Artificial Intelligence
NETSOL Technologies Reports Fiscal Fourth Quarter and Full Year 2020 Financial Results
- Company Drives Another Year of Profitability Amidst Challenging Market Conditions
- Introduction of Global Subscription Pricing Model, Key Hires and Strong Initial Traction within Otoz Innovation Lab Provide Near-Term Catalysts
- COVID-19 Driven Purchasing Delays Lead to Significant Pipeline of Opportunities in Fiscal 2021
CALABASAS, Calif., Sept. 28, 2020 (GLOBE NEWSWIRE) — NETSOL Technologies, Inc. (NASDAQ: NTWK), a global business services and enterprise application solutions provider, reported results for the fiscal fourth quarter and full year ended June 30, 2020.
Fiscal Fourth Quarter 2020 and Recent Operational Highlights
- Introduced Software-as-a-Service (SaaS) subscription-based pricing for new and existing customers as an alternative to the traditional license model, which is now available for all cloud-based NETSOL products and services globally, including NETSOL’s flagship offering NFS Ascent®.
- Announced the successful implementation of the Company’s first North American cloud-based NFS Ascent Contract Management System (CMS) for SCI Lease Corp, a Canadian-based national automotive leasing company.
- Generated $800,000 in SaaS subscription revenues within the Company’s NETSOL Technologies Americas (NTA) region from contracts with new and existing customers.
- Appointed Peter Minshall as Executive Vice President (EVP) of NTA. The EVP role will report directly to the Company CEO and is responsible for the entire NTA portion of NETSOL’s business operations.
- Appointed industry veteran Chris Mobley as the new Head of NFS Ascent Wholesale operations in Europe with the goal of leading the rollout of NETSOL’s new, subscription-based pricing strategy, orchestrating the company’s European-focused growth plans and leading pre-sales of the company’s Wholesale operations globally.
- In response to the economic slowdown caused by the current global pandemic, implemented a series of cost reduction initiatives and temporary salary reductions.
- Made further advancements in certain Otoz Innovation Lab initiatives, leading to multiple discussions, demonstrations, and potential engagements with a several tier one customers in the U.S. and Asia Pacific (APAC) regions.
- Acquired the remaining 49% stake of Virtual Lease Services (VLS), a UK-based portfolio and risk management servicing partner for business and consumer finance providers, after initially acquiring a 51% majority stake in VLS through a joint venture partnership with Investec in 2011.
- Successfully implemented NFS Ascent Retail Platform, including Omni-Point of Sale (Omni-POS) and CMS, for a major American auto captive in China, as part of a previously announced multi-million-dollar contract.
- Successfully implemented and launched NFS Ascent Wholesale platform with a tier-one German auto captive finance company in China as part of $30 million contract signed in September 2018.
Fiscal Fourth Quarter 2020 Financial Results
Total net revenues for the fourth quarter of fiscal 2020 were $13.6 million, compared to $17.3 million in the prior year period. The decrease in total net revenues was primarily due to a decrease in total license fees of $2.3 million and a decrease in total services revenues of $1.8 million, which was offset by an increase in total maintenance fees of $312,000.
- Total license fees were $1.2 million, compared with $3.5 million in the prior year period.
- Total maintenance fees were $4.7 million, compared with $4.4 million in the prior year period.
- Total services revenues were $7.7 million, compared with $9.4 million in the prior year period.
Gross profit for the fourth quarter of fiscal 2020 was $7.0 million (or 51.8% of net revenues), compared to $8.9 million (or 51.5% of net revenues) in the fourth quarter of fiscal 2019. The increase in gross profit as a percentage of net revenues was primarily due to a decrease in cost of revenues of $1.8 million compared to the prior year period. The decrease in cost of revenues was predominantly driven by decreases in salaries and consultants, travel, and depreciation and amortization.
Operating expenses for the fourth quarter of fiscal 2020 decreased 26.4% to $5.9 million (or 43.2% of net revenues) from $8.0 million (or 46.0% of net revenues) for the fourth quarter of fiscal 2019. The decrease in operating expenses was primarily due to a decrease in selling and marketing as well as general and administrative expenses.
GAAP net income attributable to NETSOL for the fourth quarter of fiscal 2020 totaled $1.2 million or $0.10 per diluted share, compared with a net income of $3.5 million or $0.30 per diluted share in the fourth quarter of fiscal 2019.
Non-GAAP adjusted EBITDA for the fourth quarter of fiscal 2020 totaled $2.0 million or $0.17 per diluted share, compared with $4.4 million or $0.38 per diluted share in the fourth quarter of fiscal 2019 (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).
At June 30, 2020, cash and cash equivalents were $20.2 million, an increase from $17.4 million at June 30, 2019.
Full Year Fiscal 2020 Financial Results
Total net revenues for fiscal 2020 were $56.4 million, compared to $67.8 million in fiscal 2019. The decrease in total net revenues was primarily due to a decrease in total license fees of $12.2 million and a decrease in total service fees of $2.7 million, which was offset by an increase in total maintenance fees of $3.4 million.
