PRCI Hyderabad Chapter Organizes A Webinar The Changing Media Consumption in a Distracted Digital World

PRCI Hyderabad Chapter Organizes A Webinar

“Dea(r)th of Depth? The Changing Media Consumption in a Distracted Digital World!”

Hyderabad, 15th May 2021: Public Relations Council of India (PRCI), Hyderabad Chapter organized its first webinar today on the topic: “Dea(r)th of Depth? The Changing Media Consumption in a Distracted Digital World!” as part of the National Talent Hunt Series launched by the Governing Council of PRCI.  Ms. Anindita Sinha, Chairperson, PRCI Hyderabad Chapter presented the session before the jury and audience. The webinar was addressed by Mr. Niranjan Pagadala, PRCI Member, Hyderabad Chapter, and a Social Media Expert, and Ms. Fronia Priscilla, YCC Member, Hyderabad Chapter, and a freelance media professional. Mr. Ravindran Kesavan, National Vice President, PRCI laid down the rules and regulations for the webinar.

Mr. MB Jayaram, Chief Mentor & Chairman Emeritus, PRCI; Mr. T. Vinay Kumar, National President, PRCI; members of jury; Directors and members of the PRCI Governing Council along with members from the Young Communicators Club (YCC), Hyderabad Chapter; other National & Zonal Council members and other Chapter members across the country and abroad including Canada and Nepal participated in this interesting webinar. Over 100 participants logged in for this webinar, which was moderated by Mr. Prashant Kumar, PRCI Member, Hyderabad Chapter. Mr. Jacob Ross, PRO, provided overall communications support to this webinar. 8Views agency provided branding and digital support for this event.

In her opening speech, Ms. Anindita Sinha, Chairperson, PRCI Hyderabad Chapter, said, during this fast-changing world, production and consumption of news must be backed by a lot of responsibilities, and the fast track digitally distracted world gives all communications professionals an opportunity to keep the stands of news and information backed by the robust ethical sense of journalism.

Mr. Niranjan Pragadala took up the issue of attention deficit in today’s world. He elaborated upon how today, people’s average attention span has come down to eight seconds. He referred to a survey analysis, which showed that there was a sharp decline in newspaper readership among the younger generations. The survey also captured how the short content that we see on social platforms viz. Instagram or In Shorts have received increasing demand. He emphasized the fact that in this scenario, the information that we get is losing its depth. However, to fight that out, as a solution, news media houses like The Hindu have come up with online subscriptions that give access to more in-depth information. YouTube offers short, as well as long content, while the latter helps generate more attention and revenue.

Speaking on this topic, Ms. Fronia Priscilla highlighted the fact that while the attention span might have reduced and consumption of news becoming as fast-paced as instant noodles, much depends on our requirements and our need to consume any news. She consolidated her speech into 4 main points: Too much information, credibility, people's superficial virtual presence, and the topic of sensationalism. She focused on points related to lack of credibility, false virtual presentation, and sensationalism. She also mentioned that these days people don't even know what they keep on scrolling through social media platforms. She also made a point that sometimes we need short ways to fix things when we lack time. Answering a question on social media’s future, she said, social media is here to stay and more than entertainment it is also offering a great way to explore open journalism with the concept of citizen journalism being re-invented.

Both Mr. Niranjan and Ms. Priscilla cited various examples and data to support their opinions, opening up a whole new vista to the way the media world has exploded during this hyper-connected digital world. The webinar was dotted with a flurry of questions, which were well handled by the young speakers. The participants felt engaged and had their own takeaways at the end of the webinar.

At the end of the webinar, Ms. Anindita Sinha imparted the vote of thanks and concluded the session.

HMI Software Market Analysis 2021 Forecast to 2027

The Global HMI Software Market is expected to grow at 9.1% CAGR with USD 4,043.4 Million in value by 2025 during the forecast period, 2019–2025. In this report, Market Research Future (MRFR) includes the segmentation and market dynamics to offer a better glimpse of the market in the coming years.

Improved communication and the growing adoption of robots in industries are some of the factors responsible for the growth of the market during the forecast period. However, the high cost of implementation is a major challenge for the global HMI software market. The global HMI software market is dominated by a few major players, however, new players are expected to enter the market due to new revenue opportunities in regions such as Asia-Pacific, the Middle East and Africa, and South America. The entry of new players is expected to increase the competition in the market.

The global HMI software market holds significant growth opportunities owing to the introduction of a wearable human-machine interface which is expected to be more interactive and intuitive. Also, the use of innovative technologies such as artificial vision enables HMI devices to automatically perform measure, control, and classification functions.]

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Competitive Analysis

The Key Players in the Global HMI Software Market are General Electric, Rockwell Automation, Schneider Electric, Siemens, AdroIT Technologies, Beijer Electronics, Brainchild Electronic, B-Scada, COPA-DATA, Elipse Software, Inductive Automation, and National Instruments among others.

