Artificial Intelligence
AS Tallink Grupp Unaudited Consolidated Interim Report Q4 2019
In the 2019 financial year (1 January – 31 December), Tallink Grupp AS and its subsidiaries (the Group) carried a record number, a total of 9 763 210 passengers, which is 6 599 passengers more compared to the 2018 financial year. The number of cargo units transported decreased by 1.4% compared to the previous financial year. The Group’s unaudited consolidated revenue amounted to EUR 949.1 million (EUR 949.7 million in 2018). Unaudited EBITDA was EUR 171.1 million (EUR 142.8 million, 2018) and unaudited net profit for the financial year was EUR 49.7 million or EUR 0.07 per share (EUR 40.0 million or EUR 0.06 per share, 2018).In the 2019 financial year, the Group’s revenue and operating result were impacted by the following operational factors:The number of passengers travelling on the Group’s ships increased in almost all geographical segments (Estonia-Finland, Finland-Sweden and Latvia-Sweden).Planned dockings of seven ships. Among other ships, the maintenance and repair of cruise ferry Baltic Queen lasted for 42 days, which affected the Estonia-Sweden segment’s first quarter carriage volumes and financial result.The competition on the maritime traffic between Estonia and Finland puts pressure on ticket and cargo prices.Lowered alcohol excise tax in Estonia effective from 01 July 2019.Lower bunkering prices from lower global prices and fuel price agreements.Tight cost control, investments to vessels’ energy efficiency and automation projects.Sales and segmentsIn 2019, the Group’s total revenue decreased by EUR 0.6 million and amounted to EUR 949.1 million. The total revenue in 2018 amounted to EUR 949.7 million and in 2017 EUR 967.0 million. The total revenue from the route operations (core business) decreased by EUR 0.6 million to EUR 883.2 million.The core business was heavily affected by the weaker than expected cargo market, being mainly influenced by the uncertainty surrounding the UK’s withdrawal from the EU, the labour strikes in Finland in the fourth quarter of 2019 and increased competition through added capacity. In 2019, The Group’s ships carried a total of 5.1 million passengers on the Estonia-Finland routes, which is 0.7% increase compared to last year and the number of transported cargo units on the routes decreased by 1.5%. Due to pressure on ticket and cargo prices resulting from increased competition, Estonia-Finland routes’ revenue decreased by EUR 2.0 million and amounted to EUR 354.0 million. However, the segment result was supported by strong cost control, improved operational efficiency and lower fuel cost. The segment result increased by EUR 0.1 million and amounted to EUR 80.4 million.The Finland-Sweden routes’ revenue increased by EUR 6.9 million and amounted to EUR 344.4 million. The segment’s result increased by EUR 10.6 million, compared to the previous year, and amounted to EUR 26.8 million. The positive developments were affected by the absence of lengthy maintenance and repair works cruise ferry Baltic Princess had in the first quarter of 2018 as well as supported by lower fuel cost and tight cost control.The Estonia-Sweden routes’ revenue decreased by EUR 6.7 million, compared to the previous year, and amounted to EUR 112.3 million. The routes’ carriage volumes and financial result were affected by the maintenance and repair works of cruise ferry Baltic Queen in the first quarter of 2019 financial year.The Latvia-Sweden route’s revenue increased by EUR 1.2 million, compared to the previous year. The growth was supported by a 0.5% higher passenger number and a 3.4% increase in the number of transported cargo units. Supported by lower fuel cost and tight cost control, the segment’s result increased by EUR 1.6 million, which exceeded the route’s revenue growth. The revenue from the other segment decreased by a total of EUR 1.1 million and amounted to EUR 73.7 million. The main reason for the decrease in other segment revenue was lower revenue from hotels, as Tallink Pirita Spa Hotel in Tallinn ceased operations from November 2018 due to sale of the hotel property by its owner. Unlike the accommodation sales, there was an increase in onshore shop sales, being supported by the lower excise tax in Estonia effective from 01 July 2019 as well as the new brand shops on land.EarningsIn 2019, the Group’s gross profit increased by EUR 13.1 million compared to last year, amounting to EUR 196.9 million. The Group’s EBITDA increased by EUR 28.3 million and amounted to EUR 171.1 million, 2019 financial year comparable EBITDA, i.e. without IFRS 16 adoption effect, increased by EUR 11.0 million compared to last year and was EUR 153.7 million. The Group’s profitability was impacted mainly by the following factors:Total EUR 12.9 million lower fuel cost. The fuel cost saving resulted from agreements with the fuel suppliers to fix the price for 41% of total fuel purchasing volume for the 2019 financial year and from savings on total fuel consumption, through various energy efficiency initiatives. In addition to that, the fuel cost was also positively affected by lower global bunkering prices.Higher income tax due to increase in dividends compared to last year.Positive impact