Artificial Intelligence
2019 Annual Results – SCOR in 2019: profitable growth, strong capital generation, high solvency – Net income of EUR 422 million and dividend of EUR 1.80 per share
Press Release
February 27, 2020 – N° 42019 Annual ResultsSCOR in 2019: profitable growth,
strong capital generation, high solvencyNet income of EUR 422 million and dividend of EUR 1.80 per shareSCOR navigates 2019 with disciplined and profitable franchise expansion, leveraging its balanced portfolio of risks between Life reinsurance and P&C reinsurance, and continues its strong value creation through delivering solid capital generation. In line with its consistent capital management process and dividend policy, the Group is proposing a dividend of EUR 1.801 per share for 2019.Gross written premiums total EUR 16,341 million in 2019, up 4.1% at constant exchange rates compared with 2018 (up 7.1% at current exchange rates).SCOR Global P&C gross written premiums are up 12.7% at constant exchange rates compared with 2018 (up 15.8% at current exchange rates). Altogether SCOR Global P&C adds approximately EUR 1.0 billion of gross written premiums in 2019 whilst absorbing a high level of natural catastrophe and man-made claims, and demonstrating technical profitability with a net combined ratio of 99.0% in 2019.SCOR Global Life gross written premiums are slightly down 1.8% at constant exchange rates compared with 2018 (up 1.2% at current exchange rates). This variation is largely driven by the renewal of certain Financial Solutions transactions as fee business (rather than as premiums) in 2019. Excluding these transactions, Life gross written premiums have grown by 4.5%2 at constant exchange rates. SCOR Global Life continues to successfully expand its franchise and delivers a strong level of technical profitability in 2019 by recording a technical margin of 7.5%.SCOR Global Investments pursues a prudent asset management strategy and delivers a strong return on invested assets of 3.0% in 2019, benefiting from capital gains.The Group cost ratio which stands at 4.7% of gross written premiums, is better than the “Quantum Leap” assumption of ~5.0%.The Group net income stands at EUR 422 million for 2019, up 31.1% compared to 2018. The return on equity (ROE) stands at 7.0%, 636 bps above the risk-free rate3. The normalized4 return on equity for the year is 9.0%, exceeding the profitability target of the strategic plan “Quantum Leap”.Group net operating cash flows stand at EUR 841 million in 2019, with robust cash flows from SCOR Global P&C in line with expectations despite significant payments on 2017 and 2018 natural catastrophe events. SCOR Global Life experienced lower cash flow as a result of the volatility on claim payments. 2018 was positively affected by a large one-off transaction. The Group’s total liquidity stands at EUR 1.5 billion at December 31, 2019.Shareholders’ equity stands at EUR 6,374 million at December 31, 2019, up by EUR 546 million compared with December 31, 2018, after the net income contribution of EUR 422 million and dividend payment of EUR 325 million in May 2019. This results in a strong book value per share of EUR 34.06, compared to EUR 31.53 at December 31, 2018.Financial leverage stands at 26.4% on December 31, 2019, improving by 1.1% points compared to December 31, 2018. Allowing for the intended call of the debt5 callable on October 20, 2020, the adjusted financial leverage ratio would be at 25.5%.The Group’s estimated solvency ratio stands at 226%6 on December 31, 2019, above the optimal solvency range of 185% – 220% as defined in the “Quantum Leap” strategic plan. This elevated solvency level is driven by strong capital generation and efficient capital management.Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: “In 2019, the third consecutive year marked by a high level of natural catastrophes and man-made claims, as well as the persistence of a low interest rate environment, SCOR demonstrates once again its capacity to absorb shocks. The Group continues its development and its strong value creation, recording sustainable growth, an increase in profitability, and further strengthening of solvency. Our shareholder return is attractive with a proposed dividend of EUR 1.80 for 2019 subject to the approval of the Annual General Assembly. SCOR as an independent global Tier one reinsurance company is fully mobilized to reach the targets of its “Quantum Leap” strategic plan.”SCOR Group Full-Year and Q4 2019 key financial details:* Consolidated net income, Group share.** *