- Total license fees were $4.6 million, compared with $16.8 million in the prior fiscal year.
- Total maintenance fees were $19.0 million, compared with $15.5 million in the prior fiscal year.
- Total services revenues were $32.9 million, compared with $35.5 million in the prior fiscal year.
Gross profit for fiscal 2020 decreased to $27.0 million (or 47.8% of net revenues) from $34.9 million (or 51.4% of net revenues) for fiscal 2019. The decrease in gross profit as a percentage of net revenues was primarily due to a greater rate of decrease in total net revenues compared to the related total cost of revenues.
Operating expenses for fiscal 2020 decreased to $25.9 million (or 45.9% of net revenues) from $28.1 million (or 41.4% of net revenues) for fiscal 2019. The decrease in operating expenses was primarily due to decreases in selling and marketing expenses, salaries and wages and research and development cost, offset by an increase in general and administrative expenses.
GAAP net income attributable to NETSOL for fiscal 2020 totaled $937,000 or $0.08 per diluted share, compared with a net income of $8.6 million or $0.74 per diluted share for fiscal 2019.
Non-GAAP adjusted EBITDA for fiscal 2020 totaled $4.3 million or $0.37 per diluted share, compared with $12.9 million or $1.11 per diluted share in fiscal 2019 (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).
Management Commentary
“While we are still working through a challenging market environment, during the fiscal fourth quarter we recorded meaningful sales milestones, drove incrementally improved results and were able to generate another year of profitability,” said NETSOL Co-Founder, Chairman and Chief Executive Officer Najeeb Ghauri. “We entered fiscal 2020 coming off a record top and bottom line performance and in the strongest position in our history. At that same time, we introduced a multi-pronged growth strategy designed, during regular economic conditions, to diversify and expand our total and recurring revenue streams, ultimately propelling NETSOL to its next phase of commercial prosperity. Over the past few months, we, like most businesses, were forced to adapt to a radically different working environment than we had planned. Despite these unfavorable conditions, we have continued to forge a path ahead and, in the meantime, have taken decisive actions to reduce costs, which will support our long-term sustainability.
“Looking ahead to fiscal 2021, we have many reasons for cautious optimism. We’ve made encouraging progress in expanding our sales footprint in North America and Europe, driving year-over-year growth, respectively, and have also made key leadership additions to head up both regions. Last month, we went live with the first North American customer for our subscription, cloud-based NFS Ascent offering, which we expect to leverage toward additional agreements in the future. With several COVID-19 driven purchasing delays beginning to move ahead, we also have a significant pipeline of opportunities in the coming year. As our global operations conservatively pick back up, we will look to regain the prior year’s momentum and resume our plans for a diversified, progressive growth strategy. NETSOL remains a digital-first and SaaS-focused organization, and we will continue to lead with our technology to deliver innovative ways to help our customers improve their operations today and prepare for the many, disruptive challenges of the new mobility economy.”
Sales Outlook
Ghauri continued: “While we continue to see strong traction and engagement globally for Ascent, our SaaS offering has been particularly well received in Europe and North America. Our platform is being validated with initial sales in both regions and a number of deals that are currently in our pipeline. The overall sales environment remains challenging due to the travel restrictions in place and uncertainty around the global economy, which has, in some cases, delayed our ability to close deals over the last quarters, but we are continuing to move forward.”
Conference Call
NETSOL Technologies management will hold a conference call today (September 28, 2020) at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss these financial results. A question and answer session will follow management’s presentation.
U.S. dial-in: 1-877-407-0789
International dial-in: 1-201-689-8562
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 1-949-574-3860.
The conference call will be broadcasted live and available for replay here and via the Investor Relations section of NETSOL’s website.
A replay of the conference call will be available after 12:00 p.m. Eastern time on the same day through October 12, 2020.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13710936
About NETSOL Technologies
NETSOL Technologies, Inc. (Nasdaq: NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global leasing and finance industry. The Company’s suite of applications is backed by 40 years of domain expertise and supported by a committed team of more than 1300 professionals placed in eight strategically located support and delivery centers throughout the world. NFS, LeasePak, LeaseSoft or NFS Ascent® – help companies transform their Finance and Leasing operations, providing a fully automated asset-based finance solution covering the complete finance and leasing lifecycle.
About Otoz
Otoz provides business-to-business, white-label technology solutions for new mobility. Our suite of agile and customizable mobility solutions ranges from car sharing and subscription products to AI-enabled chatbots, allowing businesses to engage consumers and facilitate the complete transaction lifecycle intelligently and digitally. Otoz technologies empower automotive companies and start-ups to launch new mobility models quickly and efficiently. The technology Otoz has developed is cloud-native and supported by artificial intelligence (AI), machine learning (ML), internet of things (IoT) and blockchain. Our technology drives utilization, while supporting robust and efficient operations.
