Industry Insights - Issue 02

download Industry Insights - Issue 02

of 12

Transcript of Industry Insights - Issue 02

  • 8/2/2019 Industry Insights - Issue 02

    1/12

    KeijsOajgjk`a@gl`ae|jsq9

    Uues|osfpJu|fjjd

    @gbfe|`jg9Gome|`ro

    @g|osoq|Se|oq9Q|ecfo

    OxahegmoSe|oq9Q|ecfo

    ML^Msj}|h9Q|ecfo

    Ou`|pKesdo|q9^jq`|`ro

    CjglKesdo|q9^jq`|`ro

    \hoKeasjOajgjkp

    \ho me`gq bsjk |ho ekgoq|p ~sjmsekko

    `g |ho G`mos Lof|e som`jg ajg|`gol `g|j

    |hobjs|hues|osjb3>5>'\h`qsoqf|ol

    `gemsj}|hjb51/`gsoefj`fj|~|jros

    |ho ~s`js poes& ef|hjmh eaajsl`gm |j

    ~sjr`q`jgef le|e sofoeqol cp ACG& |ho

    erosemo aslo j`f j|~| jb 3'

  • 8/2/2019 Industry Insights - Issue 02

    2/12

    Soq|s`a|`ro fogl`gmajgl`|`jgq `gegosejb `k~sjrolkesdo| f`u`l`|pherosoqf|ol `g

    lj}g}esl|sogl`gmcegd`g|osoq|se|oqls`gmkjq|jb3>5>'Eaajsl`gm|j|hoACG&|ho

    erosemo kex`kk fogl`gm se|o loaf`gol |j 35'0/ `g Loaokcos 3>5> bsjk 31'3/ `g

    Iegesp3>5>' \hoerosemo~s`ko fogl`gmse|oq|jjle|5?'=/ `gLoaokcos3>5>&so

    bfoa|`gmeg

    `k~sjrokog|

    jg

    |ho

    58'5>'

    Loq~`|o

    |ho

    beff

    `g

    se|oq&

    |ho

    ACGsoke`gqajgaosgol|he|so|e`ffogl`gmse|oqesoq|`ffsofe|`rofph`mh&}h`ah}`fff`dofp

    ajg|`go |jas|e`f |ho~s`re|oqoa|jsqec`f`|p |jqoasocegdasol`|' ]ocof`oro |ho

    ACG}`ff& `g|hoqhjs| |osk&ajg|`go|j~sjkj|o |ho bfj}jbasol`| |j|hosoefqoa|js

    |hsjmh|esmo|olfogl`gm~sjmsekkoq|j~sjr`lof`u`l`|peglcjfq|osmsj}|h'

    B`gega`efKesdo|q

    \holjkoq|`aou`|`oqkesdo|ajg|`gol`|qq|oelpaf`kc`gU/

    jros

    |ho

    erosemo

    ~s`aoq

    `g

    |ho

    2>

    lepq

    ogl`gm

    5?|h

    Gjrokcos3>5>'\hoso}osome`gq`geffqoa|jsq}`|h|hooxao~|`jgjbc`fl`gmke|os`

    efq&}h`ahb`g`qhol?/lj}gbsjk|ho~sor`jques|os' @geff&|hoGQOEffQheso@glox

    (EQ@)so|sgole50/me`gbjs|hopoes}`|hbjjleglcorosemofoel`gmeffqoa|jsq'\ho

    `gqsegaoqoa|jsloaf`golcp38/egl}eq|hojgfp `glq|sp|jb`g`qh `ggome|`ro|oss`

    |jspbjs|hopoes' \hoEmq|j@gloxogloljg~jq`|`romsjgl&me`g`gm2'1/bjs|ho

    ues|osegl18/bjs|hopoes'

    loq~`|o|ho

    ~sjmsoqq

    kelo&}o

    cof`oro|ho

    |hsoe|jb

    `gbfe|`jgso

    ke`gq

    h`mh'''

    ebffpoesML^msj}|hse|ojb='8?/&ajk~esol}`|h2'02/eah`orol`g3>>0'\hogjg

    j`fqoa|jsajg|`goq|jco|hokeijsls`rosjbmsj}|h&}`|hems`af|so&}hjfoqefo"so|e`f

    |selo&eglqosr`aoqajg|s`c|`gm3'8'^sjr`q`jgefle|e bsjk |hoACGqhj}q |he|ljkoq|`aasol`|

    mso} cp 2'5/ `g U

  • 8/2/2019 Industry Insights - Issue 02

    3/12

    3>55heqcomgjge~jq`|`rogj|o'Kahjb|ho~sjb`||ed`gm}oeg|`a`~e|ol`gIegesp`q

    po| |jke|os`ef`yo&}`|h |hoEQ@me`g`gm8/ |hq bes' Goros|hofoqq&}oox~oa| |ho |qqfo

    co|}oog~sjb`||edosqeglEKAJGq~saheqojbkesm`gfjegq|jheroljk`ge|`gmobboa|q

    jg|ho`glox&egl|hqke`g|e`geq|ecfoj|fjjdbjs|hosoke`glosjbU53>55'

    \hoajs~jse|oloc|kesdo|soke`golqclol`gU/`gIegesp3>55'\ho`g`|`ef`gasoeqo`g

    Qo~|okcos3>5>soqf|ol`g|hoerosemoU>ceq`q~j`g||j3/ (obboa|`ro bsjkBoc5)&egl|ho f`u`l`|pse|`j (FS)cp?>>ceq`q

