Latest news with #TechnologicalInnovation
Coin Geek
16-07-2025
- Business
- Coin Geek
Italy advances digital wallet scheme; Tanzania cuts VAT rate
Getting your Trinity Audio player ready... Italian authorities have announced new offline features for the country's national digital wallet, extending its functionality for millions of residents. The new offline capability will allow users to access a range of limited features on the national digital services app without an Internet connection. The IO app serves as a digital wallet containing national identification documents and other citizens' credentials. The app's updated functionalities allow it to detect offline status and automatically switch to a limited mode. In this mode, users can access their stored documents and biometrics without the need for internet connectivity. A drop-down notification notifies the user of a poor Internet connection and advises that the validity of identification documents is tied to the last online verification via the app. Upon reconnection to the Internet, another notification nudges the user to restart the app for a full update of ID documents. 'From today, all citizens will be able to access their digital documents even without a network connection, simply by updating IO, the app for public services,' said Undersecretary of State for Technological Innovation Alessio Butti. 'This innovation is a stepping stone to an effective Italian digital wallet, bringing us closer to the full implementation of the IT-wallet system.' IO launched in late 2024 and has racked up 5.3 million users, storing nearly 10 million digital documents on the app. A close look at the metrics reveals that digital health insurance cards comprise the lion's share of documents stored on IO, while driving licenses and disability cards come in second and third place. Amid the latest update for the national digital wallet, the National Archive of Civil Status (ANSC) has disclosed plans to convert all civil registrations to digital formats. The authority is ditching paper-based recording of births, marriages, and deaths for digital systems. Under the scheme, citizens can sign their civil status documents electronically without needing to visit town halls in person. Furthermore, ANSC notes that it will consolidate all existing digital records into one national repository, giving municipalities an 18-month timeline for adopting digital civil registrations. Embracing digitization for key sectors of the economy While authorities are making progress with digital IDs, the Italian government is focused on integrating emerging technologies into public services. Recently, Italy and India inked a bilateral agreement to collaborate on scientific research involving quantum computing and artificial intelligence (AI). Amid the rush to embrace the technologies, the government is still proceeding with a measure of caution. Italian authorities banned the Chinese AI model DeepSeek for failing to meet regulatory standards after launching a probe into data scraping by AI companies. Tanzania advocates digitalization through VAT cuts Elsewhere, Tanzania has slashed the value-added tax (VAT) applicable to electronic payments by 2% in line with its national objective of embracing digitalization. The government confirmed the reduction in an amendment to the 2025 Finance Act, updating its VAT framework to boost digital payment metrics. The change tapers VAT on electronic payments from 18% to 16%, a policy decision hailed by consumers and enterprises. The new VAT rate will be applicable from September 1 and will apply to payments made through the applicable channels. All bank payments to persons in Mainland Tanzania are considered electronic and will incur a 16% VAT. Furthermore, transfers made through electronic payment systems approved by the Commissioner General of the Tanzania Revenue Authority (TRA) will also attract a 16% VAT. To remain eligible for the new rate cut, enterprises must maintain evidence of the electronic transaction in e-receipts. The report notes that the TRA may issue new guidelines for keeping receipts in the event of tax audits. The amended law empowers the Commissioner General to issue rules for the type of enterprises and transfers eligible for the new VAT rate cuts. Tanzanian authorities say the primary goal of the VAT cut is to reduce the reliance on cash transactions while triggering a spike in the number of digital payment channels. The authorities are eyeing a surge in the 'formalization of small and medium-sized businesses' by incentivizing the adoption of digital payments. Despite the range of advantages, critics are still poking holes in the rate cuts. Pundits say the rural-based enterprises will face operational challenges given the absence of standard payment infrastructures. There is also the uphill climb of B2C enterprises adjusting their point-of-sale (PoS) and accounting systems to handle different VAT rates. Experts say a dual-rate VAT system will lead to a raft of unintended consequences, including accounting errors and heightened regulatory action. A keen attempt to boost digitalization While digital payments tie their bootlaces in the country, the Tanzanian government has turned its gaze to central bank digital currencies (CBDC). Previously, CBDC experiments in the African country have inched forward while a national digital ID scheme is cantering toward a full-scale launch. Tanzania is not the only nation cutting VAT rates to turbocharge digital payments. In 2024, Thailand announced a VAT removal on digital currency trading in a law designed to operate retroactively for the Southeast Asian country. Watch: Importance of digitalization for enterprises title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Yahoo
11-06-2025
- Business
- Yahoo
Offshore Drilling Equipment Market to Cross $113 Billion by 2030: Increasing Adoption of Digitalization and Automation in Offshore Drilling Operations