Forward-Looking Statements
This press release may contain forward-looking statements relating to the development of the Company’s products and services and future operating results, including statements regarding the Company that are subject to certain risks and uncertainties such as the effect of stay at home orders and social distancing imposed by COVID-19 and its resultant impact on our financials and the world economy that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company’s actual results include the progress and costs of the development of products and services and the timing of the market acceptance, as well as the delay in recovery or a prolonged economic downturn that effects our Company, our customers and the world economy. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward looking statement contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
Use of Non-GAAP Financial Measures
The reconciliation of Adjusted EBITDA to net income, the most comparable financial measure based upon GAAP, as well as a further explanation of adjusted EBITDA, is included in the financial tables in Schedule 4 of this press release.
Investor Relations Contact:
Matt Glover and Tom Colton
Gateway Investor Relations
1-949-574-3860
[email protected]
NETSOL Technologies, Inc. and Subsidiaries
Schedule 1: Consolidated Balance Sheets
As of | As of | ||||||||
ASSETS | June 30, 2020 | June 30, 2019 | |||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 20,166,830 | $ | 17,366,364 | |||||
Accounts receivable, net of allowance of $435,611 and $192,786 | 10,131,752 | 12,332,714 | |||||||
Accounts receivable, net of allowance of $90,594 and $166,075 – related party | 1,282,505 | 3,266,600 | |||||||
Revenues in excess of billings, net of allowance of $188,914 and $194,684 | 17,198,281 | 14,719,047 | |||||||
Revenues in excess of billings – related party | 8,163 | 110,827 | |||||||
Other current assets | 3,108,180 | 3,146,264 | |||||||
Total current assets | 51,895,711 | 50,941,816 | |||||||
Revenues in excess of billings, net – long term | 1,300,289 | 1,281,492 | |||||||
Convertible note receivable – related party | 4,250,000 | 3,650,000 | |||||||
Property and equipment, net | 11,329,631 | 12,096,855 | |||||||
Right of use of assets – operating leases | 2,360,129 | – | |||||||
Long term investment | 2,387,692 | 2,653,769 | |||||||
Other assets | 41,992 | 23,569 | |||||||
Intangible assets, net | 5,391,077 | 7,332,950 | |||||||
Goodwill | 9,516,568 | 9,516,568 | |||||||
Total assets | $ | 88,473,089 | $ | 87,497,019 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||
Current liabilities: | |||||||||
Accounts payable and accrued expenses | $ | 5,680,837 | $ | 7,476,560 | |||||
Current portion of loans and obligations under finance leases | 9,139,561 | 6,905,597 | |||||||
Current portion of operating lease obligations | 1,111,912 | – | |||||||
Unearned revenues | 4,095,472 | 5,977,736 | |||||||
Common stock to be issued | 88,324 | 88,324 | |||||||
Total current liabilities | 20,116,106 | 20,448,217 | |||||||
Loans and obligations under finance leases; less current maturities | 1,539,975 | 564,572 | |||||||
Operating lease obligations; less current maturities | 1,339,965 | – | |||||||
Total liabilities | 22,996,046 | 21,012,789 | |||||||
Commitments and contingencies | |||||||||
Stockholders’ equity: | |||||||||
Preferred stock, $.01 par value; 500,000 shares authorized; | – | – | |||||||
Common stock, $.01 par value; 14,500,000 shares authorized; | |||||||||
12,122,149 shares issued and 11,874,646 outstanding as of June 30, 2020 and | |||||||||
11,911,742 shares issued and 11,664,239 outstanding as of June 30, 2019 | 121,222 | 119,117 | |||||||
Additional paid-in-capital | 128,677,754 | 127,737,999 | |||||||
Unexpected eval class (org.apache.poi.ss.formula.eval.MissingArgEval) | |||||||||
as of June 30, 2020 and June 30, 2019, respectively) | (1,455,969 | ) | (1,455,969 | ) | |||||
Accumulated deficit | (34,269,817 | ) | (35,206,898 | ) | |||||
Other comprehensive loss | (34,085,047 | ) | (33,125,006 | ) | |||||
Total NetSol stockholders’ equity | 58,988,143 | 58,069,243 | |||||||
Non-controlling interest | 6,488,900 | 8,414,987 | |||||||
Total stockholders’ equity | 65,477,043 | 66,484,230 | |||||||
Total liabilities and stockholders’ equity | $ | 88,473,089 | $ | 87,497,019 | |||||
NETSOL Technologies, Inc. and Subsidiaries
Schedule 2: Consolidated Statement of Operations
For the Years | |||||||||||
Ended June 30, | |||||||||||
2020 | 2019 | ||||||||||
Net Revenues: | |||||||||||
License fees | $ | 4,564,560 | $ | 16,768,749 | |||||||
Maintenance fees | 18,951,248 | 15,521,413 | |||||||||
