《GP Bullhound：2025年推動科技發展的十大趨勢研究報告（英文版）（40頁）.pdf》由會員分享，可在線閱讀，更多相關《GP Bullhound：2025年推動科技發展的十大趨勢研究報告（英文版）（40頁）.pdf（40頁珍藏版）》請在三個皮匠報告上搜索。

1、JANUARY 2025TechnologyPredictionsThis report is intended for professional investors only;see the back of the report for important disclosures.GP Bullhound Corporate Finance Ltd and GP Bullhound Asset Management Limited are authorised and regulated by the Financial Conduct Authority.GP Bullhound Inc

2、is a member of FINRA.GP Bullhound Luxembourg S.r.l.is regulated by the CSSF in Luxembourg.204 THE VIEW FROM GP BULLHOUND 05 OUR 2025 TECHNOLOGY PREDICTIONS 06 RECAP OF 2024 PREDICTIONS 08 PREDICTION 1 Multimodal AI Reshapes Industries andRedefinesHuman-Technology Collaboration11 PREDICTION 2 Agentic

3、 AI Advances in Niche Use Cases,While Broader Implementation Lags14 PREDICTION 3 Enabling Technologies make quantum practical 18 PREDICTION 4 The Year Robots Leave the Labs and Enter Our Lives 20 PREDICTION 5 The Evolution of Voice User InterfacesEnhancingHowWe Work,Live,and Learn22 PREDICTION 6 The

4、 Convergence of Digital Identity andAIGovernanceWillRedefine Trust and Security 25 PREDICTION 7 Self-DrivenAITransforms Cybersecurity27 PREDICTION 8 Data Integration Tools to Drive Enterprise AI Adoption 30 PREDICTION 9 Cybersecurity Mesh for Enhanced Security 32 PREDICTION 10 GrowingThreatsinSpaceD

5、emandPublic-PrivateCollaborationandDual-UseFunding 36 ABOUT GP BULLHOUND37 METHODOLOGY AND AUTHORS38 DISCLAIMERContents3TheviewFROM GP BULLHOUNDTHEVIEWFROMGPBULLHOUNDSTATEOFTHEMARKETAsweapproach2025,thetechnologicallandscapeis evolving at an unprecedented pace,driven by advancementsinartifi cialinte

6、lligenceandquantumtechnology that are challenging assumptions across digital identities,cybersecurity,space,and more.Amid economic uncertainty,AI remains central to thistransformation,withitspotentialamplifi edby developments across sectors that extend its applications far beyond traditional boundar

7、ies.Crucially,organisations are moving beyond experimentation and deeply integrating AI into their operationalframeworks,optimisingworkflows,andautomatingcomplexdecision-making.Thisshiftpromisestoredefi neproductivitystandardsandopenneweconomicfrontiers.Thecommoditizationof AI,alongside the rise of

8、accessible,specialised applications,enables companies across sectors to capitaliseonmachinelearningadvancements,whiledatathe fuel of this transformationis becoming an invaluable asset.In this period of profound technological change,one certainty stands:businesses that cling to outdated thinkingwillb

9、eleftbehind.AsJohnMaynardKeynesobserved,“Thediffi cultyliesnotsomuchindevelopingnewideasasinescapingtheoldones.”Thisinsightis more relevant than ever,as thriving in the AI age demands a radical rethinking of organisational structures and roles.AIs impact is already as transformativeastheinternets,re

10、shapinghowweinteractwithtechnologyandeachother.ThequestionisnolongerwhetherAIwillchangetheworlditalreadyhas.Now,thechallengeishowquicklyweembracethisshiftandwhatwerewillingtoleavebehindtomakeroom for the future.Nowinits18thyear,GPBullhoundsTechnologyPredictionsreportcontinuestosetthestandardforindus

11、tryforesight,withnearly90%ofourpredictionsprovenaccuratesinceinception.Drawingonourdeepexpertiseinsoftwareandunparalleledglobalmarketinsights,weareproudtopresentourpredictionsfor2025,highlighting the transformative trends shaping the future of technology.Per RomanMANAGING PARTNER,GP BULLHOUNDAlec Da

12、ffernerPARTNER,GP BULLHOUND4THEVIEWFROMGPBULLHOUNDOUR 2025 PREDICTIONSFollowingayearoftangibleprogress,2025emergesasamomentwhenonce-theoreticaltechnologiesbegin moving into concrete reality.Quantum sensing breaks free from research labs,edging into practical applicationswithenterpriseinvestmentandgo

13、vernmentsupportatunprecedentedlevels.MultimodalAIsfusionoftext,images,andaudioushersinricher,moreintuitiveinteractionsthatredefineentiremarkets.Meanwhile,agenticAItakesitsfirstcarefulstepsbeyondcontrolledpilots,hintingatafuturewhereintelligence acts independently to solve complex problems.Against th

14、is backdrop,businesses and industries recalibrate around trust,ethics,and infrastructureboth on Earth and in orbitto ensure that innovation not onlyadvancesbutendures.Hereswhatsinstorefor2025.Multimodal AI adoption in industries improves userexperiencesandoperationalefficiencybyupto20%.Agentic AI ex

15、cels in niche areas but faces scalability and transparency issues in broader deployments.1:MultimodalAIReshapesIndustriesandRedefinesHuman-TechnologyCollaboration2:Agentic AI Advances in Niche Use Cases,While Broader Implementation Lags Increasedgovernmentspending,growingenterprise interest,and adva

16、nces in enabling technologieswilldrivequantumdevices,suchas sensors,into practical applications.Adaptive robots and drones transform logistics,healthcare,and hospitality,reducing errorsandboostingefficiency.3:Enabling Technologies make quantum practical4:The Year Robots Leave the Labs and Enter Our

17、Lives Voiceassistantsbecomecontext-aware,improving user experiences in healthcare,education,and personal productivity.BiometricIDsandgovernanceframeworksstrengthen security,privacy,and compliance across critical industries.5:The Evolution of Voice User Interfaces EnhancingHowWeWork,Live,andLearn6:Th

18、e Convergence of Digital Identity and AI GovernanceWillRedefineTrustandSecurity AI-poweredcybersecurityreducesthreatresponse times and enables autonomous,human-on-the-loopdefenses.AI-enhanceddataplatformsstreamlineprocesses,reducing manual tasks and driving smarterdecision-making.7:Self-DrivenAITran

19、sformsCybersecurity8:DataIntegrationToolstoDriveEnterpriseAI Adoption AI-poweredcybersecuritymeshimprovesmulti-cloudprotectionwithadaptiveresponses and breach containment.Satellitegrowthdrivesinnovationintrafficmanagement,debris removal,orbital security,and national defense.9:CybersecurityMeshforEnh

20、ancedSecurity10:GrowingThreatsinSpaceDemandPublic-PrivateCollaborationandDual-UseFunding5LARGE LANGUAGE MODELS BECOME SMALLER,DISRUPTING THEAIMARKETPRIVATESECTORTOSPEARHEADSPACE REVITALIZATIONBITS TO BILLIONS:LEGACY DATA SPURS ACQUISITION BOOMTHERISEOFAUTHENTICITYASCREATORSCHALLENGEAIRecapofGPBullho

21、unds2024 PREDICTIONSRECAP PREDICTIONS 2024Reflecting on 2024,GP Bullhounds predictions successfully anticipated pivotal trends that shaped technologyandbusiness.Thisyeardemonstratedthetransformativepowerofinnovation,withspecialisedAImodels proving that smaller can be mightier,making advanced capabil

22、ities more accessible across industries.Theprivatesectorspearheadedanewerainspaceexploration,buildingorbitalinfrastructurecriticalforcommunicationsandsustainability.Meanwhile,legacydataemergedasakeydriverofacquisitions,unlockingnewvaluethroughAI-driveninsights,whileadvancementsincompliancetechnology

23、broughtfinancialintegrity into sharper focus.Challengestemperedsomeexpectations,particularlyinimmersiveeducation,whereeconomicheadwindsandcontentshortagesslowedadoption.Yet,theimportanceofauthenticitystoodout,withcreatorsandbusinessesreinforcingtrustinaworldincreasinglyinfluencedbyAI.Asweassessthetr

24、ends,triumphs,andlessonsof2024,hereshoweachofGPBullhoundspredictionsmaterialisedovertheyear:Thepredictionthatsmallermodelswouldyieldcompetitiveresultsandlowerbarriersmaterialised in 2024.Specialised generative modelstailoredtospecificindustriesandfunctionsgainedtraction,withMetasLLaMAmodels exemplif

25、ying this trend.LLaMA 3s 70B parameter model,for instance,achieved performancecomparabletoOpenAIsGPT-4(1.76trillionparameters)butwithsignificantlyfewerresources.ThisshifthasmadeadvancedAImoreaccessibleandcost-effectiveacrosssectors.Theprivatesectorledanewspacerace,withcompaniesinvestingheavilyinsate

26、llitenetworks,Earthobservation,andorbitalinfrastructure.This expansion marked a milestone,asspace-basedassetsbecameessential for industries ranging from communications to climate monitoring.Space startupssecured$1.9billioninfundinginthethirdquarterof2024,an18%increasefrom2023,drivenbycapital-intensi

27、veprojectssuchas rocket launchers and satellite manufacturing.Theyearalsosetarecordforlaunches,with41inthefirsttwomonths,highlightingglobalmomentumwithmajormaidenflightsfromtheU.S.,China,and Japan.The value of legacy data fueled a surge in acquisitions as companies leveraged AI to extract insights f

28、rom untapped datasets.In 2024,thistrenddrovemajorM&Aactivity,highlightedbyReddits$60millionannualdealwithGoogle,grantingreal-timeaccesstoitsdatafor training AI models.The technology,media,andtelecommunicationssectorssawa36%increaseindealvalueinthefirstninemonthsof2024 compared to the same period in

29、2023.In 2024,the emphasis on authenticity in creativeworkwasunderscoredbysignificantdevelopments.Adobe introduced the Content Authenticitywebapp,enablingcreatorstoattachContentCredentialstotheirwork,thereby enhancing transparency and attribution.Similarly,YouTube launched AI detection tools,includin

30、gsynthetic-singingidentificationanddeepfake detection,to help creators protect theircontentfromunauthorisedAI-generatedimitations.A 2024 report by Boston Consulting Grouprevealedthat78%ofconsumerspreferredhuman-createdcontentoverAI-generated material,highlighting the demand for genuine experiences a

