Artificial Intelligence
IHC Announces 2020 Fourth-Quarter and Annual Results
STAMFORD, Conn., March 15, 2021 (GLOBE NEWSWIRE) — Independence Holding Company (NYSE: IHC) today reported 2020 fourth-quarter and annual results.
Financial Results
Net income attributable to IHC was $5,494,000, or $.37 per share, diluted, for the three months ended December 31, 2020 compared to a net loss of $(9,320,000), or $(.63) per share, diluted, for the three months ended December 31, 2019. Net income attributable to IHC was $18,881,000 or $1.28 per share, diluted, for the year ended December 31, 2020 compared to $12,396,000 or $.83 per share, diluted, for the year ended December 31, 2019.
The Company reported revenues of $119,342,000 for the three months ended December 31, 2020 compared to revenues for the three months ended December 31, 2019 of $89,979,000. The Company reported revenues of $443,864,000 for the year ended December 31, 2020 compared to revenues for the year ended December 31, 2019 of $374,448,000. The increase in revenues primarily relates to an increase for the Paid Family Leave (“PFL”) portion of our New York disability law (“DBL”) business, higher premium volume in our pet insurance business and an increase in sales of insurance products (primarily senior products, Affordable Care Act (“ACA”) plans and small group stop-loss) by the IHC agencies for multiple unaffiliated insurance carriers.
There were certain charges in the fourth quarters of both 2020 and 2019, which were a combination of one-time, unusual and/or non-cash items. Income taxes for the years ended December 31, 2020 and 2019 include increases of $4,492,000 and $6,300,000 respectively, in AMIC Holdings, Inc.’s (“AMIC”) valuation allowance due to the reduction of estimated tax benefits from the expected utilization of AMIC’s net operating loss carryforwards that either expired in 2020 or will expire in 2021. A decrease in expectations in earnings and profits (as a result of significant expenses in establishing the senior and pet divisions and the challenge in sales during open enrollment in the fourth quarter) also necessitated an increase in the valuation allowance and, in turn, a reduction in AMIC’s net operating loss carryforwards that are available to offset income for the remaining period. In addition, the Company recorded the impairment, equity loss, and write-off of our minority interest in a third party administrator (“TPA”) of $4,842,000, net of tax, in the fourth quarter of 2019.
Chief Executive Officer’s Comments
Roy T. K. Thung, Chief Executive Officer, commented, “We are pleased with the increases in net income and revenues for the 2020 fourth quarter and full year, and believe that IHC’s prospects for 2021 are excellent, particularly in the pet insurance market and sales of Medicare and ACA products. We have invested in and will continue to deploy significant resources to (i) increase sales of pet insurance with our exclusive relationship with The American Kennel Club (“AKC”) and enhance our pet administration infrastructure, (ii) expand our call centers by hiring and training experienced agents to serve seniors and USAA members, (iii) continue to enhance our agent and consumer platforms for both IHC and non-affiliated carrier products, and launch our Enhanced Direct Enrollment Platform (“EDE”), (iv) adapt to changes in health insurance by selling more ACA and Independence American Insurance Company (“IAIC”) ancillary health policies during the expanded Open Enrollment Period, and (v) quickly and compliantly bringing new products to market as new opportunities arise. We also expect the continuation of very good results from the DBL/PFL line of business and from Madison National Life’s group division.
Specialty Health Segment. During the past two years, we have successfully invested both our capital and efforts in improving the overall infrastructure, lead generation capabilities, sales automation platforms, and presence in the Direct-to-Consumer (“D2C”) space. These efforts have paid off, especially as they relate to pet insurance and senior market sales. Our pet division underwrote an aggregate of $112 million of annualized written premium (approximately 200,000 dogs and cats) as of December 31, 2020, and we are projecting continued significant growth in 2021 and beyond. Pet insurance is one of the fastest growing types of coverage, yet there remains tremendous growth potential as less than 2% of pets are insured in the United States, compared to 25% or more in many European countries. AKC registrations, pet adoptions and sales of all pet related businesses grew exponentially in 2020. PetPartners’ exclusive relationship with the AKC generates a very material number of new leads each month, and one of our most important initiatives for 2021 is to increase the percentage of newly registered dogs that become insured. To this end, we have executed a multi-year marketing arrangement with AKC whereby we will be given very prominent (and in many cases category exclusive) positioning for AKC pet insurance on AKC.org, AKC TV, Meet the Breeds, AKC Pupdates and their other media properties. We’ve also enhanced the product offering by launching TailTrax, a mobile app which includes a 24/7 Vet Helpline and allows policyholders to store vaccination and medical history, search for pet friendly businesses nearby, submit claims, and manage many aspects of their insurance policy.