Services | 32,555,690 | 34,892,290 | |||||||||
Services – related party | 300,821 | 636,731 | |||||||||
Total net revenues | 56,372,319 | 67,819,183 | |||||||||
Cost of revenues: | |||||||||||
Salaries and consultants | 18,821,738 | 19,253,364 | |||||||||
Travel | 4,181,742 | 6,527,868 | |||||||||
Depreciation and amortization | 2,897,371 | 3,525,857 | |||||||||
Other | 3,508,098 | 3,625,478 | |||||||||
Total cost of revenues | 29,408,949 | 32,932,567 | |||||||||
Gross profit | 26,963,370 | 34,886,616 | |||||||||
Operating expenses: | |||||||||||
Selling and marketing | 6,450,663 | 7,831,758 | |||||||||
Depreciation and amortization | 834,583 | 897,800 | |||||||||
General and administrative | 17,138,832 | 17,357,918 | |||||||||
Research and development cost | 1,468,954 | 1,971,228 | |||||||||
Total operating expenses | 25,893,032 | 28,058,704 | |||||||||
Income from operations | 1,070,338 | 6,827,912 | |||||||||
Other income and (expenses) | |||||||||||
Gain on sale of assets | 23,103 | 81,455 | |||||||||
Interest expense | (346,856 | ) | (311,798 | ) | |||||||
Interest income | 1,569,536 | 955,061 | |||||||||
Gain on foreign currency exchange transactions | 398,610 | 6,345,859 | |||||||||
Share of net loss from equity investment | (605,864 | ) | (841,845 | ) | |||||||
Other income | 224,224 | 18,680 | |||||||||
Total other income (expenses) | 1,262,753 | 6,247,412 | |||||||||
Net income before income taxes | 2,333,091 | 13,075,324 | |||||||||
Income tax provision | (1,141,068 | ) | (1,057,784 | ) | |||||||
Net income | 1,192,023 | 12,017,540 | |||||||||
Non-controlling interest | (254,942 | ) | (3,434,141 | ) | |||||||
Net income attributable to NetSol | $ | 937,081 | $ | 8,583,399 | – | ||||||
Net income per share: | |||||||||||
Net income per common share | |||||||||||
Basic | $ | 0.08 | $ | 0.74 | |||||||
Diluted | $ | 0.08 | $ | 0.74 | |||||||
Weighted average number of shares outstanding | |||||||||||
Basic | 11,734,648 | 11,599,290 | |||||||||
Diluted | 11,784,414 | 11,621,990 | |||||||||
NETSOL Technologies, Inc. and Subsidiaries
Schedule 3: Consolidated Statement of Cash Flows
For the Years | |||||||||||
Ended June 30, | |||||||||||
2020 | 2019 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 1,192,023 | $ | 12,017,540 | |||||||
Adjustments to reconcile net income | |||||||||||
to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 3,731,954 | 4,423,657 | |||||||||
Provision for bad debts | 184,944 | 474,516 | |||||||||
Share of net loss from investment under equity method | 605,864 | 841,845 | |||||||||
Gain on sale of assets | (23,103 | ) | (80,470 | ) | |||||||
Stock based compensation | 808,616 | 1,131,013 | |||||||||
Fair market value of stock options | – | 43,612 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 2,035,843 | (1,836,962 | ) | ||||||||
Accounts receivable – related party | 1,957,864 | (977,445 | ) | ||||||||
Revenues in excess of billing | (3,252,704 | ) | (10,764,428 | ) | |||||||
Revenues in excess of billing – related party | 105,441 | (122,810 | ) | ||||||||
Other current assets | (132,175 | ) | (861,128 | ) | |||||||
Accounts payable and accrued expenses | (1,399,828 | ) | (47,819 | ) | |||||||
Unearned revenue | (1,842,313 | ) | 692,089 | ||||||||
Net cash provided by operating activities | 3,972,426 | 4,933,210 | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (1,377,145 | ) | (2,726,558 | ) | |||||||
Sales of property and equipment | 106,180 | 1,170,878 | |||||||||
Convertible note receivable – related party | (600,000 | ) | (1,526,500 | ) | |||||||
Investment in associates | (94,500 | ) | (250,000 | ) | |||||||
Purchase of subsidiary shares | (89,425 | ) | (317,500 | ) | |||||||
Net cash used in investing activities | (2,054,890 | ) | (3,649,680 | ) | |||||||
Cash flows from financing activities: | |||||||||||
Proceeds from the exercise of stock options and warrants | – | 85,000 | |||||||||
Proceeds from exercise of subsidiary options | 11,621 | 2,650 | |||||||||
Purchase of treasury stock | – | (250,945 | ) | ||||||||
Dividend paid by subsidiary to non-controlling interest | (1,920,618 | ) | (566,465 | ) | |||||||
Proceeds from bank loans | 4,221,203 | 1,227,158 | |||||||||
Payments on finance lease obligations and loans – net | (611,913 | ) | (480,231 | ) | |||||||
Net cash provided by financing activities | 1,700,293 | 17,167 | |||||||||
Effect of exchange rate changes | (817,363 | ) | (6,023,186 | ) | |||||||
Net decrease in cash and cash equivalents | 2,800,466 | (4,722,489 | ) | ||||||||
Cash and cash equivalents at beginning of the period | 17,366,364 | 22,088,853 | |||||||||
