Artificial Intelligence
Pluralsight Announces Third Quarter 2020 Results
SILICON SLOPES, Utah, Nov. 05, 2020 (GLOBE NEWSWIRE) — Pluralsight, Inc. (NASDAQ: PS), the technology workforce development company, today announced financial results for the third quarter ended September 30, 2020.
“We’re proud of the progress we made in the quarter while still in the midst of the COVID-19 pandemic. We handily beat our revenue, earnings, and cash expectations in Q3 and have raised our annual expectations for each.” said Aaron Skonnard, co-founder and CEO of Pluralsight. “Q3 billings came in lighter than we expected, but we had strong participation and enthusiasm at our PS LIVE customer event in October. With the pipeline generated from PS LIVE and our new products and capabilities, we remain confident in our outlook.”
Third Quarter Financial Highlights
For information regarding the non-GAAP financial measures discussed in this press release, please see the section titled “Non-GAAP Financial Measures.” Reconciliations between GAAP and non-GAAP financial measures are provided in the tables of this press release.
Financial Outlook
The following forward-looking statements reflect Pluralsight’s expectations as of November 5, 2020. Full Year 2020 Guidance
Guidance for non-GAAP financial measures excludes equity-based compensation, amortization of acquired intangible assets, employer payroll taxes on employee stock transactions, amortization of debt discount and issuance costs, and, as applicable, other special items, which may be significant. Pluralsight has not reconciled its expectations as to adjusted pro forma net loss per share to their most directly comparable GAAP measures because certain items cannot be reasonably predicted. Accordingly, a reconciliation for expectations of adjusted pro forma net loss per share is not available without unreasonable effort.
Pluralsight’s guidance for the full year 2020 reflects its expectations for the periods after taking into account the impact of COVID-19. However, the crisis that this pandemic has created is very fluid, and the situation is constantly evolving. As such, Pluralsight’s actual results may differ materially from such guidance based on a variety of factors, including Pluralsight’s ability to execute its business during this crisis, the impact of the crisis on Pluralsight’s suppliers, customers and partners, governmental action taken in response to COVID-19, and other factors.
Conference Call Information
Pluralsight will host a conference call for analysts and investors to discuss its third quarter 2020 results and outlook for the full year 2020, today at 2:30 p.m. Mountain Time (4:30 p.m. Eastern Time).
A live audio webcast of the conference call will also be accessible from the Pluralsight website at investors.pluralsight.com. A telephonic replay of the call will be available three hours after the call, will run for seven days, and may be accessed by dialing (855) 859-2056 or (404) 537-3406 and entering the passcode 3430067. About Pluralsight
Pluralsight is the leading technology skills and engineering management platform. Trusted by forward-thinking companies of every size in every industry, Pluralsight helps individuals and businesses transform with technology through its Skills and Flow products. Skills helps build technology skills at scale with expert-authored courses on today’s most important technologies, including cloud, artificial intelligence, machine learning, data science, and security, among others. Skills also offers analytics and Skill IQ and Role IQ assessments. Flow complements Skills by providing visibility and analytics into software development workflows to accelerate the delivery of products and services.
Pluralsight and the Pluralsight logo are trademarks of Pluralsight, LLC in the United States and in jurisdictions throughout the world.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws that involve risks and uncertainties, including the quotations of management and statements regarding our future financial and operating performance, and our financial outlook for the full year 2020. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: our ability to attract and retain customers; our ability to expand our course library and develop new platform features; the demand for, and market acceptance of our platform; competition; our ability to improve sales management and execution; our expectations of the potential impact the COVID-19 pandemic may have on our business; and other market, political, economic, and business conditions. Additional risks and uncertainties that could affect our financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K/A filed with the SEC on March 2, 2020 and in our quarterly report on Form 10-Q filed with the SEC on November 5, 2020, which is available on our website at investors.pluralsight.com and on the SEC’s website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
Key Business Metrics
Billings. Billings represents total revenue plus the change in deferred revenue in the period, as presented in our condensed consolidated statements of cash flows, less the change in contract assets and unbilled accounts receivable in the period. Billings in any particular period represents amounts invoiced to customers and reflects subscription renewals and upsells to existing customers plus sales to new customers. We use billings to measure our ability to sell subscriptions to our platform to both new and existing customers. We use billings from business customers and our percentage of billings from business customers to measure and monitor our ability to sell subscriptions to our platform to business customers.