to EBITDA from increase of revenue from shops on land (in port area) due to lowered alcohol excise tax in Estonia effective from 01 July 2019.Negative impact to EBITDA from nonrecurring costs in the amount of EUR 2.4 million including tax related to the Managerial Personnel termination benefits.Amortisation and depreciation expense increased by EUR 17.0 million to EUR 96.2 million compared to last year. The increase was a result of the IFRS 16 adoption effect in the amount of EUR 15.0 million.Net finance costs decreased by EUR 1.2 million compared to last year. The change includes a decrease of EUR 4.5 million in interest costs compared to same period the previous year and EUR 0.9 million less profit from foreign exchange differences and the revaluation of cross currency and interest rate derivatives. In addition, in 2019 there was EUR 2.3 million interest expense from right-of-use assets liabilities (IFRS 16 adoption effect).The Group’s unaudited net profit for 2019 financial year was EUR 49.7 million or EUR 0.074 per share compared to a net profit of EUR 40.0 million or EUR 0.060 per share in 2018 and net profit of EUR 46.5 million or EUR 0.069 per share in 2017.InvestmentsIn the 2019 financial year the Group’s investments amounted to EUR 60.9 million. Majority of the investments were made to technical dockings of seven vessels: Baltic Queen, Galaxy, Regal Star, Star, Silja Symphony, Victoria I, Isabelle. During the dockings, a number of investments were made to upgrade the ships restaurants, shops and other public areas. On cruise ferry Baltic Queen the Fast Lane restaurant was built, Grande Buffet and show bar Starlight were renewed. On cruise ferry Galaxy the Fast Lane restaurant was built, Grande Buffet and show bar Starlight were renewed, on the Fashion Street the SuperDry shop in shop was added and kids area Silja Land was renewed. On cruise ferry Silja Symphony the Starlight show bar was refurbished according to a new concept, restaurant Grill House, Bon Vivant and Sea Pub were renewed, the new Tommy Hilfiger shop was added and cabin renovation project was concluded.In addition to dockings, investments were also made to the ships’ technical maintenance to keep the ships in good technical working condition and innovative energy efficiency solutions were introduced, like upgrade of HVAC systems, fuel monitoring systems, preparations for high voltage shore power connections and hybrid battery solutions.The Group’s investments also included a prepayment for new LNG shuttle vessel MyStar in the amount of EUR 12.4 million paid in the second quarter of the 2019 financial year.Investments were also made to the development of the online booking and sales systems.DividendsIn May 2019 the shareholders’ annual general meeting decided to pay a dividend of EUR 0.05 per share from net profit for 2018. The total dividend amount of EUR 33.5 million was paid out on 03 July 2019. In addition, to improve the Company’s capital structure, the shareholders’ annual general meeting decided to reduce the Company’s share capital by EUR 0.07 per share or by EUR 46.9 million, which was paid out on 03 December 2019.To the shareholders’ annual general meeting in 2020 the management board will propose a dividend of EUR 0.06 per share from the financial year 2019 net profit. Results of the Q4 of 2019In the fourth quarter (1 October – 31 December) of 2019, the Group’s revenue decreased by EUR 0.2 million compared to same period last year and amounted to EUR 226.4 million. Restaurant and shop sales on-board and onshore increased by EUR 3.7 million, ticket revenue decreased by EUR 0.9 million and, as a result of 4.7% less transported cargo units, cargo revenue decreased by EUR 3.1 million.The fourth quarter EBITDA increased by EUR 9.4 million to EUR 33.4 million and net profit for the period was EUR 5.5 million. The positive development was affected by lower fuel cost and tight cost control as well as the absence of nonrecurring costs made in the fourth quarter of 2018.In the fourth quarter of 2019, the Group’s revenue and operating result were also impacted by the support strike in Finland, which resulted in 6 cancelled departures on Finland-Sweden routes. Due to the Postal and Logistics Union strike, the Christmas Gift cards on the Finnish market were received with a delay, shifting a portion of the expected revenue from December to January.Financial positionIn the fourth quarter, the Group’s net debt increased by EUR 12.4 million to EUR 539.0 million (EUR 428.0 at 31 December 2018) and the net debt to EBITDA ratio was 3.1 at the reporting date (3.0 at 31 December 2018).At the end of the fourth quarter, total liquidity (cash, cash equivalents and unused credit facilities) amounted to EUR 128.9 million (EUR 157.2 million at 31 December 2018) providing a strong financial position for sustainable operations.At 31 December 2019, the Group’s cash and cash equivalents amounted to EUR 38.9 million (EUR 82.2 million at 31 December 2018) and the Group had EUR 90.0 million in unused credit lines (EUR 75.0 million at 31 December 2018).Economic EnvironmentThe group operates shipping routes to and from Finland, Sweden, Estonia and Latvia and therefore considers these countries its home markets. As nearly