Cash and cash equivalents at end of period | $ | 20,166,830 | $ | 17,366,364 |
NETSOL Technologies, Inc. and Subsidiaries
Schedule 4: Reconciliation to GAAP
For the Year Ended | For the Year Ended | |||||||
June 30, 2020 | June 30, 2019 | |||||||
Net Income (loss) attributable to NetSol | $ | 937,081 | $ | 8,583,399 | ||||
Non-controlling interest | 254,942 | 3,434,141 | ||||||
Income taxes | 1,141,068 | 1,057,784 | ||||||
Depreciation and amortization | 3,731,954 | 4,423,657 | ||||||
Interest expense | 346,856 | 311,798 | ||||||
Interest (income) | (1,569,536 | ) | (955,061 | ) | ||||
EBITDA | $ | 4,842,365 | $ | 16,855,718 | ||||
Add back: | ||||||||
Non-cash stock-based compensation | 808,616 | 1,174,625 | ||||||
Adjusted EBITDA, gross | $ | 5,650,981 | $ | 18,030,343 | ||||
Less non-controlling interest (a) | (1,330,352 | ) | (5,140,004 | ) | ||||
Adjusted EBITDA, net | $ | 4,320,629 | $ | 12,890,339 | ||||
Weighted Average number of shares outstanding | ||||||||
Basic | 11,734,648 | 11,599,290 | ||||||
Diluted | 11,784,414 | 11,621,990 | ||||||
Basic adjusted EBITDA | $ | 0.37 | $ | 1.11 | ||||
Diluted adjusted EBITDA | $ | 0.37 | $ | 1.11 | ||||
(a)The reconciliation of adjusted EBITDA of non-controlling interest | ||||||||
to net income attributable to non-controlling interest is as follows | ||||||||
Net Income attributable to non-controlling interest | $ | 254,942 | $ | 3,434,141 | ||||
Income Taxes | 223,675 | 351,778 | ||||||
Depreciation and amortization | 1,060,605 | 1,397,613 | ||||||
Interest expense | 100,373 | 99,696 | ||||||
Interest (income) | (391,644 | ) | (229,802 | ) | ||||
EBITDA | $ | 1,247,951 | $ | 5,053,426 | ||||
Add back: | ||||||||
Non-cash stock-based compensation | 82,401 | 86,578 | ||||||
Adjusted EBITDA of non-controlling interest | $ | 1,330,352 | $ | 5,140,004 | ||||
Artificial Intelligence
Fingerprint Sensor Market worth $5.9 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, May 27, 2024 /PRNewswire/ — The Fingerprint Sensor Market is projected to grow from USD 4.2 billion in 2024 and is estimated to reach USD 5.9 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.0% from 2024 to 2029 according to a new report by MarketsandMarkets™. The rise in number of identity threats is one of the key factors leading to emergence of fingerprint technologies. Identity theft refers to the illegal acquisition of an individual’s personal or financial details to perpetrate fraud, including unauthorized transactions. It occurs through various methods and inflicts harm on victims’ credit, finances, and reputation.
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Browse in-depth TOC on “Fingerprint Sensor Market” 100 – Tables60 – Figures200 – Pages
Fingerprint Sensor Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 4.2 billion in 2024
Estimated Value by 2029
$ 5.9 billion
Growth Rate
Poised to grow at a CAGR of 7.0%
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 technology, sensor technology, type, end-use application and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Sensor performance limitations
Key Market Opportunities
Increased adoption of IoT-based biometric technology
Key Market Drivers
Rise in number of identity threats leading to emergence of fingerprint technologies
Area & Touch sensors in the sensor type segment is expected to witness higher CAGR during the forecast period.
Area & touch sensors segment is expected to witness a higher CAGR during the forecast period in the fingerprint sensor market. These sensors activate upon physical contact with an object or individual and are more sensitive compared to traditional buttons or manual controls. They provide users with a seamless and responsive experience, making them ideal for modern electronic devices where sleek design and user convenience are paramount.
The 2D segment in the fingerprint sensor market is expected to capture higher share during the forecast period.
2D sensor technology captures a person’s fingerprint pattern, including ridges and valleys, in two dimensions using a single plane of lasers to measure the X and Y dimensions. This technology is primarily utilized for detection and ranging tasks. Due to its affordability, 2D sensor technology remains popular among OEMs, especially in mobile devices requiring compact sensors to meet the preferences of end users. Key players such as Synaptics Incorporated (US), Fingerprints (Sweden), and Shenzhen Goodix Technology Co., Ltd. (China) offer 2D sensors for various consumer electronics and applications.
Ultrasonic is expected to witness the highest CAGR in the fingerprint sensor market during the forecast period.