Non-GAAP Financial Measures
Pluralsight has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). Pluralsight uses the non-GAAP financial measures of non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating loss, adjusted pro forma net loss, adjusted pro forma net loss per share, and free cash flow in analyzing its financial results and believes that the use of these metrics is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Pluralsight’s financial results with other companies in its industry, many of which present similar non-GAAP financial measures. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. A reconciliation of our historical non-GAAP financial measures to their most directly comparable GAAP measures have been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.
Non-GAAP gross profit. We define non-GAAP gross profit as gross profit plus equity-based compensation, amortization of acquired intangible assets, and employer payroll taxes on employee stock transactions.
Non-GAAP gross margin. We define non-GAAP gross margin as non-GAAP gross profit divided by our revenue.
Non-GAAP operating expenses. We define non-GAAP operating expenses as operating expenses less equity-based compensation, amortization of acquired intangible assets, and employer payroll taxes on employee stock transactions, and, as applicable, other special items.
Non-GAAP operating loss. We define non-GAAP operating loss as loss from operations plus equity-based compensation, amortization of acquired intangible assets, employer payroll taxes on employee stock transactions, and, as applicable, other special items. Adjusted pro forma net loss and adjusted pro forma net loss per share. We define adjusted pro forma net loss as net loss attributable to Pluralsight, Inc. adjusted for the reallocation of loss attributable to non-controlling interests from the assumed exchange of LLC Units of Pluralsight Holdings for newly-issued shares of Class A common stock of Pluralsight, Inc. and further adjusted for equity-based compensation, amortization of acquired intangible assets, employer payroll taxes on employee stock transactions, amortization of debt discount and issuance costs, and, as applicable, other special items. We define adjusted pro forma net loss per share as adjusted pro forma net loss divided by the weighted-average shares of Class A common stock outstanding, assuming the full exchange of all outstanding LLC Units of Pluralsight Holdings for newly-issued shares of Class A common stock of Pluralsight, Inc.
Free cash flow. We define free cash flow as cash (used in) provided by operating activities less purchases of property and equipment and purchases of our content library.
PLURALSIGHT, INC.
Condensed Consolidated Statements of Operations (1) Includes equity-based compensation as follows: (2) Includes amortization of acquired intangible assets as follows:
PLURALSIGHT, INC.
Key Business Metrics and Non-GAAP Financial Measures Key Business Metrics
Non-GAAP Financial Measures PLURALSIGHT, INC.
Key Business Metrics and Non-GAAP Financial Measures (cont.) PLURALSIGHT, INC.
Key Business Metrics and Non-GAAP Financial Measures (cont.) PLURALSIGHT, INC. Condensed Consolidated Balance Sheets PLURALSIGHT, INC.
Condensed Consolidated Statements of Cash Flows Investor Relations Contact: Media Contact:
(in thousands, except per share amounts)
(unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Revenue
$
99,465
$
82,620
$
286,876
$
228,099
Cost of revenue(1)(2)
20,426
17,829
59,151
52,344
Gross profit
79,039
64,791
227,725
175,755
Operating expenses(1)(2):
Sales and marketing
57,206
55,797
177,380
150,014
Technology and content
29,345
27,847
89,003
72,937
General and administrative
20,366
20,844
66,733
63,610
Total operating expenses
106,917
104,488
333,116
286,561
Loss from operations
(27,878
)
(39,697
)
(105,391
)
(110,806
)
Other income (expense):
Interest expense
(7,409
)
(7,412
)
(21,799
)
(16,436
)
Loss on debt extinguishment
—
(950
)
—
(950
)
Other income, net
1,992
3,001
6,429
8,783
Loss before income taxes
(33,295
)
(45,058
)
(120,761
)
(119,409
)
Income tax expense
(476
)
(404
)
(253
)
(701
)
Net loss
$
(33,771
)
$
(45,462
)
$
(121,014
)
$
(120,110
)
Less: Net loss attributable to non-controlling interests
(6,410
)
(12,983
)
(28,405
)
(39,429
)
Net loss attributable to Pluralsight, Inc.