    ~j`g|q|j1>/(obboa|`roKesah5)'\hoox~oa|ols`qo`gq~ogl`gmehoeljb|hobjs|hajk

    `gmofoa|`jgq&h`mhsoassog|ox~ogl`|soekjg|`gm|jjros=>/jb|ho|j|efclmo|egl

    ~j|og|`ef`gasoeqo`gasol`|bea`f`|`oqeqEKAJGajg|`goq|ho~saheqojb|jx`aloc|qbsjk

    cj|he`f`gmeglhoef|hpcegdqesoqjkojb|hobea|jsq|he|ajflfoel|j`gasoeqo`g`gbfe

    11

  • 8/2/2019 Industry Insights - Issue 02

    4/12

    554hj}oros&}ohero soqosre|`jgqjg |ho

    e~oxcegdqec`f`|p|jq`gmfoheglolfp|eadfo `gbfe|`jg' @gjsj~`g`jg&q`gmkjgo|esp~jf`ap

    e~~sjeahefjgo`qgqq|e`gecfo`g|hofjgmsgeglaeffqbjsb`qaefl`qa`~f`gobsjk|homjrosg

    kog||jq~~js||hoq|sjgmkjgo|esp~jf`apq|egao'Jsj|fjjdjg`gbfe|`jg`g|hoqhjs||osk

    `qgome|`ro'

    Ox|osgef^jq`|`jg

    \hosofe|`roq|ec`f`|pjb|hobjso`mgoxahegmokesdo|ajg|`gol`gU55&eq|hoge|`jgq|h`sq|bjs`k~js|e|`jg

    (s`ao& qmes& |ox|`foq egl e|jkjc`foq) eglcp ox|ogq`jg |hogool bjs bjso`mg assoga`oq

    qhj}qgjq`mgjboeq`gm']ocof`oro|homjrosgkog|heq`gloolboffol|h`qe~~o|`|ocpf`b|

    `gmsoq|s`a|`jgqjg~sor`jqfpceggolmjjlqqaheq|ox|`foq&bsg`|so&egle|jkjc`foq'Bs

    |hoskjso&mjrosgkog|ox~ogl`|sojg~o|sjfokqcq`l`oq`qefqjqo||j`gasoeqojg|hocead

    jbs`q`gm

    j`f

    ~s`aoq&

    }h`ah

    }`ff

    efqj

    asoe|o

    ell`|`jgef

    ~soqqso

    jg

    soqosroq'

    \ho

    ec`f`|p

    jb

    |ho

    ACG|jke`g|e`gq|sjgmlobogaojb|hoassogap}`ffco|oq|ol`g3>55&c||hos`q`gmj`f~s`aoq

    eglqq|e`golh`mh~sjla|`jgqhjflhof~`gqq|e`g`gmsoqosroq'

    ^jf`|`aefLorofj~kog|q

    ^sjmsoqqajg|`goq|jcokelojg|ho~jf`|`aefqaogo}`|h|ho~s`kes`oqgj}oqqog|`effpjros'

    \hoq|emo`qgj}qo|bjs|hofoel`gmajg|oglosq9^soq`log|MjjlfadIjge|hegjb|ho^oj~foq

    Lokjase|`a ^es|p& Efhei` Gh S`cel jb Ea|`jg Ajgmsoqq ^es|p egl Mogosef (s|l) Kjhek

    kelChes jb|hoAjgmsoqqbjs^sjmsoqq`roAhegmo' Hj}oros& `|}`ffcojb f`||foqs~s`qo `b

    j|hos~jf`|`aefhoerp}o`mh|qorog|effp|hsj}|ho`she|q`g|j|hos`gm'

    \ho`gakcog|

    `q

    ox~oa|ol

    cp

    kegp

    jcqosrosq

    |j

    soke`g

    `g

    ~j}os

    egl

    |hq

    `k~fokog|

    ~jf`ap

    `g`|`e|`roq~es|`afesfpjg~j}osegl |hoG`mosLof|e' C`lqeglox~soqq`jgqjb `g|osoq| bsjk

    ~s`re|o `groq|jsqbjs^j}osHjfl`gmAjk~egpjbG`mos`eqqaaoqqjsajk~eg`oqesoox~oa|ol

    cp|hoogljbBocsesp3>55'

    Loq~`|o|ho`g|sjla|`jgjbegekgoq|p~sjmsekko`gEmq|3>>0&|hoG`mosLof|eajg|`goq

    |jox~os`ogaoqoas`|paheffogmoq&efco`|jgekahfj}osqaefo'\ho~j|og|`efbjsesoqsmogao

  • 8/2/2019 Industry Insights - Issue 02

    5/12

    jbk`f`|eg|e||eadqcoaekoe~~esog|jg5Ja|jcos3>5>&bjffj}`gm|holo|jge|`jgjb

    cjkcqe||hoajg|spq?>|h

    @glo~oglogaoLepaofocse|`jgq`gEcieegleme`ge||ho

    ogljbpoesaofocse|`jgq`g|hoBolosefAe~`|ef\oss`|jsp'Qorosef`ga`logaoqjbd`lge~

    ~`gm}ososoajslolls`gm3>5>egl |hoqohero fesmofpcoog f`gdol |j |ho |sjcfol

    G`mos Lof|e som`jg' @g js j~`g`jg& |ho ~osq`q|ogao jb qah e||eadq egl qoas`|p

    csoeahoqheq|ho~j|og|`ef|josjlo|home`gqjbekgoq|p&eglajflgome|`rofp`k~ea|

    oajgjk`a~osbjskegao

    `beg

    j|s`mh|

    be`fso

    jb

    |ho

    ~oeao

    ~sjaoqq

    soqf|q'

    Ju|fjjd

    ^jf`|`aq`qqo||jljk`ge|o|hoG`mos`egqja`efegloajgjk`a~sjaool`gmqjros|hogox|

    |}j ues|osq }`|h |ho `k~ogl`gm mogosef ofoa|`jgq' ]o ox~oa| |ho mjrosgkog|q

    ~es|`a`~e|`jg`goajgjk`aea|`r`|`oq|jcof`k`|oljros|h`q~os`jleq|hoaek~e`mgbjs

    ofoa|oljbb`aoq|edoqaog|soq|emo&}`|helrosqodgjadjgobboa|qjg|ho~s`re|oqoa|js'