We are also focused on widening and diversifying our lead funnel by building our PetPartners and PetPlace brands. Pet insurance has now become a highly requested employee benefit, which has led us to make it available through worksite marketing. Some of the leading worksite insurers have begun selling pet insurance, but one of the limitations they face is that it is currently done through an individual policy that does not lend itself to benefit administration systems. IAIC has begun filing the first group pet insurance policy designed for the worksite and employer markets. In addition, we are ramping up our affinity sales with several insurers, digital shopping platforms, and other unique entities interested in co-branding our pet insurance for sale through their proven marketing and distribution channels. In order to prepare for the anticipated material growth, we are making significant investments in our pet operations, technology and infrastructure to handle the expected volume, adding outbound calling capability to enhance personalized services, automation of claims and new services within TailTrax. Further, we expect to continue to underwrite pet insurance through our other leading pet managing general agents.
Another point of emphasis has been expansion of our agencies. With respect to our senior call center, we were able to achieve full operational success with our transactional, customer relationship management and training platforms in our first year of operation despite the material challenges posed by COVID-19. All of these are significant achievements when entering into a new market in the face of unprecedented pandemic-related challenges. Our efforts and accomplishments have further proven the viability of the business model, and it makes clear that with increased carrier compensation (a direct result of our early success), and a normalized staffing model, our plans are on track to generate significant income and profits during 2021. In 2019, we significantly expanded our career advisors division by bringing in a new management team and developed a portfolio of products that includes both IHC carrier products as well as unaffiliated carrier products (including ACA and Medicare products). In 2020, we expanded our area sales leaders, increased to 240 agents, and added two significant pieces of technology: a lead platform with multiple vendors for agents to select from which includes a leads reward system based on production, and a Medicare quoting and enrollment tool. The INSX cloud-based platform (owned by our subsidiary My1HR) allows our call center agents, advisors and 1099 producers to quote and enroll products (including ACA plans on the Federal Exchange in 36 states) and IAIC’s ancillary health policies. Agents find that this platform excels in facilitating sales of ACA plans, and, in 2020, we enrolled almost 300,000 members in these plans. We expect that number to increase in 2021. Our platform also allows agents to quote and enroll IAIC’s specialty health products that help manage financial risk not covered under an ACA plan. Our Web Broker is applying to be certified as an EDE partner with the Centers for Medicare and Medicaid Services. As an EDE platform, we will have a more robust D2C experience and be a more attractive technology provider for ACA payers. Independence Brokerage Group, our channel for independent producers and national accounts, is growing its presence in the brokerage market as a general agency for our own products and ACA carriers as well as small group self-funded programs.
In order to provide enough leads for our sales force, we are continuing to make significant investments in our lead generation and artificial intelligence capabilities, which will enhance our ability to identify consumer intent and improve conversion rates. With a focus on the senior market, we are continuing to invest in high value domains, as we emphasize online sales via our D2C web portals. Our deployed websites already drive heavy online traffic, and we expect volume to increase significantly as we re-launch these properties, including www.healthinsurance.org, www.medicareresources.org and www.healthedeals.com. We also have a growing presence with affinity groups that desire to offer our products to their members, including a nationally recognized prestigious affinity group serving members of the military and their families seeking to purchase non-senior health insurance.
Group LTD, Life and DBL/PFL Segment. This segment had a very profitable year. Our long-term disability business produced very good results in 2020 as did our group life. We added two new products to our worksite portfolio, a critical illness policy and an accident-only policy, and as a result these new products should add more premium in 2021. We are very optimistic as to our 2021 results for this consistently profitable division. The combined premium for the DBL/PFL block was $115 million in 2020 compared to $81 million in 2019, and we now administer DBL/PFL coverage for 70,000 employers and over 1,000,000 lives. We expect the premiums to increase in 2021 due to New York State increasing PFL rates by 89% for 2021 due, in part, to increased benefits.