$
(27,361
)
$
(32,479
)
$
(92,609
)
$
(80,681
)
Net loss per share, basic and diluted
$
(0.24
)
$
(0.32
)
$
(0.85
)
$
(0.88
)
Weighted-average shares of Class A common stock used in computing basic and diluted net loss per share
115,196
101,407
109,009
91,741
Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Cost of revenue
$
312
$
138
$
878
$
355
Sales and marketing
10,908
8,739
31,308
22,967
Technology and content
6,361
6,666
19,581
15,513
General and administrative
6,633
9,114
24,450
28,822
Total equity-based compensation
$
24,214
$
24,657
$
76,217
$
67,657
Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Cost of revenue
$
1,208
$
1,209
$
3,626
$
2,436
Sales and marketing
50
50
150
79
Technology and content
122
176
459
529
Total amortization of acquired intangible assets
$
1,380
$
1,435
$
4,235
$
3,044
(dollars in thousands)
(unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Billings
$
100,022
$
92,123
$
279,334
$
250,603
Billings from business customers
$
88,599
$
80,707
$
246,766
$
216,967
% of billings from business customers
89
%
88
%
88
%
87
%
Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Reconciliation of gross profit to non-GAAP gross profit:
Gross profit
$
79,039
$
64,791
$
227,725
$
175,755
Equity-based compensation
312
138
878
355
Amortization of acquired intangible assets
1,208
1,209
3,626
2,436
Employer payroll taxes on employee stock transactions
10
2
42
18
Non-GAAP gross profit
$
80,569
$
66,140
$
232,271
$
178,564
Gross margin
79
%
78
%
79
%
77
%
Non-GAAP gross margin
81
%
80
%
81
%
78
%
(dollars in thousands)
(unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Reconciliation of operating expenses to non-GAAP operating expenses:
Sales and marketing
$
57,206
$
55,797
$
177,380
$
150,014
Less: Equity-based compensation
(10,908
)
(8,739
)
(31,308
)
(22,967
)
Less: Amortization of acquired intangible assets
(50
)
(50
)
(150
)
(79
)
Less: Employer payroll taxes on employee stock transactions
(161
)
(71
)
(982
)
(1,212
)
Non-GAAP sales and marketing
$
46,087
$
46,937
$
144,940
$
125,756
Sales and marketing as a percentage of revenue
58
%
68
%
62
%
66
%
Non-GAAP sales and marketing as a percentage of revenue
46
%
57
%
51
%
55
%
Technology and content
$
29,345
$
27,847
$
89,003
$
72,937
Less: Equity-based compensation
(6,361
)
(6,666
)
(19,581
)
(15,513
)
Less: Amortization of acquired intangible assets
(122
)
(176
)
(459
)
(529
)
Less: Employer payroll taxes on employee stock transactions
(192
)
(65
)
(1,044
)
(979
)
Non-GAAP technology and content
$
22,670
$
20,940
$
67,919
$
55,916
Technology and content as a percentage of revenue
30
%
34
%
31
%
32
%
Non-GAAP technology and content as a percentage of revenue
23
%
25
%
24
%
25
%
General and administrative
$
20,366
$
20,844
$
66,733
$
63,610
Less: Equity-based compensation
(6,633
)
(9,114
)
(24,450
)
(28,822
)
Less: Employer payroll taxes on employee stock transactions
(182
)
(195
)
(852
)
(897
)
Less: Secondary offering costs
—
—
(1,260
)
(918
)
Less: Acquisition-related costs
(341
)
—
(341
)
(835
)
Non-GAAP general and administrative
$
13,210
$
11,535
$
39,830
$
32,138
General and administrative as a percentage of revenue
20
%
25
%
23
%
28
%
Non-GAAP general and administrative as a percentage of revenue
13
%
14
%
14
%
14
%
Reconciliation of loss from operations to non-GAAP operating loss:
Loss from operations
$
(27,878
)
$
(39,697
)
$
(105,391
)
$
(110,806
)
Equity-based compensation
24,214
24,657
76,217
67,657
Amortization of acquired intangible assets
1,380
1,435
4,235
3,044
Employer payroll taxes on employee stock transactions
545
333
2,920
3,106
Secondary offering costs
—
—
1,260
918
Acquisition-related costs
341
—
341
835
Non-GAAP operating loss
$
(1,398
)
$
(13,272
)
$
(20,418
)
$
(35,246
)
(in thousands, except per share amounts)
(unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Adjusted pro forma net loss per share
Numerator:
Net loss attributable to Pluralsight, Inc.