    ]oesojb |hoj~`g`jg |he| |hoqaaoqqjb |ho~ajk`gmofoa|`jgq}`ffheroekeijs

    `gbfogaojg|hoq~ooljb|hoajg|spqoajgjk`asoajrosp'E~oeaobfofoa|`jg}hoso

    |ho`gakcog|~sore`fq|hoox~oa|e|`jgjbkjq|egefpq|q"jcqosrosqqhjfl~hjfl

    |hojgmj`gm

    ekgoq|p

    ~sjmsekko

    egl

    sogo}

    bjso`mg

    `groq|jsq

    ajgb`logao

    `g

    ajgla|

    `gmcq`goqq`gG`mos`e'@gjsj~`g`jg&|h`q}`ffq|sogm|hogBL@`gbfj}q|jG`mos`e`g|ho

    kol`k|osk&eq|homfjcefoajgjkpsoajrosq bffp'Hj}oros&}ocof`oro |hoajg

    |spqqaaoqq`ge||sea|`gmBL@ `gbfj}qsoke`gqajg|`gmog|jg|homjrosgkog|qec`f`|p

    |j`k~sjro|hocq`goqqogr`sjgkog|'

    Ekeijsajgq`lose|`jg`g|hoeah`orokog|jb|hooajgjkpqqhjs||oskmsj}|hjcioa

    |`roq`q|hoq|ec`f`|pjb|hocegd`gmqoa|js'\hojgmj`gmcegd`gmsobjskqheroasoe|ol

    gaos|e`g|`oq eq |j |ho orog|ef j}gosqh`~ jb |ho ce`fol j| cegdq' ]o cof`oro

    kosmosqegleau`q`|`jgq}`ffogqo&eqqjko `groq|jsqheroefsoelpox~soqqol `g|os

    oq| `g|hosoqaolcegdq' Hj}oros&|ho~jqq`cfookosmogaojb fe}q`|qkep~sjfjgm

    |h`qoxosa`qo'^s`re|oqoa|jsasol`|heqcoogqclolbjskjq|jb3>5>egl}ocof`oro

    |h`q~jqoqe|hsoe||jsoefqoa|jsmsj}|h']`|heho`mh|ogols`qdajgqa`jqgoqqekjgm

    cegdqegl|hosogo}olbjaqjgsoc`fl`gmae~`|ef&}ocof`oro fogl`gm}`ff f`dofpso

    ke`g qclol jros |ho qhjs| |osk loq~`|o |ho ACG-q obbjs|q |j q|`kfe|o fogl`gm'

    Ef|hjmhEKAJGheqhof~ol `k~sjro f`u`l`|p `g|hooajgjkp&}h`ah `qox~oa|ol|j

    heroe~jq`|`ro(efco`|k`g`kef)`k~ea|jgasol`|&`|soke`gqljc|bf`b|h`qefjgo}`ff

    coqbb`a`og|bjsesor`refjbcegdfogl`gm|j|hosoefqoa|jsjb|hooajgjkp'

    Asloj`f~s`aoqherocoogjg|hos`qoeglj|~|e~~oesqq|ecfo']ocof`oro|h`q}`ff

    hof~qq|e`gmjrosgkog|sorogoqeglgessj}|hoclmo|lob`a`|&~sjr`lolox~ogl`

    |soljoqgj|msj}&m`rog |h`qmjrosgkog|qox|seremeg|q~ogl`gmhec`|q'Loq~`|oe

    qhjs| |`ko bseko |j |ho ~ajk`gm ofoa|`jgq& |ho assog| elk`g`q|se|`jg heq efqj

    qhj}g e ajkk`|kog| |j `gbseq|sa|so lorofj~kog|& |hsjmh |ho `g|sjla|`jg jb

    sobjsk emogle `g qjko qoa|jsq jb |ho oajgjkp& gj|ecfp |ho ~j}os qoa|js' @g js

    j~`g`jg& |hoqo obbjs|q }`ff `k~sjro |ho uef`|p jb |ho cq`goqq af`ke|o& |hjmh |ho

    qaaoqqbf`k~fokog|e|`jgjb|hoqo`qajg|`gmog|jg|hoj|ajkojb|homogosefofoa

    |`jgq`g3>55'Jg|hoceq`qjb|hobjsomj`gm&}oe||eaheq|ecfoj|fjjd|j|hoG`mos`eg

    oajgjkp'

    ??

  • 8/2/2019 Industry Insights - Issue 02

    6/12

    Cjjd^ucf`qh`gmEgl\hoQ|summfobjsQusr`ref \hoG`mos`egcjjd^s`g|`gmegl^cf`qh`gm@glq|sp(~s`g|`gmegl~cf`qh`gmjs|ho @g

    lq|sp)ogijpqh`mh forofqjb~e|sjgemolo |jegoq|`ke|ol2>k`ff`jg qahjjf ah`flsog'

    Hj}oros&|ho@glq|sp`qahesea|os`yolcph`mhj~ose|`gmox~ogqoq&}h`ahsolao|ho~sjb`|

    kesm`gqjb|ho~feposqeq|hope||ok~||jdoo~|ho`s~s`aoqajk~o|`|`ro'^jjs~j}osq~~fp

    ajg|`goq|j~femo|ho@glq|spcp|ho}epjbh`mhajq|q&eq~feposqhero|jb`glef|osge|o

    qjsaoqjb~j}osq~~fpjsq`k~fpqoodl`bbosog|}epqjblj`gmcq`goqq&qaheq`k~js|`gm

    b`g`qholcjjdq'^j}os`qoq|`ke|ol|jco|hoqoajglfesmoq|ajq|`g|ho@glq|speaajg|`gm

    bjs5>/jb|j|efajq|q(~e~os9/&j|hosajq|q9?>/)'

