Artificial Intelligence
Labrador Technologies Inc. Announces Strategic Acquisition
Not for distribution to U.S. newswire services or for dissemination in the United States of America. Any failure to comply with this restriction may constitute a violation of U. S. securities law.
CALGARY, Alberta, June 29, 2020 (GLOBE NEWSWIRE) — Labrador Technologies Inc. (“Labrador” or the “Company”) (TSXV: LTX) is pleased to announce that it has entered into an exclusive arm’s length software license purchase agreement dated June 28, 2020 (the “Agreement”) with Claritas HealthTech Pte. Ltd. (“Claritas”). The technology, known as IE-RAD2020 (the “License Technology” or “IE-RAD2020”), was developed and is owned exclusively by Claritas. The Agreement gives Labrador exclusive usage and marketing rights to the License Software for the territory of North America in return for the issuance of 50 million shares in Labrador at a deemed price of $0.10 per share (the “Proposed Transaction”) on a post consolidated 20 to 1 basis, as further described below. The Agreement will enable customers who utilize IE-RAD2020 to access its medical image enhancement capabilities on a pay for service basis.Pursuant to the terms of the Agreement, Labrador will issue sufficient shares such that the Proposed Transaction will constitute a “Reverse Takeover” (“RTO”) of Labrador under the policies of the TSX Venture Exchange (the “Exchange” or the “TSXV”). Upon the closing of the Proposed Transaction, it is expected that Labrador will continue to be a Technology Issuer on the TSXV and will be renamed to Claritas HealthTech Inc. Any financial information related to IE-RAD2020 and Claritas, as appropriate, will be included in the RTO disclosure documentation.General Information about Claritas and LabradorAbout ClaritasClaritas is incorporated and headquartered in Singapore. Claritas conducts research and development in the fields of image enhancement, machine vision and artificial intelligence (“AI”) with a focus on medical image processing and AI assisted interpretation. The IE-RAD2020 software technology has been developed by a team of leading mathematicians and medical scientists over a period of five years. Claritas plans to transform the diagnostics industry with powerful and effective software products created using image enhancement and AI technology enabling doctors and physicians to make accurate diagnosis and improve patient lives.About LabradorLabrador is incorporated under the Business Corporations Act (Alberta), is a reporting issuer inAlberta and British Columbia and its common shares are listed and posted for trading on TSXV and was formerly engaged in the business of development and marketing of data retrieval technology with its registered and head office in Calgary, Alberta.The Licensed Technology – IE-RAD2020
Claritas solution for radiologists, IE-RAD2020, enhances radiology images to reveal details of anatomical structures that were previously obscured utilizing “radiation noise” enabling radiologists and doctors to be able to make more accurate diagnoses. At the same time, it retains the finer elements of the image without adding or creating any distortions. IE-RAD2020 is backed by a cloud-based network. It can be accessed online via the “Claritas Viewer”, or alternatively, integrated on-site as software that can interface with Picture Archiving and Communication System (PACS) / Digital Imaging and Communications in Medicine (DICOM) communications protocols and imaging archives system, a need both companies believe will continue to grow in the short and long term. IE-RAD2020 will serve radiology departments across a range of imaging modalities. Proposed Transaction, Private Placement and Bridge FinancingLabrador currently has 177,966,368 common shares issued and outstanding. The Agreement contemplates that Labrador will consolidate the Labrador common on a 20:1 basis (the “Consolidation”). Subsequent to the Consolidation, Labrador will have 8,898,318 common shares issued and outstanding. As stated above, Labrador will further issue 50,000,000 common shares of Labrador at a post-Consolidated deemed price of $0.10 per share. Further, Labrador’s outstanding share purchase warrants will have their exercise terms appropriately adjusted to reflect the Consolidation. Labrador has cancelled all outstanding stock options.In connection to the Proposed Transaction, Claritas will undertake a private placement of subscription receipts of units (the “Units”) for minimum gross proceeds of $2,500,000 and up to maximum gross proceeds of $5,000,000 (the “Private Placement”). Details regarding Unit pricing and composition are being negotiated and once finalized will be announced in a future news release.In addition, Churchgate Singapore Ltd. will provide Labrador $150,000 pursuant to a bridge financing (the “Bridge Financing”) of units of the Company (the “Units”) to cover costs associated with the Proposed Transaction. Each Unit consists of one secured debenture (each, a “Debenture”) and one common share purchase warrant (each, a “Bridge Financing Warrant”). The conversion price with respect to the common shares issued upon conversion of Debentures is $0.10 per common share on a post-Consolidated basis. The Debentures will be secured by a general security agreement over