SCOR Global P&C adds approximately EUR 1.0 billion of gross written premiums in 2019 whilst demonstrating technical profitability and absorbing a high level of natural catastrophesIn 2019, SCOR Global P&C delivers a strong growth of 12.7% at constant exchange rates (+15.8% at current exchange rates) with gross written premiums reaching EUR 7,147 million. The strong profitable growth is largely driven by robust successive renewals in H2 2018 and 2019 on U.S Treaty reinsurance as well as on Specialty insurance.SCOR Global P&C key figures:SCOR Global P&C absorbs an elevated level of natural catastrophes activity whilst delivering technical profitability with a resilient net combined ratio of 99.0% in 2019:A nat cat ratio of 11.6% (vs. 7% nat cat budget) in 2019 mainly driven by Typhoons Hagibis (EUR 227 million net of retrocession and pre-tax) and Faxai (EUR 156 million net of retrocession and pre-tax) in Japan, Hurricane Dorian (EUR 90 million net of retrocession and pre-tax) in the Bahamas as well as by the development of Japanese Typhoons Jebi and Trami that occurred in 2018 (EUR 66 million net of retrocession and pre-tax) in H1 2019. The Group’s exposure to these events is within the Group’s risk appetite;A net attritional loss and commission ratio of 80.5%, slightly higher than 2018 (79.7%) due to a modestly higher level of man-made claims and the impact of the decision taken on the Ogden rate in the United Kingdom (EUR 13 million pre-tax); andA reserve release of EUR 110 million7 (pre-tax) in 2019, versus EUR 100 million (pre-tax) in 2018.The 2019 normalized net combined ratio stands at 96.1%8, slightly above the 95% to 96% assumption of “Quantum Leap”9 due to the elevated man-made claims.SCOR Global P&C has limited exposure to social inflationSCOR Global P&C has limited exposure to social inflation, with a modest and recently built U.S. casualty portfolio representing approximately 12% of reserves and 11% of gross written premiums. Furthermore, there is very limited or no appetite to those business lines most impacted by social inflation:No appetite for workers compensation; andVery limited appetite for commercial auto and medical malpractice business, with these lines representing only approximately 1.5% of SGP&C reserves.Of the casualty business written by SGP&C, the book is highly diversified across personal and professional lines and across sectors. The portfolio is largely proportional and so benefits directly from primary market price increases, with limited ‘edge-effect’ from excess of loss treaties.The Group is confident in the secure reserving position, with a best estimate reserving evaluation that includes consideration of upward market loss trends.SCOR Global Life’s profitable growth is driven by continued successful franchise expansionIn 2019, SCOR Global Life’s gross written premiums stand at EUR 9,194 million, slightly down 1.8% at constant exchange rates (up 1.2% at current exchange rates) compared to 2018. The renewal of certain Financial Solutions transactions as fee business (rather than premium business) in 2019 has mechanically reduced the gross written premiums growth, with no impact on profitability.Excluding these transactions, gross written premiums have grown by 4.5%10 at constant exchange rates, driven by continued franchise development.SCOR Global Life key figures:The net technical result stands at EUR 624 million in 2019 (+6.0% at current FX).The technical margin of 7.5% in 2019 stands broadly in line with “Quantum Leap” assumptions11 benefiting from:Positive impact of 0.4% from the above-mentioned Financial Solutions transactions that renewed in 2019 as fee business12;Solid technical result from in-force business. U.S. claims are approximately EUR 80 million13 higher than in 2018, balanced by active portfolio management and a strong reserve position; andProfitability of new business in line with the Group’s ROE target.SCOR Global Investments delivers a strong return on invested assets of 3.0 % in 2019, pursuing a prudent asset management strategy and benefitting from capital gainsTotal investments reach EUR 28.9 billion, with total invested assets of EUR 20.6 billion and funds withheld14 of EUR 8.3 billion.In the current financial environment, SCOR’s pursues a prudent asset allocation and adopts a more cautious positioning of its fixed income portfolio:Liquidity is at 6 % of total invested assets;Corporate bonds account for 43 % (compared to 49% vs. Q4 2018) of total invested assets; andThe fixed income portfolio is of very high quality, with an average rating of A+, and a duration of 3.4 years15.SCOR Global Investments key figures:(*) Annualized, including interest on deposits (i.e. interest on funds withheld).(**) Annualized, excluding interest on deposits (i.e. interest on funds withheld).The investment portfolio remains highly liquid, with financial cash flows16 of EUR 7.8 billion expected over the next 24 months.The investment income on invested assets stands at EUR 588 million in 2019, benefiting from strong performance of the real estate and fixed income portfolios, with realized gains of EUR 93 million, generating a return on invested assets of 3.0% in 2019.This performance is also supported by a strong income yield, standing at 2.6% in Q4 2019 YTD.The reinvestment yield stands at 2.0% at the end of Q4 201917.