31、nd the importance of such tools in maintaining trust.YESYESYESYES6AR/VR&AIFUELASURGEIN IMMERSIVE EDUCATION INVESTMENTSANTI-MONEYLAUNDERINGANDPAYMENT PROTECTIONS COME CENTRE-STAGEAI RACE ESCALATES SEMICONDUCTORSHORTAGEAPPLES EXPANDED SUBSCRIPTIONSERVICEWITHAD-FREESEARCHENGINEAIISRESHAPINGMEDIAWITHPER

32、SONALISED CONTENT AND ACQUISITIONSACCELERATION OF CARBON ACCOUNTING AS NEW REGULATIONS LOOMRECAP PREDICTIONS 2024The anticipated surge in immersive education investments driven by AR,VR,and AI in 2024 facedsignificantchallengesthatsloweditsexpected adoption.Global shipments of AR/VRheadsetsexperienc

33、edasubstantialyear-over-yeardeclineof67.4%inthefirstquarterof 2024,indicating reduced market momentum.Additionally,economic uncertainties played amajorrole,asorganisationsexercisedcaution and delayed investments in emerging technologies like AR and VR.Finally,limited availability of compelling and d

34、iverse content furtherhinderedthewidespreadadoptionofAR/VR in educational settings.As digital transactions surged in 2024,AML andKYCprotocolsincryptocurrencygrewinimportance.Enhanced compliance solutions emergedtoaddressfinancialcrimerisks,helpingplatformsgainusertrustandalignwithevolvingregulations

35、.TheUKsFCAprosecuteditsfirstcaseinvolvingunregisteredcryptoATMsprocessing2.6million,whileBinancefounderChangpengZhaowassentencedtofourmonthsintheU.S.Keyproductinnovationsbolsteredcompliance efforts,including Microsofts AI-drivencompliancetoolviaAzure,AWSsblockchain services,and Google Clouds machine

36、 learning platform.The rapid expansion of AI applications hasintensifieddemandforspecializedsemiconductors,leading to supply constraints.Nvidia,a leading AI chip manufacturer,reported a94%year-over-yearrevenuesurgeinitsfiscalthirdquarter,reaching$35.1billion,drivenbythehighdemandforitsAI-enablingGPU

37、chips.Additionally,AmazonWebServices(AWS)plansto spend over$20 billion on Nvidia chips in 2024,highlighting the escalating demand for AI hardware.Thesedevelopmentsunderscorethestrain on semiconductor supply chains due to the escalating AI race.Applehasnotyetlauncheditsownad-freesearch engine,but rec

38、ent developments indicate that this may change in the future.The company continues to receive substantial payments from Google to keep Google Search asthedefaultonAppledevices,withthesepayments reaching approximately$20 billion in2022.InAugust2024,afederaljudgeruledthatGooglesagreementwithAppletobet

39、hedefaultsearchengineviolatedantitrustlaws.Meanwhile,ApplesfocusonAIadvancements,such as the introduction of Apple Intelligence,suggestspotentialgroundworkfor future search functionality.AI is transforming the media landscape,drivingpersonalizedcontentdeliveryandfueling strategic acquisitions.Spotif

40、ys 2024 WrappedintroducedanAI-generatedpodcastpoweredbyGooglesNotebookLM,deliveringtailored insights into individual listening habits.Meanwhile,acquisitionslikeShutterstockspurchase of Giphy for$53 million and Canvas acquisition of Leonardo.AI highlight the industrys embrace of AI to enhance creativ

41、e capabilitiesandcontentpersonalization.In2024,theEUsCSRDandCaliforniasemissionslawstookeffect,drivingadoptionofautomated carbon accounting systems.Valued at$18.52billionin2024,thecarbonaccountingsoftwaremarketissettogrowrapidly.Companies like Salesforce and Microsoft have integratedAI-poweredcarbon

42、tracking,whileWatershedraised$100milliontoenhanceitsemissions-reductionplatform.YESYESNONOYESYES7PREDICTION1Multimodal AI Reshapes Industries andRedefi nesHuman-TechnologyCollaborationCOMPANIESTOWATCH01By2025,multimodalAIsystemsintegratingtext,images,video,andaudiointounifi edmodelsaresettorevolutio

43、nizeindustriesbyenablingintuitiveandimpactfulhuman-technologyinteractions.AccordingtoMcKinsey&Company,theseinnovationscouldunlock$4.4 trillion in annual economic value,driven by gains in productivity,enhanced userexperiences,andsmarterdecision-making.AI Research8PREDICTION1MULTIMODALAIRESHAPESINDUST

44、RIESANDREDEFINESHUMAN-TECHNOLOGYCOLLABORATIONMultimodalAIwillredefineuserexperiencesbyprovidingadeeperunderstandingofcontext.Thesesystemswillanalyzespeech,facialexpressions,andtextinputssimultaneously,enablingnuancedandresponsiveinteractions.Virtualassistants,poweredbythesecapabilities,willbecomemor

45、eintuitiveandimpactful,transformingcustomerserviceintoproactiveengagementtools,personalizingeducationatscale,andrevolutionizingentertainmentbycreatinghighlydynamicandimmersiveformats.Industriesthatrelyonhighcustomerinteraction,suchasretailandhospitality,standtogainsignificantcompetitiveadvantages th

46、rough these innovations.ENHANCEDUSEREXPERIENCESIncriticalsectorssuchashealthcareandfinance,multimodalAIwillrevolutionizedecision-makingprocessesbyintegratingdiversedatamodalities.Forexample,healthcaresystemswillanalyzemedicalimages,patienthistories,andgeneticdatatodeliverprecisediagnosesandpersonali

47、zedtreatmentplans.Financialinstitutionswillbenefitfromadvancedpredictiveanalyticsandoperationaloptimization.According to the National Bureau of Economic Research,implementing AI technologies across the U.S.healthcaresystemalonecouldreduceannualspendingby5%to10%,equatingtoapproximately$200billionto$3

48、60billion.Thesecapabilities,combinedwithsimilarsavingsinthefinancialsector,couldsave industries billions annually by reducing errors and accelerating strategic insights.STRENGTHENINGDECISION-MAKINGTheevolutionoftransformermodelsandotherneuralarchitectureswilldrivemultimodalAIadoption.By2025,advances

49、incomputationalhardwareandimprovedalgorithmswillenablethesesystemsto overcome scalability and accuracy challenges,making them indispensable tools across industries.ResearchbyAccentureunderscoresthatorganizationsinvestinginmultimodalAIcapabilitiescouldoutperformtheirpeersbyupto20%inoperationalefficie

50、ncy.ACCELERATING AI EVOLUTIONTherapidadoptionofmultimodalAIwillnecessitaterobustethicalframeworkstoaddressfairness,transparency,anddataprivacy.ConsultingfirmslikePwCemphasizethatensuringethicalAIiscriticalforbuildingusertrust,especiallyinsensitivedomainslikehealthcareandfinance.By2025,organizationsp

51、rioritizingethicalAIdevelopmentwillbebetterpositionedtomitigatebiasesandenhance user acceptance.By2025,multimodalAIsystemswillnotonlyredefinehuman-technologyinteractionbutwillalsobecome a cornerstone of industry transformation.With their ability to provide seamless,contextually richexperiencesandopt

52、imizedecision-making,thesesystemswillunlockunprecedentedinnovationandefficiency.Asnotedbytopconsultancyfirms,organizationsthatinvestinmultimodalAItodaywillnot only gain a competitive edge but also shape the technological landscape of the future.ADDRESSINGCHALLENGESANDETHICALCONSIDERATIONSMultimodalA

53、Iwillhavefar-reachingapplicationsacrossindustriesby2025:Retail:Enhancingcustomerexperiencesthroughreal-timesentimentanalysisandpersonalizedproduct recommendations.Education:CreatingimmersivelearningenvironmentswithinteractiveassessmentsandAI-poweredtutors.Entertainment:Enablingtext-to-imageandtext-t

54、o-videocontentgeneration,pavingthewayforunprecedented creativity in media.McKinseysanalysisfurtheridentifiesmultimodalAIasacriticalenablerofexperience-centricbusinesses,predictingthattheseinnovationswillsignificantlyboostcustomersatisfactionandloyalty.BROAD INDUSTRY APPLICATIONS9PREDICTION1MULTIMODA

55、LAIRESHAPESINDUSTRIESANDREDEFINESHUMAN-TECHNOLOGYCOLLABORATIONSource:Sparity,InformationWeek,Restock,McKinsey,PWCMULTIMODALAIMARKETSIZE,BYREGION,2019-2032(USDMILLION)Source:Polaris Market Research AnalysisASIA PACIFICMIDDLEEAST&AFRICAEUROPELATIN AMERICANORTHAMERICA20192023202120252027202920312020202

56、4202220262028203020321,384.9910PREDICTION 2Agentic AI Advances in Niche Use Cases,While Broader Implementation LagsCOMPANIESTOWATCH02AnewclassofAIisemergingthatmovesbeyondmerelyrespondingtocommandsittakes action independently.Unlike traditional AI tools that rely on user prompts,Agentic AIisenvision

57、edtohandlecomplextasksautonomously,suchasanalyzingdata,predictingoutcomes,andevenexecutingdecisions.ThisevolutionsignalsamajorshiftinAIsrole,butreal-worldimplementationsremainlimitedin2025,constrainedbyscalabilitychallenges,enterprise caution,and the nascent state of the technology.11PREDICTION 2AGE

58、NTICAIADVANCESINNICHEUSECASES,WHILEBROADERIMPLEMENTATIONLAGSWeareenteringtheeraofAgenticAI,aformofartificialintelligencethatdoesntjustrespondtohumancommandsit takes proactive,independent action.Unlike traditional AI models that require prompts,Agentic AI autonomously handles complex tasks,predicts o

59、utcomes,executes decisions,and learns from everyinteraction.However,despitetheseadvancements,AgenticAIisprimarilyintheexplorationphase.By2025,only25%oflargeenterprisesareexpectedtodeployAIagentsforbusiness-criticaltasks,upfromlessthan5%in2023.Thishighlightsthatadoptionisacceleratingbutremainsinitsin

60、fancy.Manyorganizationsremaincautious,citingchallengesrelatedtotheblack-boxnatureofAgenticAI,whichraisesconcernsaboutexplainability,reliability,andliability,particularlyinindustrieswherecomplianceandtransparencyarecritical.TodaysAIsystemsexcelatgeneratingoutputswhenprompted,butGartnerpredictsthat30%

