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Category: Research

Retail News Asia is committed to providing both local and global retailers with the latest Research throughout the Asian market. This on a daily base.

  • Mobile malware infections continue to rise

    Mobile malware infections continue to rise

    Nokia’s latest Threat Intelligence Report indicates that there was a steady increase in mobile device infections throughout 2016.

    Malware struck an estimated 1.35% of all mobile devices in October – the highest level seen since reporting started in 2012.

    The overall infection rate meanwhile increased 63% sequentially in the second half of 2016.

    Smartphones were the top malware targets by far, accounting for 85% of all mobile device infections in the second half of 2016. The report also revealed a surge of nearly 400% in smartphone malware attacks in 2016.

    While Android-based smartphones and tablets continued to be the primary targets (81%), reflecting the prevalence of the operating system worldwide, iOS-based devices also suffered attacks in the second half of the year (4%), primarily by Spyphone surveillance software that tracks users’ calls, text messages, social media applications, web searches, GPS locations and other activities.

    The Threat Intelligence Report also exposed major vulnerabilities in the rapidly expanding universe of IoT devices, underscoring the need for the industry to re-evaluate its IoT deployment strategies to ensure these devices are securely configured, managed and monitored.

    In late 2016, the Mirai botnet assembled an army of compromised IoT devices to launch three of the largest DDoS attacks in history, including an assault that took down many high-profile web services. These attacks underscored the urgent requirement for more robust security capabilities to protect IoT devices from future attacks and exploitation.

    ”The security of IoT devices has become a major concern,” commented Kevin McNamee, head of the Nokia Threat Intelligence Lab. “The Mirai botnet attacks last year demonstrated how thousands of unsecured IoT devices could easily be hijacked to launch crippling DDoS attacks. As the number and types of IoT devices continue to proliferate, the risks will only increase.”

    The report also indicates that Windows/PC systems accounted for 15% of malware infections in the second half of 2016, down from 22% in the first half of the year.

    The monthly infection rate in residential fixed broadband networks averaged 10.7% in the second half of 2016, down from 12% in the first half, and down from 11% in late 2015.

    While moderate threat level adware activity decreased in the second half of 2016, high-level threats (e.g., bots, rootkits, keyloggers and banking Trojans) remained steady at approximately 6%.

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  • Generation Z prefers in-store shopping decisions

    Generation Z prefers in-store shopping decisions

    An overwhelming number of generation Z, also known as post-millennials, prefer visiting a store as the final step in their shopping process, new research has found.

    In its Evolution of Retail 2017 Generation Z shopper survey, Euclid Analytics found that 66 per cent of the demographic prefers in-store shopping, while 28 per cent wants to interact with store staff members.

    This mobile-first generation – by broad definition, aged under 22 – uses digital to research products, but then prefers to go to the store to touch and try out items before buying, says the survey. The challenge for retailers will be to figure out a way to help cater to this new approach.

    Generation Z prefers to get in and get out when it comes to shopping behaviour, the survey also shows, with 53 per cent saying they dislike browsing in stores and 31 per cent saying it is hard to find items in stores. Meanwhile, 26 per cent want retailers to provide a more tailored shopping experience.
    Euclid Analytics CEO Brent Franson says retailers should reach out to generation Z at this early stage to introduce their brands and forge enduring relationships.

    “Our findings highlight some great opportunities for them to connect with this mobile-first population that is still very much interested in meaningful in-store experiences. Winning their loyalty will mean getting creative about using mobile and social marketing outreach in their physical stores.”

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  • Vietnamese prefer overseas sites for online shopping

    Vietnamese prefer overseas sites for online shopping

    Local consumers say global giants like Amazon and eBay offer a wider range of products and better return policies. Vietnamese online shoppers spend significantly more on overseas purchases than they do domestically as they believe international e-commerce platforms offer better products and service quality, a new report has said.

    The report, from the Vietnam E-commerce Association or VECOM, said that many global retailers like Amazon and eBay have made it easier for Vietnamese consumers to buy online.

    “Meanwhile, a majority of Vietnamese e-businesses, especially small- and medium-sized companies, have yet to make significant investments in market research catering to consumers,” said the report.

    Local online shopping sites are less competitive in terms of product diversity and quality, return policy, and order placement costs, the report highlighted.

