Artificial Intelligence
NETSOL Technologies Reports Fiscal First Quarter 2021 Financial Results
- Net Income of $718,000, $0.06 EPS and $4.7 Million Cash from Operations
- Gross Subscription (SaaS) and Annual Recurring And Contracted Support Revenues Exceeded $5 Million for the First Time
- Major Go-Live Event, Double-Digit Recurring Revenue Growth, and Continued Cost Management Efforts Yield Fourth Straight Quarter of Profitability
- OTOZ Partnering to Launch a Digital Automotive Retail Platform for a U.S. Based Subsidiary of a Renowned German Auto Manufacturer for One of its Key Brands with an Initial Launch in California in Early Calendar 2021
- Moderate Return to Business Conditions, Coupled with High-Value, Near-Term Pipeline of Opportunities Underscore Cautiously Optimistic Growth Outlook for Fiscal 2021
CALABASAS, Calif., Nov. 16, 2020 (GLOBE NEWSWIRE) — NETSOL Technologies, Inc. (Nasdaq: NTWK), a global business services and enterprise application solutions provider, reported results for the fiscal first quarter ended September 30, 2020.
Fiscal First Quarter 2021 and Recent Operational Highlights
- Successfully implemented the NFS Ascent® Retail Platform, including the Company’s proprietary Loan Origination System (LOS) and Contract Management System (CMS) for a tier-one German auto captive finance company in China in the second phase of a previously announced $30 million contract.
- Regarding previously announced 12-country, $110 million contract with German auto manufacturing giant, the Company made continued progress with respect to additional NFS Ascent® implementations. The Company has successful Go Live events in Singapore and Thailand in September and October, respectively. The implementation process has also now begun in New Zealand and Australia.
- 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.
- 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.
- Generated $315,000 in additional SaaS subscription and support revenues, which are recurring in nature and anticipated to gradually increase as the Company implements NFS legacy products and NFS Ascent®.
- NETSOL effectively generated approximately $1.3 million by successfully implementing change requests from various customers across multiple regions.
- NETSOL’s new mobility startup subsidiary, Otoz, is partnering to launch its digital automotive retail platform for a U.S. based subsidiary of a renowned German auto manufacturer for one of its key brands.
Fiscal First Quarter 2021 Financial Results
Total net revenues for the first quarter of fiscal 2021 were $12.6 million, compared with $13.6 million in the prior year period. The decrease in total net revenues was primarily due to a decrease in total license fees of $2.5 million, which was offset by an increase in subscription and support revenues of $565,000 and an increase in total service revenues of $970,000.
- Total license fees were $3,500, compared with $2.5 million in the prior year period.
- Total subscription (SaaS and Cloud) and support revenues were $5.2 million, compared with $4.6 million in the prior year period.
- Total services revenues were $7.5 million, compared with $6.5 million in the prior year period.
Gross profit for the first quarter of fiscal 2021 was $6.4 million (or 50.5% of net revenues), compared to $6.1 million (or 45.0% of net revenues) in the first quarter of fiscal 2020. The increases in gross profit and gross profit as a percentage of revenue were primarily due to decreases in cost of revenues, which were predominantly driven by a decrease in travel expenses resulting from the COVID-19 pandemic.
Operating expenses for the first quarter of fiscal 2021 decreased 18.2% to $5.3 million (or 42.3% of net revenues) from $6.5 million (or 48.2% of net revenues) for the first quarter of fiscal 2020. The decrease in operating expenses was primarily due to decreases in selling and marketing, professional services, research and development and general and administrative expenses, which were offset by a minor increase in depreciation and amortization.
GAAP net income attributable to NETSOL for the first quarter of fiscal 2021 totaled $718,000 or $0.06 per diluted share, compared with GAAP net loss of $(1.8) million or $(0.16) per diluted share in the first quarter of fiscal 2020. GAAP net income attributable to NETSOL included a $296,000 gain on foreign currency exchange transactions in the first quarter of fiscal 2020, which was a significant increase compared with a loss of $1.8 million in the prior year period.
Non-GAAP adjusted EBITDA for the first quarter of fiscal 2021 totaled $1.6 million or $0.14 per diluted share, compared with non-GAAP adjusted EBITDA loss of $(1.1) million or $(0.09) per diluted share in the first quarter of fiscal 2020 (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).
At September 30, 2020, cash and cash equivalents were $24.9 million, an increase from $20.2 million at June 30, 2020.