61、ofGenerativeAI(GenAI)projectswillfailtoprogressbeyondproof-of-conceptin2025duetopoordataquality,highcosts,andunclearobjectives.Similarly,whiletargetedusecaseslikesupplychainoptimization,healthcareresourcemanagement,andcustomerengagementshowpromise,thesesuccessesremainconfinedtocontrolledornicheappli

62、cationsratherthanbroadenterprisedeployment.Marketprojectionsalsoemphasizethelongroadahead;by2028,33%ofenterprisesoftwareapplicationswillincludeAgenticAI,enabling15%ofday-to-dayworkdecisionstobemadeautonomously.In2025,however,lessthan1%ofenterprisesoftwarewillincorporateAgenticAI,underscoringtheearly

63、-stagenatureofthetechnology.MINDTHEAIAGENCYGAPWhilereal-worldimpactislimitedin2025,AgenticAIisgainingmomentuminhigh-valueniches.Insupplychainoptimization,AgenticAIisalreadybeingusedtoautonomouslymanagelogistics,analyzingreal-timedata,optimizingroutes,renegotiatingvendorcontracts,andincreasingefficie

64、ncywithouthumanoversight.Earlyadoptersreportefficiencygainsof1530%,thoughscalingtheseresultsbeyondpilotprogramsremainschallenging.Similarly,inhealthcare,AgenticAIhasshownpromiseindynamicallymanaginghospitalstaffingandresourceallocation,improvingoperationalefficiencyandfreeingupmedicalstaffforpatient

65、care.A2024MicrosoftResearchstudyhighlightsthatAgenticAIhasimprovedpatientoutcomesby15%inpilotimplementations.In customer engagement,AI agents are independently handling complex queries,delivering personalizedexperiences,andreducingmanualworkloadsbyupto25%insuccessfulpilotdeployments.Source:GartnerLL

66、M-BASEDASSISTANTSDETERMINISTICCHATBOTSHUMANAGENCYLOW AGENCYAI AGENCY GAPHIGH AGENCYStaticAdaptiveReactiveProactive planningSimple tasksComplex goalsSimple environmentComplex environmentSupervisedAutonomous12PREDICTION 2AGENTICAIADVANCESINNICHEUSECASES,WHILEBROADERIMPLEMENTATIONLAGSAgentic AI represe

67、nts a convergence of machine learning,reinforcement learning,and large language models(LLMs),designedtofunctionautonomouslyindynamicandunpredictableenvironments.UnliketraditionalAIsthatassistwithtasks,AgenticAIsystemsindependentlyanalyzedata,identifyopportunities,andtakeactiontomaximizeoutcomes.Thes

68、esystemsalsopossessauniquecapacityforcontextualunderstanding,enabling them to adapt to changing conditions and uncertain scenarios.Reinforcement learning further empowersAgenticAI,allowingsystemstorefinetheirstrategiesthroughtrial-and-errormethods,acapabilitydemonstratedbyDeepMindsAlphaZero,whichmas

69、teredgameslikechessandGo.Thesesameprinciplesarenowbeingappliedtoreal-worldcontexts,includingmanufacturingoptimizationandpredictivemaintenance.PlatformslikeTruthTerminalillustratethepotentialofAIAgentswhilstraisingawarenessofsomeoftherisks.Developedasanexperimentalautonomouschatbotthatwentviralafterp

70、ostingitsowncontentonX(formerlyTwitter)itgainedsignificantattentionandinvestmentin2024.Thisincluded$50,000inBitcoinfromMarcAndreessenwholaterdescribedtheAIAgentasthethefirstmajorconvergencepointbetweenAIand crypto.AlthoughAgenticAIspotentialiswidelyregardedastransformative,theroadtofull-scaledeploym

71、entremainsfraughtwithchallenges.Highdevelopmentandmaintenancecosts,combinedwithscalabilitybarriers,preventmanyenterprisesfromadoptingthetechnologybeyondcontrolledenvironments.Theblack-boxnatureofAgenticAIsystemsalsoraisessignificantconcernsabouttransparencyandaccountability,particularlyinindustriesw

72、hereregulatorycomplianceiscritical.Theselimitationsmeanthat,fornow,AgenticAIsimpactwillremainconfinedtoselect,high-valueusecases.By2025,thenarrativearoundAgenticAIwillreflectablendofoptimismandscepticism.Ontheonehand,earlysuccessesinareaslikesupplychainlogisticsandadaptivecustomerservicewillvalidate

73、itspotentialandinspirecontinuedinvestment.Ontheotherhand,theslowpaceofscalingandpersistenttechnicalchallengeswilltemperexpectations,leadingmanytoviewAgenticAIaspromisingbutnotyetreadyforcriticaltasks.Whileitsreal-worldimplementationremainslimited,2025willserveasapivotalyearinestablishingthefoundatio

74、nforbroaderadoption.TheadvancementsachievedduringthisperiodwillbringAgenticAIclosertorealizingitspotentialasatransformativeforceacrossindustries.Source:Gartner,Microsoft,McKinsey,Markettechpost,Deloitte,AssociatedPress,TheTimes,TheWallStreetJournal13PREDICTION 3Enabling Technologies make quantum pra

75、cticalCOMPANIESTOWATCH03Bytheendof2025,valuewillhavestartedtosignifi cantlyaccrueatthestartofthequantum technology value chain as these enabling technologies start to push the limits of whatspossiblewithtodaysstateofthearttechnologies.14PREDICTION 3ENABLINGTECHNOLOGIESMAKEQUANTUMPRACTICALThequantumm

76、arketisprimed,wereseeingacombinationofbothsupplypushingfromthebottomanddemand pulling from the top creating the start of a valuable ecosystem.On the supply side,governments aroundtheworldhavecommitted$40billionworthofspendtowardsdevelopingquantumtechnologies,providing valuable support to an industry

77、 that still requires nurturing for it to achieve its full potential.Whereas,on the demand side,enterprise spend is increasing,as the risks of the fully developed technology become apparent,the limitations of current compute modalities amongst the rising energy tide of AI are being realised,andtheawa

78、renessofthepowerthatquantumtechnologiescouldprovideovercurrentsystemsforaddressinghumanitiesproblemsrises;asanexample,financialservicesfirmsarepredictedtoincreasetheirquantumspendby4.2xfrom2022to2025.Thesetwodriversaresupportingtheexpansionofthequantumindustryfromanascentone,toonethatisstartingtoadd

79、ressreal-worldissues,solvingproblemsmoreefficientlythanclassicaldevicesandputtingprototypesintoreal-worldscenarios.WhilstitmaystillbetooearlytopickwhichunderlyingQPUmodalitywillbethedominantone,andevenhardertopickwhichwithinthatsegmentwillbecomethe“NVIDIA”ofquantum,onethingweknowfor certain is that

80、the market is expanding.As the ecosystem has matured,the value chain has started to splinter into more distinct parts.The technological barriers to overcome are so hard that companies arestartingtorealisemoreprogresscanbemadeiftheybecomelaser-focusedonthepartofthestackwheretheyhavethemostexpertise.T

81、huswehaveseenaspateofpartnershipsformoverthelastyear(IBM+Q-CTRL,Rigetti+Q-CTRL,Microsoft+AtomComputing,Google+Queraetc),whichweexpecttoaccelerate,wherefull-stackbuildersstarttooutsourcepartsoftheirstackdevelopmenttothosewithexpertiseinthatspecificniche.The changing market dynamics have accelerated t

82、he rise and the ubiquity of companies that provide supportingtechnologiesthatpushtheperformanceofthehardwarefarbeyonditscurrentcapabilitiesandwhichcanoperateacrossthequantumspectrum,whichwerefertoasEnablingTechnologies.Fortheinvestor,weseethesetechnologiesasderivativesofthewiderquantummarket,inexpli

83、cablylinkedtoitsoverallexpansion,benefitingfromboththegovernmentinvestmentthatwillfilterdownintothebuildingofmoresystems(ofalltypes)whichtheyareintegratedintoandalsothemoreexactingdemandsofinterestedcorporatesthatwillexpectbetterperformingsystems.WHEREQUANTUMVALUEWILLACCRUEINTHESHORTTERMInfrastructu

84、re SoftwareAuxiliaryHardwarePhotonicsIntegratorsSet to benefit the most in the current marketENABLING TECHNOLOGIESDerivativesofthewidermarket,providing technologies that are required by the entire value chain.Auxiliary hardwareandsoftwarecontroloroptimizingtheunderlying technologies.Firm types:Navig

85、ation withoutGPSMineral prospecting and climate monitoring via gravity detectionBiomedical imaging and treatmentQUANTUM SENSINGFirm types:Enhancements of technologiesthatweusetoday,butwithdetectioncapabilities far beyond classical means.Further along the development chain,withpressingusecases.QPUsQu

86、antumnetworkingScaling supportNewcomputemodalitiesCOMPUTING HARDWAREFirm types:The underlying Quantum ProcessingUnits(QPU),Quantum repeaters or interconnects that enable quantum phenomena for computation.Various stages of development,withnoclearleader.Drug discoveryMaterials scienceFinanceCryptograp

87、hyAPPLICATION SOFTWAREFirm types:The ultimate end user use-cases,whereoncetheunderlyinghardwareispowerfulenoughwilldisruptnumerousindustries.Quantum algorithms can solve problemsbeyondwhatspossiblenow.Time to value realisation15PREDICTION 3ENABLINGTECHNOLOGIESMAKEQUANTUMPRACTICALThecompaniesthatmake

88、upthisinitialsegmentrangeintheirvarietyfromhardwarebusinessesthatmakethecontroltechnologiesthatstabilisethequantumsystemstosoftwarebusinessesthatabstractawaycomplexityorhelpcorrecttheinherenterrorswhichforminthecurrentnoisysystems.Duetothenascentnatureofthefield,theyarealluniqueintheirapproach,yetsi

89、milarintheirubiquityacrossthecurrentmarketplayers.Thesecompaniestendtogeneratesignificant,realrevenues,areexperiencingexplosivegrowthandyetarecloserintheirjourneytobecomingself-sustainingbusinessesthanthefullstackdevelopers(evenincludingthosewhohaveraisedsignificantlyhighervolumesofcapital).Theyarea

90、bletoachievethisbecausetheyhavetheuniquebenefitofsolvingrealproblemsdirectlyinthequantumecosystemtoday,withouttheneedtowaitfortheproblemsthatquantumsystemsmightsolveinthefuture.Goingfurther,thosethataremostattractiveandpromisingwithinthisnichearethosewhosesolutionisnotsolelyapplicabletoquantumcomput