$
(27,361
)
$
(32,479
)
$
(92,609
)
$
(80,681
)
Net loss attributable to non-controlling interests
(6,410
)
(12,983
)
(28,405
)
(39,429
)
Equity-based compensation
24,214
24,657
76,217
67,657
Amortization of acquired intangibles
1,380
1,435
4,235
3,044
Employer payroll taxes on employee stock transactions
545
333
2,920
3,106
Secondary offering costs
—
—
1,260
918
Acquisition-related costs
341
—
341
835
Amortization of debt discount and issuance costs
6,853
6,826
20,128
15,120
Loss on debt extinguishment
—
950
—
950
Adjusted pro forma net loss
$
(438
)
$
(11,261
)
$
(15,913
)
$
(28,480
)
Denominator:
Weighted-average shares of Class A common stock outstanding
115,196
101,407
109,009
91,741
Weighted-average LLC Units of Pluralsight Holdings that are convertible into Class A common stock
28,932
36,791
33,437
44,834
Adjusted pro forma weighted-average common shares outstanding, basic and diluted
144,128
138,198
142,446
136,575
Adjusted pro forma net loss per share
$
—
$
(0.08
)
$
(0.11
)
$
(0.21
)
Reconciliation of net cash (used in) provided by operating activities to free cash flow:
Net cash (used in) provided by operating activities
$
(2,352
)
$
(2,175
)
$
6,693
$
(3,823
)
Less: Purchases of property and equipment
(10,706
)
(3,029
)
(31,226
)
(7,619
)
Less: Purchases of content library
(1,803
)
(1,381
)
(5,596
)
(3,822
)
Free cash flow
$
(14,861
)
$
(6,585
)
$
(30,129
)
$
(15,264
)
(in thousands)
(unaudited)
September 30, 2020
December 31, 2019
Assets
Current assets:
Cash and cash equivalents
$
100,882
$
90,515
Short-term investments
304,077
332,234
Accounts receivable, net
76,492
101,576
Deferred contract acquisition costs
19,469
18,331
Prepaid expenses and other current assets
18,847
14,174
Total current assets
519,767
556,830
Restricted cash and cash equivalents
17,337
28,916
Long-term investments
114,623
105,805
Property and equipment, net
65,058
22,896
Right-of-use assets
61,719
15,804
Content library, net
11,880
8,958
Intangible assets, net
18,416
22,631
Goodwill
262,532
262,532
Deferred contract acquisition costs, noncurrent
8,317
5,982
Other assets
1,940
1,599
Total assets
$
1,081,589
$
1,031,953
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$
7,041
$
10,615
Accrued expenses
47,090
40,703
Accrued author fees
11,988
11,694
Lease liabilities
9,184
5,752
Deferred revenue
207,823
215,137
Total current liabilities
283,126
283,901
Deferred revenue, noncurrent
21,138
19,517
Convertible senior notes, net
490,355
470,228
Lease liabilities, noncurrent
75,393
11,167
Other liabilities
69
980
Total liabilities
870,081
785,793
Stockholders’ equity:
Preferred stock
—
—
Class A common stock
12
10
Class B common stock
1
2
Class C common stock
1
1
Additional paid-in capital
724,184
641,128
Accumulated other comprehensive income
1,166
225
Accumulated deficit
(550,990
)
(458,381
)
Total stockholders’ equity attributable to Pluralsight, Inc.