Our DBL rates, which remain the most competitive in the industry, and our reputation for providing excellent service remain the key factors for the long-term success of the block. We continue to make website upgrades that increase available data and reporting for agents and policyholders as well as other system upgrades that automate manual tasks and continue the process of direct deposit for policyholder benefit payments and agent commissions.”
Mr. Thung added, “IHC has a very strong balance sheet with no indebtedness and a very substantial amount of free cash at the corporate level and significant excess capital in our insurance companies. Our book value was $32.08 per share at December 31, 2020. IHC increased its annual dividend to $.44 per share in 2020, which is the sixth increase since December 2014 when the annual dividend paid to the stockholders was $.07 per share. Our overall investment portfolio continues to be very highly rated (on average, AA) and has an effective duration of under three years. In 2020, the Company repurchased 244,487 shares, for $7.5 million, including 36,377 in connection with a tender offer in May 2020, and is repurchasing shares on a daily basis in 2021 under our share repurchase program as the market permits at prices up to the maximum allowable, so as to provide liquidity to the market. In conclusion, we are continuing to make material investments as we ramp up our pet and senior marketing divisions. While these significant expenses have impacted our earnings, we believe they should drive significant accretion in shareholder value going forward.”
About Independence Holding Company
Through our subsidiaries, Independence Holding Company (NYSE: IHC) underwrites and distributes health, group disability and life, New York State DBL and paid family leave, and pet insurance. IHC underwrites policies in all 50 states, Washington D.C., Puerto Rico and the U.S. Virgin Islands through our three carriers: Independence American Insurance Company, Standard Life Insurance Company of New York and Madison National Life Insurance Company, Inc. We also distribute products nationally through multiple channels, including our agencies, call centers, advisors, direct and affinity relationships, Web Broker, and web properties, including www.healthedeals.com; www.healthinsurance.org; www.medicareresources.org; www.petplace.com; and www.mypetinsurance.com. To learn more visit https://ihcgroup.com/.
Forward-looking Statements
Certain statements and information contained in this release may be considered “forward-looking statements,” such as statements relating to management’s views with respect to future events and financial performance. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions in the markets in which IHC operates, new federal or state governmental regulation, IHC’s ability to effectively operate, integrate and leverage any past or future strategic acquisition, and other factors which can be found in IHC’s other news releases and filings with the Securities and Exchange Commission. IHC expressly disclaims any duty to update its forward-looking statements unless required by applicable law.
INDEPENDENCE HOLDING COMPANY
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
December 31, 2020
(In Thousands, Except Shares and Per Share Data)
Three Months Ended | Twelve Months Ended | |||||||||||
December 31, | December 31, | |||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||
REVENUES: | ||||||||||||
Premiums earned | $ | 102,665 | $ | 84,552 | $ | 397,530 | $ | 338,741 | ||||
Net investment income | 2,605 | 3,549 | 11,777 | 15,643 | ||||||||
Fee income | 12,075 | 3,170 | 24,137 | 14,003 | ||||||||
Other income (loss) | 1,584 | (3,441 | ) | 9,074 | 2,002 | |||||||
Net investment gains | 413 | 2,149 | 1,346 | 4,705 | ||||||||
Net impairment losses recognized in earnings | – | – | – | (646 | ) | |||||||
119,342 | 89,979 | 443,864 | 374,448 | |||||||||
EXPENSES: | ||||||||||||
Insurance benefits, claims and reserves | 49,743 | 45,194 | 208,217 | 174,121 | ||||||||
Selling, general and administrative expenses | 56,560 | 47,896 | 205,797 | 174,979 | ||||||||
106,303 | 93,090 | 414,014 | 349,100 | |||||||||
Income (losses) before income taxes | 13,039 | (3,111 | ) | 29,850 | 25,348 | |||||||
Income taxes | 7,513 | 6,177 | 10,732 | 12,659 | ||||||||
Net income | 5,526 | (9,288 | ) | 19,118 | 12,689 | |||||||
(Income) from noncontrolling interests | (32 | ) | (32 | ) | (237 | ) | (293 | ) | ||||
NET INCOME (LOSS) ATTRIBUTABLE TO IHC | $ | 5,494 | $ | (9,320 | ) | $ | 18,881 | $ | 12,396 | |||
Basic income (loss) per common share | $ | .38 | $ | (.63) | $ | 1.28 | $ | .83 | ||||
WEIGHTED AVERAGE SHARES OUTSTANDING | 14,644 | 14,857 | 14,733 | 14,903 | ||||||||
Diluted income (loss) per common share | $ | .37 | $ | (.63) | $ | 1.28 | $ | .83 | ||||
WEIGHTED AVERAGE DILUTED SHARES OUTSTANDING | 14,769 | 14,857 | 14,791 | 14,976 | ||||||||
As of March 5, 2021, there were 14,639,449 common shares outstanding, net of treasury shares.