Management Commentary
“The beginning of the fiscal year was an extension of the same business conditions we’ve witnessed since the pandemic took hold, but we are continuing to operate efficiently, control costs and execute on our long-term strategic growth plan,” said NETSOL Co-Founder, Chairman and Chief Executive Officer Najeeb Ghauri. “Financially, we generated roughly $1.3 million from change requests and reduced expenses by nearly 20% leading to sustained profitability on a trailing-twelve-month basis. We also grew our recurring revenue base by double digits to $5.2 million. As we layer on maintenance fees through larger, traditional, enterprise contracts and increase our SaaS-based footprint, we expect to build this base over time, which provides for more predictable revenues with a more attractive margin profile.
“During fiscal Q1, we were very active on the implementation front and had multiple successful ‘Go Live’ events within our APAC region for a pair of major international auto manufacturers. We are also gaining traction with mid-size auto captives in our North American and European markets with the latter comprising a greater portion of overall revenues compared to last year. Our Otoz Innovation Lab remains a bright spot, making great progress on current partnerships, including work with a renowned German OEM on a digital automotive retail platform for one of its key brands. With several catalysts on the horizon, we are optimistic about our prospects for the new fiscal year.”
Sales Outlook
Ghauri added: “Sales discussions with a number of potential customers remain active, and we are confident that the market is beginning to pick up in all global regions. We have a number of high-value, near-term opportunities in our pipeline and are cautiously optimistic about our growth outlook.”
Otoz Update
“We recently began a partnership to launch a fully-digital mobile app for a major German auto captive in the U.S. that will enable a touchless customer journey, all built on the Otoz platform,” said Naeem Ghauri, CEO of Otoz. “The end product will be rolled out to hundreds of auto dealers across the U.S. and is expected to generate significant SaaS revenues for our business. Separately, we are in the final contract negotiation stages with a number of other major players in the automotive space and look forward to announcing those agreements in the near future.”
Conference Call
NETSOL Technologies management will hold a conference call today (November 16, 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 November 30, 2020.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13712135
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 | September 30, 2020 | June 30, 2020 | |||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 24,885,365 | $ | 20,166,830 | |||||
Accounts receivable, net of allowance of $279,903 and $435,611 | 6,732,575 | 10,131,752 | |||||||
Accounts receivable – related party, net of allowance of $1,373,099 and $90,594 | – | 1,282,505 | |||||||
Revenues in excess of billings, net of allowance of $91,250 and $188,914 | 18,430,766 | 17,198,281 | |||||||
Revenues in excess of billings – related party, net of allowance of $8,163 and $0 | – | 8,163 | |||||||
Other current assets, net of allowance of $1,243,633 and $0 | 2,616,769 | 3,108,180 | |||||||
Total current assets | 52,665,475 | 51,895,711 | |||||||
Revenues in excess of billings, net – long term | – | 1,300,289 | |||||||
Convertible note receivable – related party, net of allowance of $4,250,000 and $0 | – | 4,250,000 | |||||||
Property and equipment, net | 11,256,306 | 11,329,631 | |||||||
Right of use of assets – operating leases | 2,133,902 | 2,360,129 | |||||||
Long term investment | 2,417,291 | 2,387,692 | |||||||
Other assets | 41,175 | 41,992 | |||||||
Intangible assets, net | 5,032,630 | 5,391,077 | |||||||
Goodwill | 9,516,568 | 9,516,568 | |||||||
Total assets | $ | 83,063,347 | $ | 88,473,089 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||
Current liabilities: | |||||||||
Accounts payable and accrued expenses | $ | 6,005,999 | $ | 5,680,837 | |||||
Current portion of loans and obligations under finance leases | 9,677,277 | 9,139,561 | |||||||
Current portion of operating lease obligations | 1,165,957 | 1,111,912 | |||||||