In line with the “Quantum Leap” strategic plan, SCOR accelerates the delivery of ambitious large digital projects to enhance its value propositionWithin our strategic plan “Quantum Leap”, SCOR is committed to a profound transformation to design the reinsurance company of tomorrow. The Group accelerates the use of new technologies across the organization to innovate, broaden its product and service offering, and improve its efficiency. In 2019, SCOR delivered many ambitious large digital projects including:“Alpha”, SCOR Global P&C’s platform for Managing General Agents (MGAs) which fully leverages the latest technologies (data capture, artificial intelligence, robotic process automation, system integration and analytics). This tool which is now fully operational will be deployed to the whole SCOR Global P&C portfolio (including SCOR Channel and Essor) by 2021;“My Underwriting Manager”, a redesigned electronic application process developed by SCOR Global Life for a client based in New Zealand which was successfully launched in November 2019. This collaboration aims at creating a better customer experience through a complete redesign of the underwriting application process (using a behavioral economic approach, removing medical terminology and insurance jargon). It leverages a powerful underwriting logic, designed to replicate the decisions of a senior underwriter, and enables significant administration efficiency with redesign of entire back-office processes; and“Move 2 Cloud”, an internal project which is part of SCOR’s multi-cloud ambition to move key technology assets (such as the Group Internal Model) to the public cloud environment. The objective is to offer flexibility, to benefit from an extensive computing capacity and to optimize cost in an innovation-friendly environment.SCOR actively integrates environmental, social and governance considerations across all its operations; its efforts are recognized through non-financial rating agency upgradesSCOR actively integrates environmental, social and governance considerations across all its operations.The priority driver of SCOR’s policy in this area is to contribute to mitigation of climate change and adapt its organization to its subsequent effects, as illustrated by the numerous commitments made during the last 10 years and further enhanced within the “Quantum Leap” strategic plan. In particular:In addition to its voluntary approach to reduce the intensity of emissions related to its operations and its decision to offset the remaining emissions as soon as 2019, the Group is committed to being zero net carbon by 2050 with regard to its investments, with the first concrete steps undertaken in the areas of coal, oil sands and Arctic drilling.This commitment extends to the Group’s underwriting policy, of which one of the strategic drivers is to support energy transition and the development of solutions that facilitate this changeThe Group actively contributes to numerous initiatives and / or regional and international institutions, such as the “Technical Expert Group” of the European Commission and the “Insurance Development Forum”.Beyond climate change, SCOR, through the strong integration of new technologies, participates to the creation of a more inclusive and healthier society by working with clients to develop life insurance products that incentivize a healthy lifestyle and create innovative solutions for people not able to access protection today.This voluntary approach has been positively reflected in the non-financial ratings to which the Group is subject, with in particular two upgrades in 2019.** * APPENDIX1 – P&L key figures 2019 and Q4 2019 standalone1: Consolidated net income, Group share.2 – P&L key ratios for 2019 and Q4 2019 standalone1: Annualized; 2: Excluding funds withheld by cedants; 3: The net combined ratio is the sum of the total claims, the total commissions and the total P&C management expenses, divided by the net earned premiums of SCOR Global P&C; 4: The technical margin for SCOR Global Life is the technical result divided by the net earned premiums of SCOR Global Life; 5: The cost ratio is the total management expenses divided by the gross written premiums.
3 – Balance sheet key figures as of December 31, 2019 (in EUR millions, at current exchange rates)1Total investment portfolio includes both invested assets and funds withheld by cedants and other deposits, accrued interest, cat bonds, mortality bonds and FX derivatives; 2 Excluding 3rd party net insurance business investments; 3 Includes cash and cash equivalents. 4 – “Quantum Leap” targets 1 Based on a 5-year rolling average of 5-year risk-free rates.5 – “Quantum Leap” assumptionsValue of New Business after risk margin and taxAnnualized ROIA on average over “Quantum Leap” under Summer 2019 economic and financial environment*
* *Contact detailsMedia
Anette Rey
+33 (0)1 58 44 82 82
[email protected]Investor Relations
Ian Kelly
+44 (0)203 207 8561
[email protected]www.scor.com
LinkedIn: SCOR | Twitter: @SCOR_SEGeneralNumbers presented throughout this report may not add up precisely to the totals in the tables and text. Percentages and percent changes are calculated on complete figures (including decimals); therefore the presentation might contain immaterial differences in sums and percentages due to rounding.
