A boom in global corporate spending on industrial asset management software (IAM) will take spending sharply higher — reaching $11 billion by 2026 — according to an exclusive survey from leading independent research and advisory firm Verdantix.
The increase in spending on IAM software will track digital transformation strategies adopted after COVID-19, helping cut costs and meet refreshed environmental social and governance criteria. Running at a compound annual growth rate of 10% from the $7 billion spent last year, it will reflect how key decision makers retain and expand new business resilience techniques from the pandemic, especially to control expenditure on maintenance.
Verdantix’s Market Size And Forecast: Industrial Asset Management Software 2021-2026 (Global) report shows that the manufacturing and oil and gas sectors will continue to dominate IAM spending, but that the fastest pace of growth will be among power generation and distribution companies. It reveals a spate of merger activity as demand for data analytics to demonstrate sustainability reverberates through the market.
Malavika Tohani of Verdantix said: “Brought about by the COVID-19 pandemic, a paradigm shift in how the world operates is underway. Increasingly prominent cost-cutting tactics, digital transformation strategies and productivity-enhancing initiatives, as well as rising asset complexity and age, will support growth of the IAM software market.”
Reducing maintenance-related costs was cited as a very important factor driving investment for 71% of respondents. It comes as the falling cost of internet-connected devices lowers the barriers to the introduction of more digitally sophisticated condition-based maintenance strategies for industrial assets. There are headwinds in the market, from the increased use of subscription-based business models which will contain growth rates, especially in the next two years.
The global research included interviews with over 250 industry decision makers. It covers five primary industrial sectors: manufacturing; oil and gas; utilities; infrastructure and transport; and mining.
Verdantix defines IAM software as: Software products that enhance a firm’s decision-making and processes for asset information management, asset maintenance and asset reliability, as well as performance improvement and strategic and financial decision-making.
IL Bagno Rewards High Performing staff with All-Expense Paid Trip to Dubai
IL Bagno, the leading total interior solutions company in Nigeria, for the world’s leading manufacturers of sanitary fittings, kitchen, tiles, doors, and other interior solutions recently recognised two members of its staff for their high performance and commitment to the success of the organisation.
Bosede Opebiyi and Victor Nwaogu both administration officers at IL Bagno’s Abuja and Lagos office respectively were awarded the IL Bagno excellence award based on a voting process by managers of the organization. They were both presented with a 5 day all-expense paid trip to Dubai and a commendation letter signed by the CEO.
Speaking on the award presentation, Mrs. Adetola Owolabi; Executive Director Black Pelican Group said ‘’as an organisation, we value and reward professionalism and exceptional performance. We voted the winners considered to be the most supportive and representatives of the ethos of hard work, diligence, and professionalism. They both represent the ideals of the company and go over and beyond to support other members of the team to achieve the organisations objectives. Consistent good work never goes unnoticed; I would therefore encourage others to emulate the diligence shown by them’’.
An elated Opebiyi thanked the organization for the kind gesture. ‘’I am proud to be a part of the Black Pelican Group, thank you for recognising my effort, I am motivated to do even more’’.
‘’I am truly humbled by the trust and faith placed in me, I feel compelled to work harder and improve my skills on the job’’ Nwaogu stated.
The debut award will be given twice in a year to deserving staff members voted by managers of The Black Pelican Group.
IL Bagno business is the business unit with the Black pelican Group that provides total interior solutions, it has carved a niche for being the preferred supplier of bathroom and other interior fittings to the most discerning clients and projects. The company recently celebrated its 18th anniversary.
Former Goldman Sachs Managing Director, Gurbhej Dhillon Joins Flutterwave as New the CTO
Flutterwave, Africa’s leading payments technology company, today announced the appointment of former Goldman Sachs’ Managing Director, Gurbhej Dhillon as Chief Technology Officer (CTO).
