Artificial Intelligence
ERP Software Market Revenue USD 66.38 Billion By 2026 with 8.2% CAGR | North America Region Accounted for The Largest Market Share Of 33.4% In 2019, With a Market Value of USD 12.75 Billion
Pune, Feb. 10, 2021 (GLOBE NEWSWIRE) — Market Analysis
With advancements in technologies and growing digitization, there is a need to have an ERP system incorporated into every business system. Therefore, ERP software market worldwide are garnering significant traction. According to Market Research Future (MRFR), the global ERP software market size is projected to reach USD 66,389.7 million by 2026, growing at an 8.2% CAGR during the review period (2020–2026).
ERP software systems being is a core part of the industrial revolution, industry 4.0, and now the advent of industry 5.0. With most manufacturing facilities already poised to embrace industry 4.0 regulations, ERP software solutions are expected to have a significant fortune.
ERPs would automate end-to-end data input in real-time and save valuable time, with the granularity needed to see where and when certain events took place. This would allow people to make better, timelier decisions, syncing the machine tools, people, and software systems in a big, data-based ecosystem.
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COVID-19 Impact
COVID 19 pandemic has positively impacted the ERP software market, fostering digitization and automation across the manufacturing sectors globally. The lockdown and physical distancing mandates imposed to control the COVID 19 spread forced many organizations to digitize their business processes, including supply chain & product management, sales & marketing, accounting & finance, and human resource.
The automation increased the use of cloud-based ERP solutions and services, which is, in turn, increasing the ERP software market share. The ERP market size is witnessing a constant uptick over the past few months, and also solution providers are increasing investments to foster R&D activities and help developers make digital-based recording solutions.
Industry Trends:
ERPs are being implemented across small and medium-sized enterprises to better manage their business operations while enhancing collaboration, productivity and simplifying compliance & risk management. ERPs are also being adopted to effectively plan and streamlining data under one platform, regulating operating costs, improving decision-making and increasing sales.
The increasing focus of SMEs on improving their operational and business process efficiency is boosting the ERP software market size. Cloud computing, cloud-based applications, and software as a service (SaaS) or on-demand are key market trends that positively impact the ERP market size. These advantages are estimated to fuel demand for cloud and mobile apps in the years to come.
Cloud computing enables enterprises to store and access data via the Internet with scalability, agility, reliability, and flexibility. Simultaneously, service models of cloud computing, such as SaaS or software on-demand, reduce the company’s IT infrastructure costs to some extent. Besides, the proliferation of mobile devices in the working culture is encouraging businesses to invest in cloud-based connected infrastructure, allowing access to information anytime and anywhere.
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Segmentation:
The ERP software market is segmented into deployment, function, vertical, organization size, and region. The deployment segment is sub-segmented into on-premise and On-cloud. The function segment is sub-segmented into supply chain & product management, sales & marketing, accounting & finance, human resource, and others.
The organization size segment is sub-segmented into large enterprises and small & medium enterprises (SMEs). The vertical segment is sub-segmented into manufacturing, retail, BFSI, IT & telecom, aerospace & defense, education, and others.
Regional Segmentation:
By region, the market is bifurcated into the Americas (US, Canada, Mexico, Rest-of-North America) and South America, Europe (the UK, Germany, France, Italy, and Rest-of-Europe), Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), and Rest-of-the-World.
North America leads the global ERP software market. In 2019, the region acquired over 33.4% share of the overall ERP software market, with a market valuation of USD 12.754.2 million. The North American ERP software market valuation is projected to grow further at a 7.6% CAGR during the forecast period.
This striking market growth attributes to the increasing adoption of ERP software across enterprises in the region to improve transparency and operational efficiency. Additionally, the rising demand for data-driven decision-making and the growing adoption of a cloud-based deployment model in the region contribute to the growth of the market.
Europe acquires the second position in the global ERP software market. The market growth is mainly driven by the vast adoption of ERP by midsize businesses. In 2019, the ERP software market valuation in this region had reached USD 10.734.1 million, which is expected to grow further at a 28.1% CAGR during the assessment period. Besides, the increasing adoption of cloud computing fosters the ERP market share, enabling enterprises to scale up their businesses more conveniently.
The Asia Pacific region has emerged as a profitable market for ERP software solutions globally. Considerable advances in artificial intelligence (AI) and other similar technologies push the growth of the market. The proliferation of cloud technology, alongside the increasing strategic partnerships and investments by players operating in the region, influences the market growth. Additionally, the rising adoption of ERP software stimulates the market size.