INDEPENDENCE HOLDING COMPANY
CONSOLIDATED BALANCE SHEETS
(In Thousands)
December 31, | December 31, | |||||||||||
2020 | 2019 | |||||||||||
ASSETS: | ||||||||||||
Investments: | ||||||||||||
Short-term investments | $ | 2,634 | $ | 50 | ||||||||
Securities purchased under agreements to resell | 49,990 | 107,157 | ||||||||||
Fixed maturities, available-for-sale | 406,649 | 384,974 | ||||||||||
Equity securities | 6,119 | 3,747 | ||||||||||
Other investments | 8,238 | 15,208 | ||||||||||
Total investments | 473,630 | 511,136 | ||||||||||
Cash and cash equivalents | 72,089 | 21,094 | ||||||||||
Due and unpaid premiums | 29,182 | 26,244 | ||||||||||
Due from reinsurers | 357,205 | 362,969 | ||||||||||
Goodwill | 74,900 | 60,165 | ||||||||||
Other assets | 76,150 | 72,695 | ||||||||||
TOTAL ASSETS | $ | 1,083,156 | $ | 1,054,303 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | ||||||||||||
LIABILITIES: | ||||||||||||
Policy benefits and claims | $ | 179,232 | $ | 164,802 | ||||||||
Future policy benefits | 198,086 | 201,205 | ||||||||||
Funds on deposit | 141,376 | 140,951 | ||||||||||
Unearned premiums | 12,789 | 7,282 | ||||||||||
Other policyholders’ funds | 12,001 | 12,049 | ||||||||||
Due to reinsurers | 3,872 | 5,016 | ||||||||||
Accounts payable, accruals and other liabilities | 63,682 | 61,049 | ||||||||||
TOTAL LIABILITIES | 611,038 | 592,354 | ||||||||||
Commitments and contingencies | ||||||||||||
Redeemable noncontrolling interest | 2,312 | 2,237 | ||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||
Preferred stock (none issued) | – | – | ||||||||||
Common stock | 18,625 | 18,625 | ||||||||||
Paid-in capital | 124,757 | 122,717 | ||||||||||
Accumulated other comprehensive income | 4,197 | 1,212 | ||||||||||
Treasury stock, at cost | (77,088 | ) | (69,724 | ) | ||||||||
Retained earnings | 399,273 | 386,864 | ||||||||||
TOTAL IHC STOCKHOLDERS’ EQUITY | 469,764 | 459,694 | ||||||||||
NONREDEEMABLE NONCONTROLLING INTERESTS | 42 | 18 | ||||||||||
TOTAL EQUITY | 469,806 | 459,712 | ||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 1,083,156 | $ | 1,054,303 | ||||||||
CONTACT: Loan Nisser
(646) 509-2107
www.IHCGroup.com
Artificial Intelligence
5G Enterprise Market Projected to Reach $115.81 billion by 2030 – Exclusive Report by 360iResearch
PUNE, India, May 2, 2024 /PRNewswire/ — The report titled “5G Enterprise Market by Equipment (Distributed Antenna System, Radio Node, Service Node), Organization Size (Large Enterprises, SMEs), End User – Global Forecast 2024-2030” is now available on 360iResearch.com’s offering, presents an analysis indicating that the market projected to grow from a size of $17.30 billion in 2023 to reach $115.81 billion by 2030, at a CAGR of 31.20% over the forecast period.