the Company’s assets. The Debentures will bear interest at the rate of 5% per annum and payable semi-annually. Each Bridge Financing Warrant entitles the holderthereof to acquire one common share (each, a “Bridge Financing Warrant Share”) at an exercise price of $0.10 per Bridge Financing Warrant Share for a period of 12 months from the closing date (the “Expiry Date”). Any Bridge Financing Warrants not exercised prior to the Expiry Date shall be deemed to be void and of no further force and effect.Proposed Board of Directors, Management and Other InsidersUpon completion of the Proposed Transaction, subject to regulatory approval, the directors, senior officers and insiders of Labrador are expected to be as follows:Devika M. Dutt – Republic of Singapore – Chief Executive Officer and DirectorMs. Dutt is the current Chief Operating Officer of Claritas. Ms. Dutt brings over 25 years of experience at executive level marketing, sales and business development through prior roles based out of Singapore, London and New York. Prior thereto, she co-founded and lead of one India’s pioneering and leading gourmet coffee roasting companies. She was the former Business Head, Treasury & FX, ASEAN at Thomson Reuters and prior to that an analyst at Jefferies. She holds a Bachelor of Arts Degree (Economics and Development Studies) from Smith College in Massachusetts, USA.Nikhil Kamran – Republic of Singapore – Chief Financial Officer Mr. Kamarn brings over 13 years of end-to-end deal execution on over 20 transactions with combined value in excess of $1 billion, covering: buyouts, majority & minority investments, joint ventures and strategic partnerships with a previous operational experience as CFO of a listed public company with market capitalization of ~$1 billion. Mr. Kamarn holds a Bachelor of Arts (Economics) from the University of Pennsylvania.Kaan Camlioglu – Calgary, Canada – Chief Operating Officer and Director From 1996 to 2019, Mr. Camlioglu has held increasingly senior financial roles with a variety of public and private entities, including nearly a decade with the TSXV. Since January 2019, Mr. Camlioglu has been the Interim CEO of Labrador. Mr. Camlioglu is a Chartered Financial Analyst and Chartered Professional Accountant (CPA, CMA). He holds a Bachelor of Arts Degree (Economics) from the University of Calgary.Shravan Joshi – London, England – DirectorMr. Joshi is an elected Member of the Court of Common Council for Bishopsgate Ward in the City of London Corporation (“City”), where he focuses on policy and investment into City’s economy through managing strategic relationships. Since 2011, Mr. Joshi has been the managing director of SM Ventures Limited London, a consultancy and private investment company providing strategicadvice to clients. Mr. Joshi started his career in investment banking then moved into the energy sector in 1999, later specializing in trade structuring and supply chain contracts in Central Asia, Eastern Europe and North America. Mr. Joshi holds a Bachelor of Science (Hons Chemistry) from Kings College London, University of London.Dr. Laszlo Neumann – Girona, Spain – DirectorDr. Neumann holds a MSc. in Engineering and Mathematics, (1978 from TU Budapest), and a PhD in Applied Mathematics, economical modeling (1982). Dr. Neumann has led research and software development in architectural CAD, cartography, medical imaging, 3D face modeling, color harmony design, and numerical methods. He has authored 32 journal articles, 3 books, and 20 book chapters and over 55 technical publications in conferences. Between 1995 and 2007 Dr. Neumann was a visiting lecturer at TU Vienna and since 2002 he is been a ICREA Research Professor at Universitat de Girona (UdG). He is member of over a dozen IPCs and other committees.Bill deJong – Calgary, Canada – Corporate SecretaryMr. deJong is a lawyer in the Business Law Group in the Calgary office of the international law firm Fasken Martineau DuMoulin LLP, practicing law primarily in the areas of securities regulation, corporate finance, and mergers and acquisitions. Mr. deJong holds a Bachelor of Business Administration from Acadia University and a Bachelor of Laws from the University of Edinburgh.Shareholder Approval and Other MattersUnder the policies of the TSXV, Labrador is not expected to require shareholder approval for the Transaction. In this regard, Labrador and the Proposed Transaction satisfy the TSXV requirements as to not be subject to a shareholder approval requirement as: (a) the Proposed Transaction is an Arm’s Length transaction; (b) Labrador is a Tier 2 issuer without active operations; (c) Labrador is not subject to a cease trade order and is not expected to be subject to such an order upon completion of the Proposed Transaction; and (d) shareholder approval of the Proposed Transaction is not required under applicable corporate and securities laws. However, Labrador is expected to seek shareholder approval of certain matters related to the implementation of the Proposed Transaction, including, but not limited to, the approval of the appointment of new board of directors of Labrador to be effective upon completion of the Proposed Transaction and approval to change the name and trading symbol of Labrador upon completion of the Proposed Transaction.Conditions to