc. In January 2021, Bandera Electric Cooperative (BEC) and Burns & McDonnell signed an agreement to distribute BEC’s energy analytics solution, Apolloware, to electric utilities across the nation. Apolloware is a cloud-based platform that offer real-time energy information which will allow utilities to aggregate distributed energy resources in their system and identify potential equipment failure and improve overall operations.

Advancements in CAD and Need for Efficient Design Development and Optimization to Contribute to Growth of Computer Aided Design Market

 

Computer-aided design (CAD) is the use of computer-based software to streamline designing processes and is widely adopted by engineers and designers. CAD is often used for detailed engineering of 3D models and is utilized in the entire engineering processes – from conceptual design to definition of manufacturing methods. Recent advancements in computer-aided design and manufacturing (CAD/CAM) have improved and incorporated a wider range of functions as compared to conventional 2D pattern grading and includes 3D models and decoration designs. It can automate routine procedures, increase speed, enhance consistency, and enable design variations.

CAD systems aid in automating tasks in design and manufacturing wherein the information is passed from step to step in a computer-based format. Majority of clothing and shoe manufacturing businesses rapidly adopted CAD to organize and store patterns so that they could use and adapt them as and when needed to create novel styles over time. CAD systems, currently, have been upgraded to support multidepartment integration and access and are equipped with multiple functions including database management of patterns for access, editing, and storage, creation of specific products, access and storage of modular pieces for mass production and customization, grading functions to create pattern blocks, and connection to computerized cutting systems. CAD can streamline mass production product development processes and the technology is quick, accurate, and digitally connected with cutting technology. CAD enables prior reviewing of design quickly and allows engineers and designers to evaluate design and check accuracy by leveraging automated tolerancing and dimensioning routines to minimize chances of inaccuracy and errors. CAD also simplifies documentation of design and development of product data management (PDM) has enabled companies to make CAD available across departments on a computerized network which provides numerous benefits over conventional data management. With increasing pressure on companies to provide clients with customized solutions catering to their individual, personalized needs, PDM systems have enabled an increased level of teamwork among individuals working at different stages in product design and manufacturing, in turn, reducing costs that are associated with information lag and rework. CAD tools have gained significant traction over the recent past and it has become increasingly difficult to function in competitive engineering field without the assistance of this timesaving design tool.

In a recent news, Siemens collaborated with Hyundai shipbuilding group to develop a new computer-aided design (CAD) program that would enable and help shipyards accelerate transition to digital technologies and quicken digital transformation. The goal is to enable them to promote an autonomous smart shipyard by the year 2030. Siemens has partnered with two Hyundai shipbuilding units; Hyundai Samho Heavy Industries and Korea Shipbuilding & Offshore Engineering (KSOE) and would be creating a joint research study to develop a data platform that enables digital twin while accelerating digital transformation to help them gain a robust footing in the shipping industry. South Korean shipbuilders are working on developing smart ship technologies to radically improve ship design and operations and in turn minimize human errors that lead to marine accidents.

Prominent companies in the market include Autodesk, Inc., Ansys Inc., Dassault Systèmes, Bentley Systems, Incorporated, SmartDraw LLC, Seimens Digital Industries Software, Kubotek3D, Cadonix Ltd, PTC Inc., and Bricsys NV. In April 2022, Cloud CAD, which is a Chinese online collaborative computer-aided design (CAD) platform, announced it had raised over USD 1.55 million in a round of funding from angel investors. The funding will be used on product R&D, project operations, and expanding scope of Cloud CAD.

Rising Demand From IT, BFSI, Retail & E-Commerce and Other Industries to Drive Business Intelligence and Analytics Platforms Market Growth

 

Business intelligence (BI) and analytics refer to software and services that enable organizations to transform corporate data into actionable insights and improve business decision-making. For organizations in today’s fast-paced world of business, it is of the essence to be data-driven and well-versed in business analytics. Business intelligence and analytics platforms offer digital tools and solutions that help analyze business data, enhance operational efficiency, optimize performance, make future predictions, and adapt to the latest business trends and technologies. These tools allow organizations to access and analyze large datasets, evaluate customer behavior, analyze key performance indicators (KPIs), create data visualizations, address issues like poor performance management, and present analytical findings in reports, dashboards, charts, and graphs.

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Business intelligence and analytics solutions enable organizations to forecast profits & sales, visualize demand & supply changes, automate report distribution to stakeholders, and analyze the outcomes of marketing campaigns. Some of the key advantages of these platforms are data visualization, data quality management, faster data-mining capability, performance tracking, and ability to integrate with cloud-based, third-party platforms such as Microsoft Azure, Amazon Web Services (AWS), and Oracle Analytics Cloud. Hence, leading business intelligence and analytics platforms include Microsoft Power BI, Tableau Desktop, SAP BusinessObjects BI Suite, TIBCO Spotfire, IBM Cognos Analytics, Amazon QuickSight, and Zoho Analytics.

Rising demand for business intelligence and analytics software & solutions in the IT, BFSI (banking, financial services, and insurance), retail & e-commerce, and various other industries is one of the major factors driving revenue growth of the global business intelligence and analytics platforms market. Increasing focus of business organizations on streamlining and automating their business operations, exponentially increasing volumes of data, and growing need for real-time performance analysis and understanding changing customer preferences are other key factors contributing to market revenue growth. Increasing competition in the global business sector, rapid deployment of cloud-based technologies, and emerging business trends such as contactless payments and increasing adoption of advanced retail technologies like supply chain management (SCM) and customer relationship management (CRM) further boost revenue growth of the market.  

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