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Competitive Analysis:
The ERP software market witness’s significant product launches and implementations of several strategic approaches, such as expansion, collaboration, mergers & acquisitions, and product launches. Mature industry players are making strategic investments in research and development activities and fostering their expansion plans.
Notable Players in The Global ERP Software Market Are:
- IBM Corporation,
- Microsoft Corporation,
- Oracle Corporation, Infor,
- SAP SE,
- Sage Software plc,
- Plex Systems Inc.,
- Epicor Software Corporation, NetSuite Inc,
- Kingdee International Software Group (HK) Ltd.
- Workday Inc
Browse Adjacent Markets: Software Market Research Reports & Consulting.
Industry News
For instance, recently, on Jan. 19, 2021, Simpli.fi, a leading programmatic platform for CTV, addressable, and mobile advertising, announced the acquisition of a leading agency ERP developer, The Advantage Software Company, LLC., to deliver improved performance and productivity for advertising agencies and media buying organizations.
The acquisition is expected to shape into a groundbreaking combination of futuristic best-in-class features and services for the advertising industry with improved workflow across all media types, from planning and buying, tracking, accounting, and reconciliation.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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Artificial Intelligence
Secureworks Brings AI-Powered Threat Prevention and Detection To The Network With Taegis NDR
New solution empowers organizations to integrate their network with all security controls to mitigate risk
ATLANTA, May 8, 2024 /PRNewswire/ — Secureworks® (NASDAQ: SCWX), a global leader in cybersecurity, today announced the release of Secureworks Taegis™ NDR, to stop nefarious threat actors from traversing the network. The dominance of cloud applications and remote working has created an explosion in network traffic, up over 20% from 2023 to 20241. Adversaries are taking advantage of these increased volumes to lurk unseen and slip past defenses. Taegis NDR leverages AI to uncover hidden threats, integrating threat prevention, detection and response to halt malicious activity on the network.
Secureworks data, as measured across the company’s global customer base, shows that Taegis NDR can block 99% of malicious activity identified on the network. With threat actors obfuscating their behavior, legacy network controls such as IDPs and firewalls are no longer able to keep pace or offer sufficient protection against evolving adversarial tactics. Organizations need a multi-layered cybersecurity strategy. Taegis NDR provides a complete picture of all internal traffic moving between endpoints as well as traffic entering and exiting the network at the edge. This visibility is crucial to identifying the presence of threat actors and how they are moving within the network. When integrated with the Taegis XDR platform, NDR correlates telemetry across different threat vectors to detect adversarial behavior that would otherwise be analyzed in silos and potentially missed.
“Taegis NDR empowers us to proactively mitigate cyber risks to our business,” said Steve Hey, Senior Vice President of Information Technology, Infrastructure, and Operations, National 9/11 Memorial & Museum. “It adds an extra layer of intelligence that fortifies our cyber defenses. When Taegis NDR sends us an alert, I know there’s an issue so I can quickly assign my resources to tackle it and protect our business.”
Managed centrally in the Taegis Platform, Taegis NDR is updated continuously with curated countermeasures based on global real-world threat intelligence to protect customer networks from the latest attack vectors. Its AI engine analyzes network traffic for anomalous application and port usage, identifying potential internal and external threats before they can cause harm, such as data exfiltration or ransomware attacks. Automated response actions fuel faster and more accurate response times. Lastly, customers don’t have the burden of managing endless rules and signatures, saving them time and resources that can be deployed elsewhere.
“Network connected devices represent an opportunity for cyber criminals, as few organizations have the central governance, and strong policies, to ensure 100% up-to-date coverage at the endpoint. Threat actors continue to develop stealthy and evasive techniques to enter networks, that if not detected, inflict serious operational and financial damage on an organization,” said Kyle Falkenhagen, Chief Product Officer, Secureworks. “Companies need a layered cybersecurity defense, but many lack the resources and expertise to execute on this strategy. Taegis NDR solves this challenge, optimally delivering reliable network protection. By integrating into the Taegis platform, we can provide partners and customers with a more streamlined and cost-effective, yet holistic, solution for reducing their cyber risk.”
