How to Choose the Right Procurement Software for Your Business

Procurement software is business software that automates the entire source-to-pay cycle, from analyzing and managing spending to managing contracts and making invoice payments. Procurement software allows enterprises to streamline and automate purchasing processes, cut costs, improve efficiency, and boost organizational performance.

The benefits of procurement software include better spend management, automation of tasks and approvals, real-time spend visibility, faster turnaround, reduced procurement costs, improved efficiency, increased compliance, and better visibility. However, there are also some challenges and potential disadvantages of procurement software, such as poor customer service, difficulty in user adoption, supplier integration challenges, and difficulties related to obtaining investment in digital transformation.

Market Overview:

The global procurement software market size was USD 6.67 Billion in 2022 and is expected to register a rapid revenue CAGR of 10.4% during the forecast period. Increasing use for cloud-based procurement solutions and rising need for automated and efficient procurement processes are key factors driving market revenue growth.

Market Drivers:

Industry-specific Demand: The growing demand for procurement software is driven by various industries, including retail, manufacturing, healthcare, transportation, and logistics.

Global Recovery Trend: Despite intense competition, the global recovery trend is driving optimism and attracting new investments to the procurement software market.

Technological Advancements: Technological innovation and advancement are optimizing the performance of procurement software, making it more widely used in downstream applications.

Regulatory Compliance and Risk Mitigation: Compliance with regulatory mandates and prudent risk mitigation are paramount concerns, driving the adoption of procurement software to navigate complex regulatory landscapes and manage risks effectively.

Market Restraints:

High Initial Costs: The high initial cost of procuring and implementing procurement software, including licensing fees, implementation costs, and training expenses, is a key factor restraining market revenue growth.

Data Security and Privacy Concerns: Concerns related to data security and privacy are also restraining market revenue growth.

Market Challenges: Economic constraints in emerging countries and business market obstacles pose challenges to market growth.

To choose the right procurement software for your organization, you should consider the following key factors based on the provided search results:

Mobile Accessibility: Ensure the software is accessible on mobile devices for on-the-go use.

Ease of Use: Look for user-friendly interfaces and intuitive navigation to facilitate adoption.

Integrations with Accounting Systems: Check for seamless integration with your existing accounting systems to ensure smooth data flow.

Fast Onboarding and Implementation: Prioritize software that offers quick and easy onboarding processes.

Customer Support: Assess the level of customer support provided by the software vendor.

Supports the Entire Procure-to-Pay Cycle: Choose software that covers the entire procurement process, from requisition to payment.

Real-Time Budget Tracking: Look for features that enable real-time tracking of budgets and spending.

Spend Insights and Reporting: Ensure the software provides comprehensive insights and reporting capabilities for better decision-making.

Vendor Management Capabilities: Consider the software's features for managing vendor relationships and performance.

Operational Efficiencies: Evaluate how the software can improve operational efficiencies within your procurement processes.

By considering these factors, you can make an informed decision and choose the procurement software that best suits your organization's needs and goals.

Top 5 Reasons to Invest in Augmented Reality and Virtual Reality Chips Market

 

Augmented Reality and Virtual Reality Chips are semiconductor ICs that are used in electronic devices such as head-mounted displays, gaming systems and mobile phones to generate realistic images, videos and other sensations that replicate a user's physical presence in a virtual or imaginary environment. These chips are also used in medical applications for training surgeons and providing them with real-time information during procedures.

The Augmented Reality (AR) & Virtual Reality (VR) chips market size was USD 2.78 Billion in 2021 and is expected to register a revenue CAGR of 24.5% during the forecast period, according to the latest analysis by Emergen Research.  The major drivers for this market are the increasing demand for AR/VR devices from the gaming and entertainment industry, and the growing adoption of AR/VR technology in the healthcare sector. However, the high cost of AR/VR devices and the lack of standardization are restraining the growth of this market.

With the increasing demand for advanced gaming and other entertainment applications, the augmented reality and virtual reality chips market is expected to grow significantly in the coming years. These chips are used in a variety of devices such as smartphones, head-mounted displays, gaming consoles, and others. The rising popularity of immersive gaming and other entertainment experiences is one of the key factors driving the growth of the augmented reality and virtual reality chips market.