Segmental Analysis

The Global HMI Software Market has been segmented based on deployment, product type, configuration type, type, technology, end-user, and region.

Based on deployment, the market has been segmented into on-premise and cloud-based. The cloud-based segment accounted for the larger market share of 62.67% in 2018, with a market value of USD 1,411.6 Million; it is expected to register the highest CAGR of 9.5% during the forecast period. The on-premise segment was valued at USD 840.7 Million; it is projected to exhibit a CAGR of 9.1%.

Based on product type the market has been segmented into proprietary software, hardware-independent, and open-source software. The proprietary software segment is expected to have the largest market share. The open-source software segment is expected to exhibit the highest CAGR during the forecast period.

Based on the configuration type, the market has been segmented into proprietary stand-alone HMI and embedded HMI. The embedded HMI segment accounted for the larger market share of 67.3% in 2018, with a market value of USD 1,516.3 million; it is expected to register a higher CAGR of 9.4% during the forecast period. The stand-alone HMI segment was valued at USD 736.0 million; it is projected to exhibit a CAGR of 8.5%.

Based on type the market has been segmented into proprietary supervisory level HMI and machine-level HMI. The supervisory level HMI segment accounted for the larger market share of 65.0% in 2018, with a market value of USD 1,463.7 million; it is expected to register a CAGR of 8.9% during the forecast period. The machine-level HMI segment was valued at USD 486.4 million in 2018; it is projected to register a higher CAGR of 9.6%.

Based on technology the market has been segmented into optical, acoustic, bionic, tactile, and motion. The optical segment is expected to have the largest market share. The bionic segment is expected to register the highest CAGR during the forecast period.

Based on end-user the market has been segmented into oil and gas, energy and power, food and beverages, chemical, metals and mining, pharmaceutical, aerospace and defense, automotive, packaging, and semiconductor and electronics. The oil and gas segment accounted for the largest market share of 12.5% in 2018, with a market value of USD 281.5 million; it is expected to register a CAGR of 9.1% during the forecast period. The energy and power segment was the second-largest market in 2018, valued at USD 272.7 million; it is projected to exhibit a CAGR of 9.2%. However, the chemical segment is expected to register the highest CAGR of 9.5%.

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The regions included in the study are North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. North America is expected to maintain its dominance in the global HMI software market owing to the rapid advancements in digital technology and major investments in R&D for industrial automation, Industrial Internet of Things (IIoT) as well as cloud technology by the key players in the region. Whereas, the Asia-Pacific market is expected to advance at a fast pace during the forecast period. The growth of the market in this region can be attributed to the increasing adoption of HMI systems by the manufacturing firms and “Internet Plus” initiatives by the governments that encourage all industry verticals to adopt internet technologies and make the business operations smart.

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Blockchain Market in the Insurance Industry

 The number of blockchain applications in insurance is growing every day, and somehow every major player across the sector will be using them in the near future. This will create massive opportunities for the fintech sector, as well as for insurance companies that are willing to embrace the change.

- Companies are incurring huge loses because of false claims and scams that happen every day in the industry. To overcome issues like this, insurance companies are using technologies like blockchain in their existing workflow. For instance, according to the SAP Digital Transformation Executive Study, banking and insurance executives plan to more than double their investments in blockchain by 2019.

- The insurance industry is beginning to understand the importance that blockchain technology has evolved and will leverage over the insurance sector due to its security and immutability features.

- Blockchain offers to be the central repository of truth, using which, underwriters can source data from external sources to automate some aspects of underwriting since the data in the blockchain is trustable and is from a verified source.

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Key Market Trends

Smart Contract is Expected to Hold a Significant Market Share

- Smart contracts powered by a blockchain could provide customers and insurers with the means to manage claims in a transparent, responsive and irrefutable manner where claims-handling could become more efficient and streamlined, resulting for improved customer experience.

- Contracts and claims could be recorded onto a blockchain and validated by the network, ensuring only valid claims are paid. Smart contracts would also enforce the claims for instance, triggering payments automatically only when certain conditions are met. For instances, smart contracts can be coded to accept feeds from the telematics devices, and in the event of an accident, automatically raise insurance claims & trigger pay-outs. They can also recommend trusted service stations in the vicinity and call for medical assistance should that be deemed necessary.

- Smart contracts possess capabilities to automate several processes that otherwise require manual intervention. In addition to this, the immutability of data increases reliability and helps make faster and correct decisions.

Asia-Pacific is Expected to be the Fastest Growing Region

- The emerging economies of the Asia-Pacific region represent an unprecedented opportunity to experiment with low-cost innovation and open regulatory frameworks of blockchain technology across the insurance sector.