Ultrasonic fingerprint sensors utilize sound waves to penetrate the outer layers of the skin, enabling the capture of three-dimensional (3D) details and distinct fingerprint characteristics like ridges and sweat pores. Unlike current capacitive touch-based fingerprint technologies, ultrasonic sensors can read both the epidermal and dermal layers of the skin, allowing for the capture of fine details. Consequently, these sensors can accurately read wet fingers or those with ruptured or damaged skin. The continuous advancements in sensing technology are expected anticipated to propel the growth of the ultrasonic fingerprint sensor market. In January 2022, vivo (China) announced the 1000 9 Pro smartphone with Qualcomm’s 3D Sonic Max ultrasonic fingerprint sensor. The new smartphone is based on Snapdragon 8 Gen 1 processor. The Qualcomm 3D Sonic Max in the IQ00 9 Pro enables a super-fast one-tap fingerprint registration process.
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North America is expected to hold the second largest share of the fingerprint sensor industry during the forecast period.
North America is driven by the increasing adoption of biometric authentication across various sectors, particularly consumer electronics, government, and commercial domains. The US Department of Homeland Security (DHS) has been actively promoting the use of biometric technologies, including fingerprint sensors, for enhancing border security and immigration processes. The DHS’s Biometric Entry-Exit Program has facilitated the deployment of fingerprint scanners at various ports of entry, contributing to the market’s growth in the region. According to November 2023 statistics by US Department of Homeland Security (DHS), 1,018,349 persons obtained lawful permanent resident status in year 2022 compared to 740,002 persons in 2021, which is 37.6% y-o-y increase.
Key Players
Major vendors in the fingerprint sensor companies include Shenzhen Goodix Technology Co., Ltd. (China), Fingerprints (Sweden), Synaptics Incorporated (US), Apple Inc. (US) NEXT Biometrics (Norway), Novatek Microelectronics Corp. (Taiwan), Qualcomm Technologies, Inc. (US) among others.
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MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
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Artificial Intelligence
Cloud Analytics Market worth $118.5 billion by 2029- Exclusive Report by MarketsandMarkets™
CHICAGO, May 27, 2024 /PRNewswire/ — The market for cloud analytics has a promising future because of the acceptance of real-time analytics, the expansion of big data and IoT, and the integration of AI and machine learning. Its adoption across multiple industries will be further accelerated by improved security, edge computing integration, and user-friendly platforms that prioritise data-driven decision-making and customised customer experiences.
The Cloud Analytics Market is estimated to grow from USD 35.7 billion in 2024 to USD 118.5 billion in 2029, at a CAGR of 27.1% during the forecast period, according to a new report by MarketsandMarkets™. Cloud analytics revolutionizes data storage and analysis by harnessing the power of the cloud. By storing and analyzing data in the cloud, businesses can extract actionable insights crucial for both SMEs and large enterprises. This approach facilitates identifying patterns, predicting future outcomes, and gaining valuable insights. Cloud analytics offers an opportunity to consolidate data and convert it into actionable intelligence while reducing procurement and maintenance costs. It involves utilizing both cloud-stored data and the rapid computing power of the cloud for faster analytics. However, with cloud infrastructure, organizations gain access to scalable, secure, and efficient data storage and processing solutions, enabling them to meet the demands of big data and drive innovation.
Browse in-depth TOC on “Cloud Analytics Market”
333 – Tables 66 – Figures342 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2029
Base year considered
2023
Forecast period
2024–2029
Forecast units
USD Billion
Segments Covered
Offering, Data Type, Data Processing, 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), Google (US), Microsoft (US), Teradata (US), Salesforce (US), AWS (US), NetApp (US), Qilk (US), Sisense (US), SAP (Germany), Atos (France), Altair (US), Microstrategy (US), Tibco Software (US), Hexaware Technologies (India), Zoho (India), Rackspace Technology (US), Splunk (US), Cloudera (US), Domo (US), Hewlett Packard Enterprise (US), Incorta (US), Tellius (US), Rapyder (US), Hitachi Vantara (US), Board International (Switzerland), Ridge (Israel), Jaspersoft (US), Yellowfin (Australia), Deonodo (US), GoodData (US), Thoughtspot (US), and Infogain (US)
By offering the services segment to account for higher CAGR during the forecast period
Services segment in the Cloud Analytics Market have experienced remarkable growth in the Cloud Analytics Market, fueled by the increasing adoption of data-driven decision-making across industries. These services offer businesses the capability to analyze vast amounts of data stored in the cloud swiftly and efficiently, enabling them to extract valuable insights for strategic planning, optimization, and innovation. With the scalability and flexibility of cloud infrastructure, analytics services can accommodate diverse data types and analytical workloads, empowering organizations to derive actionable intelligence from their data in real time. As businesses continue to prioritize agility and competitiveness, the demand for cloud analytics services is expected to soar, driving further innovation and expansion in the Cloud Analytics Market landscape.