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The advent of 5G technology marks a transformative era for businesses worldwide, offering exceptional speed, reduced latency, and enhanced connectivity that promise to elevate operational efficiency and digital innovation across various sectors. From enabling precise real-time monitoring and predictive maintenance in manufacturing to advancing telemedicine and seamless data collaborations in healthcare, 5G stands as a cornerstone for future advancements. Its pivotal role is revolutionizing transportation by supporting autonomous vehicles and smart infrastructure, significantly elevating safety and efficiency. The surge in 5G enterprise adoption is fueled by the growing need for robust and swift network connections to accommodate an increasing array of Internet of Things (IoT) devices and applications. Challenges include the substantial upfront costs associated with 5G infrastructure and concerns over data security. The potential for 5G to spur innovation is immense, mainly through the development of 5G-as-a-Service (5GaaS) and its synergy with cutting-edge technologies such as edge computing and artificial intelligence. Regionally, North America is major in adoption, supported by significant telecom investments, while the European Union’s concerted efforts bolster 5G integration across industries. The Middle East’s ambitions to become a significant region globally in 5G through smart city and industrial automation investments distinguish it. In contrast, the APAC region’s rapid growth is supported by early adoption and extensive government support, particularly in South Korea, China, and Japan. Thus, 5G is set to redefine enterprise operations, driving innovation and enabling smart solutions globally, heralding a new chapter in digital transformation for industries worldwide.
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“5G’s Role in Advancing Industry 4.0 and Digital Innovations”
In today’s fast-evolving digital age, the seamless integration of cutting-edge technologies such as artificial intelligence (AI), the Internet of Things (IoT), and blockchain into everyday business operations is becoming increasingly crucial. This integration is driving a significant surge in the need for uninterrupted, high-speed network coverage across various sectors. As technologies become more affordable and their performance enhanced, their adoption in both private and public sectors is witnessing a remarkable increase, paving the way for innovative payment solutions and digital currencies. This transformation reshapes diverse commercial landscapes, including entertainment, journalism, advertising, and retail. Consequently, the demand for 5G connectivity is escalating, recognized for its capability to deliver speeds of 15 to 20 Gbps, connect a vast array of devices, and facilitate the creation of virtual networks tailored to specific needs. Moreover, as Industry 4.0 propels manufacturing into the digital era with its emphasis on automation and digital technologies, the role of 5G in supporting these advancements becomes indispensable. By enabling faster connectivity for AI, data analytics, IoT, blockchain, and machine learning applications, 5G is at the forefront of improving operational efficiency and flexibility in the manufacturing sector, setting the stage for the exponential growth of the 5G enterprise market.
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In the rapidly evolving world of 5G networks, the harmonious functioning of radio nodes, distributed antenna systems (DAS), and service nodes plays a pivotal role in ensuring uninterrupted, high-speed connectivity across diverse environments. Radio nodes, vital for facilitating direct communication between devices, including smartphones and tablets, ensure the seamless execution of critical radio functions such as modulation and demodulation. They shine especially in areas where a robust, reliable connection is paramount, catering to the needs of densely populated zones. DAS is used in complexes such as stadiums and large buildings, working behind the scenes to boost wireless coverage through a network of strategically placed antenna nodes. This ensures that every corner is connected, enhancing user experience in challenging architectural layouts. Meanwhile, service nodes are the backbone of network management, orchestrating essential functions, including user authentication and mobility management, enabling smooth delivery of services throughout the 5G ecosystem. These components overcome physical and technological hurdles and lay down the infrastructure critical for delivering the next generation of wireless connectivity.