174,374
182,985
Non-controlling interests
37,134
63,175
Total stockholders’ equity
211,508
246,160
Total liabilities and stockholders’ equity
$
1,081,589
$
1,031,953
(in thousands)
(unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Operating activities
Net loss
$
(33,771
)
$
(45,462
)
$
(121,014
)
$
(120,110
)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation of property and equipment
2,998
2,417
8,866
6,996
Amortization of acquired intangible assets
1,380
1,435
4,235
3,044
Amortization of course creation costs
883
651
2,464
1,841
Equity-based compensation
24,214
24,657
76,217
67,657
Amortization of deferred contract acquisition costs
6,251
6,006
19,018
17,317
Amortization of debt discount and issuance costs
6,853
6,826
20,128
15,120
Investment discount and premium amortization, net
496
(1,065
)
68
(1,771
)
Loss on debt extinguishment
—
950
—
950
Other
(104
)
(478
)
589
(178
)
Changes in assets and liabilities, net of acquired assets and liabilities:
Accounts receivable
(14,581
)
(5,258
)
23,512
1,858
Deferred contract acquisition costs
(9,128
)
(7,238
)
(22,491
)
(18,668
)
Prepaid expenses and other assets
(4,026
)
535
(4,237
)
(3,509
)
Right-of-use assets
1,449
1,412
4,487
4,339
Accounts payable
1,480
(3,573
)
(3,126
)
(2,520
)
Accrued expenses and other liabilities
11,492
8,317
6,880
5,188
Accrued author fees
277
(7
)
293
1,292
Lease liabilities
(730
)
(1,758
)
(3,604
)
(5,130
)
Deferred revenue
2,215
9,458
(5,592
)
22,461
Net cash (used in) provided by operating activities
(2,352
)
(2,175
)
6,693
(3,823
)
Investing activities
Purchases of property and equipment
(10,706
)
(3,029
)
(31,226
)
(7,619
)
Purchases of content library
(1,803
)
(1,381
)
(5,596
)
(3,822
)
Cash paid for acquisition, net of cash acquired
—
100
—
(163,771
)
Purchases of investments
(110,118
)
(212,573
)
(427,130
)
(529,653
)
Proceeds from sales of investments
—
—
—
4,967
Proceeds from maturities of investments
131,225
112,995
446,830
112,995
Net cash provided by (used in) investing activities
8,598
(103,888
)
(17,122
)
(586,903
)
Financing activities
Proceeds from issuance of common stock from employee equity plans
3,863
245
14,741
14,876
Taxes paid related to net share settlement
(1,732
)
—
(5,605
)
—
Proceeds from issuance of convertible senior notes, net of discount and issuance costs
—
—
—
616,654
Purchase of capped calls related to issuance of convertible senior notes
—
—
—
(69,432
)
Repurchases of convertible senior notes
—
(35,000
)
—
(35,000
)
Proceeds from terminations of capped calls related to repurchases of convertible senior notes
—
1,284
—
1,284
Net cash provided by (used in) financing activities
2,131
(33,471
)
9,136
528,382
Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents
238
(130
)
81
(108
)
Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents
8,615
(139,664
)
(1,212
)
(62,452
)
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period
109,604
288,283
119,431
211,071
Cash, cash equivalents, and restricted cash and cash equivalents, end of period
$
118,219
$
148,619
$
118,219
$
148,619
Mark McReynolds
Investor Relations
Pluralsight
801-784-9007
[email protected]
DJ Anderson
Communications/Press
Pluralsight
801-784-9007
[email protected]
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From agile fintech startups to established law firms, financial institutions, regulatory bodies, insurance providers, as well as compliance consultants, ViCA seamlessly adapts to unique compliance needs. Its user-friendly interface ensures navigating and analysing regulatory data is swift and intuitive, streamlining the compliance workflow.
“ViCA is a game-changer in how regulatory compliance advice will be provided in the future”, commented Luis Parra, Managing Director of ViCA. “With ViCA, compliance insights become available to all. No longer are regulated firms and responsible people overly dependent on advisors and compliance consultants. Through ViCA, the financial system will not only meet but exceed regulatory standards. Moreover, the level of information made available to the public will benefit society as a whole, in its interactions with the financial services sector.”
Among ViCA’s revolutionary features is its cost-effective model, allowing businesses to significantly reduce reliance on traditional spending with external consultants and advisors.
Visit ViCA.Chat to experience the future of compliance support.