Completion of the Proposed Transaction and Regulatory MattersCompletion of the Proposed Transaction is subject to a number of conditions including, but not limited to, TSXV and, if applicable, disinterested shareholder approval. Where applicable, the Proposed Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Proposed Transaction will be completed as proposed or at all. Investorsare cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Labrador should be considered highly speculative. The TSXV has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.In addition to the above, the Proposed Transaction is subject to a number of further conditions, including but not limited to: (a) closing conditions customary to transactions of the nature of the Proposed Transaction; (b) approvals of all regulatory bodies having jurisdiction in connection with the Proposed Transaction; (c) TSXV regulatory approval; (d) debt reduction of payables outstanding; and (e) the completion of raising the minimum amount for the Private Placement and completion of the Bridge Financing. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.Arm’s Length TransactionThe Proposed Transaction is an “Arm’s Length Transaction” under policies of the TSXV.SponsorshipSponsorship of the Proposed Transaction is required unless an exemption is available or a waiver from this requirement can be obtained in accordance with the policies of the TSXV. Labrador intends to apply for a waiver to the sponsorship requirement. There is no assurance that a waiver from this requirement will be granted. Significant Conditions to Completion of the Proposed Transaction Completion of the Proposed Transaction is subject to a number of conditions, including but not limited to: (a) closing conditions customary to transactions of the nature of the Proposed Transaction; (b) approvals of all regulatory bodies having jurisdiction in connection with the Proposed Transaction; (c) TSXV regulatory approval; and (d) the completion of the Private Placement. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.Trading HaltTrading in the Labrador common shares has been halted and may remain halted pending the review of the Proposed Transaction by the TSXV and other certain conditions are satisfied. There can be no assurance that trading in the Labrador common shares will resume prior to the completion of the Proposed Transaction.Additional InformationFor further information, please contact:Kaan Camlioglu, Interim Chief Executive Officer
Labrador Technologies Inc.
T: (403) 818-1091
E: [email protected] Cautionary StatementsInvestors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the Proposed Transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Labrador should be considered highly speculative. This press release does not constitute an offer of the securities of the Company for sale in the United States. The securities of the Company have not been registered under the United States Securities Act of 1933, (the “1933 Act”) as amended, and may not be offered or sold within the United States absent registration or an exemption from registration under the 1933 Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.Forward-Looking StatementsThis news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the terms, conditions and completion of the Proposed Transaction, the pro forma capitalization of the resulting issue of the Proposed Transaction, completion of the Private Placement, Bridge Financing and the anticipated type and number of securities to be issued thereunder, the Labrador shareholder meeting and results thereby, the Labrador name change, the Consolidation, the business and operations of Labrador, Claritas and Claritas HealthTech Ltd.; the go-forward management and directors; and the quality of results, usability and general future success of IE-RAD2020.Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive board, shareholder, court or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place unduereliance on the forward-looking statements and information contained in this news release. Except as required by law, Labrador assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Artificial Intelligence
Free Your Hands, QIDI Vida Smart AR Glasses Lead the Way in New Sports Experience.
NEW YORK, April 19, 2024 /PRNewswire/ — Outdoor smart AR glasses, QIDI Vida, will officially launch on 23rd April on the Kickstarter platform. QIDI Vida integrates the many functions of smart watches, sports headphones, cycling computers, heart rate monitors, and walkie-talkies using AR+AI technology, allowing users to bid farewell to cumbersome device management and enjoy outdoor sports anytime, anywhere with just one pair of glasses.
Function:
QIDI Vida uses high-tech HUD (Head-Up Display) which is similar to the technology used for aircrafts and premium cars and introduces it to the sports industry. Users can activate the HUD function at any time using voice control, enabling them to focus on the route ahead whilst simultaneously having access to information such as navigation, speed, heart rate, power and cadence, among other metrics. Another great function of the QIDI Vida is that users can also enjoy audiovisual entertainment through the optically perceived 100-inch AR HUD screen, when having some down time.