Here are the top five reasons why you should invest in the Augmented Reality and Virtual Reality Chips market:

1. Increasing adoption of AR and VR technology in gaming and entertainment industry

2. Proliferation of smart devices equipped with AR and VR technology

3. Advancements in AR and VR technology

4. Growing demand for immersive experiences

5. Favourable government initiatives to promote the use of AR and VR technology

1. Increasing adoption of AR and VR technology in gaming and entertainment industry: The gaming and entertainment industry is one of the key end-users of AR and VR technology. The increasing adoption of AR and VR technology in this industry is fuelling the growth of the Augmented Reality and Virtual Reality Chips market. Also, the growing popularity of e-sports is expected to drive the demand for AR and VR chips in the gaming industry.

2. Proliferation of smart devices equipped with AR and VR technology: There has been a surge in the number of smart devices equipped with AR and VR technology in recent years. This is one of the key factors driving the growth of the Augmented Reality and Virtual Reality Chips market. Also, the increasing penetration of AR and VR technology in various end-use industries such as healthcare, automotive, and retail is expected to fuel the demand for AR and VR chips.

3. Advancements in AR and VR technology: The AR and VR technology is evolving at a rapid pace, with new advancements being made in terms of hardware and software. This is one of the key factors driving the growth of the Augmented Reality and Virtual Reality Chips market. Also, the increasing investments by key players in the development of AR and VR technology is expected to fuel the market growth.

4. Growing demand for immersive experiences: There is a growing demand for immersive experiences is one of the key drivers for the growth of the Augmented Reality and Virtual Reality Chips market. Also, the increasing adoption of AR and VR technology in various end-use industries such as healthcare, automotive, and retail is expected to drive the demand for AR and VR chips.

5. Favourable government initiatives to promote the use of AR and VR technology: There has been a surge in government initiatives to promote the use of AR and VR technology. This is one of the key factors driving the growth of the Augmented Reality and Virtual Reality Chips market. Also, the increasing investments by key players in the development of AR and VR technology is expected to fuel the market growth.

In Conclusion

We have yet to see the full potential of augmented and virtual reality. However, the technology is progressing quickly, and it seems likely that these devices will eventually become a staple in our everyday lives. For now, though, we'll just have to content ourselves with playing a few fun games or watching some videos in VR. But who knows? In a few years, we might all be using AR and VR to do our work, shop, or even socialize. So far, the only limit is our imagination.

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Top 5 Reasons to Invest in Hybrid Cloud Market

 

Hybrid Cloud is a cloud computing environment that uses a mix of on-premises, private cloud and public cloud services with orchestration and integration between them. A hybrid cloud allows an organization to more easily shift workloads between on premises and public clouds to meet changing business requirements. It also enables organizations to use the best features of both deployment models while still maintaining control over their data and applications.

The global hybrid cloud market size reached USD 71.23 Billion in 2021 and is expected to register a revenue CAGR of 18.4% during the forecast period, according to the latest analysis by Emergen Research.. The major drivers of the hybrid cloud market include the need for cost-effective and flexible IT infrastructure, increasing focus on data security and privacy, and the need for high scalability. However, the hybrid cloud market faces certain restraints such as the lack of skilled personnel and apprehensions about data security.

Here are the top 5 reasons why you should invest in this growing market:

1. Increased agility and flexibility: A hybrid cloud environment provides organizations with the ability to be more agile and flexible in their IT operations. They can quickly scale up or down their IT infrastructure as needed, without having to invest in new hardware or software.

2. Improved disaster recovery: A hybrid cloud environment can help improve an organization's disaster recovery capabilities. By storing data and applications in both on-premises and cloud-based systems, organizations can ensure that their critical data and applications are always available, even in the event of a major outage.

3. Greater security and compliance: A hybrid cloud environment can offer greater security and compliance than a traditional on-premises IT infrastructure. By storing data and applications in both on-premises and cloud-based systems, organizations can better protect their data from security threats.

4. Lower costs: A hybrid cloud environment can help organizations save money on their IT costs. By using a mix of on-premises and cloud-based resources, organizations can avoid the need to invest in new hardware or software. Additionally, they can take advantage of economies of scale by using the same infrastructure and resources across multiple locations.

5. Increased business continuity: A hybrid cloud environment can help organizations ensure business continuity in the event of an IT outage. By storing data and applications in both on-premises and cloud-based systems, organizations can keep their businesses running even if one system goes down.

In Conclusion

The hybrid cloud offers many benefits, including increased agility and flexibility, improved disaster recovery, greater security and compliance, lower costs, and increased business continuity. When considering an investment in the hybrid cloud market, these are just some of the reasons to keep in mind.