Generally available today, and fully integrated with the Taegis platform, key features of Taegis NDR include:
The flexibility to inspect all network traffic and choose to block immediately or be alerted to malicious traffic.The ability to continuously analyze network telemetry with deep packet inspection (DPI), without impacting network performance.24/7 protection leveraging global real-world threat intelligence and expertly tuned countermeasures from Secureworks Counter Threat Unit™ (CTU™).Anomalous application and port usage detection powered by AI engine.Full device management, eliminating the burden on in-house teams as it includes all updates, patches, as well as hardware and software refreshes.Detailed change reporting reflecting daily management of countermeasures applied to secure the network helps organizations comply with audit requirements.A daily audit of NDR detections and emergency detection updates for urgent situations.The capability to be deployed both physically and virtually based on customer needs and budget.About Secureworks
Secureworks (NASDAQ: SCWX) is a global cybersecurity leader that secures human progress with Secureworks® Taegis™, a SaaS-based, open XDR platform built on 20+ years of real-world detection data, security operations expertise, and threat intelligence and research. Taegis is embedded in the security operations of thousands of organizations around the world who use its advanced, AI-driven capabilities to detect advanced threats, streamline and collaborate on investigations, and automate the right actions.
Connect with Secureworks via X, LinkedIn and Facebook and Read the Secureworks Blog.
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Artificial Intelligence
Operational Technology (OT) Security Market worth $44.9 billion by 2029- Exclusive Report by MarketsandMarkets™
CHICAGO, May 8, 2024 /PRNewswire/ — Operational technology (OT) security is expected to grow in the future due to factors like digitalization driving adoption, convergence with IT security, and a focus on threat detection and response. Anticipate a concentration on adhering to regulations, incorporating IT security operations, and consistently innovating to tackle changing cyber threats and guarantee operational durability in over-the-horizon settings.
The Operational Technology Security Market is expected to grow from USD 20.7 billion in 2024, to USD 44.9 billion by 2029, at a compound annual growth rate (CAGR) of 16.8% during the forecast period, according to a new report by MarketsandMarkets™. The escalating reliance on Operational Technology (OT) in vital infrastructure underscores the urgency for robust security measures. Unlike Information Technology (IT), OT systems oversee real-time physical processes, rendering them vulnerable to disruptions and attacks. This overview primes a thorough examination of OT security, encompassing its definition, significance, and evolving threat landscape. It delves into critical concepts like attack vectors, threat actors, and security controls while tackling challenges such as system heterogeneity and limited security expertise. Moreover, it delineates prevailing and emerging OT security solutions, encompassing frameworks, products, services, and best practices. SIEM for OT, asset discovery and management, network security, vulnerability management, IAM, and data security are vital components tailored to address OT environments’ evolving cyber threats, enhancing overall security posture.
Browse in-depth TOC on “Operational Technology Security Market”509 – Tables 64 – Figures437 – 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
By Offering, By Organization Size, By Deployment mode, By Vertical, and By Region
Geographies covered
North America, Europe, Asia Pacific, Middle East Africa, and Latin America
Major companies covered
Major vendors in the global Operational Technology Security Market include Fortinet (US), Forcepoint (US), Cisco (US), Tenable (US), Forescout (US), Checkpoint (Israel), Broadcom (US), Trellix (US), Microsoft (US), OKTA (US), Palo Alto Networks (US), Qualys (US), Zscaler (US), BeyondTrust (US), CyberArk (US), Rapid7 (US), Sophos (US), Tripwire (US), Radiflow (Israel), Kaspersky (Russia), SentinelOne (US), Thales (France), Armis (US), Darktrace(US), Nozomi networks (US), Honeywell (US), Schneider Electric (France), Siemens (Germany), ABB (Switzerland), Forcepoint (US)
By offering the services segment to grow with the highest CAGR during the forecast period.
The global OT security market, by service, has been segregated into consulting & integration, support & maintenance, training & development, incident response services, and managed security services. Various industries and business models are at risk of disruption due to rapid technological advancements, which introduce new business models and alter distribution channels and interactions. OT security services are crucial for integrating and managing solutions across business operations, offering comprehensive support to protect critical infrastructure from cyber threats. Increased virtualization and cloud computing adoption drive demand for these solutions globally. They also aid organizations in real-time analysis of dynamic network communication and managing relationships with suppliers, partners, and vendors.
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By Deployment mode, the cloud segment will grow at a higher CAGR during the forecast period.
Cloud-based OT security solutions provide businesses with a cost-effective means to bolster their security measures, irrespective of industry. Offering easy access and implementation without extensive on-site setups, cloud deployment’s flexibility, and scalability are desirable as more enterprises embrace virtualization and cloud computing. This shift reduces infrastructure costs and eliminates constant IT maintenance, making it especially appealing for small to medium-sized enterprises (SMEs) with limited budgets. Streamlining access control management in physical and virtual environments, these solutions ensure robust protection against cyber threats. As businesses increasingly migrate their IT operations to the cloud, the demand for cloud-based security solutions continues to surge, enabling companies to focus on core activities while entrusting IT security complexities to specialized cloud services, driving market expansion.