As cyclists and hikers often travel in groups, QIDI Vida supports eSIM and team functionality, allowing real-time voice communication without releasing handlebars, and users can monitor their groups’ real-time locations. The glasses also have comprehensive sensing and monitoring capabilities including temperature, humidity, UV, air pressure, geomagnetism and acceleration. In addition to obtaining environmental and health information, it also features health warnings such as altitude sickness symptoms and high heart rate, as well as fall and collision detection functions. And, in the event of danger, it can send distress signals to teammates.
Perks:
QIDI Vida has a global voice recognition and interaction feature that allows you to control all functions within the device by voice. To better provide users with an immersive sports experience, QIDI Vida’s intelligent system will have the capability to instantly gather personalised sports data, enabling it to deliver timely voice alerts and broadcasts, including the duration of exercise, distance, the environment and the weather – all tailored to the user’s preferences.
QIDI Vida enables voice-controlled photos and video recordings, allowing users to capture moments whilst cycling or hiking without the need to stop. QIDI Vida supports connections with common cycling smart hardware such as Garmin, Wahoo, Apple, and Samsung, supports GPX route files, and is compatible with professional sports apps such as Strava, Keep, Zwift, Apple Health, and All Trails.
QIDI Vida stands out for its lightweight and comfortable design with a dual lens for a full-colour data display, unlike competing AR glasses that typically have a single lens and limited colour. This innovation significantly enhances and augments the user’s sports and reality experience.
QIDI Vida will launch on the Kickstarter platform: https://www.kickstarter.com/projects/109560964/qidi-vida-smart-ar-glasses-for-sports
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Artificial Intelligence
Risk Analytics Market worth $180.9 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, April 19, 2024 /PRNewswire/ — The growing use of real-time monitoring and advanced analytics, integration with cutting-edge technologies like blockchain and IoT, and an emphasis on cybersecurity, cross-industry applications, and regulatory compliance are the key factors that will shape the risk analytics market in the future. The market’s development will also be influenced by collaborative risk management, improved user experience, and an increasing focus on ESG factors and risk culture.
The Risk Analytics Market is estimated to grow from USD 59.7 billion in 2024 to USD 180.9 billion in 2029, at a CAGR of 24.8% during the forecast period, according to a new report by MarketsandMarkets™. Several trends fuel the global spread of Risk Analytics. Increasingly Increasing Data Complexity, Rising Cybersecurity Threats and Rising Adoption of Cloud-Based Solutions A growing talent pool of data scientists and engineers is building the necessary tools and infrastructure. Governments are recognizing the potential of risk analytics for economic growth and are investing in research and development. These trends make DI more accessible and valuable, leading to its global adoption.
Browse in-depth TOC on “Risk Analytics Market”260 – Tables 60 – Figures350 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2023
Base year considered
2023
Forecast period
2024–2029
Forecast units
USD Billion
Segments Covered
Offering,Risk Type, Risk stages, Vertical, and Region.
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US)
By offering the services segment to account for higher CAGR during the forecast period
In the Risk Analytics Market, the highest CAGR of services is fueled by Increasing Complexity of Risks, AI and machine learning advancements, big data analytics integration, business process optimization, cloud-based solutions adoption, data-driven culture, and diverse industry adoption. These trends reflect a global shift towards leveraging data for competitive advantage, driving a continuous need for sophisticated risk analytics services across sectors. As businesses prioritize agility, the growth of services in the Risk Analytics Market is driven by the need for effective risk management strategies in an increasingly complex and uncertain business environment.
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By Type, GRC software is expected to hold the largest market size for the year 2024
GRC software typically offers comprehensive solutions that cover a wide range of risk management needs, including compliance management, policy management, audit management, and risk assessment. They also provide organizations with enhanced visibility into their risk landscape. Through features such as risk assessment, risk monitoring, and reporting, organizations can identify and prioritize risks more effectively, enabling proactive risk management strategies. GRC software streamlines risk management processes through automation, reducing manual effort and increasing efficiency. Tasks such as risk assessments, control testing, and incident management can be automated, freeing up resources to focus on strategic risk mitigation efforts. the combination of comprehensive functionality, regulatory compliance support, efficiency gains, scalability, integration capabilities, and culture enhancement makes GRC software a preferred choice for many organizations seeking to manage risk effectively.