    Keijs^feposqesoecfo|jajg|os|ho~sjcfokjbosse|`a~j}osq~~fpeglof`k`ge|olo

    ~oglogaojg |ho^j}osHjfl`gmAjs~jse|`jgjbG`mos`e (^HAG) |hsjmh |hoajgq|sa|`jg

    eglj~ose|`jgjb `glo~oglog|~j}os~feg|q(@^^)}h`ahaegsg~}eslqjb3>>k`ff`jg

    eq`q|hoaeqo}`|hEaelokp^soqq']h`fo@glo~oglog|^j}os^feg|qof`k`ge|olo~oglogao

    jg^HAG&|ho~sjaoqq`qox~ogq`roeqajq|qjbsgg`gm@^^qesoh`mhq`gao|ho~feposheq|j

    coajggoa|ol |jmeq~`~of`goq'J|hos~feposq |he| aeggj|ebbjsl |ho fesmo ae~`|ef `groq|

    kog|

    `grjfrol

    }`|h

    |ho

    ajgq|sa|`jg

    jb

    @^^q

    |`f`yo

    ajgrog|`jgef

    mogose|jsq

    }`|h

    l`oqof

    ~s`aoqerosem`gm530'>1~osf`|sols`gm|hob`sq||}j}oodqjbIegesp3>55'\h`qbs|hos

    }`logq|home~co|}oogqkeffeglkeijs~feposq'

    Eqesoqf|jb|hoh`mhajq|q&qkeffos~feposq&oq~oa`effp~cf`qhosq&esocp~eqq`gm fjaeffp

    ceqol~s`g|osqeglmj`gmecsjel |j bfb`ff |ho`s~s`g|`gm ajkk`|kog|q'Ajg|s`oq qaheq

    Ah`ge&Kefepq`e&_g`|olEsecOk`se|oq&Qj|hEbs`aeegl@gl`eesocogob`a`es`oqjb|hoj|

    qjsa`gmjb~s`g|ijcq'@| `qoq|`ke|ol|he|eqkaheq=?/jb|hocjjdq `gG`mos`eeso `k

    ~js|olbsjk|hoecjroajg|s`oq'\hoqobjso`mg~feposqqeffpjbboskjsoberjsecfo|oskq

    jb~epkog|q}h`ahesojb|ogkelo `g `gq|effkog|q}hogajk~esol|j fjaef~s`g|osq}hj

    souoq|bff~epkog|q~bsjg|'Ell`|`jgeffp&bjso`mg~feposqqjko|`koq~sjlao|hocjjdq

    bjseq

    fj}

    eq

    eues|os

    jb

    |ho

    ~s`ao

    jb

    fjaeffp

    ~sjlaol

    cjjdq

    egl

    eso

    jb|og

    jb

    co||os

    ~s`g|

    uef`|p'@| `qberjsecfo|jj|qjsao~s`g|ijcq&oq~oa`effp}hog|hocjjdqesogj|sou`sol

    jgqhjs||`kogj|`ao'

    Egj|hosox~fj`|ecfoelreg|emo`q|he|`k~js|olcjjdqesooxok~|bsjkaq|jkql|`oqlo

    |j |ho_g`|olGe|`jgqOlae|`jgefQa`og|`b`aeglAf|sefJsmeg`ye|`jgq (_GOQAJ)emsoo

    kog|jg|ho@k~js|e|`jgjbOlae|`jgef&Qa`og|`b`aeglAf|sefKe|os`efq&}h`ah~sjh`c`|q

    |hoe~~f`ae|`jgjbaq|jkql|`oqjg`k~js|ololae|`jgefke|os`efq'\h`q~soqog|qegg

    be`selreg|emojros fjaef~sjla|`jgeqeff `g~|qqaheq~e~os&~fe|oq&b`fkqegl~s`g|`gm

    keah`goqe||sea|aq|jkql|`oq'

    ]`|h

    j~ose|`gm

    ajq|q

    mogoseffp

    h`mh

    easjqq

    |ho

    cjesl&

    |ho

    uoq|`jg

    jb

    qq|e`gec`f`|p

    jb

    |ho

    ^s`g|`gmegl^cf`qh`gm @glq|spes`qoq'Loq~`|o|hoere`fec`f`|pjbq|e|ojb|hoes|~s`g|`gm

    ou`~kog|eglox~os|`qo `g |ho ajg|sp& |ho feadjbeloue|o~j}os q~~fp `q ekeijs

    ajg|s`c|js |j |holok`qojb~feposq&~es|`afesfp |hoqkeffosjgoq}`|h`g |ho `glq|speq

    j~ose|`gm ajgl`|`jgq ajg|`go |j lo|os`jse|o' Loq~`|o |ho q`mg`b`aegao jb |ho @glq|sp& `|

    qbbosqbsjkgomfoa|lo|j|hofeadjbobbjs||je`l`|qlorofj~kog|cp|ho}epjbmjrosg

    kog|~jf`a`oq'Hogao&@glq|spmsj}|h}`ffsoke`gqfj}}`|hj|mjrosgkog|ef~jf`a`oq'

    22

    @|`qoq|`

    ke|ol|he|

    eqkaheq

    =?/jb|ho

    cjjdq`gG`

    mos`eeso

    `k~js|ol'''

  • 8/2/2019 Industry Insights - Issue 02

    7/12

    Olae|`jg `qe bglekog|efqjsaojbege

    |`jgq ~sjq~os`|p egl e r`|ef ~es| jb orosp

    qja`o|p& |hqked`gm `| oqqog|`ef&oq~oa`effp

    bjselorofj~`gmge|`jg f`doG`mos`e'_gbjs

    |ge|ofp&|ho~cf`aolae|`jg`gq|`||`jgq`g

    G`mos`e (`'o' |ho mjrosgkog| j}gol

    qahjjfq) }h`ah }oso bjskosfp |ho colsjad

    jb |ho olae|`jg `glq|sp hero mseleffp

    loaepol'