    “I shop on both eBay and Amazon,” Quoc Hung, a reader said in a comment. “I can just send a product back if I don’t like it.”

    Most Vietnamese online businesses don’t offer free delivery and free return, another reader pointed out.

    Chinese online retail giant Alibaba is also attracting more Vietnamese customers. Internet company OSB, Alibaba’s authorized agent in Vietnam, said the company’s customer base in Vietnam has expanded to 500,000 after sharp increases over the past three years.

    The online shopping trend is growing rapidly in Vietnam, where 30 percent of the population will be buying goods and services over the internet by 2020, according to the Vietnam E-Commerce and Information Technology Agency.

    The agency, run by the Ministry of Industry and Trade, said revenue from online retail is expected to account for 5 percent of the country’s retail market in 2020, up from only 2.8 percent in 2015.

    Vietnam’s e-commerce market, which has one of the world’s fastest growth rates, jumped 37 percent in 2015 to around $4 billion, based on government statistics.

    The growth rate is about 2.5 times faster than that in Japan, based on some estimates by industry experts.

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  • 86% of APAC organizations to adopt IoT by 2019

    86% of APAC organizations to adopt IoT by 2019

    Nearly nine in 10 (86%) organizations in In Asia-Pacific will have some form of IoT in place by 2019, according to results of a survey from Hewlett Packard Enterprise’s Aruba.

    Organizations across the enterprise, industrial, healthcare, retail and municipality sectors globally are adopting IoT to leverage the business benefits of enhanced efficiency and innovation, the research shows.

    But Aruba’s study warns that connecting thousands of things to existing business networks will open up new security challenges.

    The research also found that although 97% of the 1,150 respondents from Asia-Pacific (Australia, China, India, Japan, Singapore, and South Korea) have an understanding of IoT, many are still unclear of the exact definition of IoT and what value it brings to their organizations.

    In his new eBook, ‘Making Sense of IoT’, commissioned by Aruba, technology visionary Kevin Ashton—who coined the term ‘Internet of Things’— presents the following definition: “The ‘Internet of Things’ means sensors connected to the internet and behaving in an internet-like way by making open, ad hoc connections, sharing data freely and allowing unexpected applications, so computers can understand the world around them and become humanity’s nervous system.”

    When examining the business benefits of IoT, Ashton discovered that actual gains from IoT exceeded initial expectations on all fronts. In Asia Pacific, this ‘expectations dividend’ is most evident in two key performance areas: profitability and business efficiency.

    For instance, 35% of business leaders cited significant profit increases after deploying IoT, a 20% increase from those who projected a large profit gain from their IoT investment (15%).

    Similarly, while 39% of executives expected their IoT strategies to yield huge business efficiency improvements, actual results show that more than half of those who implemented IoT (51%) has experienced great business efficiency gains.

    “With the business benefits of IoT surpassing expectations, it’s no surprise that the business world will move towards mass adoption by 2019,” said Chris Kozup, VP of marketing at Aruba. “But with many executives unsure of how to apply IoT to their business, those who succeed in implementing IoT are well positioned to gain a competitive advantage.”

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  • Vietnam’s internet environment ranked 32nd in the world

    Vietnam’s internet environment ranked 32nd in the world

    The country is number one in the world for local content, but scores poorly on internet education.

    A new index that measures a country’s internet for its availability, affordability, relevance of content and public access has found that Vietnam is doing better than more than half of the world.

    The 2017 Inclusive Internet index compiled by the Economist Intelligence Unit assessed 75 markets on how they enable the adoption and beneficial use of the internet.

    Vietnam stands in 32nd place overall for internet availability, affordability, relevance and readiness.

    The country stands above its Southeast Asian neighbors Indonesia and the Philippines, but far behind Malaysia, Thailand and the number 1 position holder Singapore.

    It performs “relatively strongly” in terms of relevance, with a global ranking of 18th out of 75, supported by a top score in local content.

    Many non-English-speaking markets have made considerable progress in ensuring that domestic internet users have content available to them in their country’s primary language, said the Economist.

    Vietnam is among 13 markets tied for first place in the local content category, along with China, Japan and Russia.

    But the country scores low in terms of internet readiness due to limited support for digital literacy and web accessibility, based on the index. Vietnam’s education and preparedness for internet use ranks 63rd worldwide.

    Availability ranks 40th worldwide with a high score for quality, but network infrastructure is poorly developed.