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E-Skin Market Growth Driven by Rapid Advances in Material Science and Structural Designs

 

Electronic skin, or e skin, refers to a flexible, stretchable, and self-healing electronics that can efficiently mimic functionalities of human or animal skin. Electronic skin has diverse applications in robotics, artificial intelligence, health monitoring technologies, and prosthetics. Development of electronic skin has been a topic of research due to its relevant applications in robotics and in biomedical systems. E-skin basically protects the inner electronic system from damages and convey the mechanical stimulus in a way that is convenient for the sensor arrays. E-skin’s flexible and stretching characteristics facilitate miniaturized semiconductor components such as antennas, light-emitting diodes, compact power sources, and nanoscale drug delivery systems. Over the recent years, tremendous research and development activities have been carried out to develop a synthetic skin with self-healing capabilities similar to natural skin.

E-skin in healthcare sector can be used for prosthetics that can mimic the sense of touch, monitor for life signs, wound care, and in drug delivery. Rapidly aging global population and increasing prevalence of chronic diseases are expected to drive demand for e-skin. E-skin is an ultra-thin, flexible, wearable device that combines data and communication technologies with innovative materials, sensors, and microelectronics. Flexible displays are often integrated into the e-skin to reduce the discomfort associated with wearing bulky external monitoring devices. Over the recent years, many academic and research institutions have invested heavily in developing robust electronic skins. For instance, scientists and researchers at Stanford University of California have developed a very sensitive sensor that can be seamlessly integrated into an e-skin applied to a prosthetic limb. In a similar tandem, scientists from the Korea Institute of Machinery and Materials in South Korea have developed an e-skin for a prosthetic hand that can sense intensity of force, stress, or pressure to help a person recognize shape and texture of an object.

In February 2022, a breakthrough research study was published in the journal Science Robots wherein a team of researchers from Pohang University of Science & Technology (POSTECH) developed an electronic skin that can sense tactility in a way similar to humans. Researchers have developed an artificial sensory receptor that generates spike signals on its own and created an electronic skin that can send signals simultaneously to be analysed in real time. The research study was conducted with backing from Basic Research Laboratory Program and the Brain Convergence Research Program through the National Research Foundation of Korea.

In a research study published in January 2022, a team of Chinese researchers have created a flexible electronic skin that is equipped with sensors, wireless transmitters, and tiny vibrating magnets that offer haptic feedback to users. Attachment of these patches to various parts of the body such as hand, forearm, or knee can enable the system to record movements of the users and transmit them to robotic devices. The research has been published in the journal Science Advances.

Major companies in the e-skin market include Medidata Solutions, Intellisense Technology, Plastic Logic GmbH, Rotex Global, LLC, Smartlifeinc Limited, VivaLNK, Inc., Xenoma Inc., Xsensio, Chrono Therapeutics Inc., and iRhythm Technologies, Inc. In February 2022, deep tech startup, Touchlab raised £3.5 million in seed funding round. Touchlab develops tactile sensing e-skin for robots. Touchlab’s e-skin is thinner than human skin and can easily be retrofitted without reducing the robot’s or gripper’s degrees-of-freedom. Touchlab’s e-skin can withstand a high load, sense direction in 3D and can endure harsh environment such as acid, high and low temperatures, and radioactive environments conferring unique capabilities to the e-skin. 

Sensor Fusion: Combination of Multiple Sensors for Enhanced Measurement Estimations

 

Sensor Fusion, also known as multi-sensor, is the art of integrating multiple physical sensors to enhance the application and system performance. Sensors are now deployed in a broad spectrum of applications, such as smart mobile devices, automotive systems, healthcare, oil exploration, climate monitoring, and industrial controls. Sensors are used everywhere, and now the advancement in sensor technology is enabling them to mimic human beings. This is possible now because of sensor fusion technology. Sensor fusion leverages a microcontroller to combine the individual data collected from multiple sensors to get a more reliable and precise overview of the data. Sensor fusion enables context awareness, which, in turn, can extensively benefit the Internet of Things (IoT).

Sensor fusion is the ability to bring together input from multiple radars, lidars, and cameras to form a single model or a picture of the vehicle’s surrounding. The resulting model is an accurate representation as it balances the strengths of different sensors. Sensor fusion dynamically improves the lane detection performance as more sensors are used to boost the perception capability. Sensor fusion collects data from each sensor used through software algorithms to offer the most comprehensive and accurate environmental model. The escalating use of sensor fusion in consumer electronics and automotive applications is propelling the sensor fusion market’s growth. According to Emergen Research, the Global Sensor Fusion Market is forecast to attain a market valuation of USD 16.72 Billion by 2027, registering a remarkable CAGR of 19.6%.