By Vertical, Healthcare & Life Sciences is projected to grow at the highest CAGR during the forecast period
The Healthcare and Lifesciences is experiencing a surge in the adoption of risk analytics due to a confluence of factors. Healthcare providers and life sciences companies wants to ensure the safety and well-being of patients. Risk analytics helps in identifying potential risks to patient safety, such as medication errors, adverse events, and medical device failures. The healthcare and life sciences industries are heavily regulated, with strict guidelines for patient care, data privacy, drug development, and clinical trials. Risk analytics helps organizations ensure compliance with these regulations by identifying and mitigating risks of non-compliance. Healthcare organizations and life sciences companies also face financial risks associated with fraud, billing errors, revenue cycle management, and reimbursement challenges. Risk analytics helps in detecting anomalies and optimizing financial processes to mitigate these risks.
Asia Pacific is expected to grow at the highest CAGR during the forecast period
The Asia-Pacific (APAC) region is experiencing rapid growth in the Risk Analytics Market, boasting the highest Compound Annual Growth Rate (CAGR). This surge is primarily attributed to rising demand for data-driven decision-making solutions, expanding digital transformation initiatives across industries.. Moreover, the region’s favorable regulatory environment, growing investments in big data analytics, and the integration of advanced technologies like the Internet of Things (IoT) further propel APAC’s dominance in Risk Analytics Market growth.
Top Key Companies in Risk Analytics Market:
The major risk analytics software and service providers include IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the Risk Analytics Market.
Recent Developments:
In March 2024, Orcale announced Oracle Risk Management Cloud in Release 24B. It offers comprehensive solution designed to help organizations identify, assess, and mitigate risks across their business operations. It offers advanced analytics, automation, and collaboration tools to streamline risk management.In March 2024, FIS Global announces card fraud detection capabilities leveraging artificial intelligence (AI) with aim to bolster FIS’s ability to identify and prevent fraudulent transactions, providing greater security for cardholders and financial institutions alike.In March 2024, Aon acquired an AI-powered platform to assist fleet and mobility clients in making data-driven decisions, enhancing operational efficiency and risk management. The platform utilizes artificial intelligence to analyze data and provide insights, enabling clients to optimize their fleet operations and improve decision-making processes.In March 2024, Crisp joined Resolver, with the aim to enhance Resolver’s risk intelligence capabilities by integrating Crisp’s expertise and technology into its platform, offering clients improved risk assessment and mitigation tools.In February 2024, SAS partnered with Carahsoft to bring analytics, AI, and data management solutions to the public sector. The aim is to leverage SAS’s expertise in advanced analytics and Carahsoft’s extensive government market reach to offer tailored solutions that enable public sector organizations to harness the power of data for informed decision-making and improved outcomes.Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=210662258
Risk Analytics Market Advantages:
By offering insights into potential risks, opportunities, and trends, risk analytics helps organisations make data-driven decisions that improve strategic planning and resource allocation.In order to improve risk management procedures and lessen exposure to possible threats, risk analytics solutions assist businesses in identifying, evaluating, and mitigating risks across a range of business activities, including finance, operations, and compliance.Through real-time monitoring and anomaly detection made possible by risk analytics, organisations may proactively address shifting market situations, legal requirements, and cybersecurity threats.Risk analytics solutions assist organisations lower operating costs, increase productivity, and streamline compliance activities, which results in cost savings and resource optimisation. They do this by streamlining risk management procedures and automating routine work.Accurate risk assessments, audit trails, and reporting capabilities are just a few of the ways that risk analytics solutions help organisations comply with regulations and stay out of trouble.Organisations can enhance their resilience and competitiveness by anticipating and mitigating potential hazards before they materialise through the use of predictive modelling and advanced analytics approaches in risk analytics.Report Objectives
To define, describe, and predict the Risk Analytics Market by offering, risk type, risk stages, vertical, and regionTo provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the market growthTo analyze the opportunities in the market and provide details of the competitive landscape for stakeholders and market leadersTo forecast the market size of segments with respect to five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin AmericaTo profile the key players and comprehensively analyze their market rankings and core competenciesTo analyze the competitive developments, such as partnerships, product launches, and mergers & acquisitions, in the Risk Analytics MarketBrowse Adjacent Markets: Analytics Market Research Reports & Consulting
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Artificial Intelligence
Robotic Palletizer Market worth $1.9 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, April 19, 2024 /PRNewswire/ — The robotic palletizer market is projected to grow from USD 1.4 billion in 2024 and is expected to reach USD 1.9 billion by 2029, growing at a CAGR of 5.9% from 2024 to 2029 according to a new report by MarketsandMarkets™. Rising awareness towards workplace safety and reducing the risk of work-related injuries to drive the market. Robotic palletizers significantly enhance workplace safety and reduce the risk of work-related injuries and associated costs. By automating repetitive tasks like palletizing, businesses can redeploy their human workforce to higher-value activities that require human skills like problem-solving, critical thinking, and customer interaction. This allows them to optimize their workforce and leverage human capabilities more effectively.