Unearned revenues | 2,775,600 | 4,095,472 | |||||||
Common stock to be issued | 88,324 | 88,324 | |||||||
Total current liabilities | 19,713,157 | 20,116,106 | |||||||
Loans and obligations under finance leases; less current maturities | 1,705,699 | 1,539,975 | |||||||
Operating lease obligations; less current maturities | 1,110,832 | 1,339,965 | |||||||
Total liabilities | 22,529,688 | 22,996,046 | |||||||
Commitments and contingencies | |||||||||
Stockholders’ equity: | |||||||||
Preferred stock, $.01 par value; 500,000 shares authorized; | – | – | |||||||
Common stock, $.01 par value; 14,500,000 shares authorized; | |||||||||
12,137,045 shares issued and 11,742,490 outstanding as of September 30, 2020 and | |||||||||
12,122,149 shares issued and 11,874,646 outstanding as of June 30, 2020 | 121,371 | 121,222 | |||||||
Additional paid-in-capital | 128,764,618 | 128,677,754 | |||||||
Treasury stock (at cost, 394,555 shares and 247,503 shares | |||||||||
as of September 30, 2020 and June 30, 2020, respectively) | (1,920,645 | ) | (1,455,969 | ) | |||||
Accumulated deficit | (39,861,985 | ) | (34,269,817 | ) | |||||
Other comprehensive loss | (33,210,231 | ) | (34,085,047 | ) | |||||
Total NetSol stockholders’ equity | 53,893,128 | 58,988,143 | |||||||
Non-controlling interest | 6,640,531 | 6,488,900 | |||||||
Total stockholders’ equity | 60,533,659 | 65,477,043 | |||||||
Total liabilities and stockholders’ equity | $ | 83,063,347 | $ | 88,473,089 | |||||
NETSOL Technologies, Inc. and Subsidiaries
Schedule 2: Consolidated Statement of Operations
For the Three Months | |||||||||
Ended September 30, | |||||||||
2020 | 2019 | ||||||||
Net Revenues: | |||||||||
License fees | $ | 3,475 | $ | 2,464,216 | |||||
Subscription and support | 5,171,863 | 4,606,376 | |||||||
Services | 7,472,040 | 6,418,891 | |||||||
Services – related party | – | 82,933 | |||||||
Total net revenues | 12,647,378 | 13,572,416 | |||||||
Cost of revenues: | |||||||||
Salaries and consultants | 4,526,649 | 4,454,964 | |||||||
Travel | 103,752 | 1,342,635 | |||||||
Depreciation and amortization | 707,249 | 719,665 | |||||||
Other | 928,153 | 944,524 | |||||||
Total cost of revenues | 6,265,803 | 7,461,788 | |||||||
Gross profit | 6,381,575 | 6,110,628 | |||||||
Operating expenses: | |||||||||
Selling and marketing | 1,609,604 | 1,743,868 | |||||||
Depreciation and amortization | 221,790 | 202,387 | |||||||
General and administrative | 3,427,636 | 3,918,613 | |||||||
Research and development cost | 85,989 | 672,970 | |||||||
Total operating expenses | 5,345,019 | 6,537,838 | |||||||
Income (loss) from operations | 1,036,556 | (427,210 | ) | ||||||
Other income and (expenses) | |||||||||
Loss on sale of assets | (21,742 | ) | (289 | ) | |||||
Interest expense | (103,327 | ) | (63,663 | ) | |||||
Interest income | 200,821 | 399,229 | |||||||
Gain (loss) on foreign currency exchange transactions | 296,041 | (1,760,190 | ) | ||||||
Share of net loss from equity investment | (107,850 | ) | (189,224 | ) | |||||
Other income | 87,272 | 18,326 | |||||||
Total other income (expenses) | 351,215 | (1,595,811 | ) | ||||||
Net income (loss) before income taxes | 1,387,771 | (2,023,021 | ) | ||||||
Income tax provision | (264,294 | ) | (238,238 | ) | |||||
Net income (loss) | 1,123,477 | (2,261,259 | ) | ||||||
Non-controlling interest | (405,923 | ) | 433,312 | ||||||
Net income (loss) attributable to NetSol | $ | 717,554 | $ | (1,827,947 | ) | ||||
Net income per share: | |||||||||
Net income per common share | |||||||||
Basic | $ | 0.06 | $ | (0.16 | ) | ||||
Diluted | $ | 0.06 | $ | (0.16 | ) | ||||
Weighted average number of shares outstanding | |||||||||
Basic | 11,787,233 | 11,664,239 | |||||||
Diluted | 11,787,233 | 11,664,239 | |||||||
NETSOL Technologies, Inc. and Subsidiaries
Schedule 3: Consolidated Statement of Cash Flows
For the Three Months | |||||||||||
Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | 1,123,477 | $ | (2,261,259 | ) | ||||||
Adjustments to reconcile net income (loss) | |||||||||||
to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 929,039 | 922,052 | |||||||||
Provision for bad debts | (258,160 | ) | (38,621 | ) | |||||||
Share of net loss from investment under equity method | 107,850 | 189,224 | |||||||||
Loss on sale of assets | 21,742 | 289 | |||||||||