91、ing,butwhosetechnologycanbeeasilyadapted to serve or enhance other quantum systems,such as quantum sensors.Quantum sensors,in simple terms,are devices that go far beyond the sensitivities of the current sensingtechnologythatweusetoday.TheyhavethepotentialtoreplaceGPS,enhancenaturalresourcediscoverya

92、ndbringforwardearlydiseasedetectionbyimprovingdiagnostics.Owingtothereducednumber of quantum system interactions and more advanced academic understanding,quantum sensors involving,for example,magnetometry,single photon detection and gravimetry can be more readily controlled or enhanced by the Enabli

93、ng Technologies mentioned above.Thus,devices combining these twopartsofthevaluechainaresignificantlyadvancingintheircommercialjourneyswithprototypesandPoCtestswellunderway.ENABLINGTECHNOLOGIESANDBEYONDQUANTUMCOMPANIESSHAREOFTOTALSTARTUPFUNDINGBYYEAR20142018201620202015201920172021202320220.10%0.06%0

94、.08%0.15%0.07%0.07%0.23%0.34%0.51%0.60%16PREDICTION 3ENABLINGTECHNOLOGIESMAKEQUANTUMPRACTICALThe recently announced technological advancements across the quantum ecosystem and the rapidly maturingEnablingTechnologycompanieswillfuelfurthertheusefulnessandpracticalityofquantumcomputersinoperationtoday

95、,bringingthemeverclosertosolvingreal-worldproblems.Whilst,quietlyandintherealmsofdefenceandaerospace,quantumsensors(supportedbytheEnablingTechnologies)willstarttobeintegratedintolivesystemspushingtheboundariesofwhatwasphysicallyimpossibleonlyafewyearsago.Thesetwofeatureswillincreasetheexcitementande

96、xpectationintheecosystem,continuingandacceleratingthetrend(identifiedbyGPBullhound)ofincreasingtheshareoftotalstartupfundingthattheycommand.Thuswesee2025ashavingtwocrediblemeasuresofsuccessinquantum:1.Funding the revolution:Totalfundsraisedinthesectorwillbethebiggestyet,surpassingeventhefrothySPAC-f

97、ueleddaysof2021,engagingtheflywheeltosupportfurtherinnovationandhelpbuildout supply chains,paving the industry for future success.2.Uncharted territory:Atleastonemajortransportordefenseorganizationwilladoptaquantumnavigation protocol,initiating the end of the reliance on GPS.Thisprogresswillprovided

98、efinitivemarkersforansweringwhether2025hasbeentheyearquantumtechnology transitioned from concept to practical use.SECTORFUNDINGAND2025OUTLOOKSource:Deloitte,GPBullhoundQuantumTechnology,“Investingattheinflectionpoint”17PREDICTION 4The Year Robots Leave the Labs and Enter Our LivesCOMPANIESTOWATCH04T

99、heeraofroboticsandautonomoussystemsisacceleratingrapidly,withprojectionsindicatingthatby2025,wewillwitnessagoldenagedrivenbytheseamlessintegrationofhardwareandsoftware,alongsidegrowingadoptionoftechnologiessuchasself-drivingvehicles,humanoidrobots,andautomatedsystems.AccordingtoMcKinsey&Company,auto

100、mationcoulddeliverglobalproductivitygainsworthupto$3trillionannually,withrobotics playing a central role in reshaping industries.The global robotics market is projectedtoreach$74.1billionby2026,underscoringthetransformativepotentialofthese advancements.18PREDICTION 4THEYEARROBOTSLEAVETHELABSANDENTER

101、OURLIVESThisgrowthisunderpinnedbyinnovationsingeneral-purposetechnologiesthatintegrateadvancedhardwarewithsoftware,makingsolutionsincreasinglyscalable,sustainable,andcost-effective.Forinstance,Teslas Optimus humanoid robot has become a symbol of this integration,designed to perform complex,repetitiv

102、e tasks in diverse environments.With its potential to scale across industries,Optimus hasshiftedfromaproof-of-concepttoareal-worldintegrationphase,exemplifyinghowhumanoidrobotics is transitioning to mainstream use.Similarly,companies such as Boston Dynamics and Agility Robotics are setting benchmark

103、s in dynamic,human-likemovementsandmultitaskingcapabilities,drivingtheappealofautonomoussystemsacrosssectors.Meanwhile,advancementsintheInternetofThings(IoT)poweredbyAIareenablingconnecteddevices to communicate more effectively,generating valuable data that enhances robotics adaptability toreal-worl

104、denvironments.DeloittehighlightsthatAI-drivenIoTsystemshaveledtosignificantoperationalefficiencies,particularlyinindustrieslikemanufacturingandlogistics.THEFOUNDATIONOFSCALABILITYTheroboticsrevolutionisnothappeninginisolation;itisbeingdrivenbycollaborationsbetweenindustriesandtechnologyproviders.AsA

105、ccentureemphasizes,partnershipsbetweenroboticsmanufacturersandAI-drivensoftwarecompaniesarevitalforacceleratinginnovationandensuringtheinteroperability of systems across industries.In this golden age,robotics and autonomous systems are poisednotonlytoenhanceproductivitybutalsotoredefinethelimitsofwh

106、atispossibleinhuman-machinecollaboration,pavingthewayforatransformativefuture.A FUTURE BUILT ON COLLABORATIONRoboticsandautonomoussystemsarenolongerconfinedtonicheapplicationstheyarebecomingcritical across various sectors:Manufacturing:Robots like Teslas Optimus are already being deployed to perform

107、 factory floor tasks,reducingworkplacehazardsandincreasingassembly-lineefficiency.BCGresearchestimatesthatautomationinmanufacturingcoulddrivea30%reductioninoperatingcostsby2030.Healthcare:Roboticsurgeryassistantsandautomateddiagnosticsystemsarerevolutionizinghealthcare.By2024,healthcarerobotsaccount

108、edfornearly20%ofnewroboticssales,withaPwCstudynotingtheirpotentialtoreducemedicalerrorsbyupto50%whileenhancingpatientcarequality.Hospitality and Retail:Robotsareincreasinglyemployedincustomer-facingroles,handlingtaskssuchasconciergeservices,luggagemanagement,andevenspatreatments.Marketgrowthisstrong

109、,withadoptionexpectedtorise15%annuallythrough2025,asperGartner.Logistics and Supply Chain:Automationisrevolutionizingthelogisticssector,withAIandroboticsenablingautomatedwarehouses,optimizingdeliveryroutes,andreducinghumaninterventioninhigh-risktasks.Thelogisticsroboticsmarketisgrowingatanimpressive

110、annualrateof27%,ashighlighted in a Statista report.TRANSFORMATIVE TRENDS ACROSS INDUSTRIESSource:SouthChinaMorningPost,Forbes,SeekingAlpha,MITTechnologyReviewRISEOFTHEROBOTS,GLOBALOPERATIONALSTOCKOFINDUSTRIALROBOTS20192018201420100M1M2M3M4M2021201620122020201520112022201720133.9MSource:International

111、 Federation of Robotics19PREDICTION 5The Evolution of Voice User Interfaces EnhancingHowWeWork,Live,andLearnCOMPANIESTOWATCH05VoiceUserInterfaces(VUIs)arerapidlytransforminghowindividualsengagewithtechnology,shiftingfromtraditionalscreen-basedinteractionstomorenatural,intuitive,andhands-freemethods.

112、Thisevolutionisfueledbyadvancementsinartifi cialintelligence(AI),enablingVUIstobetterunderstandandrespondtohumanspeechinamorecontextuallyawareandpersonalizedmanner.Lookingaheadto2025,theintegrationofAIintoVUIsissettofurtherrevolutionizesectorsbyenhancingconvenience,accessibility,andeffi ciency.20PRE

113、DICTION 5THEEVOLUTIONOFVOICEUSERINTERFACESENHANCINGHOWWEWORK,LIVE,ANDLEARNAt the forefront of this transformation is the integration of AI in devices such as smart speakers.Platforms like AmazonAlexa,GoogleAssistant,andAppleSirialreadyperformawiderangeoftasks,includingcontrollingsmarthomedevices,pla

114、yingmusic,creatingshoppinglists,andprovidingupdatesonweatherandtraffic.By2025,theseplatformsareexpectedtoevolveintomoresophisticated,context-awaresystemscapableofanticipatinguserneedsbeforeexplicitcommandsaregiven.Forexample,AI-enhancedvoiceassistantsmaylearnauserspreferredtemperaturesettings,adjust

115、lightingbasedonmood,orsuggestmealideasbasedondietarypreferencesallwithoutdirectinput.Inhealthcare,VUIsequippedwithAIaresettodelivergroundbreakingsolutions,especiallyforelderlyindividualsandthosewithmobilitychallenges.Currentvoice-activatedassistantshelppatientsmanagemedication schedules,track sympto

116、ms,and remind them of doctor appointments.By 2025,these systems willbecomemoreintelligent,capableofprovidingreal-timemedicaladvicebasedonpatientdataanddetectingemotionalcuesinspeech.Forinstance,anAI-drivenhealthcareassistantcoulddetectchangesinspeech patterns indicating discomfort and notify a healt

117、hcare provider as needed.VUIswillalsohaveaprofoundimpactonaccessibility,enablingindividualswithdisabilitiestointeractwithtechnologymoreeffectively.By2025,advancementsinAIwillimprovenuancedvoicerecognition,accommodatingspeechimpairmentsandnon-nativeaccents.Enhancedlanguagemodelswillmaketheseinteracti

118、onsmorenaturalandconversational,empoweringuserstoengageseamlesslywithtechnology.Ineducation,VUIswillbecomeindispensableforpersonalizedlearning.AI-poweredsystemswilltrackstudent progress,adapt teaching methods,and provide tailored feedback through verbal interactions.Studentswillbeabletoaskquestionso

119、rclarifyconcepts,receivingreal-timeresponsescustomizedtotheirlearning pace and style,thereby addressing educational disparities in underserved regions.By2025,VUIswilltranscendsimplecommandstounderstandcontext,emotion,andintent,makinginteractionsmorehuman-like.Theseadvancementspromisetorevolutionizen

120、otonlyhowweinteractwithtechnologybutalsohowitintegratesintoourdailylivesshapingthefutureofhomeautomation,healthcare,education,and beyond.ProjectedMarketGrowthChartattached(fromthesourcearticlelistedbelow).Theindustryissettoexpandfrom$21.16billionin2023to$25.78billionin2024,withacompoundannualgrowthr