Contact:
Name: Luis ParraTitle: Managing DirectorCompany: Vica.ChatTelephone: +44 20 7399 4980 Email: [email protected]
About ViCA.Chat:
ViCA.Chat is a revolutionary Virtual Compliance Assistant powered by cutting-edge AI technology, designed to demystify the complexities of regulatory compliance. Utilising Complyport’s 22 years of regulatory expertise, ViCA offers real-time assistance and guidance across a wide range of regulatory frameworks, setting a new standard for efficiency and precision in compliance support. From fintech start-ups to established law firms, financial services institutions, regulators, regulatory firms, compliance consultants and insurance firms, ViCA caters to the diverse needs of professionals across all levels in the broader UK financial services sector.
Visit ViCA.Chat to learn more.
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Artificial Intelligence
LoRa and LoRaWAN IoT Market worth $32.7 billion by 2029- Exclusive Report by MarketsandMarkets™
CHICAGO, June 14, 2024 /PRNewswire/ — The LoRa and LoRaWAN IoT Market is expected to reach USD 32.7 billion by 2029 from USD 8.0 billion in 2024, at a Compound Annual Growth Rate (CAGR) of 32.4 % during 2024–2029, according to a new report by MarketsandMarkets™.
Browse in-depth TOC on “LoRa and LoRaWAN IoT Market”
320 – Tables 58 – Figures294 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2018-2029
Base year considered
2023
Forecast period
2024–2029
Forecast units
Value (USD Billion)
Segments Covered
Offering, Network Deployment, Application, End User, and Region
Region covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
List of Companies in LoRa and LoRaWAN IoT
The Bosch Group (Germany), Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US).
The LoRaWAN ecosystem influences development of tools, software libraries, and cloud-based platforms that streamline the creation, deployment, and management of IoT solutions. Continuously evolving, this ecosystem boasts a burgeoning array of vendors providing LoRa-compliant devices, gateways, and network management solutions. This vibrant competition within the ecosystem propels innovation while driving down costs for end-users. Moreover, the development of interoperable solutions fosters seamless integration and deployment of LoRaWAN networks, simplifying the implementation process for businesses and organizations. As the ecosystem continues to expand and mature, it empowers developers, system integrators, and IoT enthusiasts to unleash their creativity, accelerate time-to-market, and unlock the full potential of LoRaWAN technology in diverse applications and industries.
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Based on network deployment, the public network segment to hold the largest market size during the forecast period.
The robust security features integrated into public LoRaWAN networks play a significant role in driving the growth and adoption of LoRaWAN technology in the market. End-to-end encryption ensures that data transmitted between devices and gateways is protected from unauthorized access or interception, safeguarding sensitive information such as sensor readings, location data, and command messages. Message integrity checks verify the integrity of data packets, detecting any tampering or alteration during transmission and ensuring data authenticity and reliability. Additionally, mutual authentication mechanisms establish trust between devices and gateways, verifying the identity of both parties before allowing communication to occur. These security measures provide organizations and end-users with confidence in the integrity and confidentiality of their data, mitigating concerns related to data privacy, cybersecurity threats, and regulatory compliance. As a result, implementing robust security features in public LoRaWAN networks enhances trust and credibility in the technology, driving increased adoption and market growth as organizations seek reliable and secure connectivity solutions for their IoT deployments.
By offering, the services segment is expected to hold a higher growth rate during the forecast period.
IoT service providers are pivotal in driving adoption by developing vertical-specific solutions finely tuned to the distinct needs of industries like agriculture, healthcare, logistics, and smart cities. In agriculture, for instance, IoT services offer solutions for precision farming, crop monitoring, and livestock management, enabling farmers to optimize irrigation, monitor soil health, and enhance yields. Similarly, IoT services facilitate remote patient monitoring, asset tracking, and inventory management in healthcare, improving patient care, reducing costs, and ensuring compliance with regulatory standards such as HIPAA. In logistics, IoT services provide real-time tracking of shipments, fleet management, and predictive maintenance, enhancing supply chain visibility, efficiency, and reliability. For smart cities, IoT services offer solutions for traffic management, waste management, energy optimization, and public safety, transforming urban infrastructure and enhancing the quality of life for residents. By addressing industry-specific challenges, compliance requirements, and use cases, vertical-specific IoT solutions deliver tangible business value, driving adoption and fueling the growth of the IoT services market across diverse sectors.
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Asia Pacific is expected to hold a higher growth rate during the forecast period.