Stock based compensation | 90,995 | 164,293 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 3,823,299 | 4,836,183 | |||||||||
Accounts receivable – related party | – | 46,016 | |||||||||
Revenues in excess of billing | 394,995 | (1,870,517 | ) | ||||||||
Revenues in excess of billing – related party | – | 66,330 | |||||||||
Other current assets | (393,253 | ) | (278,677 | ) | |||||||
Accounts payable and accrued expenses | 255,239 | 122,012 | |||||||||
Unearned revenue | (1,383,619 | ) | (1,631,245 | ) | |||||||
Net cash provided by operating activities | 4,711,604 | 266,080 | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (489,289 | ) | (321,125 | ) | |||||||
Sales of property and equipment | 32,673 | 958 | |||||||||
Convertible note receivable – related party | – | (435,000 | ) | ||||||||
Investment in associates | (60,500 | ) | – | ||||||||
Net cash used in investing activities | (517,116 | ) | (755,167 | ) | |||||||
Cash flows from financing activities: | |||||||||||
Proceeds from exercise of subsidiary options | – | 11,621 | |||||||||
Purchase of treasury stock | (464,676 | ) | – | ||||||||
Proceeds from bank loans | 697,295 | – | |||||||||
Payments on finance lease obligations and loans – net | (143,506 | ) | (147,376 | ) | |||||||
Net cash provided by (used in) financing activities | 89,113 | (135,755 | ) | ||||||||
Effect of exchange rate changes | 434,934 | 879,857 | |||||||||
Net increase in cash and cash equivalents | 4,718,535 | 255,015 | |||||||||
Cash and cash equivalents at beginning of the period | 20,166,830 | 17,366,364 | |||||||||
Cash and cash equivalents at end of period | $ | 24,885,365 | $ | 17,621,379 | |||||||
NETSOL Technologies, Inc. and Subsidiaries
Schedule 4: Reconciliation to GAAP
For the Three Months Ended | For the Three Months Ended | |||||||
September 30, 2020 | September 30, 2019 | |||||||
Net Income (loss) attributable to NetSol | $ | 717,554 | $ | (1,827,947 | ) | |||
Non-controlling interest | 405,923 | (433,312 | ) | |||||
Income taxes | 264,294 | 238,238 | ||||||
Depreciation and amortization | 929,039 | 922,052 | ||||||
Interest expense | 103,327 | 63,663 | ||||||
Interest (income) | (200,821 | ) | (399,229 | ) | ||||
EBITDA | $ | 2,219,316 | $ | (1,436,535 | ) | |||
Add back: | ||||||||
Non-cash stock-based compensation | 90,995 | 164,293 | ||||||
Adjusted EBITDA, gross | $ | 2,310,311 | $ | (1,272,242 | ) | |||
Less non-controlling interest (a) | (698,844 | ) | 191,235 | |||||
Adjusted EBITDA, net | $ | 1,611,467 | $ | (1,081,007 | ) | |||
Weighted Average number of shares outstanding | ||||||||
Basic | 11,787,233 | 11,664,239 | ||||||
Diluted | 11,787,233 | 11,664,239 | ||||||
Basic adjusted EBITDA | $ | 0.14 | $ | (0.09 | ) | |||
Diluted adjusted EBITDA | $ | 0.14 | $ | (0.09 | ) | |||
(a)The reconciliation of adjusted EBITDA of non-controlling interest | ||||||||
to net income attributable to non-controlling interest is as follows | ||||||||
Net Income (loss) attributable to non-controlling interest | $ | 405,923 | $ | (433,312 | ) | |||
Income Taxes | 48,649 | 53,335 | ||||||
Depreciation and amortization | 264,565 | 259,635 | ||||||
Interest expense | 31,520 | 19,041 | ||||||
Interest (income) | (65,957 | ) | (105,501 | ) | ||||
EBITDA | $ | 684,700 | $ | (206,802 | ) | |||
Add back: | ||||||||
Non-cash stock-based compensation | 14,144 | 15,567 | ||||||
Adjusted EBITDA of non-controlling interest | $ | 698,844 | $ | (191,235 | ) | |||
Artificial Intelligence
Military Cybersecurity Market to Reach $68.5 Billion, Globally, by 2033 at 15.4% CAGR: Allied Market Research
PORTLAND, Ore., May 20, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Military Cybersecurity Market by Type (Endpoint Security Solutions, Network Security Solutions, Content Security Solutions), Deployment (On-Premises, Cloud), and Solution (Threat Intelligence and Response Management, Identity and Access Management, Data Loss Prevention Management, Security and Vulnerability Management, Unified Threat Management, Enterprise Risk and Compliance, Managed Security, Others): Global Opportunity Analysis and Industry Forecast, 2024-2033”. According to the report, the military cybersecurity market was valued at $15.7 billion in 2023, and is estimated to reach $68.5 billion by 2033, growing at a CAGR of 15.4% from 2024 to 2033.