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By Type, advanced analytics solution is expected to hold the largest market size for the year 2024
The surge in advanced analytics adoption within the Cloud Analytics Market is reshaping the landscape of data-driven decision-making. Organizations across diverse sectors are increasingly turning to advanced analytics solutions hosted on cloud platforms to extract deeper insights from their data. This trend stems from the growing realization that traditional analytics methods are no longer sufficient to cope with the complexities of modern data ecosystems. Advanced analytics, powered by machine learning algorithms, predictive modeling, and AI, offer unparalleled capabilities to uncover hidden patterns, forecast trends, and optimize business processes. By leveraging the scalability, flexibility, and cost-effectiveness of cloud infrastructure, businesses can access powerful analytics tools without the burden of hefty upfront investments in hardware and software. As a result, the Cloud Analytics Market is witnessing rapid expansion, fueled by the transformative potential of advanced analytics in driving innovation, enhancing operational efficiency, and gaining a competitive edge in today’s data-driven economy.
By Vertical, Healthcare & Life Sciences is projected to grow at the highest CAGR during the forecast period
The healthcare and life sciences sector is experiencing a transformative shift with the emergence of cloud analytics. This technology integrates vast amounts of data from various sources, including electronic health records, wearable devices, and genomic information, to derive meaningful insights and drive informed decision-making. Cloud analytics offers scalability, flexibility, and cost-effectiveness, enabling organizations to efficiently manage and analyze massive datasets that were previously challenging to handle. By leveraging advanced analytics techniques such as machine learning and predictive modeling, healthcare providers and life sciences companies can enhance patient care, optimize clinical workflows, and accelerate drug discovery processes. Moreover, cloud-based analytics facilitates collaboration among researchers, clinicians, and stakeholders, fostering innovation and driving advancements in personalized medicine and population health management. As the industry continues to embrace digital transformation, cloud analytics stands as a cornerstone for unlocking the full potential of data-driven healthcare and life sciences initiatives.
Asia Pacific is expected to grow at the highest CAGR during the forecast period
The Asia Pacific region is experiencing a significant surge in the adoption of cloud analytics, reshaping how businesses make data-driven decisions. Companies spanning various industries are embracing cloud-based analytics platforms to optimize operations, foster innovation, and gain actionable insights. Additionally, the ubiquitous nature of mobile devices and internet connectivity has heightened the demand for real-time analytics accessible from anywhere. Governments and enterprises recognize the strategic value of harnessing analytics to maintain competitiveness in the global marketplace. Consequently, investments in cloud analytics technologies and talent development are escalating, positioning the Asia Pacific region as a pivotal player in the global cloud analytics landscape.
Top Key Companies in Cloud Analytics Market:
The significant cloud analytics software and service providers include IBM (US), SAS Institute (US), Oracle (US), Google (US), Microsoft (US), Teradata (US), Salesforce (US), AWS (US), NetApp(US), Qilk(US), Sisense (US), SAP (Germany), Atos (France), Altair (US), Microstrategy (US), Tibco Software (US), Hexaware Technologies (India), Zoho (India), Rackspace Technology (US), Splunk (US), Cloudera (US), Domo (US), Hewlett Packard Enterprise (US), Incorta (US), Tellius (US), Rapyder (US), Hitachi Vantara (US), Board International (Switzerland), Ridge (Israel), Jaspersoft (US), Yellowfin (Australia), Deonodo(US), GoodData(US), Thoughtspot (US), and Infogain (US). These companies have used organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the Cloud Analytics Market.