By region, Asia Pacific will grow at the highest CAGR during the forecast period.
The Operational Technology (OT) Security Market in the Asia Pacific region is rapidly expanding. Companies operating in the market focus on providing comprehensive solutions and services to protect critical infrastructure, industrial processes, and essential services. The region is undergoing rapid digital transformation, with increased IT and OT systems integration. While digitalization enhances operational efficiency, it also introduces new security risks. OT security solutions must cater to the challenges of securing converged networks and effectively manage the associated risks. Governments in the Asia Pacific region have implemented various initiatives and regulations to enhance OT security. For instance, countries like Singapore have established cybersecurity frameworks, while Australia has specific guidelines for securing critical infrastructure. Compliance with these regulations is essential for organizations operating in the region. Attacks on critical infrastructure have a ripple effect on the economy.
Top Key Companies in Operational Technology (OT) Security Market:
Fortinet (US), Forcepoint(US), Cisco(US), Tenable (US), Forescout (US), Checkpoint (Israel), Broadcom (US), Trellix (US), Microsoft (US), OKTA(US), Palo Alto Networks(US), Qualys (US), Zscaler (US), BeyondTrust (US), CyberArk (US), Rapid7 (US), Sophos (US), Tripwire (US), Radiflow (Israel), Kaspersky (Russia), SentinelOne (US), Thales (France), Armis (US), Darktrace(US), Nozomi networks (US), Honeywell (US), Schneider Electric(France), Siemens (Germany), ABB(Switzerland), Forcepoint(US) are the key players and other players in the Operational Technology Security Market.
Recent Development
In December 2023, Fortinet, a global cybersecurity leader, announced new integrated operational technology (OT) security solutions and services, setting them apart in the market. Recognizing the rising risks across OT environments, Fortinet offers purpose-built solutions that consolidate security measures, reduce operational overhead, and enforce policies. These include the FortiSwitch Rugged 424F, FortiAP 432F access point, and FortiExtender Vehicle 211F wireless gateway, along with updates to FortiOS, FortiAnalyzer, FortiNDR, FortiDeceptor, and FortiGuard OT Security Service.In April 2023, The FortiGate 7080F represents a cutting-edge lineup of next-generation firewalls (NGFWs) designed specifically for businesses. These innovative firewalls go beyond traditional point products, streamlining operations and simplifying security infrastructure.In May 2021, Forcepoint acquired Cyberinc IT Services and IT Consulting company based in the US. Forcepoint has intelligent remote browser isolation (RBI) technology that gives administrators granular control. It also has Smart Isolation capabilities to help Forcepoint enhance user productivity, lower operational burdens, and eliminate traditional monolithic products through a best-in-class SASE cloud service.In January 2021, Francisco Partners, a leading global investment firm that specializes in partnering with technology and technology-enabled businesses, acquired Forcepoint, a leading provider of cybersecurity solutions.Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=18524133
Operational Technology (OT) Security Market Advantages:
OT security solutions provide continuous operations and minimise possible disruptions by defending vital infrastructure from cyber threats, including industrial plants, transportation networks, and power plants.By helping businesses conform to industry-specific standards and regulations like NERC CIP, IEC 62443, and NIST, OT security solutions help them maintain cybersecurity compliance and prevent fines and legal repercussions.Advanced threat detection and response capabilities catered to the particularities of OT settings are made possible by OT security solutions. These solutions provide prompt incident response and mitigation in addition to providing fast identification of anomalies, incidents, and security breaches.Organisations can identify and track OT assets, keep an eye on their settings and vulnerabilities, and enforce security policies to prevent unauthorised changes or access by using OT security solutions, which also provide inventory management and asset visibility tools.In order to ensure comprehensive and well-coordinated cybersecurity defence throughout the entire organisation, OT security solutions integrate with IT security systems and tools, facilitating easy collaboration between IT and OT teams, sharing of threat intelligence, and coordination of security activities.By detecting and fixing vulnerabilities, enhancing system dependability, and putting proactive steps in place to stop and lessen cyber incidents, OT security solutions improve operational resilience by reducing the impact of interruptions on business operations and continuity.Report Objectives
To define, describe, and forecast the Operational Technology Security Market based on offering, organization size, deployment mode, vertical, and region.To forecast the market size of five central regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America.To analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall market.To provide detailed information related to the primary factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Operational Technology Security Market.To analyze opportunities in the market for stakeholders by identifying high-growth segments of the Operational Technology Security Market.To profile the key players of the Operational Technology Security Market and comprehensively analyze their market size and core competencies.Track and analyze competitive developments, such as new product launches, mergers and acquisitions, partnerships, agreements, and collaborations in the global Operational Technology Security Market.Browse Adjacent Market: Information Security Market Research Reports & Consulting
Browse Other Reports:
Perimeter Security Market – Global Forecast to 2029
Self-Sovereign Identity Market- Global Forecast to 2029
Attack Surface Management Market- Global Forecast to 2029
DDoS Protection and Mitigation Security Market- Global Forecast to 2027
Threat Intelligence Market- Global Forecast to 2026
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Artificial Intelligence
Neonode Reports Quarter Ended March 31, 2024 Financial Results
STOCKHOLM, May 8, 2024 /PRNewswire/ — Neonode Inc. (NASDAQ: NEON) (“Neonode” or the “Company”) today reported financial results for the three months ended March 31, 2024.