Unless otherwise specified, the sources for the business ranking and market positions are internal.Forward-looking statements
This presentation includes forward-looking statements and information about the objectives of SCOR, in particular, relating to its current or future projects. These statements are sometimes identified by the use of the future tense or conditional mode, as well as terms such as “estimate”, “believe”, “have the objective of”, “intend to”, “expect”, “result in”, “should” and other similar expressions. It should be noted that the achievement of these objectives and forward looking statements is dependent on the circumstances and facts that arise in the future. Forward-looking statements and information about objectives may be affected by known and unknown risks, uncertainties and other factors that may significantly alter the future results, performance and accomplishments planned or expected by SCOR. Information regarding risks and uncertainties that may affect SCOR’s business is set forth in the 2018 reference document filed on March 4, 2019, under number D.19-0092 with the French Autorité des marchés financiers (AMF) and in the 2019 Interim Financial report which are available on SCOR’s website www.scor.com.
In addition, such forward-looking statements are not “profit forecasts” within the meaning of Article 1 of Commission Delegated Regulation (EU) 2019/980.Financial informationThe Group’s financial information contained in this presentation is prepared on the basis of IFRS and interpretations issued and approved by the European Union.
Unless otherwise specified, prior-year balance sheet, income statement items and ratios have not been reclassified.
The calculation of financial ratios (such as book value per share, return on investments, return on invested assets, Group cost ratio, return on equity, combined ratio and life technical margin) are detailed in the Appendices of the Q4 2019 Investor Relations presentation released on February 27, 2020.
The financial results for the full year 2019 included in the presentation have been audited by SCOR’s independent auditors.
Unless otherwise specified, all figures are presented in Euros.
Any figures for a period subsequent to December 31, 2019, should not be taken as a forecast of the expected financials for these periods.
The Group solvency final results are to be filed to supervisory authorities by May 2020, and may differ from the estimates expressed or implied in this report.1 2019 dividend subject to approval of the 2020 shareholders’ Annual General Meeting, pursuant to the decision of the Board of Directors at its meeting of February 26, 2020, to adopt the Group’s accounts and consolidated financial statements as of December 31, 2019. 2 The 2018 GWP include EUR 547 million coming from Financial Solutions transactions which were renewed as fee business under deposit accounting (rather than premiums) in 20193 Based on a 5-year rolling average of 5-year risk-free rates (65 bps in Q4 2019)4 Normalize for nat cat (7% budget cat ratio), reserve release and Ogden rate5 CHF 125 million undated subordinated note lines, issued on October 20, 2014, and callable in October 20206 Solvency ratio based on Solvency II requirements. The Group solvency final results are to be filed to supervisory authorities by May 2020 and the final Solvency ratio may differ from this estimate7 Reserve release of EUR 60 million in Q3 2019 QTD and EUR 50 million in Q4 2019 QTD, mostly generated from non-U.S. casualty and Decennial business lines8 See page 41 of the Q4 2019 Earnings Presentation for the detailed calculation of normalized net combined ratio9 See page 53 of the Q4 2019 Earnings Presentation for details10 The 2018 GWP include EUR 547 million coming from Financial Solutions transactions which were renewed as fee business under deposit accounting (rather than premiums) in 201911 See page 53 of the Q4 2019 Earnings Presentation for details12 See Appendix F, page 42 of the Q4 2019 Earnings Presentation for calculation of the impact of the fee business on the Life technical margin13 Estimation after allowance for natural aging of the in-force, and allowance of new business on the book14 Funds withheld & other deposits15 Compared to 3.6 years in Q3 2019 on fixed income portfolio (3.6-year duration on total invested assets vs. 3.7 years in Q3 2019)16 Investable cash includes current cash balances, and future coupons and redemptions17 Corresponds to theoretical reinvestment yields based on Q4 2019 asset allocation of asset yielding classes (i.e. fixed income, loans and real estate), according to current reinvestment duration assumptions and spreads, currencies, yield curves as of December 31, 2019 AttachmentSCOR Press Release
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
AI in Manufacturing Market by Component, Technology (ML, NLP, Computer Vision), Application (Predictive Maintenance & Machinery Inspection, Quality Management, Supply Chain Optimization), End-use Industry – Global Forecast to 2030
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®
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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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