    Jros |ho feq| |ogpoesq& |ho^s`re|oOlae

    |`jg @glq|sp (|ho @glq|sp) heq msj}g

    se~`lfp j}`gm |j |ho q~os`js uef`|p jb

    olae|`jg `| jbbosq `g ajk~es`qjg |j |ho

    ~cf`a olae|`jgef qpq|ok' \ho ~s`re|o

    qahjjfq hero mjjl eaelok`a ~osbjskegao

    eglhero

    j|

    ~eaol

    |ho

    ~cf`a

    qahjjfq

    `g

    |h`qsomesl'Eqesoqf|~esog|q~sobosqogl

    `gm |ho`s ah`flsog * }eslq |j |ho ~s`re|o

    qahjjfq}`|h|seadsoajsljbmjjleaelok`a

    ~osbjskegao&}h`ah `qekeijsqaaoqq bea

    |js jb |ho @glq|sp' Assog|fp& |holokegl

    bjs ~s`re|o olae|`jg oxaoolq `|q q~~fp&

    }h`ahasoe|oqesoelpkesdo|bjs|ho`glq

    |sp ~feposq' J~ose|jsq eso ajgqouog|fp

    ecfo |j forosemo |ho qs~fq lokegl |j

    ahesmoh`mhosbooq&oghega`gm~sjb`|forofq'

    ^s`re|o qahjjfq jbbos`gm refo ellol qos

    r`aoq qah eq |segq~js|e|`jg (qahjjf cq)&

    bool`gm& g`g|oss~|ol ~j}os q~~fp egl

    oxasq`jgq eso ecfo |j lokegl*ahesmo e

    ~sok`k bjs |hoqo elljgq eq }off eq `g

    asoeqo~e|sjgemo&|hq`k~sjr`gm|ho`saeqh

    bfj}q' Bs|hoskjso& ~s`re|o qahjjfq eso

    ecfo|jox~fj`||ho`selreg|emojb~sjr`l`gm

    olae|`jg |jasjqqqoffj|hos `|okqqaheq

    cseglol qahjjf g`bjskq egl

    soajkkoglol cjjdq js soel`gm ke|os`

    efq' \ho~s`re|oqahjjfq& `gafl`gm |hoqoa

    jglespegl|os|`esp `gq|`||`jgq&esoecfo|j

    `gbfogao |ho lokegl bjs |hoqo cjjdq js

    olae|`jgef ke|os`efq bsjk |ho ea|ef q~

    ~f`osqcoaeqojb|ho`sfesmoq|log|~j~fe

    |`jg' \hosobjso& |hop eso ecfo |j gomj|`e|o

    mjjl|oskqjb|selo&}h`ahkjq|fp foelq|j

    h`mhossorogoq'

    E soaog| |sogl `g |ho G`mos`egOlae|`jgef

    Qpq|ok `q |ho msj}`gm e||og|`jg |j oesfp

    ah`flhjjlaeso

    egl

    olae|`jg&

    fesmofp

    lo

    |j |homjrosgkog|q~jf`ap sou`s`gm orosp

    qahjjf|jheroe~so~s`kespqahjjff`gdemo'

    @gell`|`jg&|homsj}`gmgkcosjb}jsd`gm

    kj|hosq `gajkkosa`efa`|`oqheq fol |jeg

    `gasoeqo `g |ho lokegl bjs lep aeso aog

    |osq `g |ho ajg|sp' Eq e soqf|& @glq|sp

    j~ose|jsq hero hesgoqqol |h`q j~~js|g`|p

    cp ~sjr`l`gm h`mh q|eglesl lep aeso aog

    |osq(Asahoq)|hqoghega`gmsorogoq

    Hj}oros& |ho @glq|sp beaoq e h`mh b`xol

    ajq| ~sjb`fo& }h`ah `q qjfofp e||s`c|ecfo |j

    |ho `g`|`ef ae~`|ef j|fep sou`sol bjs `gbse

    q|sa|seflorofj~kog|q`gafl`gmajgq|sa

    |`jg jb afeqqsjjkq& bsg`|so " b`||`gmq& f`

    cses`oq o|a' \ho @glq|spq soassog| ox

    ~ogqoq fesmofp ajk~s`q`gm eaelok`a q~

    ~f`oq& elk`g`q|se|`jg q|ebb egl ogosmp

    (~j}os) ajq|q eso efqj sofe|`rofp h`mh' Bjs

    `gq|egao& qjko ~s`re|o lep qahjjfq q~ogl

    eg erosemo jb53 k`ff`jg eggeffp jg |ho

    ~saheqojb

    l`oqof'

    M`rog

    |hoqo

    soassog|

    ox~ogqoq& ~s`re|o olae|`jg cq`goqq `q

    sofe|`rofp ox~ogq`ro egl kep soke`g qj

    coaeqo jb |ho ~sore`f`gm oajgjk`a q`|e

    |`jgq' Hj}oros& |ho @glq|sp-q ajg|os

    apaf`aefge|soeglq|ecfoaeqhbfj}qkedo`|

    foqqqqao~|`cfo|jkeasjoajgjk`aqhjadq'

    Gjgo|hofoqq& |ho h`mh sorogoq oesgol cp

    `glq|sp ~feposq& oq~oa`effp |ho efsoelp oq

    |ecf`qhol~feposq&jbbqo||hosofe|`rofph`mh

    ajq|

    q|sa|so&

    |hosocp

    `gasoeq`gm

    ~sjb`|

    kesm`gq' ]o cof`oro |he| |ho oq|ecf`qhol

    ~feposq}`ffajg|`go |jheroeajk~o|`|`ro

    olmojrosgo}~feposq fesmofplo |j |ho`s

    hmo `groq|kog|q jg kjlosg bea`f`|`oq& ox

    ~os`ogaol " uef`b`ol ~osqjggof egl mjjl

    eaelok`a|seadsoajsl'