    Its affordability ranks 32nd with a top score for fixed-line monthly broadband costs.

    More than 49 million Vietnamese people, or more than half of the country’s population, are online.

  • Connectivity is not an asset, MWC told

    Connectivity is not an asset, MWC told

    Serial telecoms entrepreneur Alexey Reznikovich says that building an “enabled gateway” to customers is the key to survival for traditional telecoms players, who need to stop relying on the diminishing returns from connectivity.

    Speaking at a keynote session at Mobile World Congress in Barcelona last week, Rezhikovich outlined how his company VimpelCom, now re-branded at VEON, planned to build that “enabled gateway” as he announced a free downloadable app which was a platform combining payments, entertainment and information services.

    NASDAQ listed but headquartered in Amsterdam, VEON has more than 200 million global customers. VEON is both the new name for VimpelCom and for the “new personal internet platform” which integrates data analytics and artificial intelligence and includes partnerships with brands such as Mastercard, Deezer, and STUDIO+.

    The company claims the app, which is free from data charges on VEON’s mobile networks, “tears down the archaic and inefficient bricks and mortar service model.”

    In his keynote, Reznikovich painted a dark vision of the current state of the telecoms industry, claiming that its “corporate and bureaucratic” culture was scaring away young talented people, who much preferred to work at internet companies such as Google and Amazon.

    “Young people don’t want to work for us,” he said.

    The telecoms industry had worked “very very hard” in the last five years but “nothing has moved the needle.” He likened the industry to a “squirrel in a wheel” that was going as fast as it could, but not getting anywhere and was now exhausted.

    “What are the three big lies of the telecoms industry?” Reznikovich said.

    “The first lie is that data monetisation is coming. Well we are still waiting.

    “The second is that we have billions of customers. Well are they really our customers or are they people who just tolerate us and are really customers of someone else?”

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  • Millennials still like traditional carriers, says CSG study

    Millennials still like traditional carriers, says CSG study

    More than one third of millennials – young people reaching adulthood in the 21stcentury – interviewed in a four country survey say that in five years’ time they will choose mobile services offered through a traditional carrier.

    This is one of the findings of a research study on the digital opinions of almost 1000 millenials in Australia, Brazil, the UK and the US conducted by BSS solutions provider CSG International, and released at Mobile World Congress in Barcelona.

    According to the research, 35% of respondents say they expect they will choose traditional carriers in 2022, while a lesser 33% believe they will choose a non-traditional player such as Google, Amazon, or a company yet to be identified.

    “So much of the industry talk is about the move away from traditional carriers to new entrants,” says CSG’s Ian Watterson.

    “The research gives encouragement to carriers that there is loyalty there from millennials, which is something of a surprise.”

    Watterson said CSG had conducted the study because the telecoms industry was continually anticipating the digital consumption patterns and tastes of millennials, and yet there was a lack of detailed research on this.

    Asking respondents to look five years into the future also gave some indication on where the industry might be heading.

    In other findings, the industry move to personal assistants was validated, with 53% of respondents saying they would pay more for a mobile service which included an assistant.

    49% of millennials say they will want their mobile phone service to become a more intuitive personal assistant with the ability to anticipate needs and take actions, such as automatically checking-in a for a flight, 24-hours before flight time

    The survey also showed a clear willingness to give providers access to providers if that resulted in more personalised services.

    More than seven out of ten millennials said they were likely to provide their data in exchange for personalised recommendations on entertainment services and small conveniences.

    In good news for telco revenues, 59% of millennials are likely to spend more for a service specifically customized to their usage patterns across voice, data, entertainment and other personalized services.

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  • IoT devices drive DDoS attack traffic in Q4

    IoT devices drive DDoS attack traffic in Q4

    Unsecured IoT devices continued to drive significant DDoS attack traffic in the fourth quarter of 2016, according to Akamai’s latest State of the Internet / Security Report.

    The fourth quarter report also revealed that attacks greater than 100 Gbps increased to 12 during the quarter, a 40% year-over-year increase.

    Seven of the 12 Q4 2016 mega attacks, those with traffic greater than 100 Gbps, can be directly attributed to the Mirai IoT botnet.

    But the largest DDoS attack in Q4 2016, which peaked at 517 Gbps, came from Spike, a non-IoT botnet that has been around for more than two years.