Gurbhej joins at a key time for Flutterwave, following its recently completed Series D funding round, valuing the company at over USD 3 billion, and maintaining its rapid expansion.
As the new CTO, Gurbhej will be responsible for the further development of Flutterwave’s innovative technology platform which currently supports integrations with key technology partners like VISA, Mastercard, Discover Card Networks, and customers like Uber, Flywire, Booking.com etc. He will focus on improving the architecture and infrastructure, as well as providing leadership enabling other engineering and product leaders to create the best solutions that support business growth for customers.
Gurbhej joins Flutterwave from Marcus by Goldman Sachs, where he was the CTO and Head of Lending Engineering. He has extensive experience in enterprise application architecture across financial services and consumer businesses. At Marcus, he was responsible for launching platforms to significantly grow businesses while improving customer experience and established strategic partnerships with several Fortune 500 companies.
Prior to that, Gurbhej was CTO for Goldman Sachs’ Investment Banking Capital Markets team, responsible for the design, architecture, and build-out of strategic platforms that enabled clients to execute equity and debt product offerings.
Gurbhej is a great supporter of the Developer Community in Africa and admires the work they have done in recent times, building creative solutions at a world-class standard.
In his role as CTO of Africa’s leading technology company, Gurbhej hopes to support the Community to attain higher levels.
Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, said: “I look forward to working closely with Gurbhej as we continue to expand rapidly. With the needs of our customers constantly evolving, we remain focused on driving further innovation across the business and continuing to develop our cutting-edge technology platform that simplifies payments and connects the African market with the world. Gurbhej’s experience and deep expertise in developing financial technology platforms will be instrumental in Flutterwave’s further growth.”
Commenting on his appointment, Gurbhej Dhillon said: “I am delighted to be joining the Flutterwave team at such an exciting time for the company. As a leading financial technology company in Africa, Flutterwave is well-positioned to capitalise on the global trends in payment digitisation and continues to drive Africa’s digital transformation, creating further opportunities for customers and merchants alike. It is a very crowded market with lots of new entrants so it is vital that we as a company continually look to innovate our products and services, improve our existing architecture and create endless possibilities for everyone.”
Bankman-Fried’s FTX Says no Talks to Acquire Robinhood
Sam Bankman-Fried’s FTX crypto exchange said it is not in talks to acquire Robinhood Markets Inc, after a report on Monday claimed the exchange was exploring such a deal.
Bloomberg News reported on Monday FTX was discussing internally how to buy the app-based brokerage and that Robinhood had not received a formal takeover approach, citing people with knowledge of the matter.
“There are no active M&A conversations with Robinhood,” Bankman-Fried said in an emailed statement.”We are excited about Robinhood’s business prospects and potential ways we could partner with them.”
Robinhood declined to comment. The retail-trading platform’s shares were down 5% in extended trading after jumping over 14% on the report.
Last month, the founder and chief executive of FTX revealed a 7.6% stake in Robinhood but said he did not have any intention of taking control of the retail-trading platform.
Robinhood’s dual-class shares give its founders control of 64% of the voting shares outstanding, making it virtually impossible for takeovers without their support.
The popular trading platform has come under pressure this year as trading volumes ease from 2021’s frenetic pace – when retail investors used it to pump money into shares of so-called meme stocks such as GameStop and AMC Entertainment.
That slowdown, along with a sell-off in high-growth technology stocks, has driven a near 50% slump in Robinhood shares this year. The company had a market valuation of nearly $7 billion as of Friday’s closing price.
FTX’s U.S. arm announced in May it would launch a stock trading platform by the end of the summer. Last week, it acquired partner Embedded Financial Technologies for an undisclosed amount, which would add custody, execution and clearing services to its equity trading platform.
FTX and its billionaire founder Bankman-Fried have rescued other players during the crypto market’s recent crash. It provided crypto lender BlockFi with a $250 million revolving credit facility to help the firm avoid a liquidity crunch.
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