121、ate(CAGR)of21.8%,forecastedtoreach$55.86billionin2028withaCAGRof21.3%(Source:TheBusinessResearchCompany)Source:The Business Research Company,Allied Market ResearchGLOBALVOICEUSERINTERFACEMARKETNORTH AMERICAKEY TRENDMAJOR DRIVERIs the largest region in the voice user interface marketMajorcompaniesint

122、hemarketaredevelopinginnovative products,such as Alexa Custom Assistant,to expand the reach of alexa and address developer needs.Of the voice user interface is The rise in the usage of artificial intelligenceEXPECTEDMARKETSIZEBY2028202320242028$55.86BN$25.78BNCARG 21.3%$21.16BN21PREDICTION 6The Conv

123、ergence of Digital Identity andAIGovernanceWillRedefi neTrust and SecurityCOMPANIESTOWATCH06As technology evolves,the importance of secure and ethical practices becomes paramount.TwocriticaldomainsdigitalidentitysolutionsandAIgovernancestandoutasareasofrapidinnovationandregulatoryfocus.Bothfi eldsad

124、dresspressingchallengesinprivacy,security;andtrustwhileunlockingneweconomicandoperationalpossibilities.22PREDICTION 6THECONVERGENCEOFDIGITALIDENTITYANDAIGOVERNANCEWILLREDEFINETRUSTANDSECURITYTheglobalshifttowarddigitizationhasintensifiedthedemandforhomogenized,seamlessandeasilyaccessibledigitalident

125、itysolutions.By2025,digitalidentitysolutionsareexpectedtorevolutionizehowindividualsandorganizationsmanageonlinecredentials,providingmorefrictionlessauthenticationwithheightenedsecurity.Keyadvancementsinclude:1.Biometric Authentication:Fingerprints,facialrecognition,andvoiceidentificationarebecoming

126、standard tools for verifying identity.These methods offer superior security compared to traditional passwords.Financialservicesandhealthcarefirmsinparticularhavequicklyadaptedtotheseauthenticationprotocols.(VsecureLabs).2.Decentralized Identity Systems:Blockchain-basedsolutionsseektoempoweruserstoco

127、ntroltheirdigitalidentitieswithoutrelyingoncentralizedrepositories,reducingvulnerabilitytosecuritybreachesanddatatheftthroughdecentralization(VsecureLabs).DIGITAL IDENTITY SOLUTIONS:ENABLING A SECURE FUTUREThedigitalidentitymarketisprojectedtogrowfrom$42.12billionin2024to$183.19billionby2030,drivenb

128、ythedemandforsecureauthenticationmethodsandintegrationwithdigitalwallets(MarketsandMarkets).(SeeFigure1)MARKETGROWTHFigure1:ProjectedGrowthofDigitalIndentitySolutionsMarket(2024-2030)2024202520282026202920272030180MARKETSIZE(USDBILLION)YEAR140100601601208040PROJECTEDGROWTHOFDIGITALIDENTITYSOLUTIONSM

129、ARKET(2024-2030)23PREDICTION 6THECONVERGENCEOFDIGITALIDENTITYANDAIGOVERNANCEWILLREDEFINETRUSTANDSECURITYThetransformativepotentialofAIbringstremendousgrowthopportunitiesalongsideethicalandoperationalchallenges.AsAIintegrationtakesholdwithinkeysectorslikehealthcare,finance,andpublicsafety,governancef

130、rameworksareessentialtomitigateriskfactorsacrosstheboard.1.Global Regulatory Efforts:CountriessuchastheUKareleadinglegislativeeffortsonAIregulationincludingAI-specificsafetyinstitutesandpoliciestoaddresssocietalconcernsandencourageresponsibleAIdevelopmentfromorganizations(FinancialTimes).2.Ethical A

131、I Platforms:Businesses are leveraging AI governance tools to ensure proper and ethical deployment,mitigateinherentbiases,andcomplywithevolvingprivacylawsandregulatoryframeworkssuchasGDPRintheEU(Gartner).3.International Standards:Collaborative global efforts such as the 2025 International AI Standard

132、s SummitaimtounifyapproachesforsafeandrestrictiveAIpractices(ISO).ARTIFICIAL INTELLIGENCE REGULATION AND GOVERNANCEFigure2:GlobalAIRegulatoryInitiativesOverTime(2020-2025)Digital identity solutions and AI governance represent pivotal narratives in the technology industry.While digitalidentityframewo

133、rksenhancesecurityandstreamlineinteractions,robustAIregulationsensureethicalandtransparentinnovation.Together,theseadvancementsarefoundationalforbuildingatrustworthyandsustainable digital ecosystem.Source:The Times,Financial Times,Gartner,ISO,Markets and Markets,VsecureLabsGLOBAL AI REGULATORY INITI

134、ATIVES OVER TIME20202023202120242022202570NUMBER OF REGULATIONSYEAR50306060402024PREDICTION 7Self-DrivenAITransformsCybersecurityCOMPANIESTOWATCH07TheriseofAIpresentsarangeofchallengeswithincybersecurity,asmaliciousactorsequipthemselveswithincreasinglysophisticatedoffensivetools,andAIimplementationc

135、ontinues to expose additional vulnerabilities.This has led to an alarming evolution in the complexity of the cybersecurity landscape,necessitating an equally strong drive for innovative and proactive protection solutions.This dynamic is expected to catalyse the large-scaleadoptionofself-driven,human

136、-on-the-loopAIcybersecurityalgorithmsby2025,aimed at proactively addressing these threats.25PREDICTION 7SELF-DRIVENAITRANSFORMSCYBERSECURITYMaliciousactorsaredevelopingAIandlargelanguagemodelstoplanandexecutescaledmalware,phishing,network-andweb-based,andzero-dayattacks.Thesethreatsarealreadytakings

137、hape:ransomwarepoweredbyAIcandeliverattacksfasterandwithgreaterprecisionthaneverbefore;phishingemailsarrivewithflawlessAI-generatedgrammar,incorporatedetection-evadingtechnologies,andareoftenfollowedupwithnear-human-likevishingaudio.Compoundingtheserisks,theworldisundergoingamassiveinfrastructuretra

138、nsitiontodeployAI,oftenprioritisingspeedoverthedevelopmentofrobust,defensibleframeworks,therebyexposingsignificantvulnerabilities.Inthefaceofthesethreats,thereisincreasingregulatorypressureandtheimpositionofstrictercybersecurityinsurancepolicies.Organisationsofallkindswillfeeltheneedtoadaptswiftly,b

139、utnonewillshouldertheburdenmorethancybersecurityproviders.InOctober2024,GooglesBigSleepinitiativeuncoveredthefirstpreviouslyunknown,exploitablememory-safetyissueinwidelyusedreal-worldsoftwareachievedsolelythroughanalgorithm.Thismarksahistoricmilestone,ascybersecurityalgorithmshavetraditionallybeenli

140、mitedtoidentifyingvulnerabilitiesinclosed-loopenvironmentsorhybridhuman-AIsystems.Whileafewcompetitorshaveclaimedtoidentifyzero-dayvulnerabilitieswithalgorithms,theseeffortstypicallytargetalready-knownflawsornon-real-worldusecases.Thisbreakthroughopenssignificantopportunitiestoaddressgapswherefuzzin

141、gdefencecapabilitiesfallshort,ultimatelyfosteringasafercyberenvironment.Currently,AI-drivenSOC(SecurityOperationsCentre)“co-pilots”actasvirtualassistants,analysingdata,prioritisingthreats,andprovidingactionableinsights.Wepredictatransitionfromtheseco-pilots,withhumansintheloop,toalgorithmswithenhanc

142、edautomationcapabilities,wherehumansremainontheloop,overseeingsystemsthatperformadvancedfunctionswithminimalintervention.Cybersecurityresearchfirmsarealsoshiftingtousinglargelanguagemodels(LLMs)forvulnerabilityresearchtasks,replicatingandexecutingworktraditionallyhandledbyhumanresearchers.Thiswillsi

143、gnificantlyboostefficiencybyautomatingrepetitivetaskssuchasalerttriage,dataenrichment,andthreat correlation,leading to reduced false positives,faster response times,and improved analyst productivity.Onanotherfront,theworldfacesaraceagainsttimetoprepareforY2Qthefuturemomentwhenquantumcomputingwillren

144、dercurrentpublic-keycryptographyvulnerable.NicknamedinreferencetoY2K,whichdrovewidespreadmediahysteriabutultimatelyamountedtolittle,Y2Qrepresentsarealandprofoundlyimpactfulthreat.While sceptics initially dismissed the concept as speculative,expert opinions have shifted from questioningifitwillhappen

145、towhen.AlthoughwedonotanticipateY2Qoccurringin2025asthecommonrefraingoes,“quantumcomputingisalwaysfiveyearsawayfrombeingfiveyearsaway”itseventualarrivalcouldtriggerfinancial,security,andtechnologicalcatastrophesordersofmagnitudeworsethananyexistingcybercrime.Asthisthreatbeginstomaterialise,defensive

146、actionswillinitiallyfocusonprotectingcriticalinfrastructureandnetworks,eventuallyextendingtobroadercommercialsystems.ThiswillnecessitateashiftfromstandardsecurityframeworkstotailoredAIsystemscapableofunderstandingandaddressingtheuniquethreatsandinfrastructurestheyprotect.ThemoreeffectivelyLLMscanope

147、ratewithminimaloversight,thebettertheywillbeabletocustomiseprotectionsandelevateglobalcybersecuritystandards.LEVELOFEXPOSURETOAI-GENERATEDEMAILATTACKSSource:Checkpoint,Google Cloud,Abnormal Security,Garnter1.3%We have no idea the extent towhichsuchattacksareimpacting us at this time10.5%Wehaveconfir

148、medasubstancialpresence of such attacks36.2%Wehaveconfirmedamodestpresence of such attacks18.4%We doubt such attacks are present in our email environment at this time33.6%We strongly suspect(but havenotconfirmed)thepresence of such attacks26PREDICTION8Data Integration Tools to Drive Enterprise AI Ad

149、optionCOMPANIESTOWATCH08By2025,dataintegrationtoolswillbepivotalindrivingEnterpriseAIadaptation,enablingorganizationstounifyfragmenteddatasources,streamlineworkflows,andimplementintelligentdecision-makingatscale.Asenterprisesfacethechallengesofmassivedatageneration,theabilitytoeffi cientlymanage,pro

150、cess,andanalyzedataacrossdiverseenvironmentswillunlockthefullpotentialofAI-driveninnovation.27PREDICTION8DATA INTEGRATION TOOLS TO DRIVE ENTERPRISE AI ADOPTIONTheglobaldataintegrationmarketisexpectedtogrowbyUSD10.94billionbetween2024and2028,drivenbytheincreasingneedforseamlessdatasynchronizationacro

