Context Rich Systems Market: Lucrative Opportunites across Globe
According to a new publication by Transparency Market Research, a large portion of the global context rich systems player base is focused on developing business strategies that revolve around the designing of CRS solutions and the manner they can be offered at an enterprise level.
The global market for context rich systems is expected to progress at a CAGR of 15.9% within a forecast period from 2015 to 2022, in terms of revenue. This revenue is expected to reach US$2.43 bn by the end of 2016 and US$5.79 bn by the end of 2022.
Companies such as IBM and IGATE Corp. have already established themselves in the sectors of transportation, healthcare, tourism, and hospitality for context rich systems solutions.
Most of the key players are already looking towards a B2B context rich systems solutions offering, over the current B2C approach.
Growing Smartphone User Base Increases Scope for Context rich Systems Implementation
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The number of smartphone users were estimated to be close to 3.6 billion in 2014, and according to the ITU, another billion users will be added to this number by 2020. “This is a globally spread out shipment of connected devices, at the pinnacle of which lie the smartphone businesses,” states a TMR analyst. “This is a staggering increase in the number of Internet users and draws a much greater attention towards online marketing and advertising.”
The boost that ecommerce and retail are expected to receive from this growth in users of connected devices will thus act as a principle factor promoting the greater use of context rich systems solutions.
Security Concerns in CRS Prevail, Deter Users from Applying Solutions
Users are always very protective of their personal data, as they should be, especially when it comes to the Internet. Issues such as privacy breach, and loss/theft/manipulation of data are primary concerns for all users and CRS solutions come under the scanner when parsing user data.
The use of personal data without a user’s consent is a serious issue within the context rich systems realm and keeps a lot of companies from implementing CRS solutions due to the perception of users that it can expose their personal data. Therefore, without the enforcement of stringent regulations for online data security, context rich systems will continue to come with the problem of added data integrity risks.
North America Demand for Context rich Systems Remains at All Time High
Smartphones are not only the most popular device type in context rich systems, but also form the fastest-growing segment at a predicted 16.4% CAGR from 2015 to 2022. By the end of 2022, smartphones-based revenue in context rich systems is expected to reach US$2.17 bn.
Although most of the demand for context rich systems has been found in North America and is likely to continue coming from the region, Asia Pacific holds the faster growth rate among all major regions. It is expected to progress at a staggeringly high CAGR of 19.1% from 2015 to 2022, owing to the fast developing IT industry.
The key application sector for context rich systems was and will most likely continue to be the ecommerce and retail sector. By the end of 2022, the collective revenue generated in CRS from this sector is expected to reach US$1.57 bn. however, the leading growth rate and scope of opportunities is expected to be in the tourism and hospitality sector, the CRS revenue of which is expected expand at a CAGR of 19.4% from 2015 to 2022.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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