    The number of IP addresses involved in DDoS attacks grew significantly this quarter, despite DDoS attack totals dropping overall. The United States sourced the most IP addresses participating in DDoS attacks – more than 180,000.

    “With the predicted exponential proliferation of these devices, threat agents will have an expanding pool of resources to carry out attacks, validating the need for companies to increase their security investments,” said Martin McKeay, senior security advocate and senior editor of the report.

    “Additional emerging system vulnerabilities are expected before devices become more secure.”

    Of the 25 DDoS attack vectors tracked in Q4 2016, the top three were UDP fragment (27%), DNS (21%), and NTP (15%), while overall DDoS attacks decreased by 16 percent.

    Akamai started tracking a new reflection DDoS attack vector this quarter, Connectionless Lightweight Directory Access Protocol (CLDAP), which attackers abuse to amplify DDoS traffic.

    “If anything, our analysis of Q4 2016 proves the old axiom ‘expect the unexpected’ to be true for the world of web security,” continued McKeay.

    “For example, perhaps the attackers in control of Spike felt challenged by Mirai and wanted to be more competitive. If that’s the case, the industry should be prepared to see other botnet operators testing the limits of their attack engines, generating ever larger attacks.”

  • Money laundering all too easy in Vietnam?

    Money laundering all too easy in Vietnam?

    On February 16, the Hanoi People’s Court will resume a trial over corruption and money laundering charges against Vinashin Ocean Shipping Co., Ltd. (Vinashinlines).

    In this trial, defendant Giang Van Hien (67, Ho Chi Minh City) has been charged with helping his son and former director of sales at Vinashinlines Giang Kim Dat (born 1977) to embezzle more than VND259.5 billion ($11.4 million). More specifically, to evade the authorities, Dat told Hien to open 22 foreign currency bank accounts to keep the embezzled money.

    Dat used this money to invest in domestic real estates and transfer it abroad. Investigators have verified the sources of these assets and either froze or seized 40 domestic real estate properties, including lands, apartments, villas as well as properties in Singapore and apartments in the UK.

    Money laundering is not a new crime in Vietnam, but prosecution has been challenging because of difficulties in proving the offender or the crime. Speaking to reporters on the sidelines of National Assembly meetings, Senior Lieutenant General Le Quy Vuong, Deputy Minister of Public Security, said the Giang Kim Dat case is a classic graft and money laundering case.

    In the Penal Code of 1999, this crime was defined in Article 251 as “laundering money and/or property obtained through the commission of crime,” but it was not until the modified Penal Code of 2009 that the term “money laundering” came into official use.

    The legal framework exists, but enforcement has been difficult. Experts said money laundering charges have been rare.

    Explaining this, Dr Dao Le Thu, director of the comparative legal research centre of Hanoi Law University, said the main reason was the difficulty in following the money trail. This is because financial transactions in Vietnam do not follow international standards and cash still plays a key role in the economy.

    Besides, regulations are still limited in several ways: there are no charges for self-laundering or for commercial entities, or the fact that the term “money obtained through crimes” in the penal code has not seen further clarification. Whereas other countries might categorise crimes by source or severity, Thu added.

    Article 324 of the 2015 Penal Code has defined money laundering behaviours more clearly  as “disguising the legal origin of the money or property obtained through one’s own criminal activities or that one knows to be obtained via another person’s criminal activities.” Therefore, proving money laundering could be easier than it used to be. However, the 2015 Penal Code’s entry into effect has been postponed.

    Item 1, Article 3 of Decree 74/2005/ND-CP dated June 7, 2005 on “prevention of money laundering” explains the concept of money laundering as the behaviour of individuals or organisations seeking to legitimise money or property through activities such as:

    • Joining directly or indirectly in a transaction involving money or property obtained through criminal activities

    • Acquiring, capturing, transiting, converting, transfering, transporting, using and cross-border transporting money or property obtained through the commission of crime

    • Investing in a project, a work, contribute capital to a business or find other ways to cloak or disguise or impede verification of origin, the true nature or location, the process of moving or ownership for the money or property obtained through the commission of crime
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  • What do Vietnamese people love to buy online?

    What do Vietnamese people love to buy online?

    In contrast, fast-moving consumer goods including cosmetics, food and other household products have been slower to gain in popularity among internet shoppers. For these, Vietnamese people still prefer to go to stores and seek advice from shop assistants.