151、ssmulticloudandhybridecosystems.AI-powereddataintegrationhasevolvedfrombeingacomplementarycapabilitytoacritical requirement for enterprises to remain competitive in an accelerating digital landscape.According toGartner,manualdataintegrationtaskswilldeclineby30%by2026duetoAI-augmentedframeworks,andor

152、ganizationswithoutmulticloudintegrationcapabilitieswilllose50%oftheirmarketshare,highlighting the need for scalable and adaptive solutions.MARKETDYNAMICSFUELINGGROWTHModerndataintegrationtoolsnowincorporateAItorevolutionizehowbusinessesinteractwithandutilizedata.Theseplatformsprovidereal-timedatastr

153、eamingforimmediateinsights,AI-drivenself-healingpipelinesthatreducedowntime,andactivemetadatamanagementthatautomatestaskssuchasdatalineageandqualitygovernance.ToolslikeInformaticasCLAIREengineandTalendssemantic-basedqualitysolutionsareprimeexamplesofhowAI-enhancedintegrationworkflowssimplifycomplexi

154、ty,automate repetitive processes,and enable actionable insights.AI-AUGMENTEDTOOLS:TRANSFORMINGINTEGRATIONOrganizationslikeAdverity,Matillion,Quantexa,andPeak.aiexemplifytheinnovativesolutionsdriving the adoption of advanced data integration tools.Adverity enhances marketing performance by automating

155、dataintegrationandgovernance,providingAI-poweredtransformationsthatallowuserstodescribedesireddatamanipulationsinplainEnglish,withthesystemgeneratingappropriatecodeanddetailedinstructions.MatillionimprovesworkflowswithAI-drivenfeatures,includingAIPromptcomponentsthatenabledataengineerstoleverageprom

156、ptengineeringwhendesigningdatapipelines,facilitatingdatatransformationthroughnaturallanguageinputs.Quantexaunifiesdataacrossdisparatesystemstopowerdecisionintelligence,applyingcompositeAItechniqueswithinitsplatformtosolveawiderangeofbusinessproblemsmoreefficiently.CompanieslikePeak.aifocusonoperatio

157、nalAI,helping businesses scale decision intelligence across functions.INNOVATIVE SOLUTIONS DRIVING ADOPTIONDatafabricarchitecturesintegratingactivemetadataandAIwillbecomethenorm,allowingenterprisestounifydistributeddatalandscapesandacceleratetime-to-insights.Inhealthcare,AI-poweredintegrationwilldri

158、veprecisionmedicineandpredictiveanalytics,enhancingpatientoutcomesandoperationalefficiency.Financialserviceswillbenefitfromintelligentriskmodelingandreal-timefrauddetection,whileretailandlogisticswillachievecostreductionsofupto30%throughpredictivesupplychainmanagementandpersonalizedcustomerengagemen

159、t.PREDICTIONS FOR ENTERPRISE IMPACT BY 2025Theriseoflow-andno-codeplatformswilldemocratizedataintegration,empoweringnon-technicalemployeestocontributetodataworkflows.ThesetoolswillreducerelianceonhighlyspecializedITroles,fosteringacultureofagilityandacceleratingAIadaptationacrossorganizations.EMPOWE

160、RING CITIZEN DATA INTEGRATORSDespitethepromiseofAI-augmentedintegration,organizationsmustaddresschallengessuchasdataprivacycompliance,integrationcomplexity,andworkforceskillgaps.Investmentsinrobustregulatoryframeworks,scalableAIinfrastructure,andemployeetrainingwillbecriticaltoovercomingthesehurdles

161、andmaximizingROI.OVERCOMINGCHALLENGES28PREDICTION8DATA INTEGRATION TOOLS TO DRIVE ENTERPRISE AI ADOPTIONEnterprisesthatembraceAI-drivendataintegrationtoolsareexpectedtoachievea20%increaseinprofitabilityby2025,accordingtoDeloitte.Enhancedresilience,fasterdecision-making,andimprovedoperationalefficien

162、cywillpositiontheseorganizationsasleadersintheirindustries.Successstoriesacross sectors demonstrate the transformative potential of these tools:predictive analytics in healthcare reducesdiagnosticerrors,inventoryoptimizationinretaillowerscostsbyupto30%,andreal-timerouteoptimizationinlogisticsimprove

163、sdeliveryefficiency.By2025,dataintegrationtoolswilltranscendtheirtraditionalroletobecomeenablersofintelligentecosystems that drive agility,innovation,and scalability.Enterprises that adapt and invest in these transformativeplatformswillthrive,leveragingdataasastrategicassetinanincreasinglycomplexand

164、competitive global marketplace.THECOMPETITIVEEDGECONCLUSION:A FUTURE BUILT ON DATA INTEGRATIONDATAINTEGRATIONMARKETSIZE,BYBUSINESSAPPLICATION,2017-2027Source:OPERATIONSHRFINANCESALESMARKETINGSource:TheWallStreetJournal,Matillion,TheWallStreetJournal,GoogleBlog,McKinsey2017201920212023202520182020202

165、22024202620279.2BN22.1BN29PREDICTION9Cybersecurity Mesh for Enhanced SecurityCOMPANIESTOWATCH09Ascyberthreatsbecomeincreasinglysophisticated,businessesandorganizationsarerethinkingtheirsecuritystrategies.Traditionalperimeter-baseddefenses,suchasfi rewallsandantivirussoftware,areprovinginadequateagai

166、nstadvancedattacks.Thecybersecuritymeshframework(CSMF)providesadecentralized,distributedarchitecturethatenhancessecuritybyensuringbreachesinonepartofthenetworkdonotcompromise the entire system.30PREDICTION9CYBERSECURITYMESHFORENHANCEDSECURITYThe CSMF applies security across interconnected devices,sy

167、stems,and applications,creating layers ofdefensethatminimizetheriskofasinglepointoffailure.Thisapproachisparticularlyeffectivefororganizationswithmulti-cloudenvironmentsandremoteworkforces,wheredataandapplicationsarespreadacross diverse locations.For example,J.P.Morgan Chase has adopted a cybersecur

168、ity mesh to safeguard its vastnetwork,ensuringitsinfrastructureremainsresilientagainstevolvingthreats.Thesophisticationofcyberattacks,suchasadvancedpersistentthreats(APTs),ransomware,andzero-dayexploits,highlightstheneedformoreadaptivesecuritymeasures.High-profilebreaches,liketheSolarWindsattackin20

169、20,underscorethevulnerabilitiesoftraditionalsystems.ThecybersecuritymeshframeworkaddressesthesechallengesthroughAI-poweredsystemscapableofanalyzingvastamountsofdata,detecting anomalies,and identifying patterns that indicate potential breaches.Machine learning algorithms enablecontinuousimprovementin

170、detectingandmitigatingthreats,suchasnewformsofmalwareorphishing attacks.By2025,AI-enhancedcybersecuritymeshsystemswillautomaticallyadjustdefensesbasedonreal-timeintelligence,makingthemmoreproactiveandlessreliantonhumanintervention.Thisadaptabilitywillbeespeciallybeneficialforindustrieslikefinance,he

171、althcare,andgovernment,whichhandlesensitiveinformation and require stringent data security and compliance measures.TheintegrationofAIwiththecybersecuritymeshframeworkrepresentsasignificantleapinthefightagainstcyberthreats.Thisscalableandadaptablesecuritymodelwillenableorganizationstorespondrapidlyto

172、threats,minimizebreachimpacts,andenhancetheresilienceofdigitalinfrastructure.Asorganizationscontinuetoadoptthisframework,theywillbenefitfromstrongerdefenses,reduceddowntime,andincreasedtrustfromclientsandcustomers.Thecybersecuritymeshframework,empoweredbyAI,ispoisedtobecomea cornerstone of modern cy

173、bersecurity strategies,ensuring robust protection in 2025 and beyond.GLOBALCYBERSECURITYMESHMARKETOVERVIEWSource:InvestorPresentation,SecondaryLiterature,ExpertInterviews,andMarketsandMarketsAnalysisProjectedMarketGrowthChartattached(fromthesourcearticlelistedbelow)Theglobalcybersecuritymeshmarketis

174、estimatedtoreachavaluationof$1.51billionin2024,andfurtherexpandata19.8%CAGRtoreach$9.2billionby2034(FactMR).Source:Fact.MR,Markets and MarketsThemarketgrowthcanbeattributedto the increasing need of cybersecurity solution to enhance the perimeter security needs.The global solutions segment is estimat

175、edtogrowfromUSDxxbillionin 2023 to USD xx billion by 2027,at a CAGR of xx during the forecast period.Several opportunities such as requirementbyorganizationsforaconsolidated cybersecurity solution andgrowingadoptionofmulti-cloudstrategyaredrivingthegrowthinthemulti-cloudsecuritymarket.The BFSI verti

176、cal offers great opportunities in the cybersecurity mesh market and is expected to growatthehighestCAGRduringtheforecast period.North America is estimated to hold the largest market share in the global cybersecurity mesh market in 2023 and Europeisprojectedtogrowat the highest CAGR during the foreca

177、st period.TheglobalcybersecuritymeshmarketisexpectedtogrowfromUSD0.9billionin2023toUSD2.6billionin2027,ataCAGRof28.6%duringtheforescastperiod.28.6%CAGR of0.9USD Billion20232.6USD Billion202731PREDICTION10GrowingThreatsinSpaceDemandPublic-PrivateCollaborationandDual-UseFundingCOMPANIESTOWATCH10Inour2

178、024edition,weidentifi edthecommercialsectorasadrivingforceinSpaceRace2.0.Since then,SpaceX has successfully launched its Starship,reducing launch costs byafactorof10.Thespaceindustrycontinuestoseerecordfundinglevels,with$8.5billionraisedoverthelast12monthsasofJune2024,a67%increasecomparedtotheprevio

179、us year.32PREDICTION10GROWINGTHREATSINSPACEDEMANDPUBLIC-PRIVATECOLLABORATIONANDDUAL-USEFUNDINGAndwhilehumanitysrelianceonspace-basedsystemsdeepens,sodoesourexposuretoagrowingspectrumofthreatsincludingdebris,cyberthreatsandspacewarfare.Inparallel,governmentandthedefense sector increasingly depend on

180、space technologies for essential national and military operations.Entering 2025,there is a clear need for stronger regulations and direction set by governing bodies.Collaborationamongcommercialoperators,themilitary,andalliednationswillbecomeessentialtosecurearesilient and safe space infrastructure.T

