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AI to Push Smartphones Purchases Rebound This Year- Accenture

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After dropping to a three-year low last year, consumer purchases of smartphones are expected to rebound this year, fueled by better security, new functions, improved performance and device refresh schedules, a global Accenture survey finds.

The survey of 26,000 consumers in 26 countries – whose findings are summarized in Accenture’s new Dynamic Digital Consumers – reveals consumer demand for specific types of connected devices, such as smartwatches and fitness monitors, will remain sluggish this year due to high prices and persistent concerns about the security and privacy of their personal data.

The survey also shows consumers are increasingly embracing artificial intelligence capabilities such as digital voice assistants.

Resurgence of Smartphone Market
More than half (54 percent) of consumers surveyed said they plan to buy a smartphone in the next year, up from 48 percent in last year’s survey.

Chinese consumers are the main drivers of this upturn, with three-quarters (74 percent) of respondents in China saying they intend to purchase a smartphone in the coming 12 months, up from less than two-thirds (61 percent) in last year’s survey.

The number of respondents in India and the United States who said they plan to buy a smartphone in the coming 12 months also increased by double digits over last year, to 79 percent in India (from 68 percent last year) and 52 percent in the United States (from 38 percent last year).

Among all consumers surveyed, the leading driver of purchase intent is the ability to access the newest and most innovative features and functions, cited by 51 percent of respondents in this year’s survey, compared with only 41 percent last year.

Another reason consumers are opting to buy new smartphones is inadequate performance of their existing devices, cited by 45 percent of customers this year – up from 33 percent last year.

“Improved features and falling prices are key reasons consumers around the world are signaling a desire to buy new smartphones,” said David Sovie, global managing director for Accenture’s Electronics and High-Tech business. “Growing acceptance of services powered by artificial intelligence, such as voice assistants, is also fueling this market upswing. 2017 will be the year when artificial intelligence goes mainstream in consumer devices.”

Strong interest in AI-powered devices and services
For the first time, the annual survey polled consumers about their intentions to buy digital voice-enabled assistants such as Amazon Echo and Google Home. Powered by artificial intelligence, the products recognize a human’s voice commands, such as ‘Turn on the light’ and ‘Play music’ and answer questions such as ‘What time is it?’ and ‘What is the temperature outside?’ While only 4 percent of the respondents said they own such a device today, two-thirds (65 percent) of owners said they use their device on a regular basis, showing strong acceptance of this new technology.

Voice assistants on smartphones
Voice assistants on Smartphone are also becoming increasingly popular as the AI technology powering these services has improved dramatically.

Younger consumers are leading the adoption, with more than four in five (84 percent) of 14-to-17 year olds saying they either use this technology today or are interested in doing so.

Consumers are also willing to embrace a wide array of potential AI-powered, personalized services, with a majority of respondents saying they are interested in personal health assistants (cited by 60 percent), smart trip assistants (59 percent) and entertainment advisors (51 percent).

Personal data concerns are widespread
Many consumers remain uneasy about securing their personal data, much of which is housed on smartphones or in the cloud. Nearly nine in 10 respondents (87 percent) said they are concerned about the security of financial transactions such as buying online.

Similarly, 89 percent are uneasy that companies or systems they have not approved would get access to their financial information.

The encouraging news for smartphone manufacturers is that consumers trust device manufacturers with their personal data more than they trust telecom providers, banks and search-engine companies.

More than one-third (37 percent) said they trust device manufacturers, up from 31 percent last year. By contrast, 36 percent trust telecom providers with their data – a drop from 42 percent last year, and only 13 percent trust search engine providers, down from 23 percent last year.

Stalling demand for connected devices
Although smartphone purchase intent is on a growth trajectory this year, the same does not hold true for other connected devices. For example, only 14 percent said they plan to buy a wearable fitness monitor and smartwatch this year, virtually unchanged from last year (at 13 percent).

“The ‘insecurity of things’ is a major industry challenge,” added Sovie. “There are widespread consumer concerns about the privacy of their personal data being stolen or compromised. And relative to the value delivered, prices of these connected devices remain too high. Market momentum for these devices will stall unless the industry overcomes these obstacles. If that happens, market demand could accelerate quickly.”