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Browse in-depth TOC on “Robotic Palletizer Market” 100 – Tables60 – Figures200 – Pages
Robotic Palletizer Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 1.4 billion
Estimated Value by 2029
$ 1.9 billion
Growth Rate
Poised to grow at a CAGR of 5.9%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Component, Robot Type, Application, End-use Industry and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
High initial investment cost
Key Market Opportunities
Increasing application in small and medium-sized enterprises
Key Market Drivers
Growing labor shortage and need for workforce optimization
Collaborative robots in the robot type segment are expected to witness higher growth rate during the forecast period.
Collaborative robots are expected to witness a higher CAGR during the forecast period. Unlike traditional industrial robots that often require physical barriers or cages to protect human workers, cobots are equipped with advanced safety features, such as force and torque sensors, collision detection, and speed monitoring. These features enable cobots to operate safely in proximity to humans without posing significant risks of injury.
The Pharmaceutical segment in the robotic palletizer market is expected to witness highest growth rate during the forecast period.
Pharmaceutical products are subject to strict regulations regarding storage, handling, and quality control. Robotic palletizers play a crucial role in providing greater precision and consistency in palletizing tasks and minimizing the risk of contamination within pharmaceutical manufacturing facilities. It also reduces human intervention in the handling and stacking of products and helps mitigate the potential for cross-contamination and ensures adherence to strict hygiene standards.
End-of-Arm- Tooling (EOAT) component is expected to witness the highest CAGR in the robotic palletizer market during the forecast period.
End-of-arm tooling (EOAT) is a crucial element of a robotic arm system, especially in applications like robotic palletizing, where the robot needs to interact with various objects or products. EOAT essentially acts as the hand of the robotic arm, designed to securely grasp, lift, and place boxes or cases onto pallets. Overall, EOAT plays a vital role in the effectiveness of robotic palletizers as it ensures secure handling of products, efficient palletizing patterns, and smooth operation of the entire system.
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North America is expected to hold the largest share of the robotic palletizer industry during the forecast period.
North America is home to major automobile and retail companies, which has accelerated the demand for robotic palletizers in this region. Additionally, the rise in manufacturing activity, fueled by plans for reshoring and technological improvements, has further driven the need for robotic palletizers. In North America, certain government funds are available to increase workplace safety. In 2023, the Occupational Safety and Health Administration announced a grant of approximately USD 12.7 million to 100 non-profit organizations across the nation to provide education and training for workers and employers about recognizing workplace hazards, injury prevention, and understanding workers’ rights and employers’ responsibilities under federal law. Businesses that use robotic palletizers may be eligible for funding as they lower the risk of worker injuries from manual lifting.
Key Players
Leading players in the robotic palletizer companies include FANUC CORPORATION (Japan), KION GROUP AG (Germany), KUKA AG (Germany), ABB (Switzerland), and Krones AG (Germany). Schneider Packaging Equipment Company, Inc. (US), Honeywell International Inc. (US), Kaufman Engineered Systems (US), Concetti S.p.A. (Italy), Sidel (France), Brenton, LLC. (US), A-B-C Packaging Machine Corporation (US), Antenna Group (Italy), BEUMER GROUP (Germany), Brillopak (UK), BW Integrated Systems (US), Columbia Machine, Inc. (US), Euroimpianti S.p.A. (Italy), Fuji Yusoki Kogyo Co., Ltd. (Japan), HAVER & BOECKER OHG (Germany), KHS Group (Germany), MMCI (US), Okura Yusoki Co., Ltd. (Japan), Rothe Packtech Pvt. Ltd. (India), and S&R Robot Systems, LLC. (US) are few other key companies operating in the robotic palletizer market.
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