181、odayssatellitescanobserveanycorneroftheworldandtransmitsignalstotheirrecipientsinmilliseconds.This makes space infrastructure critical not only for communications and navigation butalsoforemergingcivilianandmilitaryapplications.AndjustasEarthreliesonrailways,containerships,andairtrafficcontrol,thegr

182、owingspaceindustryisdevelopinganecosystemofsupportinginfrastructure,products,and services:Satellites:Physicalspaceplatformsthatnowareafractionofthesizeandanevensmallerfractionofthecosthistorically,whichisthekeyenablertomorefrequentlaunches.Launch and Ground-Based Infrastructure:These physical statio

183、ns manage launch stages,satellite operations,anddatatransmission.Companiesnowoffergroundstationsasaservicefortheincreasing number of smaller operators.Software Communication Links and Data Relays:Embedded systems enable satellites to maneuverarounddebris,adjustorbits,andretireintograveyardorbitswhen

184、reachingtheendoftheir lifecycle.Surrounding space environment:The environment for operations and safety in orbit is expanding withincreasedobjectsanddebrisinspace.Intermsofoperations,orbitalplatformsandin-orbitservicing is emerging.THEEMERGINGSPACEINFRASTRUCTURESource:IADC Report on the Status of th

185、e Space Debris EnvironmentLAUNCHTRAFFICINTOLEOBYMISSIONCLASS33PREDICTION10Asspace-basedsystemsbecomedeeplyintertwinedwithEarthsnetworks,theyarebecomingatargetforhackersandadversarialpowers.Satellites,whicharedifficulttosecurepost-launch,arevulnerabletoarangeofcyberthreats,fromdatathefttooperationalh

186、ijacking,aswellasgrowingmilitarythreatssuchasanti-satelliteweapons(ASAT)andspionage.Astudyof131publiclyreportedsatellite-relatedincidentsfrom1960to2018foundthat62%involveddigitalinfrastructureattackssuchasjamming,spoofing,andhijacking.Theremainingincidentsinvolvedphysicalthefts,losses,oranti-satelli

187、te(ASAT)weaponincidents.ThethreatofASATincidentsareexpectedtogrowsignificantlyinthecomingperiod,asweseeincreasedtestsandinvestmentsintomoreadvancedsatellitewarfarecapabilitiesfromadversaries.Thisincludesforexamplenon-kineticASATweaponsthataremoresuitedfordisablingsatellitesthroughcyber-attacksandjam

188、ming.EXPANDINGTHEDIGITALBATTLEFIELDINTOORBITThenumberofsatellitesorbitingEarthisexpectedtogrowfromapproximately8,000todaytoover100,000withinthenextdecade.Thisrapidexpansion,coupledwiththeincreasingnumberofmega-constellations,is creating unprecedented congestion in LEO and complicating orbital operat

189、ions.Currently,thereareanestimated100trillionpiecesofspacedebris,includingover900,000objectslargerthan1cmand30,000largerthan10cm.Thisposesseverecollisionriskstooperationalassets.Simulationspredictthat,withoutintervention,catastrophiccollisionscouldincreasesevenfoldby2030,withexponentialgrowththereaf

190、ter.ACONGESTEDLOWEARTHORBIT(LEO)REQUIRESTRAFFICMANAGEMENTGROWINGTHREATSINSPACEDEMANDPUBLIC-PRIVATECOLLABORATIONANDDUAL-USEFUNDINGSource:IADC ReportNUMBEROFCATASTROPHICCOLLISIONSINLEOINSIMULATEDSCENARIOSOFTHELONG-TERMEVOLUTIONOFTHESPACEENVIRONMENT34PREDICTION10Asvulnerabilitiesinspaceinfrastructuregr

191、ow,sotoodoesitscriticalityandstrategicvalueforgovernmentsandthedefensesector-whichincreasinglydependonspacetechnologiesforessentialnationalandmilitaryoperations.Assuch,thethreatsfromdebris,ASATweaponsandcyberattacksfacedbysatelliteoperatorsareeffectivelybecomingamatterofnationalsecurityandunderscore

192、agrowingneed for robust defense mechanisms.Entering 2025,there is a clear need for stronger regulations and direction set by governing bodies.Collaborationamongcommercialoperators,themilitary,andalliednationswillbecomeessentialtosecure a resilient and safe space infrastructure.However,ashifttowardsa

193、moreregulatedandintegratedspaceeconomypresentspracticalchallenges.Demandingthatcommercialoperatorsmeethigherresilienceandsecuritystandardsmayconflictwiththeirbusinessprioritiesandintensifyfundingpressures.Atthesametime,private-sectorfrustrationwithslowgovernmentalprocessesunderscorestheneedforbetter

194、alignmentandclearerincentivestodrive technological progress.Ongoing initiatives set the fundament for an improved dialogue and cooperative efforts.The U.S.CommercialAugmentationSpaceReserve(CASR)aimstointegratecommercialspacecapabilitiesintoalliedstrategicreservesforcrises.NATOs1billionstartupfundal

195、ongsidetheEuropeanInvestmentFunds175millionNewSpaceCapitalarealigningfundingneedsanddual-usetechnologies.Furthermore,initiatives like NATOs Space Centre and the Artemis Accords aim to address defense sector challenges through international cooperation and governance.Companies like Astroscale(debris

196、removal)andLeoLabs(trafficmanagement)arepivotalinenhancingorbitalsecurity.STRENGTHENINGSPACERESILIENCETHROUGHPUBLIC-PRIVATECOLLABORATIONSource:CyberSecurityinNewSpaceResearchPaperSource:Axford Academic,University of Oxford,Oxford Academic,IEEE.org,Centre for International Governance Innovation,ESA,O

197、xford Academic1960-1969196019802000200015001000500019701990201020201970-19791980-19891990-19992000-20082009-2018YEAR GROUPYEARS600804020SATELLITE INCIDENTSOPERATIONAL SATELLITESNUMBEROFSATELLITEATTACKSBYYEARGROUPFROM1960TO2018GROWINGTHREATSINSPACEDEMANDPUBLIC-PRIVATECOLLABORATIONANDDUAL-USEFUNDING35

198、ABOUTGPBULLHOUNDAbout GP BullhoundGPBullhoundisaleadingtechnologyadvisoryandinvestmentfirm,providingtransactionadviceandcapitaltotheworldsentrepreneursandfounders.Foundedin1999inLondonandMenloPark,thefirmtodayhas13officesspanningEurope,theUSandAsia.Formoreinformation,.LondonManchesterSan FranciscoNe

199、wYorkStockholmBerlinParisMadridMarbellaLuxembourgMalagaFrankfurtKualaLumpurUNITEDKINGDOMAMERICASEUROPEASIAGPBullhoundpartnerswithentrepreneursthroughouttheirfoundingjourney,supportingthemwithadvisory,capital,insightsandaccesstoourglobalnetwork.YEAR FOUNDED1999650+SUCCESSFUL TRANSACTIONS120PROFESSION

200、ALS$50bnTRANSACTION VALUE ADVISED ON13OFFICE LOCATIONS$1bn+AUMACROSSGPBULLHOUNDMANAGED FUNDS36METHODOLOGYANDAUTHORSMethodologyThisreportisbasedontheexpertinsightsofGPBullhoundsworldwideteamalongsidedetailedanalysisofinvestment trends across the global technology landscape.It is intended to provide o

201、ur predictions for the digital economy in 2025.Eachyear,wepresentatransparentassessmentofourpredictionsfromthepreviousreporttomaintainahighlevelofscrutinyonourownresearch.Conceptuallypredictingtechofthedistantfutureisinmanywayssimplerthanpredictingnear-termadvancements,butourchallengeisidentifyingwh

202、ichtechnologieswillseethegreatestprogressandmarketadoptioninthecoming12months.Historically,wehavehighlightedsignifi canttrendsstandingthetestoftime;e.g.ourpredictionsforIOT,wearablesandcollaborationtech,aswellascriticaltrendsincybersecurity,cloudandedgecomputing.Manywillcontinuetoevolve,eventuallyfo

203、rmingthefoundationforfuturetechinyearstocome.AUTHORSGUILLAUME BONNETONWILLHOLMQUISTNELLY TRANAASPartnerVice PresidentInvestment AssociatePartnerAssociateAnalystALEXIS SCORERLUIS ROSALESATHINAPAPAGEORGIOUJOYCE BYRNEVice PresidentCALLUM STEWARTCHRISYINInvestment AssociateAnalystSVENRAEYMAEKERSPartnerR

204、ORYKIMMELHIMAGHNANAGANDLAAssociateAnalyst37DISCLAIMERDisclaimerNoinformationsetoutorreferredtointhiscommunicationshallformthebasisofanycontract.Theissueofthisinsightsreport(the“report”)shallnotbedeemedtobeanyformofbindingofferorcommitmentonthepartofGPBullhoundoranyofitsaffi liatesorsubsidiaries.This

205、 report is provided for use by the intended recipient for information purposes only.It is prepared on the basis that the recipients aresophisticatedinvestors(so-called“professionalclients”inthemeaningofAnnexIIofDirective2014/65/EUonmarketsinfi nancialinstruments,ortheirequivalentelsewhere)withahighd

206、egreeoffi nancialsophisticationandknowledge.ThisreportandanyofitsinformationisnotintendedforusebyprivateorretailinvestorsintheUKoranyotherjurisdictionwhereaccess,useoravailabilityofthisinformationwouldbeunlawful.Thisreportdoesnotprovidepersonalisedadviceorrecommendationsofanykind.You,astherecipiento

207、fthisreport,acknowledgeandagreethatnopersonhasnorisheldoutashavinganyauthoritytogiveanystatement,warranty,representation,orundertakingonbehalfofGPBullhoundinconnectionwiththecontentsofthiscommunication.Althoughtheinformationcontainedinthisreporthasbeenpreparedingoodfaith,norepresentationorwarranty,e

208、xpressorimplied,isorwillbemadeandnoresponsibilityorliabilityisorwillbeacceptedbyGPBullhound.Inparticular,butwithoutprejudicetothegeneralityoftheforegoing,norepresentationorwarrantyisgivenastotheaccuracy,completenessorreasonablenessofanyprojections,targets,estimatesorforecastscontainedinthisreportori