Importance and Working of Sensor Fusion Algorithms

Sensor fusion algorithms integrate real-time sensor data that assists in reducing doubts in the object’s location and position. They combine data from several sensors to estimate the correct positions of the objects. Sensor fusions mostly rely on data from numerous same types of sensors, also known as “competitive configuration”. However, when merging data from different types of sensors, such as amalgamation of object proximity data and speedometer data, more often results in an in-depth interpretation of the object examined.

For instance, during a foggy climate, a radar sensor offers more precise data than a LiDAR sensor would. Whereas, in clear weather, LiDAR sensors’ spatial resolution is much more reliable than radar sensor. Every sensor has its own pros and cons, which is why sensor fusion algorithms take into consideration multiple types of sensors. The data from these various sensors are complementary, and the setup is typically called a complementary configuration.

Due to each sensor’s strengths and weaknesses, a robust algorithm gives preference to some critical data points over others. For instance, speed sensors are more precise than parking sensors, so those sensors are mostly preferred. The importance varies, and they generally depend on the specific use. 

Sensor fusion algorithms examine all the input data and generate output with enhanced accuracy and reliability. To measure the kinematic state of a vehicle, two equations and models are applied ‒ namely predict equation that used motion model and update equation that uses the measurement model. The motion model gives data about an object in periodic intervals, and the measurement type is more involved with the vehicle sensors’ dynamics. One of the essential foundations of these algorithms is the Kalman filter.

·       Overview of Kalman Filter

A Kalman filter refers to an equation that obtains data inputs from numerous sources and predicts unknown values, even in the case of augmented signal noise. Majorly applicable in control and navigation tech, Kalman filters confer the prediction of uncertain values more precisely than specific predictions by single measurement method.

As these algorithms are the most commonly used sensor fusion application and provide a resilient foundation for the concept, sensor fusion and Kalman filters are generally considered synonymous. Kalman filters are one of the most popular algorithms in sensor fusion and were invented by Rudolph Kalman in 1960. Now the algorithm is widely deployed in smartphones and satellites from navigation and tracking.

Factors Influencing the Growth of Sensor Fusion Market

The escalating trend of autonomous vehicle and advanced driver assistance systems (ADAS) are further augmenting the need for new radar, GNSS, lidar, and camera sensors in the vehicles. The increasing penetration of smartphones globally and the augmenting trend of micro-sized electronics are anticipated to add to traction to the market’s growth. Moreover, the growing application of fusion technologies to survey and predict environmental conditions, such as temperature, pressure, and humidity, have created an added demand for sensor fusion technologies.

The augmenting need for application-based location detection is attracting consumers and investors to invest in the technology and deploy them across the globe, thereby contributing to the market growth. The increasing advancement in ADAS and the surging use of the GPS-Inertial Measurement Unit fusion is highly beneficial for solving mounting errors. For instance, Tesla’s Autopilot automated driving feature, which is an example of ADAS, has the ability to carry out operations like maintaining the lane of the vehicle on a highway by predicting the accurate location of the vehicle from the data obtained from a forward-facing camera and steering control.

Collaborations and agreements are a common occurrence in the market and are primarily contributing to the market’s expansion. For instance, in April 2020, Foresight Autonomous Holdings Ltd., an Israel-based leader in automotive vision systems, joined forces with FLIR Systems Inc., to develop and commercialize the former’s QuadSight Vision System, which is based on sensor fusion, combined with infrared cameras of FLIR Systems to a broad spectrum of customers. In 2019, Ceva Inc. gained a controlling stake in the smart sensor technology business of Hillcrest Lab. Under the acquisition, CEVA’s intelligent sensing technology’s portfolio has the chance to expand to include CPU vision and AI processing for cameras and sound processing for microphones.

In December 2020, Himax Technologies Inc., joined forces with Edge Impulse to enable the accelerated development and deployment of the machine learning model. The AI vision and sensor fusion solution are designed for predictive maintenance, asset tracking, occupancy detection, and condition monitoring.

STMicroelectronics and Mobileye have formulated a strategy to develop EyeQ 5 system on chip in association with each other, to be deployed in 2020, to perform the function of central computer control and sensor fusion in the fully autonomous driving vehicles. Companies actively focused on developing technologies linked with IoT and smart driving are anticipated to create lucrative future opportunities. The increasing demand for monitoring and controlling utilities in home automation and the escalating development in robotics is forecast to influence the market growth due to sensor fusion technology’s wide application in mobile robot navigation.