- As the insurers are expected to increasingly leverage on the growing application of IoT for data gathering across the emerging economies, the blockchain-based implementation could increase the efficiency of the overall process to a great extent and will enable insurers to capture sensory information in a secure and tamper-proof method. For instance, ICICI Lombard is using AI in healthcare insurace related claims to identify any fraud. NAy transaction validated and stamped are hard to change and can be verified using AI for real-time settlement.

- For instance, China, despite the harsh regulations imposed on certain activities related to cryptography, is now advancing on its part with a vision of incorporating blockchain technology in its state plans, and even including it in its thirteenth five-year plan, which consists of a road map of governmental developments from 2016 to 2020.

Competitive Landscape

The blockchain market in the insurance industry is highly concentrated and consolidated with a few major players. In terms of market share, some of the major players currently dominate the market. However, with the advancement in the blockchain technologies along with cloud deployment, new players are increasing their market presence thereby expanding their business footprint across the emerging economies.

- March 2019 - ChainThat plans to launch a blockchain risk and capital exchange for the insurance and reinsurance market in Bermuda. The exchange will allow broker, reinsurance and insurance companies access to the capital markets using blockchain.

- November 2018 - The Dutch Judicial Information Service had selected Guardtime’s KSI Blockchain technology for integrity assurance of new e-services. The blockchain integration will ensure transparency, auditability, and security of the information processed in government systems.

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Location based Virtual Reality VR Market

The LBVR is a place of business where VR devices are deployed, allowing users to experience VR by physically interacting with the environment in a way they can’t in their own home. Some of the examples of experiences that LBVR enable include walking around a haunted house, or running around a warehouse with walls that are made of foam, but look like bricks in VR.

- While some of the LBVR experiences provide users with a VR headset, a VR backpack PC, and a custom-designed space, some other LBVR experiences provide users with a mobile untethered VR headset paired with roller coasters, wind tunnel diving, and other activities.

- The market for LBVR is still in a nascent stage. Making the VR experience more real serves as a critical driver for market adoption and penetration. Increasing implementation of VR technology, increasing investment in VR technology, and the growing popularity of 360-degree content are some other major factors influencing the growth of LBVR market. High-quality content plays a crucial role in this industry, and the market is expected to grow as more compelling, high-quality content that appeals to a wide demographic makes its way into the market.

- VR technology has gained widespread recognition and adoption over the past few years. Recent technological advancements in this field have revealed new enterprises. Numerous players are emerging in this market with a hope to navigate it toward mainstream adoption. The future of the market is expected to be more competitive with technology giants, like Google venturing into the field by investing considerable amounts in the tech startups for the development of VR devices, along with other prominent players investing in their R&D over this segment. it is estimated that owing to its huge scope of application LBVR are expecetd to garner a user base of over 1.5 billion, over the next five to six years. .

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Key Market Trends

Growing Popularity of 360-Degree Content

- The market for virtual reality is expanding at a rapid pace, and the location-based VR market is quickly following suit. With the development of new technologies like 3D, 4D, 5D and advanced VR content, 360-degree videos have been introduced in VR and have become one of the notable trends in the global gaming content market. These camera systems are known to record the entire 360-degree view of a scene simultaneously.

- The entertainment sector has witnessed prominent advances with the help of this advanced technologies. Various digital arenas and mainstream platforms of gaming are poised to grow with the rising demand for immersive environments. With the high-quality content being produced with the help of advanced camera systems, the popularity and acceptance of location-based VR is expected to grow and witness the massive potential for the VR market, over the forecast period.

- Early 2019 released statistics from YouTube show that around 3.1 million people are subscribed to YouTube’s official VR channel that hosts best VR-ready 360-degree videos. Similarly, report from Tech Trends estimates put that that Facebook is currently hosting around 1 million 360-degree videos which have generated around 580 million views so far.

Asia-Pacific Region expected to Witness Significant Growth

- Asia-Pacific is expected to hold the major share, owing to the presence of large and several emerging economies, along with the rising acceptance of virtual reality devices in the region. This is, in turn, expected to encourage industry players to invest in the region.

- China is expected to account for a prominent share in the region, owing to the rising adoption of VR technology in the country. Many startups pertaining to virtual reality are on the rise, in the country. For instance, Palapple is developing its own VR products. The company also created a project called VResidence, which offers a number of virtual reality real estate products, including an online platform for the second-hand property.

- Digi-capital reported that the overall spending on virtual reality in the Asia-Pacific region is around USD 5.1 billion, in 2018 and China has the potential to take more than USD 1 of every USD 5 spent on VR market globally and the combined influence of other countries in Asia could account for more than half of worldwide VR revenues by the end of the forecast period.