The survey findings provide evidence that this could happen for connected devices. Nearly half (46 percent) of respondents said they plan to buy a home connected surveillance camera within the next five years, compared with only 10 percent who said they plan to do so in the next year.

In addition, 44 percent intend to buy a wearable fitness monitor in the next five years, versus 12 percent who said they will do so in the next year, and 42 percent said they plan to buy a smart home thermostat over the next five years, compared with only 8 percent who said they will do so this year.

 


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E-Business

StarNews, Global Black Economic Forum Launch Business Competition In Partnership with MTN & USAID

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Africa’s leading video streaming platform, StarNews Mobile and the Global Black Economic Forum (GBEF), have announced a call for applications for the launch of their Business Competition in Lagos, Nigeria.

Held in partnership with MTN and United Nations Agency for International Development (USAID), the initiative will empower Nigeria’s most promising businesses that are classified as Small-Medium Enterprises (SMEs) with invaluable investment and partnership opportunities from the USA.

Held over 10 weeks between April 8th to June 14th, hosted exclusively on the StarNews Biz Channel on the StarNews platform, this competition offers a platform for emerging entrepreneurs to showcase their ventures and gain national visibility.

With subscribers voting for their favourite candidates, the top 20 contestants will seize the spotlight and make their mark on the business landscape.

The StarNews Business Competition in partnership with GBEF delivers a unique opportunity for thriving Nigerian SMEs to access mentoring, funding, partnerships and socio-economic development tools through the Global Black Economic Forum.

With the prospect of securing cash prizes through StarNews worth up to NGN5,000,000, getting access to StarNews’s network of investors and the opportunity to gain national visibility by having their business on the StarNews web platform.

The top three winners will also receive coaching from GBEF’s Academy for Advancing Excellence and become part of GBEF’s ecosystem of global leaders committed to social and economic justice across the Black Diaspora.

Previous speakers at GBEF convenings from the entertainment sector include Wyclef Jean (Haitian Musician & Activist), Debra Lee (Former CEO of Black Entertainment Television – BET) and Ceci Kurzman (Founder of Nexus Management Group). Applications will close on April 5th 2024.

Speaking on the competition’s launch, Guy Kamgaing, Founder and CEO at StarNews Mobile, says “The StarNews Business Competition is a passion project close to our hearts at StarNews Mobile.

It’s about discovering the most promising business entrepreneurs and creators in Nigeria, opening up global opportunities for them and providing them with the resources and tools to achieve their goals.

By partnering with MTN, USAID and GBEF, we want to be a platform of empowerment for these SMEs by helping them give back to the communities that are supporting them.”

According to the US Embassy and Consulate for Nigeria, over 80% of Nigerian startups are incorporated in the United States and more than 60% of venture capital funding in Nigerian startups accounted for by the US.

In 2023 alone, Nigerian startups raised a total of $398mn however, this signalled a 66% funding decline compared to 2022 due to the global economic downturn, reinforcing the massive need for a fresh injection of capital and business support for Nigeria’s emerging SMEs.

Alphonso David, President and CEO of the Global Black Economic Forum notes that, “Our partnership with StarNews Mobile is a critical resource as we continue to build the collective strength of entrepreneurship across the Diaspora.

“Building a sustainable ecosystem of Black entrepreneurs in the United States and across the African continent is essential to create a future that makes economic opportunity and economic freedom a reality for all.”

A sister company to ESSENCE, GBEF advances its work by convening global summits and conferences, bringing together world leaders, business leaders, entrepreneurs, celebrities and civic leaders to address the most challenging problems facing our communities.

GBEF’s Academy for Advancing Excellence facilitates workforce and leadership development strategy, addressing the talent pipeline & employee lifecycle, providing leadership development & coaching, and conducting institutional assessments & research.

GBEF also develops and implements economic and social justice policy recommendations with partners ranging from civil and human rights organisations to government entities and corporations that advocate for economic opportunity, social justice, and health equity through thought leadership, advocacy and litigation.