half of the passengers are Finns the Group is exposed the most to economic developments in Finland. Exposure is also high to economic developments in Estonia (19% of total passengers in 2019) and Sweden (11%). The number of passengers from Latvia accounted for 4% of the total passengers in 2019 with the remaining 21% from the rest of the world, mainly Europe.The business confidence (OECD measure) slipped throughout the year, including fourth quarter of 2019, across all the home markets, and remains currently clearly below the long-term averages. This dynamic of high uncertainty reflects also in the development of the number of transported cargo units. In addition, our cargo operations were adversely affected also by increased competition, specific issues within certain industries and strikes in Finland. Despite the average confidence remaining lower than a quarter ago, the monthly developments in the fourth quarter 2019 looked more encouraging, particularly in Latvia and Estonia but also in Finland. The confidence of Estonian and Latvian consumers continued to increase in the fourth quarter of 2019, both over the previous quarter and over last year’s level. The confidence of Finnish and Swedish consumers remained on par with the recent results (third quarter of 2019) which is a good development given the consistent erosion seen over the past years. On the Estonia-Finland route, the on-board sales were further supported by the lowering of Estonian excises taxes in July 2019. The strengthening of Swedish Krona from mid-October onwards was another supportive factor to our passenger operations.As was the case throughout the year the labour market situation continued to be challenging also in the fourth quarter of 2019, particularly in Estonia – low unemployment and high expectations on salaries. Seasonally lower staff need in the last quarter of the year eased the situation somewhat compared to the summer.On a more positive side, the pace of inflation slowed in the fourth quarter of 2019 to the lowest quarterly level seen in 2019 on all the home markets, except Sweden. In the fourth quarter of 2019 inflation, according to Eurostat, remained fairly close to the ECB long-term target rate of 2% in Estonia, Latvia and Sweden. Inflation continued to be the lowest in Finland falling as low as 0.9% in the last quarter of 2019.The effective market prices of the relevant fuels (in euros) remained more than 4% lower relative to the fourth quarter of 2018. However, in December the prices were higher than a year ago. As we continue to have exposure to market prices the fuel price hikes remain one of the characteristic risks of our operations.Other key risks to the home markets’ environment continue to be related to global uncertainties (including trade tensions between China and the US and in particular to the UK’s withdrawal from the EU) and deferral of investments leading to decreasing trade for all of the open economies around the Baltic Sea. The persisting global uncertainties appear to already drive declining business confidence and lower investments leading to the most relevant markets in Europe flirting with recession as well as weakening of our cargo operations. Also, subject to the persistence and extent, the coronavirus outbreak could lead to lower demand for passengers from Asia.Events in Q4Capital reduction
In May 2019, the shareholders’ general meeting decided to reduce the Company’s share capital by EUR 0.07 per share or by EUR 46.9 million, in order to improve the Company’s capital structure. The share capital reduction was paid out on 03 December 2019.Changes in the Group structure
In November 2019, Tallink Fast Food OÜ, a wholly-owned subsidiary of Tallink Grupp AS, registered a wholly-owned subsidiary in Lithuania – Tallink Fast Food Lithuania UAB– which is the Group’s first subsidiary in Lithuania, and a wholly-owned subsidiary in Latvia – Tallink Fast Food Latvia SIA. The purpose of founding the subsidiaries is operation of Burger King restaurants in Lithuania and Latvia.Change in Tallink Grupp AS loan obligations
In November 2019, Tallink Grupp AS signed a revolving credit facility agreement in the amount of EUR 60 million. The financing provided by Swedbank AS carries Euribor based floating interest rate and has a final maturity of four years.The loan can be drawn on demand and proceeds could be used for general corporate purposes. As a result of the transaction, the Group’s liquidity buffers are strengthened. The new loan is guaranteed by Baltic SF VII Ltd., a subsidiary of Tallink Grupp AS and is secured by the mortgage on vessel Silja Europa belonging to the same subsidiary.Events after the reporting period and outlookFuel price risk management
The Group has agreed with its fuel suppliers to fix prices for a substantial portion of its total fuel purchasing volume for the 2020 financial year.Ship dockings
The modernisation of the Group’s fleet continues in 2020 and in the first quarter there are planned dockings of five vessels: Seawind, Megastar, Romantika, Silja Europa and Silja Symphony. The investments will be made to ship’s technical maintenance, upgrades to public areas and a number of energy efficiency projects as well as projects to reduce emissions such as the trial of the wind-assisted ship propulsion unit for Regal Star, the installation of the Ballast Water Treatment System and replacement of the vessel’s provision cooling system on Silja Europa. The planned service breaks of five vessels will total to 69 days in the first months of 2020.Prepayments for new shuttle vessel MyStar