Competitive Landscape

The Location-based VR Market is highly competitive and is currently dominated by a few players with their technological expertise in VR technology. The global market is witnessing a rise in competitiveness among the companies. However, the market is expected to be nearly consolidated in nature. With increasing innovations in technology, the major players in the market are focusing on expanding their customer base across foreign countries by leveraging on strategic collaborative initiatives to increase their market share and their profitability. The Void, LLC, Exit Realty Corporation, SpaceVR, Survios, Inc., Hologate, Zero Latency PTY LTD, Oculus VR Inc., HTC Vive Tech Corporation, Tyffon Inc., and Neurogaming are some of the major players present in the current market.

- May 2019 - Hologate announced that its immersive VR offering has taken in 2 million players since they first launched in 2017.

- March 2019 - The Void announced its expansion into the Asia-Pacific, with a focus to make more investments in China, Malaysia, Hong Kong and Singapore.

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Gesture Recognition in Retail Market

As e-commerce pioneers provide exceptional online consumer experiences, experiential retailers are reinventing the in-store experience, creating environments that attract and delight consumers.

- With physical stores remaining at the hub of modern retail, and with most consumers still choosing to end their journeys there, retail is getting digitized. This includes multiple smart devices working together on a single IoT platform to deliver hyper-personalized, adaptive and context-specific experiences. While much of the technology is to be invisible to the consumer, shoppers will have the opportunity to interact digitally within the physical store environment.

- In addition to the adoption of gesture recognition in digital catalogs, retail owners are able to monitor the success of a product with shoppers, by monitoring their facial and hand gestures. And data gathered through this could reveal a whole new set of insights, which may not be realized by using numerical data alone. For instance,an Italian retailer, Coop Italia, teamed up with Accenture as it wanted to transform the customer shopping experience. The company integrated digital capabilities into the store atmosphere to create the supermarket of the future.

- However, limited numbers of recognizable gestures along with inaccurate and inefficient systems are certain factors hindering the growth of the gesture recognition market globally.

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Key Market Trends

Technology-Driven Experiences Inspiring Store Visits

- In today’s hyper-competitive, everchanging, fast-paced, human-centric digital economy, retailers find creative and sustainable ways of combining the capabilities of both their physical and digital assets to offer carefully curated product assortments and deliver distinctive, differentiated and personalized consumer experiences.

- Immersive experiences related to a broad range of consumer-centric experiences like interactive displays, leveraging AR and VR, to personalized content, pop-up shops, and specialized amenities, all offered in a unique environment emphasizing newness and spot-on service which delight the customers. For example, Nike’s New York City SoHo store, which flaunts a basketball court and treadmills that take visitors on virtual runs through Central Park and other routes. These interactive and immersive in-store experiences are meant to create a more engaging and entertaining retail experience.

- The success of brands like Rebecca Minkoff’s stores in New York City and Los Angeles features an interactive video wall and self-checkout for small items and accessories. Fitting rooms are outfitted with magic mirrors, which enable shoppers to see different styles and colors of clothes, change mood lighting and order a free beverage that’s delivered to their room along with their clothing choices by a salesperson.

- Although many of these immersive experiences are still in an experimental phase, it’s a safe bet that more retailers are going to invest heavily in this space as the need for experience-based differentiation becomes paramount.

Asia-Pacific to Witness the Fastest Growth

- Asia-Pacific is dominated by two largest economies of the world i.e. China and India. Emerging economies of these countries have experienced a prolonged period of dynamic economic growth, and as a result, these countries have witnessed an increase in incomes and the emergence of a middle-class segment in recent years. With the increment in annual disposable income, the potential pool of the middle class is also expected to increase.

- Further, the presence of consumer electronics giants (such as Samsung, LG, etc.) in the region makes it a prominent innovation hub in the market studied. The continuous innovation in this segment, when combined with the retail sector, gives better consumer experiences.

- Moreover, in China, e-commerce giants JD.Com and Alibaba also made an entry into unmanned retail stores. JD.Com (JingDong) has launched a grocery store concept called 7FRESH where shoppers can scan a barcode to see detailed product information on a screen above the produce section. The stores use shelf sensors, cameras, and facial recognition tools, and RFID tags to track people and products.

- Therefore above factors are expected to act as a driving force for the growth of gesture recognition retail sector in Asia-Pacific during the forecasted period.

Competitive Landscape

The gesture recognition in the retail market is fragmented. Some of the key players are Sony Corporation, Apple Inc., Google LLC, etc among others. Product launches, high expense on research and development, partnerships and acquisitions, etc. are the prime growth strategies adopted by these companies to sustain the intense competition.

- January 2018- Amazon opened ‘Amazon Go’, which is an automated cashier-less convenience store that leveraged technologies like machine vision, AI, RFID, IoT, and more to allow customers to shop without checking out at a register. Shoppers scan their Amazon Go app to enter the store and get charged automatically as they pick up items and exit. Amazon tracks consumers and the products they interact with, through shelf sensors and cameras.

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Contact Us:
Poojan Dogra
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