Recent Developments:
In January 2024, Salesforce unveiled fresh Commerce Cloud tools leveraging generative AI and data-driven insights, enhancing every customer interaction for heightened loyalty and revenue growth.In February 2024, IBM and Wipro strengthened their collaboration to offer clients expanded AI services and support. This collaboration aims to utilize AI technologies to tackle various business challenges and foster innovation across industries.In June 2023, Salesforce and Google formed a partnership. The partnership between Salesforce and Google focuses on integrating Google’s AI capabilities into Salesforce’s products, enhancing their analytics offerings.In May 2023, Microsoft launched Microsoft Fabric Data Analytics which is a cutting-edge platform tailored for the AI era, facilitating seamless integration of analytics and AI capabilities into data processing workflows. It streamlines data ingestion, preparation, and analysis, enabling organizations to derive actionable insights efficiently.In August 2022, Teradata introduced VantageCloud Lake, a cloud-native service designed to simplify data lakes for businesses, enabling seamless management and analytics of vast data sets.Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=959
Cloud Analytics Market Advantages:
Platforms for cloud analytics offer scalable resources, making it simple for companies to modify their requirements for storage and processing power in response to demand. Because of its adaptability, businesses may manage different data volumes without having to make costly infrastructure investments.Businesses can lower their capital hardware and software costs by utilising cloud analytics. Pay-as-you-go cloud service pricing allows businesses to optimise their total IT expenditure by only paying for the resources they really utilise.Compared to on-premises systems, cloud analytics solutions may be implemented and deployed far more quickly. This speedy deployment shortens the time to insight, allowing companies to begin data analysis and value extraction right away.Platforms for cloud-based analytics enable remote access to analytics tools and data from any location with an internet connection. Team members can collaborate on data projects regardless of location thanks to this accessibility, which fosters teamwork.Advanced analytics features like machine learning, artificial intelligence, and predictive analytics are frequently included in cloud analytics solutions. Organisations can gain deeper insights and make better decisions with the aid of these technologies.Businesses can analyse data as it is generated with the use of cloud analytics solutions, which provide real-time data processing and analytics. Applications that need instant insights, like fraud detection, operational monitoring, and customer engagement, depend on this real-time capacity.Platforms for cloud analytics can easily interface with a range of data sources, such as databases, data lakes, outside apps, and Internet of Things gadgets. A unified perspective of corporate operations and thorough data analysis are guaranteed by this integration capabilities.Report Objectives
To define, describe, and predict the Cloud Analytics Market by offering, data type, data processing, vertical, and regionTo describe and forecast the Cloud Analytics Market, in terms of value, by region—North America, Europe, Asia Pacific, Middle East & Africa, and Latin AmericaTo provide detailed information regarding major factors influencing the market growth (drivers, restraints, opportunities, and challenges)To strategically analyze micro markets with respect to individual growth trends, prospects, and contributions to the overall Cloud Analytics MarketTo profile key players and comprehensively analyze their market positions in terms of ranking and core competencies, along with detailing the competitive landscape for market leadersTo analyze competitive developments such as joint ventures, mergers and acquisitions, product developments, and ongoing research and development (R&D) in the Cloud Analytics MarketTo provide the illustrative segmentation, analysis, and projection of the main regional marketsBrowse Adjacent Markets: Analytics Market Research Reports & Consulting
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Get access to the latest updates on Cloud Analytics Companies and Cloud Analytics Industry
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:Mr. Aashish MehraMarketsandMarkets™ INC. 630 Dundee Road Suite 430Northbrook, IL 60062USA: +1-888-600-6441Email: [email protected] Our Website: https://www.marketsandmarkets.com/
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Artificial Intelligence
PolyU research finds improving AI large language models helps better align with human brain activity
HONG KONG, May 27, 2024 /PRNewswire/ — With generative artificial intelligence (GenAI) transforming the social interaction landscape in recent years, large language models (LLMs), which use deep-learning algorithms to train GenAI platforms to process language, have been put in the spotlight. A recent study by The Hong Kong Polytechnic University (PolyU) found that LLMs perform more like the human brain when being trained in more similar ways as humans process language, which has brought important insights to brain studies and the development of AI models.
Current large language models (LLMs) mostly rely on a single type of pretraining – contextual word prediction. This simple learning strategy has achieved surprising success when combined with massive training data and model parameters, as shown by popular LLMs such as ChatGPT. Recent studies also suggest that word prediction in LLMs can serve as a plausible model for how humans process language. However, humans do not simply predict the next word but also integrate high-level information in natural language comprehension.
A research team led by Prof. Li Ping, Dean of the Faculty of Humanities and Sin Wai Kin Foundation Professor in Humanities and Technology at PolyU, has investigated the next sentence prediction (NSP) task, which simulates one central process of discourse-level comprehension in the human brain to evaluate if a pair of sentences is coherent, into model pretraining and examined the correlation between the model’s data and brain activation. The study has been recently published in the academic journal Sciences Advances.
The research team trained two models, one with NSP enhancement and the other without, both also learned word prediction. Functional magnetic resonance imaging (fMRI) data were collected from people reading connected sentences or disconnected sentences. The research team examined how closely the patterns from each model matched up with the brain patterns from the fMRI brain data.
It was clear that training with NSP provided benefits. The model with NSP matched human brain activity in multiple areas much better than the model trained only on word prediction. Its mechanism also nicely maps onto established neural models of human discourse comprehension. The results gave new insights into how our brains process full discourse such as conversations. For example, parts of the right side of the brain, not just the left, helped understand longer discourse. The model trained with NSP could also better predict how fast someone read – showing that simulating discourse comprehension through NSP helped AI understand humans better.
Recent LLMs, including ChatGPT, have relied on vastly increasing the training data and model size to achieve better performance. Prof. Li Ping said, “There are limitations in just relying on such scaling. Advances should also be aimed at making the models more efficient, relying on less rather than more data. Our findings suggest that diverse learning tasks such as NSP can improve LLMs to be more human-like and potentially closer to human intelligence.”
He added, “More importantly, the findings show how neurocognitive researchers can leverage LLMs to study higher-level language mechanisms of our brain. They also promote interaction and collaboration between researchers in the fields of AI and neurocognition, which will lead to future studies on AI-informed brain studies as well as brain-inspired AI.”
Media ContactMs Annie WongSenior Manager, Public AffairsTel: +852 3400 3853Email: [email protected]
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