In the first quarter of 2020, another prepayment in the amount of EUR 12.4 million will be made for new shuttle vessel MyStar. During the 2020 financial year, two additional prepayments will be made in the second and the third quarter, each in the amount of EUR 24.7 million.Changes in the Group structure
In February 2020, Hansatee Cargo AS, a wholly-owned subsidiary of Tallink Grupp AS, was merged with the Group company Tallink AS and thereafter deleted from the Commercial Registry.Earnings
The Group’s earnings are not generated evenly throughout the year. The summer period is the high season in the Group’s operations. In management’s opinion and based on prior experience most of the Group’s earnings are generated during the summer period (June-August).Research and development projects
Tallink Grupp AS does not have any substantial ongoing research and development projects. The Group is continuously seeking opportunities for expanding its operations in order to improve the results.The Group is looking for innovative ways to upgrade our ships and passenger area technology to improve the overall performance of our company through modern solutions. The most recent project, in collaboration with ports in the Baltic Sea area, involves making the preparations for the use of high-voltage shore connection during the vessels’ port stays. Another ongoing collaboration with the Tallinn University of Technology (TalTech) involves the development of „Smart Car Deck“ solutions.In addition, the Group is participating in a programme, funded by the European Space Agency, with a goal to develop techniques for autonomous navigation for ships, using a combination of different sensors, machine learning and artificial intelligence.Risks
The Group’s business, financial position and operating results could be materially affected by various risks. These risks are not the only ones we face. Additional risks and uncertainties not presently known to us, or that we currently believe are immaterial or unlikely, could also impair our business. The order of presentation of the risk factors below is not intended to be an indication of the probability of their occurrence or of their potential effect on our business.Accidents, disastersMacroeconomic developmentsChanges in laws and regulationsRelations with trade unionsIncrease in the fuel prices and interest ratesMarket and customer behaviour
Key figures
1 Alternative performance measures based on ESMA guidelines are disclosed in the Alternative Performance Measures section of this Interim Report.
2 EBITDA adjusted for Q4 2019 without IFRS 16 adoption effect was EUR 28.9 million.
3 Please see note 6 for IFRS 16 adoption effect on assets.
4 Please see note 8 for IFRS 16 adoption effect on interest-bearing liabilities.
5 Does not include additions to right-of-use assets.EBITDA: result from operating activities before net financial items, share of profit of equity-accounted investees, taxes, depreciation and amortization
EBIT: result from operating activities
Earnings per share: net profit / weighted average number of shares outstanding
Equity ratio: total equity / total assets
Shareholder’s equity per share: shareholder’s equity / number of shares outstanding
Gross margin: gross profit / net sales
EBITDA margin: EBITDA / net sales
EBIT margin: EBIT / net sales
Net profit margin: net profit / net sales
Capital expenditure: additions to property, plant and equipment – additions to right-of-use assets + additions to intangible assets
ROA: earnings before net financial items, taxes 12-months trailing / average total assets
ROE: net profit 12-months trailing / average shareholders’ equity
ROCE: earnings before net financial items, taxes 12-months trailing / (total assets – current liabilities (average for the period))
Net debt: interest-bearing liabilities less cash and cash equivalents
Net debt to EBITDA: net debt / EBITDA 12-months trailing
Consolidated statement of profit or loss and other comprehensive income
Consolidated statement of financial position
Consolidated statement of cash flows
Veiko Haavapuu
Financial Director
AttachmentsTallink Grupp 2019 Q4 ENGTallink Grupp 2019 Q4 PresentationTallink Grupp 2019 Q4 Financial Data
Artificial Intelligence
SimSpace Welcomes Matt Knutsen as New Chief Revenue Officer to Spearhead Expansion Plan
SimSpace strengthens their leadership team, appointing Knutsen to drive revenue growth for the company as it expands further into the public sector
BOSTON, May 2, 2024 /PRNewswire/ — SimSpace, the US-based industry leader in AI-Powered cyber ranges, announced today the appointment of Matt Knutsen as its new Chief Revenue Officer (CRO). Matt will champion SimSpace’s global sales and revenue growth strategy. He will drive expansion initiatives and foster strategic partnerships to stress test businesses’ and state agencies’ people, processes and technologies against the most advanced adversaries.