209、nsuchotherwrittenororalinformationthatmaybeprovidedbyGPBullhound.Theinformationinthisreportmaybesubjecttochangeatanytimewithoutnotice.GPBullhoundisundernoobligationtoprovideyouwithanysuchupdatedinformation.Allliabilityisexpresslyexcludedtothefullestextentpermittedbylaw.Withoutprejudicetothegeneralit

210、yoftheforegoing,nopartyshallhaveanyclaimforinnocentornegligentmisrepresentationbaseduponanystatementinthisreportoranyrepresentationmadeinrelationthereto.Liability(ifitwouldotherwisebutforthisparagraphhavearisen)fordeathorpersonalinjurycausedbythenegligence(asdefi nedinSection65oftheConsumerRightsAct

211、2015)ofGPBullhound,oranyofitsrespectiveaffi liates,agentsoremployees,isnotherebyexcludednorisdamagecausedbytheirfraudorfraudulent misrepresentation.Thisreportshouldnotbeconstruedinanycircumstancesasanoffertosellorsolicitationofanyoffertobuyanysecurityorotherfi nancialinstrument,norshallthey,orthefac

212、tofthedistribution,formthebasisof,orberelieduponinconnectionwith,anycontractrelatingtosuchaction.Theinformationcontainedinthisreporthasnoregardforthespecifi cinvestmentobjectives,fi nancialsituationorneedsofanyspecifi centityandisnotapersonalrecommendationtoanyone.Personsreadingthisreportshouldmaket

213、heirowninvestmentdecisionsbasedupontheirownfi nancialobjectivesandfi nancialresourcesand,ifinanydoubt,shouldseekadvicefromaninvestmentadvisor.Pastperformanceofsecuritiesisnotaguidetofutureperformanceandthevalueofsecuritiesmayfallaswellasrise.Inparticular,investmentsinthetechnologysectormaybesubjectt

214、ofrequentfluctuations.Theinformationcontainedinthisreportisbasedonmaterialsandsourcesthatarebelievedtobereliable;however,theyhavenotbeenindependentlyverifi edandarenotguaranteedasbeingaccurate.Theinformationcontained in this report is not intended to be a complete statement or summary of any securit

215、ies,markets,reports or developments referred to herein.Thisreportmaycontainforward-lookingstatements,whichinvolverisksanduncertainties.Forward-lookinginformationisprovidedfor illustrative purposes only and is not intended to serve as,and must not be relied upon as a guarantee,an assurance,a predicti

216、on or adefi nitivestatementoffactorprobability.Actualeventsandcircumstancesarediffi cultorimpossibletopredictandmaydifferfromassumptions.Any and all opinions expressed are current opinions as of the date appearing on the documents included in this report.The informationcontainedinthisreportshouldnot

217、berelieduponasbeinganindependentorimpartialviewofthesubjectmatter,andforthepurposesoftherulesandguidanceoftheFinancialConductAuthority(“theFCA”)andoftheFinancialIndustryRegulatoryAuthority(“FINRA”),andoftheCommissiondeSurveillance(duSecteurFinancier“CSSF”),thisreportshallnotbeviewedasaresearchreport

218、andisconsideredmarketingcommunicationandafi nancialpromotion.Thus,inaccordancewithCOBS12.2.18oftheFCAHandbook,itscontentshavenotbeenpreparedinaccordancewithlegalrequirementsdesignedtopromotetheindependenceofinvestmentresearchanditisnotsubjecttoanyprohibitionondealingaheadofthedisseminationoftherepor

219、t.The GP Bullhound indices and indexes included in this presentation are presented to support the opinions and information on the markets and securities included in this presentation.The GP Bullhound indices or indexes are NOT and should,under no circumstance,be used as indexes,indicesorbenchmarksin

220、thesenseoftheEUregulationEU2016/2011ortheUKBenchmark(AmendmentandTransitionalProvisions)(EUExit)Regulations2019asamendedbytheFinancialServices(ElectronicMoney,PaymentServicesandMiscellaneousAmendments)(EUExit)38DISCLAIMERRegulations2019(U.K.BMR),hereinafter,theRegulations.GPBullhound(includinganyofi

221、tsregulatedaffi liatesintheEUorUK)doesnotissueindexesorbenchmarkswithinthedefi nitionoftheRegulations,noractsasmanufactureroradministratorofregulatedindexesorbenchmarksasdefi nedintheRegulations.Recipients or any reader of this presentation should not use the indices in this presentation as indices

222、or benchmarks for the purposes defi nedintheRegulations.GPBullhound(includingaffi liates)shallnotbeliableforitsincorrectuseasindexesorbenchmarkssubjecttotheRegulationsbyrecipients,readersoranythirdparty.Theindividualswhopreparedtheinformationcontainedinthisreportmaybeinvolvedinprovidingotherfi nanci

223、alservicestothecompanyorcompaniesreferencedinthisreportortoothercompanieswhomightbesaidtobecompetitors of the company or companies referenced in this report.GP Bullhound,through its advisory and asset management departments,doesandseekstodobusinesswithcompanieswhichare,ormaybe,coveredinthisreport.As

224、aresult,bothGPBullhoundandtheindividualmembers,directors,offi cersand/oremployeeswhopreparedtheinformationcontainedinthisreportmayhaveresponsibilitiesthatconflictwiththeinterestsofthepersonswhoaccessthisreport.GP Bullhound and/or connected persons may,from time to time,have positions in,make a marke

225、t in and/or effect transactions in any investmentorrelatedinvestmentmentionedinthisreportandmayprovidefi nancialservicestotheissuersofsuchinvestments.Theinformationcontainedinthisreportoranycopyofpartthereofshouldnotbeaccessedbyapersoninanyjurisdictionswhereitsaccessmayberestrictedbylawandpersonsint

226、owhosepossessiontheinformationinthisreportcomesshouldinformthemselvesabout,andobserve,anysuchrestrictions.AccessoftheinformationcontainedinthisreportinanysuchjurisdictionsmayconstituteaviolationofUKorUSsecuritieslaw,orthelawofanysuchotherjurisdictions.Neitherthewholenoranypartoftheinformationcontain

227、edinthisreportmaybe duplicated in any form or by any means.Neither should the information contained in this report,or any part thereof,be redistributed or disclosedtoanyonewithoutthepriorconsentofGPBullhound.GPBullhoundand/oritsassociatedundertakingsmayfromtimeto-timeprovide investment advice or oth

228、er services to or solicit such business from any of the companies referred to in the information contained in this report.Accordingly,information may be available to GP Bullhound that is not reflected in this material and GP Bullhound may have acted upon or usedtheinformationpriortoorimmediatelyfoll

229、owingitspublication.However,nopersonatGPBullhound(whichincludesitsmembers,directors,offi cersand/oremployees),mayundertakepersonaltransactionsinfi nancialinstrumentsofcompaniestowhichthisreportrelates,withoutreceivingpriorclearancefromtheGPBullhoundComplianceOffi cerornominateddelegates.Inaddition,G

230、PBullhound,themembers,directors,offi cersand/oremployeesthereofand/oranyconnectedpersonsmayhaveaninterestinthesecurities,warrants,futures,options,derivativesorotherfi nancialinstrumentofanyofthecompaniesreferredtointhisreportandmayfromtime-to-timeaddor dispose of such interests.GP Bullhound Corporat

231、e Finance Ltd and GP Bullhound Asset Management Ltd are private limited companies registeredinEnglandandWales,registerednumbers08879134and08869750respectively,andareauthorisedandregulatedbytheFinancialConductAuthority.GPBullhoundLuxembourgSarlisaprivatelimitedcompany,registeredinLuxembourg(B-254.845

232、)andauthorisedandregulatedasanAlternativeFundManagerbytheCSSFinLuxembourg(A00003217).AnyreferencetoapartnerinrelationtoGPBullhoundistoamemberofGPBullhoundoranemployeewithequivalentstandingandqualifi cations.AlistofthemembersofGPBullhoundisavailableforinspectionatitsregisteredoffi ce,GPBullhound78St.

233、JamessStreet,LondonSW1A1JB.ForUSPersons:ThisreportisdistributedtoUSpersonsbyGPBullhoundInc.abroker-dealerregisteredwiththeSECandamemberoftheFINRA.GPBullhoundInc.isanaffi liateofGPBullhoundCorporateFinanceLtd.Allinvestmentsbearcertainmaterialrisksthatshouldbeconsideredinconsultationwithaninvestorsfi

234、nancial,legalandtaxadvisors.GPBullhoundInc.engagesinprivateplacementandmergersandacquisitionsadvisoryactivitieswithclientsandcounterpartiesintheTechnologyandCleanTechsectors.Inaddition,thepersonsinvolvedintheproductionofthisreportcertifythatnopartoftheircompensationwas,orwillbe,directlyorindirectlyr

235、elatedtothespecifi cviewsexpressedinthisreport.Assuch,nopersonatGPBullhound(includingitsmembers,directors,offi cersand/oremployees)hasreceived,orisauthorisedtoaccept,anyinducement,whethermonetaryorinwhatsoeverform,incounterpartyofpromisetoissuefavorablecoverageforthecompaniestowhichthisreportmayrela

236、te.39Register to receive news,Insights reports&events invitations from GP BullhoundLONDONtel.+44207101756078StJamessStreetLondonSW1A1JBUnitedKingdomSAN FRANCISCOtel.+141598601911SansomeStreet,Suite3630SanFrancisco,CA94104United StatesSTOCKHOLMtel.+46854507414Grev Turegatan 3011438StockholmSwedenBERL

237、INtel.+4930610806019KleineJaegerstr.810117BerlinGermanyMANCHESTERtel.+441614165031ABCBuildings,21-23QuaySt,9thFloorManchester M3 4AEUnitedKingdomPARIStel.+3318288434039AvenueFranklinDelanoRoosevelt75008ParisFranceMADRIDtel.+34916226917PaseodeRecoletos6,7Oficina128001MadridSpainNEW YORKtel.+121275918

238、70489FifthAvenue,34thPHNewYork,NY10017United StatesMARBELLAtel.+34677238164Av.BulevarPrncipeAlfonsodeHohenlohe2,Planta1,Oficina3.7(ThePool)29602MarbellaSpainLUXEMBOURGtel.+35262165319133BoulevardPrinceHenri1724LuxembourgLuxembourgMALAGAtel.+34680726424CalleMartinez,11,229005MalagaSpainFRANKFURTtel.+4915202367485Grneburgweg58-62 Westendtower7.Stock 60322 Frankfurt GermanyKUALA LUMPURLevel9,IntegraTower348,JlnTunRazak,KampungDatukKeramat,50400KualaLumpur,WilayahPersekutuanKualaLumpurMalaysia