The global military cybersecurity market is driven by factors such as growing demand for end-point security solutions and surge in cyber-attacks which are increasing need for military cybersecurity.
Prime Determinants of Growth
The global military cybersecurity market is driven by factors such as an increase in demand for defense IT expenditure. Adoption of IoT in cyber security technology provides lucrative growth opportunities. On the other hand, limited awareness related to cybersecurity is projected to hinder market growth.
Request Sample of the Report on Military Cybersecurity Market Forecast 2033
https://www.alliedmarketresearch.com/request-sample/A323349
(We are providing Military Cybersecurity Industry report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and Russia-Ukraine War Impact Analysis)
123 – Tables63 – Charts378 – PagesReport coverage & details:
Report Coverage
Details
Forecast Period
2023–2033
Base Year
2023
Market Size in 2023
$15.7 Billion
Market Size in 2033
$68.5 Billion
CAGR
15.4 %
No. of Pages in Report
324
Segments covered
Type, Deployment, Solution and Region.
Drivers
Increase in demand for defense IT expenditure to drive the market growth.
Opportunities
Adoption of IoT in Cyber Security Technology
Restraints
Limited awareness related to cybersecurity is restricting the market growth
Procure Complete Report (323 Pages PDF with Insights, Charts, Tables, and Figures)https://www.alliedmarketresearch.com/checkout-final/military-cybersecurity-market-A323349
The endpoint security solutions segment to maintain its leadership status throughout the forecast period
Based on type, the endpoint security solutions segment held the highest market share in 2023, accounting for more than two-fifths of the global military cybersecurity market revenue and is estimated to maintain its leadership status throughout the forecast period.
Endpoint security solutions are undergoing continuous evolution to combat the ever-changing landscape of cybersecurity threats. One prominent trend is the widespread adoption of Endpoint Detection and Response (EDR) solutions. EDR offers real-time monitoring of endpoint activities, allowing for swift detection and response to advanced threats.
The on-premises segment to maintain its leadership status throughout the forecast period
Based on deployment, the on-premises segment held the highest market share in 2023, accounting for more than half of the global military cybersecurity market and is estimated to maintain its leadership status throughout the forecast period. However, the cloud segment is projected to manifest the highest CAGR of 15.88% from 2023 to 2033. Moreover, cloud computing offers advanced security features and capabilities that strengthen military cybersecurity defense. Leading cloud service providers invest heavily in robust security measures, such as encryption, identity and access management, and threat detection, to protect data and applications hosted in the cloud.
The identity and access management segment to maintain its leadership status throughout the forecast period
Based on solution, the identity and access management segment held the highest market share in 2023, accounting for nearly one-fifth of the global military cybersecurity market and is estimated to maintain its leadership status throughout the forecast period. Moreover,
Identity and access management (IAM) plays a crucial role in military cybersecurity by ensuring that only authorized personnel can access sensitive information and critical systems. IAM encompasses processes, policies, and technologies designed to manage digital identities, control access to resources, and protect against unauthorized access and insider threats.
North America to maintain its dominance by 2033
Based on region, North America held the highest market share in terms of revenue in 2023, accounting for more than half of the global military cybersecurity market revenue and is likely to dominate the market during the forecast period. The advancements in sensor technology, artificial intelligence, and communication systems have contributed to the evolution of military cybersecurity, enabling greater autonomy, flexibility, and effectiveness in engaging both stationary and moving targets with reduced collateral damage.