With more than 20 years of experience in the field, Matt most recently held the position of CRO at cyber training provider Immersive Labs, where he increased revenue growth by over 4000% and attracted over $180M in investment. He also launched the company into new markets, expanding the team across Australia, Europe, the Middle East, New Zealand and the US. The combination of Matt’s wealth of experience and his in-depth industry knowledge make him well-equipped to lead SimSpace’s next phase of growth.
As nation-state attacks rise in frequency, and AI drives a new wave of severe cyberattacks, companies also have to navigate uncertain economic conditions. SimSpace empowers organizations to cut unnecessary spending through stack optimization, allowing CISOs to maximize their ROI and effectiveness of their technology stack. Knutsen’s influence in the field will propel the SimSpace Platform to new heights, advancing access for companies and governments that need to optimize their cybersecurity defenses and safeguard their critical infrastructure from an increasingly volatile threat landscape.
Matt Knutsen is the most recent addition to SimSpace’s Executive Leadership Team, following Clint Sand’s appointment as Chief Product Officer in February 2024. His appointment underscores SimSpace’s continued growth trajectory, headed by the $45M they secured in funding from L2 Point Management, bringing the total capital raised over the past year to $70M. The company has also bolstered their presence in the public sector, marked by their recent partnership with Carahsoft and their multi-year contract with Florida to enhance the state’s cybersecurity preparedness. SimSpace’s high fidelity cyber ranges and simulations will enable state agencies and programs like Cyber Florida to rehearse and respond to cyberattacks.
Commenting on Matt’s arrival, SimSpace CEO William Hutchison said, “Matt is a seasoned executive, who has accumulated years of knowledge on cybersecurity best practices and established himself as a leading authority in cyber range exercises. His industry influence, strategic vision and conviction in the importance of cybersecurity preparedness will shape the future success of the company at this crucial time of expansion. With Matt leading our revenue organization, we have full confidence in our capacity to deepen our valued partnerships and build strong, new connections which will further elevate SimSpace’s position as a trusted cybersecurity partner.”
Matt Knutsen, Chief Revenue Officer commented, “I’m looking forward to bringing a proactive approach to cybersecurity risk management to even more private and public sector organizations. I’ve already been impressed by SimSpace’s high-fidelity cyber range simulations, both on and off premise. It’s a great time to be joining the company and I’m excited to build upon SimSpace’s recent rapid growth with even more partnerships.”
About SimSpace
SimSpace is the global leader in AI-Powered cyber ranges, founded by experts from U.S. Cyber Command and MIT’s Lincoln Laboratory to respond to a new era of unprecedented cyber threats. Having raised nearly $70 million in funding over the past year, the company’s Platform enables the most sophisticated enterprises, governments, and critical national infrastructure organizations to find intelligence-driven answers to the most vexing security, governance, training, and cyber readiness questions. SimSpace provides high-fidelity cybersecurity simulations, training, and safe live-fire exercises to Fortune 2000 financial, retail, insurance, and other commercial markets. SimSpace’s Platform results in an average reduction in cyber operational costs of 30% and a 40% reduction in breaches.
For more information, please visit: www.SimSpace.com.
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Artificial Intelligence
Enterprise AI Market to Be Worth $171.2 Billion by 2031–Exclusive Report by Meticulous Research®
REDDING, Calif., May 2, 2024 /PRNewswire/ — According to a new market research report titled, ‘Enterprise AI Market by Offering (Solutions, Services), Deployment Mode, Organization Size, Technology (ML, NLP), End-use Industry (IT & Telecom, Healthcare, Retail & E-commerce, Media & Advertisement) and Geography—Global Forecast to 2031,’ the global enterprise AI market is projected to reach $171.2 billion by 2031, at a CAGR of 32.9% from 2024 to 2031.