Launched in 2017, StarNews Mobile empowers African content creators with the unique opportunity to monetize their work through a subscription model, boasting over 4 million subscribers and a thriving community of more than 120 content creators.

With a strong presence across six countries including Cameroon, Nigeria, Côte D’Ivoire, Congo, Benin and Ghana, the platform has also established key partnerships with major telecom operators such as MTN and Orange.

To-date, StarNews Mobile has secured over $8mn in funding with its most recent raise – a $3mn pre-Series A funding round in October 2023 – led by Janngo Capital with participation from French football players Aurélien Tchouaméni, Jules Koundé and Mike Maignan.

 


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Companies Invest More than $100,000 Yearly to Upskill their Cybersecurity Teams – Study Reveals

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Over 70% of businesses pay more than USD $100,000 for additional training annually to keep skills of their cybersecurity employees up to date, a recent global Kaspersky study has revealed.

However, the surveyed companies also highlighted that there was a lack of relevant courses covering new challenging spheres in the educational market and stated that training does not always bring them the expected result.

In its recent study ‘The portrait of the modern Information Security professional’, Kaspersky examined the topic of the global cybersecurity staff shortage, analysing the exact reasons businesses lack cybersecurity experts, and identifying the ways they evaluate and upskill their cybersecurity workforce¹.

According to the research, companies are investing significant amounts in upskilling their cybersecurity teams: 43% of organisations globally say they usually spend between $100,000 and $200,000 per year on information security courses, while 31% even invest over $200,000 for training programs. The remaining 26% state they usually pay less than $100,000 for educational initiatives².

However, cybersecurity practitioners also note that the educational market is struggling to keep up with the rapidly changing industry and fail to deliver the necessary training programs on time.

Survey results for the Middle East, Turkiye, Africa (META) region shows that the scarcity of courses covering new challenging spheres (48%) was the main problem for those searching for cybersecurity training.

50% of respondents from the META region also stated that trainees tend to forget what they learned because they had no opportunity to apply newly acquired knowledge, therefore the courses were useless to them.

The need for special training pre-requisites such as coding and advanced mathematics, which were not specified at the pre-registration stage were also problematic for 37% of practitioners from the META region.

“With a constantly evolving threat landscape, businesses should continually improve the skills of their cybersecurity personnel in order to be well prepared for sophisticated cyberattacks.

“Developing high-profile specialists within the company and building internal expertise can be an effective strategy for organisations that aim to retain existing employees and allow them to grow professionally, instead of constantly hunting for new candidates and checking their professional backgrounds and practical skills.

“For organisations served by Managed Service Providers it is also important to maintain a pretty high level of expertise internally and use the same language when discussing the scope of services and Service Level Agreement with them,” comments Veniamin Levtsov, VP, Center of Corporate Business Expertise at Kaspersky.


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Heirs Insurance Launches User-friendly Website for Stakeholders

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Heirs Insurance Group, Nigeria’s fastest growing insurance group, has launched a new website that delivers the most user-friendly insurance experience in the industry.

Heirs Insurance Launches User-friendly Website for Stakeholders

In addition to its features that aid simple navigation, the website also personalizes the insurance experience taking customers through a short journey that enables them to make decisions quickly on the best insurance plan to support their personal and business success, or access competent insurance advisors to speak with.

According to Ifesinachi Okpagu, chief marketing officer, Heirs Insurance Group, the website, www.heirs insurance group.com, embodies the ethos of the brand: the delivery of simple, quick, and accessible insurance service that delights customers and brings the uninsured much closer to taking up insurance plans.

She said: “Today’s customers want simplicity and this new website delivers on that request, ensuring that people find the right insurance solutionsfor their needs in a few minutes. We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.” Heirs Insurance Group has been at the forefront of pioneering a new era of insurance solutions since its launch with the roll-out of various initiatives including a seamless mobile app, USSD; Prince, its intuitive chatbot; InConnect, its partnership portal Digital Experience Centre; and more. With the launch of this website, Heirs Insurance Group solidifies its position as the leading digital insurance company in Nigeria, democratising access to insurance for all.


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