In the Asia Pacific region, where agriculture serves as a cornerstone of many economies, adopting IoT technologies, particularly LoRa and LoRaWAN, is revolutionizing traditional farming practices. LoRaWAN’s long-range connectivity and low-power consumption make it well-suited for deployment in rural agricultural settings, where access to reliable connectivity may be limited. Through LoRa-based IoT solutions, farmers can implement precision agriculture techniques to address pressing challenges such as water scarcity, soil degradation, and unpredictable weather patterns. LoRa-enabled sensors facilitate real-time monitoring of soil moisture levels, temperature, and humidity, allowing farmers to optimize irrigation schedules and conserve water resources. Remote sensing technologies powered by LoRaWAN enable farmers to gather actionable insights on crop health, pest infestations, and nutrient deficiencies, facilitating timely interventions and improving overall crop management practices. Furthermore, LoRa-based crop analytics platforms provide farmers with data-driven decision support tools, helping them optimize planting strategies, improve yield forecasting, and mitigate the impact of climate change on agricultural productivity. By harnessing the power of LoRa and LoRaWAN IoT solutions, farmers in the Asia Pacific region can increase yields, conserve resources, and enhance resilience to environmental challenges, driving the adoption and growth of the LoRaWAN IoT market in the agricultural sector.
Top Key Companies in LoRa and LoRaWAN IoT Market:
The major vendors covered in the LoRa and LoRaWAN IoT Market are The Bosch Group (Germany), Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the LoRa and LoRaWAN IoT Market.
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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
Scoring a Seat at UEFA EURO 2024™ with Top-Performing AI-Powered TOSHIBA TV Lineup
HONG KONG, June 14, 2024 /PRNewswire/ — Football fans are in for a treat as they gear up for UEFA EURO 2024™ with Toshiba TV’s top-performing Gaming TV Z670. As the OFFICIAL TV OF UEFA EURO 2024™, Toshiba TVs present immersive viewing of the football game by their AI-powered TV lineup. To celebrate the brilliant moments it can bring, Toshiba TV are gifting USD100 Amazon Gift Card via their social platform! By simply like, follow and comment on @ToshibaTVGlobal, fans can boost their chances of scoring this prize.
Optimized Visuals Tailored for Football Dynamics
The Toshiba REGZA Engine ZRi in Z670 transports football fans into the heart of the action. With the AI Football Mode, they’ll be able to see fast-moving objects crystal clear and football field actions much enriched. To see their favourite player score that winning goal, the AI Picture Optimizer automatically adjusts visual contrast and precision adapted to the game. From vivid green fields and vibrant player kits, every play comes to life with AI 4K Upscaling and Quantum Dot Color, transforming lower-resolution broadcasts into near-4K quality and unleashing lifelike visual color.
Powerful Audio Effects for a Live Stadium Experience
The Toshiba TV Z670’s powerful audio system makes viewers feel like they’re right in the game. With the REGZA Bass Woofer Pro, Tru Bass Booster, and Dolby Atmos, they’ll experience heart-thumping 3D surround sound that captures the live stadium atmosphere. Whether it’s the roar of the crowd or the intensity of each play, the rich audio brings the excitement of each game right into their room.
Bringing Everyone Together for UEFA EURO 2024™
Available in sizes ranging from 55″ to 85″, Z670 is equipped with a Wide Viewing Angle and Anti-reflection features that ensures a clear picture from all viewing positions with the non-glare panel. Gather everyone for “Brilliant Every Moment” in UEFA EURO 2024™ with Toshiba TV!
Please find the high-resolution TVC here: Link
About Toshiba TV:
With 70+ years of history in TV production, Toshiba TV is known for its exquisite craftsmanship, innovative ideas and groundbreaking inventions. By prioritizing superior image quality and auditory experiences, Toshiba TV sets new standards in entertainment. Toshiba TV stems from the excellence quest of customers, providing the world with responsible products to make the world a better place. Emphasizing attention to product details and technological advancement, Toshiba TV integrates aesthetically pleasing design, quality assurance, and brand reputation to underscore its commitment to authenticity in the actual world and a sincere dedication to its consumers, showcasing Toshiba TV’s long-standing design philosophy and continuous pursuit of product quality.
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