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Enterprise artificial intelligence (AI) is the integration of advanced AI-enabled technologies and techniques within large organizations to enhance business functions. Enterprise AI encompasses routine tasks of an organization such as data collection and analysis, supply chain management, finance, marketing, customer service, human resources and cybersecurity, and risk management. Enterprise AI is an integration of AI-enabled technologies such as machine learning, natural language processing, image processing, and speech recognition. Enterprise AI is used in various industries such as media & advertising, healthcare, retail & e-commerce, BFSI, government, automotive, and IT & telecom.
The growth of the enterprise AI market is driven by enterprises’ increasing need to enhance customer satisfaction and the growing implementation of enterprise AI solutions in the IT & telecom sectors. However, the high costs of enterprise AI solutions restrain the growth of this market. Furthermore, the increasing need for conversational AI solutions for optimized sales & marketing management and the growing need to automate business processes are expected to generate growth opportunities for the players operating in this market. However, data privacy & security concerns are a major challenge impacting market growth. Additionally, the growing adoption of AI chatbots for customer interaction and the increasing integration of Machine Learning (ML) technology into enterprise AI solutions are prominent trends in this market.
The global enterprise AI market is segmented by offering (solutions and services [professional services and managed services]), deployment mode (cloud-based deployment and on-premise deployment), organization size (large enterprises and small & medium-sized enterprises), technology (machine learning, image processing, natural language processing, and speech recognition), end-use industry (media & advertising, healthcare, retail & e-commerce, BFSI, government, automotive, IT & telecom, and other end-use industries), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.
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Based on offering, in 2024, the solutions segment is expected to account for the larger share of 63% of the enterprise AI market. The segment’s large market share is attributed to the growing adoption of enterprise AI solutions to solve specific business challenges or streamline business processes and the growing implementation of these solutions to automate tasks, analyze data, and provide insights.
However, the services segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by the growing need for AI consulting, data analysis, and enterprise-grade AI solution development, maintenance, and support and the rising adoption of services to automate tasks and help improve business operations efficiently.
Based on deployment mode, in 2024, the on-premise deployment segment is expected to account for the largest share of the enterprise AI market, with a revenue contribution of around USD 13 billion. The segment’s large market share is attributed to the increasing on-premise deployment of enterprise AI solutions by large enterprises and the growing demand for service flexibility, enhanced customer experience, and efficiency in managing risks and compliance.
However, the cloud-based deployment segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by benefits associated with cloud-based deployment, including easy maintenance of customer data, cost-effectiveness, and scalability, and the increasing demand for enterprise AI solutions that support multi-cloud deployments.
Based on organization size, in 2024, the large enterprises segment is expected to account for the larger share of the enterprise AI market. The segment’s large market share is attributed to the growing emphasis on developing strategic IT initiatives among large enterprises, the increasing need to manage large volumes of customer-level data, and the early adoption of advanced technologies across various sectors such as retail, manufacturing, healthcare, and automotive.
However, the small & medium-sized enterprises segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by the increasing need for chatbots and digital assistants among small & medium-sized enterprises and the increasing need to improve performance, quality management, and customer satisfaction in call centers.
Based on technology, in 2024, the machine learning segment is expected to account for the largest share of the enterprise AI market. The segment’s large market share is attributed to the growing adoption of enterprise AI solutions with machine learning capabilities to analyze historical data and identify patterns and the increasing use of these solutions in e-commerce, streaming platforms, and content websites.
However, the natural language processing segment is expected to register the highest CAGR of 37.4% during the forecast period. The growth of this segment is driven by the growing need to understand, interpret, and generate human language data and the rising adoption of NLP to analyze user preferences, behaviors, and interactions to deliver personalized content.
Based on end-use industry, in 2024, the IT & telecom segment is expected to account for the largest share of 26% of the enterprise AI market. The segment’s large market share is attributed to the increasing demand for personalized customer experiences enabled by AI technologies, the rising adoption of AI for analyzing data from network sensors to optimize operations, and the growing utilization of AI to enhance network performance and deliver customized services. Also, this segment is expected to register the highest CAGR during the forecast period.