    With Vietnam becoming more “connected” and nearly half of the population with easy access to the internet, Vietnamese purchasing habits are changing.

    “The online retail ecosystem is fast evolving. The whole retail experience is changing. Today’s shoppers are incorporating digital touch points along the entire path to purchase,” said Roberto Butragueño, associate director at Nielsen Vietnam.

    According to the survey, customer loyalty is varied. More than half of respondents who had purchased travel services or books/music/stationery online admitted they would buy those more often online than in store. Event tickets, which attract only one-fourth of online customer, have become the favorite destination for second time purchasing.

    However, once an online shopper does not necessarily mean always an online shopper. The story is different for fashion, electronics and cosmetics.

    The survey’s findings are based on more than 200 respondents with online access in Vietnam. Survey responses are based on claimed behavior, rather than actual metered data.

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  • Mobile growth marketer expands to Japan

    Mobile growth marketer expands to Japan

    Growth marketer platform YouAppi is expanding into the Japanese market.

    With the official opening of YouAppi Japan, the company will be able to help Japan-based CMOs and those targeting the country to acquire users over online channels and identify fraud better.

    The company, founded in 2012, uses its OneRun platform for a variety of marketing functions for its clients, from discovery to user acquisition on video, social and other channels through app re-engagement.

    The platform features advanced anti-fraud functionality to help CMOs reduce their risks, and offers a single point for streamlining mobile media buying and combining machine learning with the company’s proprietary predictive algorithms that reportedly analyze over 250 terabytes of data every day.

    With Yoshie Nakabayashi at the helm as the country manager of YouAppi Japan, the company aims to help leading brands, agencies and publishers in Japan to improve their mobile experience.

    “A year after closing our B Funding Round which was earmarked for Asia, I’m excited that we delivered nearly 600% growth in the region in 2016, and are now opening a strategically important office in Tokyo,” YouAppi CEO and co-founder Moshe Vaknin said.

    According to the company, it ran 15,000 campaigns for 450 leading advertisers with 100 billion monthly impressions served around the world over the last four years.

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  • Mobile banking to have nearly 3b users by 2021

    Mobile banking to have nearly 3b users by 2021

    Juniper Research predicts that by 2021, nearly 3 billion users will be using retail banking services on smartphones, tablets, PCs and smartwatches, up 53% from 2017.

    The new research titled “Retail Banking: Digital Transformation & Disruptor Opportunities 2017-2021” also predicts that usage will continue to rise as consumers increasingly opt for banks offering the convenience of rapid, multi-channel digital services. This means that banks will need to focus on providing a more frictionless digital experience to their customers, especially if they are to remain market leaders.

    According to Juniper while traditional banks have so far remained a step behind in delivering innovation and maintaining their competitive edge against new Fintech players, the situation is gradually changing.

    “Technology is currently the big differentiator for all types of banks; including traditional banks and the so-called challenger banks. Investments in banking technology reached record levels in 2016 and traditional banks are expected to focus on digital transformation initiatives”, added research author Nitin Bhas.

    Juniper predicts that in 2017, big banks will acquire challenger players including tech-startups and digital-only banks, and this will further accelerate the rollout of traditional players’ digital strategy.

    Juniper’s Digital Transformation in Banking Readiness Index analyzed leading global tier-1 banks to evaluate their digital transformation readiness scores and highlight their respective positioning within the digital innovation roadmap.

    Its list of leading banks for digital transformation include Banco Santander, Bank of America, Barclays, BBVA, BNP Paribas, Citi, HSBC, JP Morgan Chase, RBS, Société Générale, UniCredit and Wells Fargo.

    Juniper says these banks are progressing rapidly towards the final stages of digital transformation with heavy investments, have excellent digital portfolios, and are already witnessing significant cost savings.

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  • Connected things on pace for 31% surge in 2017

    Connected things on pace for 31% surge in 2017

    Globally, 8.4 billion connected things will be in use in 2017, up 31% from 2016, and will reach 20.4 billion by 2020, according to projections from Gartner.

    Total spending on endpoints and services will meanwhile reach almost $2 trillion in 2017, the research firm predicts.

    Regionally, Greater China, North America and Western Europe are driving the use of connected things and the three regions together will represent 67% of the overall Internet of Things (IoT) installed base in 2017.