    ==

    ^S@RE\OOL_AE\@JG9Foel`gm|ho~ead

    Assog|fp&|ho

    lokeglbjs

    ~s`re|oolae

    |`jgoxaoolq

    `|qq~~fp&

    }h`ahasoe|oq

    esoelpkes

    do|bjs|ho`g

    lq|sp~fep

    osq

  • 8/2/2019 Industry Insights - Issue 02

    8/12

    Sok`g`qa`gm|homjjljfllepq'

    Cead `g |ho=>q& |hoG`mos`eg\ox|`fo @glq|sp}eqekjgm |ho? fesmoq| `glq|s`oq `g

    Ebs`ae&ajg|s`c|`gm

    q`mg`b`aeg|fp

    |j

    |ho

    Ge|`jgq

    oajgjkp'

    \ho

    @glq|sp

    hel

    jros

    3>>

    |ox|`fo ajk~eg`oq ogmemol `g |ho kegbea|so egl kesdo|`gm jb |ox|`fo ~sjla|q

    }`|h`g egl copjgl |ho cjgles`oq jb G`mos`e& |hosocp ked`gm `| e keijs qjsao jb

    ox~js|bjs|hoAjg|sp'\ho\ox|`fo@glq|speaajg|olbjse~~sjx`ke|ofp3?/jb|ho

    }jsdbjsao`g|hokegbea|s`gmqoa|js'Efesmogkcosjb|ho|ox|`foajk~eg`oq}oso

    q|se|om`aeffp fjae|ol `g |hoGjs|hosg~es|jb |hoAjg|sp&}h`ah asoe|olcj|hl`soa|

    egl `gl`soa| ok~fjpkog| bjs |ho ~oj~fo |hsjmh besk`gm& ~sjla|`jg ~sjaoqq egl

    kesdo|`gm'\ho@glq|spqeqqja`e|`jgq `gafl`gmG`mos`eg\ox|`foKegbea|sosqEqqj

    a`e|`jg(G\KE)eglGe|`jgef_g`jgjb\ox|`fo&Meskog|"\e`fjs`gm]jsdosqjbG`mos`e

    }osoekjgm|hoq|sjgmoq|g`jgq`g|hoAjg|sp}`|hjros=?&>>>kokcosq'Lo|j

    `|q

    q|se|om`a

    sjfo

    `g

    |ho

    oajgjkp

    egl

    `|q

    hmo

    ~j|og|`ef&

    |ho

    G`mos`eg

    |ox|`fo

    @glq|sp

    coaekoeapgjqsojbcj|hbjso`mgeglfjaef`groq|jsq'

    \jlep&e~e|ho|`a~`a|uso

    \hoq|e|ojb |hojgaor`cseg| `glq|sp `qgj}ege`f`gmjgo&}h`ah `qjg |hocs`gdjb

    ajffe~qo'Jros=>/jb|ho|ox|`foajk~eg`oqherocoogafjqollj}g'Hjqohjfl|ox|`fo

    gekoq `g |hoAjg|sp qaheqEso}e\ox|`foq&Eb~s`g|o|aesogj}kjs`cglj~ose

    |`jgq&}h`fo|hobo}ox`q|`gmjgoqesojgfp `grjfrol `gqdofo|efea|`r`|`oq'Eqesoqf|&

    qorosefhglsolqjbijcqherocoog fjq|egl |ho @glq|sp `qeqhelj}jb `|qjflqofb

    ked`gm `gq`mg`b`aeg|ajg|s`c|`jg|j|hoGe|`jgqoajgjkp'\ho|ox|`fokesdo| `qgj}

    ljk`ge|ol

    cp

    `k~js|osq'

    ]he|soeffpfol|j|hoajffe~qojb|ho@gluq|sp:

    \hoajgl`|`jgjb|ho\ox|`foKegbea|s`gm@glq|sp`gG`mos`e`qu`|oe~~eff`gmajk

    ~esol|j}he|`qjc|e`gol`gj|hosEbs`aegajg|s`oqqaheqMhege&Kef`eglKefe}e`'

    \ho\ox|`fo@glq|s`oq`g|hoqoEbs`aegAjg|s`oqhero}`|goqqolq`mg`b`aeg|msj}|hegl

    hero`kkogqofpcogob`|olbsjk|hoEbs`aegMsj}|heglJ~~js|g`|pEa|(3>>>)~sjk

    fme|olcp|ho_g`|olQ|e|oq|j f`cosef`qo|selo'Hj}oros&G`mos`egoros|jjdelreg

    |emojb|h`qj~~js|g`|p|j`gasoeqo`|qox~js|kesdo|'Efesmo~es|jb|ho|ox|`foke|o

    s`efq&oq~oa`effpEgdeseeso`k~js|olbsjk|hoqoEbs`aegajg|s`oq&}h`foRf`qajAjk

    ~egp(Hjffegl)ljk`ge|o|ho~sok`kqomkog|lo|j`|qh`mhuef`|p'\hoajffe~qojb

    |ho@glq|sp&}h`ahq|es|olmseleffpqorosefpoesqemj&aegcoe||s`c|ol|jMjrosg

    kog|qgomfoa|egl~jjs `k~fokog|e|`jgjb~jf`a`oq'\ho `gqogq`|`r`|pjb |hores`jq

    elk`g`q|se|`jgq egl jroslo~oglogao jg j`f sorogo ajg|s`c|ol |j |ho loaf`g`gm

    q|e|ojb|ho\ox|`fo@glq|spegl|hokegbea|s`gmqoa|jseqe}hjfo'Efqj&|ho `gbf

    ogaojb]oq|osgf`boq|pfoqjg~oj~foheqfol|j~sobosogaobjs`k~js|olbecs`aq`gafl

    88

    Sor`r`gm|hoG`mos`eg\ox|`fo@gluq|sp9@q|ho

    ce`fju|bugl|ho}epju|:

  • 8/2/2019 Industry Insights - Issue 02

    9/12

    `gmEgdese&feaoke|os`efqo|a&}h`ahheqajg|s`c|ol|j|holoaf`g`gmlokeglbjsfjaef

    |ox|`foq'Bs|hoskjso&|ho~osbjskegaojb|ho@glq|spsoao`roleqorosocfj} `g|ho

    k`l 500>q }hog |ho Bolosef Mjrosgkog| q`mgol |ho ]jsfl \selo Jsmeg`ye|`jg

    |soe|p&}h`ah bffp f`cosef`yol |ox|`fo |selo'\h`qemsookog|ogajsemol |ho `gbfxjb

    `k~js|ol |ox|`fo ~sjla|q `g|j |ho ajg|sp' \ho @glq|sp heq femmol coh`gl lo |j

    ~jjsbecs`auef`|pegl feadjb `ggjre|`roloq`mgq|je||sea|aq|jkosq'J|hosbgle

    kog|efaheffogmoqbeaolcp~feposq`g|ho@glq|sp`gaflo9

    H`mhajq|jbj~ose|`jg

    @gajgq`q|og|mjrosgkog|~jf`a`oqjg~sjh`c`|`jg&`k~js||es`bbq&ajgaoqq`jgegl

    mseg|qo|a

    Q|`bbajk~o|`|`jgbsjkahoe~|ox|`foke|os`efqbsjkEq`egkesdo|q

    \hsoe|bsjkqcq|`||oqoq~oa`effpbe`sfpqolafj|hoq

    Qkmmf`gmeglajg|osbo`|~sjla|q

    _qojbjcqjfo|o|oahgjfjmp

    Hesqhcq`goqqogr`sjgkog|

    ^jjs`gbseq|sa|sooq~oa`effp~jjs~j}osq~~fpeglcelq|e|ojbsjelq

    ^jjskegemokog|

    @geloue|obgl`gm

    @gbs`gmokog|jbfjaefkegbea|sosqfjmjeglloq`mgq

    ]oedsomfe|jspbseko}jsd

    \hoce`fju|@g`|`e|`ro

    @gec`l|jsor`ro|ho@glq|sp&|hoJceqegij folMjrosgkog|~feaolegj|s`mh|ceg

    jg `k~js|qjb|ox|`foke|os`efq `g|j|hoAjg|sp'\h`qhj}oros&}eqgj|qaaoqqbfeq

    or`logaol cp |ho ~cf`a l`q~fep jb `k~js|ol ke|os`efq `g res`jq kesdo|q q~soel

    easjqq |hoAjg|sp'\hoceggol |ox|`foke|os`efqesoqkmmfol `g|j |hoAjg|spegl

    eaajsl`gm |j G\KE& |ho Mjrosgkog| fjqoq jros ,1>> k`ff`jg |j qkmmf`gm' \ho

    Jceqegij folMjrosgkog| |jjdegj|hosq|o~ `gsor`r`gm |ho @glq|spcpqo||`gm~e

    ajkk`||oo&}h`ah~sj~jqole=>c`ff`jglorofj~kog|cjgl|ox|`fobgl'\h`qhj}

    orosgorosqe}|hof`mh||holep'

    Ego}

    ce`f

    j|

    `g`|`e|`ro

    aeffol

    Aj||jg

    \ox|`foq

    egl

    Meskog|

    @glq|sp

    Sor`ref

    qahoko(A\M)}eq`g|sjlaolcp|hofe|o^soq`log|_kesKqePesEle `g3>>0'

    \hoqahoko`grjfroq|ho`gioa|`jgjb5>>c`ff`jgr`efjegq&}h`ah}`ffcol`qcsqolcp

    |hoCegdjb@glq|sp|jfjaef|ox|`fokegbea|sosq}hjkoo||ho~sosou`q`|oq'Eqe|

    15q|Loaokcos3>5>&jgfp1>c`ff`jghelcoogl`qcsqol'\hoce`fj|`g`|`e|`ro~feg`q

    qoogeqe~jq`|`roq|o~|j}eslq|hosor`refjb|ho@glq|sp'Hj}oros&|hosoaog|f`b|`gm

    00

    ]olj

    gj|

    ogr`qemoegp

    q`mg`b`aeg|

    `k~ea|jg

    |hof`b|`gmjb

    |hoceg`g

    |hoqhjs|

    |oskm`rog

    |he||ox|`fo

    `k~js|osqefsoelpajg

    |sjfjros

    0>/jbq~

    ~fp'

  • 8/2/2019 Industry Insights - Issue 02

    10/12

    jb |hocegjg `k~js|ol |ox|`foqcp |hoBolosefMjrosgkog|heqse`qole fj|jbuoq|`jgq

    ekjgmq|edohjflosq'

    ]oljgj|ogr`qemoegpq`mg`b`aeg|`k~ea|jg|hof`b|`gmjb|hoceg`g|hoqhjs||oskm`rog

    |he||ox|`fo`k~js|osqefsoelpajg|sjfjros0>/jbq~~fp'