Based on geography, in 2024, North America is expected to dominate the global enterprise AI market. North America enterprise AI market is estimated to be worth USD 9 billion in 2024. North America’s significant market share can be attributed to the growing adoption of enterprise AI solutions in the retail, healthcare, and finance sectors, the rising implementation of AI to enhance customer engagement, inventory management, and personalized shopping experience, and the increasing use of chatbots on websites, social media platforms, and messaging apps to respond customer inquiries.
However, Asia-Pacific is expected to register the highest CAGR of 34.3% during the forecast period. The growth of this regional market is driven by the growing emphasis by companies to launch chatbots and virtual assistants in the Asia-Pacific region, growing demand for chatbots and voice assistant solutions, and increasing demand for AI-powered customer support services.
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The key players operating in the enterprise AI market are NVIDIA Corporation (U.S.), Google LLC (A subsidiary of Alphabet Inc.) (U.S.), Amazon Web Services, Inc. (A Subsidiary of Amazon.com, Inc.) (U.S.), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Verint Systems Inc. (U.S.), SAP SE (Germany), Pegasystems Inc. (U.S.), Wipro Limited (India), Intel Corporation (U.S.), Oracle Corporation (U.S.), Hewlett Packard Enterprise (U.S.), MicroStrategy Incorporated (U.S.), Amelia US LLC (U.S.), Sentient.io (Singapore).
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Scope of the Report:
Global Enterprise AI Market Assessment—by Offering
SolutionsServicesProfessional ServicesManaged ServicesGlobal Enterprise AI Market Assessment—by Deployment Mode
On-premise DeploymentCloud-based DeploymentGlobal Enterprise AI Market Assessment—by Organization Size
Large EnterprisesSmall & Medium-sized EnterprisesGlobal Enterprise AI Market Assessment—by Technology
Machine LearningNatural Language ProcessingImage ProcessingSpeech RecognitionGlobal Enterprise AI Market Assessment—by End-use Industry
IT & TelecomNetwork OptimizationCustomer Service Automation and Virtual AssistantsHuman Resource ManagementCustomer AnalyticsCybersecurityOther IT & Telecom Applications BFSISecurity and Risk ManagementStreamlining Regulatory ComplianceCustomer Relationship ManagementReal-Time Transaction MonitoringData Analytics & PredictionOther BFSI Applications HealthcareHospital Workflow ManagementLifestyle ManagementPatient Data & Risk AnalyticsMedical Imaging & DiagnosisPrecision MedicineRemote Patient MonitoringRobot-assisted SurgeryDrug Discovery Retail & E-commerceSearch and RecommendationsCustomer Relationship ManagementInventory ManagementSupply Chain OptimizationIn-store Visual Monitoring & SurveillancePredictive AnalyticsDemand ForecastingChatbots Media & AdvertisementChatbots and Virtual AssistantsPredictive AnalyticsSales & Marketing AutomationAdvertising RecommendationContent GenerationTalent IdentificationProduction Planning & Management AutomotiveAdvanced Driver Assistance SystemsHuman-Machine InterfaceVehicle PersonalizationDesigning and Production ManagementSupply Chain ManagementOther Automotive Applications GovernmentFraud Detection and PreventionAdministrative ProcessesDisaster Management and ResponsePersonalized User SupportOther Government Applications Other End-use IndustriesGlobal Enterprise AI Market Assessment —by Geography
North AmericaU.S.CanadaEuropeGermanyU.K.FranceItalySpainRest of EuropeAsia-PacificChinaJapanIndiaSouth KoreaSingaporeRest of Asia-PacificLatin AmericaMiddle East & AfricaRelated Reports:
Conversational AI Market by Offering, Application, Organization Size, Deployment Mode, Sector (IT & Telecommunications, BFSI, Retail & E-commerce, Healthcare & Life Sciences, Travel & Hospitality, Education, Manufacturing) – Global Forecast to 2030
Speech and Voice Recognition Market by Function (Speech, Voice Recognition), Technology (AI and Non-AI), Deployment Mode (Cloud, On-premise), End User (Consumer Electronics, Automotive, BFSI, Other End Users), and Geography – Global Forecast to 2030
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AI in E-commerce Market by Technology (ML, NLP, Computer Vision), Business Model, Deployment Mode, Product Offering (Beauty & Fashion, Pharmaceutical, Electronic), End User (B2B, B2C), and Geography – Global Forecast to 2031
Healthcare Artificial Intelligence Market by Offering (Software, Services), Technology (ML, NLP), Application (Hospital Workflow Management, Patient Management), End User (Hospitals & Diagnostic Centers), and Geography – Global Forecast to 2031
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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Mr. Khushal BombeMeticulous Market Research Inc.1267 Willis St, Ste 200 Redding,California, 96001, U.S.USA: +1-646-781-8004Europe : +44-203-868-8738APAC: +91 744-7780008Email- [email protected] Visit Our Website: https://www.meticulousresearch.com/Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-researchContent Source: https://www.meticulousresearch.com/pressrelease/1041/enterprise-ai-market-2031
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Artificial Intelligence
Virtual Assistant Market Size to Grow USD 8613.5 Million by 2030 at a CAGR of 22.3% | Valuates Reports
BANGALORE, India, May 2, 2024 /PRNewswire/ — Virtual Assistant Market is Segmented by Type (Fax, Media), by Application (Retail & Ecommerce, BFSI, Automotive, Healthcare).