    The consumer segment is the largest user of connected things with 5.2 billion units in 2017, which represents 63% of the overall number of applications in use. Businesses are on pace to employ 3.1 billion connected things in 2017.

    “Aside from automotive systems, the applications that will be most in use by consumers will be smart TVs and digital set-top boxes, while smart electric meters and commercial security cameras will be most in use by businesses,” said Peter Middleton, research director at Gartner.

    In addition to smart meters, applications tailored to specific industry verticals — including manufacturing field devices, process sensors for electrical generating plants and real-time location devices for healthcare — will drive the use of connected things among businesses through 2017, with 1.6 billion units deployed.

    However, from 2018 onwards, cross-industry devices, such as those targeted at smart buildings — including LED lighting, HVAC and physical security systems — will take the lead as connectivity is driven into higher-volume, lower cost devices.

    In 2020, cross-industry devices will reach 4.4 billion units, while vertical-specific devices will amount to 3.2 billion units.

    While consumers purchase more devices, businesses spend more. In 2017, in terms of hardware spending, the use of connected things among businesses will drive $964 billion.

    Consumer applications will amount to $725 billion in 2017. By 2020, hardware spending from both segments will reach almost $3 trillion.

    Total IoT services spending (professional, consumer and connectivity services) is on pace to reach $273 billion in 2017.

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  • Most cybercrime losses not fully recovered

    Most cybercrime losses not fully recovered

    Each year thousands of internet users fall victim to a cybercrime that leaves them out of pocket. Research from Kaspersky Lab reveals that over half (52%) of internet users who’ve lost money at the hands of cybercriminals have only got some, or none, of their stolen funds back.

    With the variety and sophistication of online financial threats against consumers growing, losses from online fraud, identity theft and hacking are now running at billions a year. And with many cases going unreported, the true economic cost is likely to be significantly higher.

    The research reveals how costly these attacks are for internet users, and how lucrative they’ve become for cybercriminals. On average, internet users lose $476 per attack and one-in-ten people surveyed said they lost more than $5,000.

    A large majority of internet users say they conduct financial operations online (81%) and just under half (44%) store financial data on their connected devices.

    As more users go online to manage their finances, more cybercriminals are looking for opportunities to cash in, making it important for users to have robust internet security in place to protect themselves and their money. Nevertheless, only 60% of internet users protect all their devices.

    Attitudes to online safety could be influenced by users mistakenly thinking lost money will be automatically refunded to them. Almost half (45%) say that they assume they will be reimbursed by banks for financial cybercrime without any problems, but as the survey shows, over half (52%) of people affected haven’t had all their stolen money returned.

    “Cybercriminals are continually looking for new ways to exploit and defraud consumers and that’s why it’s important for internet users to be on their guard at all times,” says Vyacheslav Zakorzhevsky, Head of the Anti-Malware Research Team at Kaspersky Lab.

    “Cybercriminals can conduct financial crimes via malware, phishing and more. Don’t assume you will always get all your money back if you become a target and funds are stolen from you. The best way to safeguard your finances online is to make sure you don’t become a victim, and for that we recommend specialist software that protects your identity and keeps sensitive data out of the hands of the cybercriminals.”

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  • Public cloud services to hit $10b in APAC

    Public cloud services to hit $10b in APAC

    The public cloud services market in the mature Asia Pacific region is forecast to grow 17.7% in 2017 to total $10 billion, up from $8.5 billion in 2016, according to Gartner.

    By 2019, Gartner predicts that total public cloud services spending in the mature AP region will rise to $13.6 billion.

    Public cloud services are shared, meterable, elastic and scalable multi-tenanted IT offerings delivered as a subscription-based service to external customers using internet technologies.

    Gartner categorizes Australia, New Zealand, Singapore and South Korea as the mature APAC market.

    The highest growth for the cloud services market in the mature APAC market comes from software as a service (SaaS) with a 28.5% increase in 2017, and platform as a service (PaaS) growing 26.7% this year.

    “The increase in SaaS and PaaS are indicators that migration of application and workloads from on premises data centers to the cloud, as well as development of cloud ready and cloud native applications, are fueling growth in the cloud space,” said Sid Nag, research director at Gartner.

    “Software vendors will continue to shift investments from on-premises license-based software to cloud-based offerings.”

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