The market offers opportunities driven by rising global energy demand, the shift to offshore oil and gas exploration due to depleted onshore reserves, and technological innovations in subsea systems. The market is evolving with increased digitalization and a focus on renewable applications. Offshore Drilling Equipment Market Dublin, June 11, 2025 (GLOBE NEWSWIRE) -- The "Offshore Drilling Equipment Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2020-2030F" has been added to offering. The Offshore Drilling Equipment Market was valued at USD 87.1 Billion in 2024, and is expected to reach USD 113.1 Billion by 2030, rising at a CAGR of 4.30%. Market growth is primarily driven by increasing global energy demand, particularly from industrializing nations, prompting the need for offshore oil and gas exploration. As onshore reserves become less viable, energy companies are shifting focus to offshore reserves, where vast untapped resources lie beneath the ocean floor. Technological innovations, such as subsea systems and automated drilling equipment, are enhancing efficiency and enabling access to deeper, more complex fields. Improved oil price stability is also reviving investment in offshore projects. Geopolitical considerations and energy security concerns further reinforce the need to develop offshore energy infrastructure. In parallel, the expansion of offshore wind projects and the repurposing of certain drilling rigs for renewable energy applications reflect the market's evolving dynamics. Strategic mergers and acquisitions are reshaping the competitive landscape and positioning key players to meet growing offshore energy demands. Key Market Driver Rising Global Energy Demand and Exploration for Untapped Reserves: The rising global energy demand, especially from emerging economies experiencing rapid industrial growth and urbanization, is a central factor boosting offshore exploration efforts. With accessible onshore oil and gas reserves declining or becoming harder to exploit, energy producers are increasingly investing in offshore drilling to tap into previously underutilized hydrocarbon sources. Offshore operations allow access to substantial reserves located beneath the seabed, particularly in deepwater and ultra-deepwater regions. These environments, while technically challenging, are critical for meeting long-term energy requirements. Growing reliance on fossil fuels for sectors like transportation, manufacturing, and power generation continues to fuel demand for new offshore development. As a result, companies are expanding capital expenditure on advanced drilling rigs and equipment capable of operating in hostile marine environments. The increasing number of deepwater projects around the globe is expected to significantly contribute to the market's growth over the forecast period. Key Market Challenge Environmental Concerns and Regulatory Challenges: Environmental issues present one of the key challenges in the offshore drilling equipment market. Offshore drilling activities pose risks to marine biodiversity and ecosystems, particularly in deepwater operations where potential for oil spills or chemical discharges is higher. Past incidents have underscored the long-term damage such activities can cause, leading to increased public and governmental scrutiny. In response, regulatory bodies have imposed strict environmental controls and safety standards, which offshore drilling companies must comply with to maintain licenses and avoid penalties. These compliance requirements add to project complexity and operational costs, particularly as companies must invest in environmentally safe technologies, waste containment, and emergency response mechanisms. Navigating varied and region-specific environmental regulations adds to the administrative and financial burden, especially for companies operating across multiple jurisdictions. Key Market Trend Increasing Adoption of Digitalization and Automation in Offshore Drilling Operations: Digitalization and automation are transforming offshore drilling operations by enhancing efficiency, safety, and real-time decision-making. Advanced technologies such as data analytics, AI-driven monitoring systems, and predictive maintenance tools are increasingly being deployed to manage offshore rigs. These solutions collect and analyze real-time data from equipment and sensors, enabling faster responses to anomalies and optimizing drilling performance. Predictive maintenance, in particular, is minimizing unplanned downtimes and extending equipment life by anticipating component failures before they occur. Remote operations and monitoring capabilities are also reducing the need for extensive on-site personnel, improving worker safety and reducing operational costs. As offshore drilling becomes more data-driven, companies are investing in digital infrastructure to maintain competitive advantages in high-stakes environments such as deepwater and ultra-deepwater projects. Key Market Players Profiled in the Report Schlumberger N.V. Weatherford International PLC Baker Hughes Co. Halliburton Company Tenaris SA Transocean Ltd. Nabors Industries Ltd. Vallourec SA Report Scope In this report, the Global Offshore Drilling Equipment Market has been segmented into the following categories: Offshore Drilling Equipment Market, By Type: Drilling Rig Drilling Platforms Drill Bits Shale Shakers Blowout Preventers Others Offshore Drilling Equipment Market, By Application: Shallow water Deepwater Ultra-deepwater Offshore Drilling Equipment Market, By Region: North America United States Canada Mexico Europe Germany France United Kingdom Italy Spain Asia-Pacific China India Japan South Korea Australia South America Brazil Colombia Argentina Middle East & Africa Saudi Arabia UAE South Africa Key Attributes Report Attribute Details No. of Pages 188 Forecast Period 2024-2030 Estimated Market Value (USD) in 2024 $87.1 Billion Forecasted Market Value (USD) by 2030 $113.1 Billion Compound Annual Growth Rate 4.3% Regions Covered Global For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Offshore Drilling Equipment Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