    @gjsj~`g`jg&|ho@glq|sp `qbeaol}`|hbglekog|ef~sjcfokq&}h`ahaeggj|coqjfofp

    ellsoqqolcp|ho `gioa|`jgjb5>>c`ff`jgcpMjrosgkog|'\hoMjrosgkog|goolq|j `k

    ~fokog| berjsecfo ~jf`a`oq |he| }`ff asoe|o eg ogecf`gm ogr`sjgkog| bjscj|h fjaef egl

    bjso`mg`groq|jsq'\h`q`gafloq~sjr`l`gmmjjl`gbseq|sa|so&oq~oa`effpq|oelp~j}osq~

    ~fp(eceq`agoaoqq`|pbjs|ho@glq|sp)'J|hos`g`|`e|`roq`gsor`r`gm|ho@glq|speglhof~`gm

    fjaefkegbea|sosq|jajk~o|oberjsecfp}`|h`k~js|osq`gaflo9

    @groq|`gm`g|hoems`af|soqoa|jsbjs|hoq~~fpjbse}ke|os`efqqaheqaj||jg

    @groq|`gm `g soqoesah egl lorofj~kog| jg go} |oahgjfjmp ~sjaoqqoq& `ggjre|`ro

    loq`mgqegl`k~sjr`gm|houef`|pjbfjaefaj||jg

    Qcq`l`y`gml`oqofeglFj}^jsBofJ`f(F^BJ)ajq|q

    @g|sjla`gm|ho~cf`a~s`re|o~es|gosqh`~qahoko`g|ho@glq|sp

    @k~fokog|`gm~jf`a`oq|he|}`ff~sj|oa|fjaef|ox|`fokegbea|sosqqaheqsola`gm

    |ho|es`bbjg`k~js|olou`~kog|eglse}ke|os`efq

    Obboa|`rokjg`|js`gmjb`k~js|ol|ox|`fo~sjla|q

    Eaaoqq|jbgl`gme|fj}se|oq

    @gajgafq`jg& |ho sor`refjb |ho\ox|`fo @glq|sp `q bes bsjk soef`|peq |hosoesogjj|hos

    ~fegqcp

    |ho

    Mjrosgkog|

    e`kol

    e|

    q~~js|`gm

    |ho

    @glq|sp

    `g

    ell`|`jg

    |j

    |ho

    ce`f

    j|

    bgl'

    5>5>

  • 8/2/2019 Industry Insights - Issue 02

    11/12

    5555

    Emq|j `q e #cfoah`~*fesmoae~# `glox jb ou`|`oq uj|ol `gG`mos`e' \ho @glox `q loq`mgol |j

    so~soqog||ho~osbjskegaojbG`mos`eguj|olou`|`oqegl&|jemsoe|ox|og|&|ho~osbjskegaojb|ho

    G`mos`egoajgjkp'Emq|jajk~s`qoqjb|hofoel`gmuj|olajk~eg`oq`g|hofoel`gmqoa|jsqjb

    |hoG`mos`egoajgjkp'\ho @glox `q}o`mh|olcpkesdo|ae~`|ef`qe|`jg qcioa| |jeae~jb5?/bjs

    oeahajk~egpegl3?/bjsoeahqoa|js'

  • 8/2/2019 Industry Insights - Issue 02

    12/12

    5353

    Emuq|j " Aj' F`k`|ol

    Emq|j"Aj'`q|hobjsokjq|asol`|

    se|`gmemogap`gG`mos`e&q~oa`ef`y`gm

    `g b`gega`ef `gq|`||`jgq& ajs~jse|o

    egl cjgl se|`gmq' ]o eso efqj e

    soqoesah jsmeg`ye|`jg ~sjr`l`gm

    cq`goqq

    `gbjske|`jg

    bjs

    js

    res`jq

    af`og|q'

    Eq cq`goqq `gbjske|`jg qosr`ao

    ~sjr`losq& }o ~cf`qh `glq|sp

    so~js|q ajg|e`g`gmgc`eqol ox~os|

    egefpq`qjbres`jq `glq|s`oq `g |ho

    G`mos`egOajgjkp']ome|hos`gbjs

    ke|`jg ecj| |ho kesdo| q`yo egl

    ~j|og|`ef jb eg `glq|sp& `|q dop

    ~feposq& ajk~o|`|jsq& ~sjla|q egl

    b`gega`ef ajgl`|`jg ekjgmq|j|hosq'

    @g~sjr`l`gmecsjeljrosr`o}jb|ho

    `glq|sp egl `|q dop ~feposq& js

    egefpq|q `g|os~so| le|e ajffoa|ol

    egl

    eqq`mg

    oeah

    `glq|sp

    e

    s`qd

    se|`gm& |ed`gm `g|jajmg`qegaoG`mo

    s`eqs`qd~sjb`fo'

    ]o efqj ajgla| af`og| q~oa`b`a

    lo|e`folsoqoesah'

    \hoaj~ps`mh|jb|h`qljakog|`qsoqosrolcpEmq|j"Aj'F`k`|ol'Gjke||osajg|e`golhoso`gkepco

    so~sjlaol&l~f`ae|oljsaj~`olcpegpkoegq}he|qjoros}`|hj||ho~s`js}s`||ogajgqog|jbEmq|j

    "Aj'F`k`|ol'Ea|`jg}`ffco|edogeme`gq|ajk~eg`oqjs`gl`r`lefq}hj`mgjso|h`q}esg`gm'\ho`gbjs

    ke|`jgajg|e`gol`g|h`qljakog|heqcoogjc|e`golbsjk qjsaoq}h`ah}oajgq`los|jcosof`ecfo

    c|lj

    gj|

    meseg|oo

    eq

    qah'

    \ho

    j~`g`jgq

    ox~soqqol

    `g

    |h`q

    ljakog|

    lj

    gj|

    so~soqog|

    `groq|kog|

    js

    j|hoselr`aoeglqhjfl|hosobjsogj|coajgq|soleqqah'

    \hoa`safe|`jgjb|h`qljakog|`qsoq|s`a|ol|j}hjk`|heqcoogellsoqqol'Egpge|hjs`yoll`qafj

    qsojsqojb|ho`gbjske|`jgajg|e`golhoso`g`q~sjh`c`|ol'

    L`qafe`kos

    Emuq|j " Aj' F`k`|ol_CEHjuqo(?|hBfjjs)&?=Kes`ge

    Femjq

    ^'J'Cjx?2512&@djp

    \of9(31