FINANCIAL SUMMARY FOR THE QUARTER ENDED MARCH 31, 2024:
Revenue of $1.0 million, a decrease of 19.1% compared to the same period in the prior year.Operating expenses of $2.9 million, an increase of 3.3% compared to the same period in the prior year.Net loss of $2.1 million, or $0.14 per share, compared to $1.4 million, or $0.09 per share, for the same period in the prior year.Cash used by operations of $1.9 million compared to $1.7 million for the same period in the prior year.Cash and accounts receivable of $15.3 million as of March 31, 2024 compared to $17.1 million as of December 31, 2023.THE PRESIDENT & CEO’S COMMENTS
“Our revenues decreased in the first quarter of 2024 compared to the same quarter last year. Following the announcement of our change in strategy, with full focus on our licensing business and a phase-out of our products business, product sales have increased as a result of last time buy orders. Non-recurring engineering revenues also increased in the first quarter compared to the same quarter last year, mainly due to a new potential Touch Sensor Module license project. At the same time, licensing revenues decreased compared to the same quarter last year. This is mainly due to the demand for our legacy customers’ products being lower, resulting in high inventory levels at some customers and thus lower revenues for Neonode,” said Fredrik Nihlén, Neonode’s interim President and CEO and CFO.
“The award by a leading commercial vehicle Original Equipment Manufacturer to supply Driver Monitoring System software to their global range of commercial vehicles continues to generate increased interest in our driver and in-cabin monitoring solutions. This is encouraging, and we are confident that we have a competitive, scalable and flexible solution that is attractive to both commercial vehicle and passenger car manufacturers. We also see interesting licensing opportunities for our touch and touchless human-machine interaction offerings,” concluded Mr. Nihlén.
FINANCIAL OVERVIEW FOR THE QUARTER ENDED MARCH 31, 2024
Net revenues for the quarter ended March 31, 2024 were $1.0 million, a 19.1% decrease compared to the same period in 2023. License revenues were $0.8 million, a decrease of 32.7% compared to the same period in 2023. The decrease is caused by lower sales volumes for our customers during the first quarter of 2024.
Revenues from product sales for the quarter ended March 31, 2024 were $0.2 million, a 96.1% increase compared to the same period in 2023, mainly due to last time buy orders from customers.
Revenues from non-recurring engineering for the first quarter of 2024 were $41,000, a 1,266.7% increase compared to the same period in 2023, mainly due to a new potential Touch Sensor Module license project in Q1 2024.
Gross margin related to products was negative 90.0% for the first quarter of 2024 compared to 53.9% in the same period in 2023. The gross margin for products for the first quarter in 2024 is impacted by a one-time cost related to an impairment loss on inventory due to the phasing out of the manufacturing of touch sensor modules.
Our operating expenses increased by 3.3% for the first quarter of 2024 compared to the same period in 2023, primarily due to higher marketing costs.
Net loss for the first quarter of 2024 was $2.1 million, or $0.14 per share, compared to a net loss of $1.4 million, or $0.09 per share for the same period in 2023. Cash used by operations was $1.9 million in the first quarter of 2024 compared to $1.7 million for the same period in 2023. The increase is primarily the result of component purchases in the first quarter of 2024.
Cash and accounts receivable totaled $15.3 million and working capital was $14.7 million as of March 31, 2024, compared to $17.1 million and $16.8 million as of December 31, 2023, respectively.
For more information, please contact:Interim President and Chief Executive Officer and Chief Financial OfficerFredrik NihlénE-mail: [email protected]: +46 703 97 21 09
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Neonode – 1Q 2024 Earnings Release
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Neonode Reports Quarter Ended March 31, 2024 Financial Results
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