The Global Virtual Assistant Market was valued at USD 2054.5 Million in 2023 and is anticipated to reach USD 8613.5 Million by 2030, witnessing a CAGR of 22.3% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Virtual Assistant Market:
Because of its advanced digital infrastructure and early acceptance of technology, North America is the leader in the virtual assistant business. With so many tech-savvy professionals in the US and Canada, virtual assistant jobs are becoming more and more appealing to them as flexible work options. This region’s virtual assistant platform industry is growing due in part to the presence of large technological corporations and startups. Furthermore, as companies look for affordable options for administrative help, the surge in remote work trends—particularly in the wake of the pandemic—has increased demand for virtual assistants.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL VIRTUAL ASSISTANT MARKET
The growing requirement for efficient administrative support services is driving the virtual assistant market in the BFSI sector. Virtual assistants, who manage administrative tasks including data entry, document preparation, and email correspondence, are a wonderful asset to financial firms. Their remote access to planning resources from a home office makes it easier for clients to cooperate and boosts output. Additionally, virtual assistants with specialised knowledge in banking, finance, and regulatory compliance improve customer service and operational performance in the BFSI sector.
Because they offer administrative help to companies in the retail and e-commerce sectors, virtual assistants are essential to this industry. Virtual assistants let retailers focus on their main business activities by streamlining their operations and performing tasks like inventory management, product listing updates, and customer questions and orders processing. Their remote access to common calendars and other planning materials guarantees smooth client collaboration and improves responsiveness to client requests. Because virtual assistants provide flexible support services that can adjust to changing demand levels, they can help retail and e-commerce enterprises scale.
Virtual assistants are fostering growth in the automotive industry by offering administrative support services to companies in this field. Virtual assistants help auto firms with a range of duties, such as addressing client questions, making appointment arrangements, and organising logistics for car delivery and maintenance. The flexibility and efficiency of the automotive supply chain are increased by their remote access to planning documents and capacity to work from home offices. Furthermore, virtual assistants enhance client satisfaction by offering prompt help and support during the whole lifespan of a vehicle.
The market for virtual assistants is expanding in the healthcare industry as providers look to enhance patient care and streamline administrative procedures. Virtual assistants help healthcare businesses by taking care of patient queries, organizing appointments, and helping with medical paperwork duties. They may collaborate with healthcare professionals more easily and efficiently since they can work from home offices and access shared calendars and patient information. By promptly responding to questions and concerns about healthcare, virtual assistants can help to increase patient satisfaction.
The demand for cost-cutting and operational efficiency, the emergence of software-defined networking (SDN) technologies, and the growing complexity of network infrastructures are the main drivers of the market for network automation. In response to expanding digital transformation projects and the growth of cloud-based services and apps, organisations across a wide range of sectors are adopting automation to increase agility, streamline network administration operations, and boost security posture.
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VIRTUAL ASSISTANT MARKET SHARE ANALYSIS
Due to the region’s early technological adoption and strong digital infrastructure, North America now dominates the virtual assistant industry. There is a sizable pool of tech-savvy workers in the US and Canada who are increasingly looking for flexible work options in virtual assistant professions. The existence of established tech firms and new ventures focused on virtual assistant platforms contributes to the expansion of this industry in this area. In addition, as companies look for affordable options for administrative help, the need for virtual assistants has increased due to the rise in remote work patterns, particularly in the wake of the pandemic.
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Key Companies:
OracleNuance CommunicationsMicrosoftInbenta TechnologiesSamsung ElectronicsAppleIBMIntelGOOGLE INCAmazonPurchase Chapters: https://reports.valuates.com/market-reports/QYRE-Auto-21S6075/global-and-united-states-virtual-assistant/1
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