To Talk With Our Industry Expert @ https://www.alliedmarketresearch.com/connect-to-analyst/A323349
Leading Market Players:
AT&TBAE SystemsBoeingCisco Systems, Inc.DXC Technology CompanyEclecticIQ B.V.IBM CorporationIntel CorporationLockheed Martin CorporationNorthrop Grumman CorporationPrivacera, Inc.SentineIOneSecureworks, Inc.Thales GroupThe report provides a detailed analysis of these key players in the global military cybersecurity market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Artificial Intelligence
Dahua Network Camera Series Obtains CC EAL 3+ Certificate
HANGZHOU, China, May 20, 2024 /PRNewswire/ — Dahua Technology, a world-leading video-centric AIoT solution and service provider, is proud to announce that its network cameras have successfully obtained Common Criteria (CC) EAL 3+ certificate. This achievement demonstrates Dahua’s dedication to delivering secure and reliable solutions that comply with the industry’s highest information security standards and best practices.
The Evaluation Assurance Level (EAL) 3+ certificate, issued by the Common Criteria for Information Technology Security Evaluation (CC), represents a widely used industry standard for evaluating the security features of IT products and systems. It has been recognized by 31 member countries of the Common Criteria Recognition Arrangement (CCRA) organization, which consists of the United States, Germany, the United Kingdom, the Netherlands, Japan, etc.
As the most authoritative and influential information security standard worldwide, obtaining the CC EAL 3+ certificate verifies Dahua’s robust measures against potential security threats throughout the entire R&D, production, and delivery processes. This also signifies that Dahua’s information security management capabilities meet internationally recognized industry standards.
The certification process involves comprehensive testing and evaluation of Dahua’s development environment, production environment, supply chain, vulnerability assessment, personnel security, as well as many other aspects. The security evaluation is completed by SGS Brightsight, a globally renowned security assessment laboratory in the Netherlands and approved by the Netherlands Scheme for Certification in the Area of IT Security (NSCIB).
“At Dahua, we prioritize the security needs and trust of our customers above all else. With the addition of CC EAL 3+ certificate, customers can be confident that they are investing in a secure and reliable solution that delivers unparalleled peace of mind, safeguarding their assets and ensuring uninterrupted operations,” stated Max Xiang, IPC Product Director at Dahua Technology.
Dahua always follows best industry practices and maintains the highest standards of security across all aspects of the company’s operations. In addition to product security and privacy protection, Dahua implements strict quality control measures to strengthen supply chain security. Forging ahead, Dahua will remain dedicated to advancing the security industry through innovative and secure solutions, further enhancing its cybersecurity and data protection capabilities, and working with industry partners to build a trustworthy AIoT environment.
For more in-depth insights into Dahua’s cybersecurity practices, please visit www. dahuasecurity.com
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Artificial Intelligence
AGI to Debut at COMPUTEX 2024
TAIPEI, May 20, 2024 /PRNewswire/ — AGI Technology, a pioneering provider of high-performance storage solutions from Taiwan, will make its inaugural appearance at COMPUTEX 2024. This grant event will take place from June 4 to June 7 at the Taipei Nangang Exhibition Center, where AGI will be showcasing its latest innovations at Booth #J0218.
Event DetailsDate: June 4 – 7, 2024Time: 9:30 a.m. – 5:30 p.m.Location: Taipei Nangang Exhibition Center, Hall 1Booth: #J0218
AGI will present cutting-edge technology across three main themes:
Spotlight Innovations
– Supreme Pro TF138 2TB microSD: The world’s first 2TB microSD card, exclusively produced by AGI, sets a new standard in mass production and storage capacity.
– TURBOJET RGB DDR5 Series: This DDR5 series, featuring RGB lighting and a heat sink for overclocking, delivers exceptional performance.
– EDM38 Portable SSD for Mobile: A portable SSD with MagSafe-compatible magnetic attachment that offers lightweight portability.
Ultra-Spec Solutions
– SATA 8TB SSD: This 8TB SATA SSD is pushing the limits of consumer-grade storage, setting a new benchmark for capacity.
– PCIe 16TB SSD: A 16TB PCIe SSD that leads in the HMB domain, providing unmatched performance.
Customization Zone
AGI will showcase tailored storage solutions that meet unique customer needs.
We welcome you to visit AGI at Booth #J0218 to discover these innovations and explore collaboration opportunities.
About AGI
AGI is a leading provider of high-performance storage solutions, offering a range of innovative products that meet the evolving needs of its customers. With a commitment to delivering cutting-edge storage capacities and superior performance, AGI empowers its customers to achieve exceptional digital experiences.
Contact Information
Sales [email protected]+8862-27937256www.agi-gear.com
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