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“Telefonaktiebolaget LM Ericsson at the Forefront of 5G Enterprise Market with a Strong 16.19% Market Share”
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PrefaceResearch MethodologyExecutive SummaryMarket OverviewMarket Insights5G Enterprise Market, by Equipment5G Enterprise Market, by Organization Size5G Enterprise Market, by End UserAmericas 5G Enterprise MarketAsia-Pacific 5G Enterprise MarketEurope, Middle East & Africa 5G Enterprise MarketCompetitive LandscapeCompetitive PortfolioInquire Before Buying @ https://www.360iresearch.com/library/intelligence/5g-enterprise
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5G Non-Terrestrial Network Market – Global Forecast 2024-20305G in Defense Market – Global Forecast 2024-20305G Satellite Communication Market – Global Forecast 2024-2030About 360iResearch
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Artificial Intelligence
SimSpace Welcomes Matt Knutsen as New Chief Revenue Officer to Spearhead Expansion Plan
SimSpace strengthens their leadership team, appointing Knutsen to drive revenue growth for the company as it expands further into the public sector
BOSTON, May 2, 2024 /PRNewswire/ — SimSpace, the US-based industry leader in AI-Powered cyber ranges, announced today the appointment of Matt Knutsen as its new Chief Revenue Officer (CRO). Matt will champion SimSpace’s global sales and revenue growth strategy. He will drive expansion initiatives and foster strategic partnerships to stress test businesses’ and state agencies’ people, processes and technologies against the most advanced adversaries.
With more than 20 years of experience in the field, Matt most recently held the position of CRO at cyber training provider Immersive Labs, where he increased revenue growth by over 4000% and attracted over $180M in investment. He also launched the company into new markets, expanding the team across Australia, Europe, the Middle East, New Zealand and the US. The combination of Matt’s wealth of experience and his in-depth industry knowledge make him well-equipped to lead SimSpace’s next phase of growth.
As nation-state attacks rise in frequency, and AI drives a new wave of severe cyberattacks, companies also have to navigate uncertain economic conditions. SimSpace empowers organizations to cut unnecessary spending through stack optimization, allowing CISOs to maximize their ROI and effectiveness of their technology stack. Knutsen’s influence in the field will propel the SimSpace Platform to new heights, advancing access for companies and governments that need to optimize their cybersecurity defenses and safeguard their critical infrastructure from an increasingly volatile threat landscape.
Matt Knutsen is the most recent addition to SimSpace’s Executive Leadership Team, following Clint Sand’s appointment as Chief Product Officer in February 2024. His appointment underscores SimSpace’s continued growth trajectory, headed by the $45M they secured in funding from L2 Point Management, bringing the total capital raised over the past year to $70M. The company has also bolstered their presence in the public sector, marked by their recent partnership with Carahsoft and their multi-year contract with Florida to enhance the state’s cybersecurity preparedness. SimSpace’s high fidelity cyber ranges and simulations will enable state agencies and programs like Cyber Florida to rehearse and respond to cyberattacks.
Commenting on Matt’s arrival, SimSpace CEO William Hutchison said, “Matt is a seasoned executive, who has accumulated years of knowledge on cybersecurity best practices and established himself as a leading authority in cyber range exercises. His industry influence, strategic vision and conviction in the importance of cybersecurity preparedness will shape the future success of the company at this crucial time of expansion. With Matt leading our revenue organization, we have full confidence in our capacity to deepen our valued partnerships and build strong, new connections which will further elevate SimSpace’s position as a trusted cybersecurity partner.”
Matt Knutsen, Chief Revenue Officer commented, “I’m looking forward to bringing a proactive approach to cybersecurity risk management to even more private and public sector organizations. I’ve already been impressed by SimSpace’s high-fidelity cyber range simulations, both on and off premise. It’s a great time to be joining the company and I’m excited to build upon SimSpace’s recent rapid growth with even more partnerships.”
About SimSpace
SimSpace is the global leader in AI-Powered cyber ranges, founded by experts from U.S. Cyber Command and MIT’s Lincoln Laboratory to respond to a new era of unprecedented cyber threats. Having raised nearly $70 million in funding over the past year, the company’s Platform enables the most sophisticated enterprises, governments, and critical national infrastructure organizations to find intelligence-driven answers to the most vexing security, governance, training, and cyber readiness questions. SimSpace provides high-fidelity cybersecurity simulations, training, and safe live-fire exercises to Fortune 2000 financial, retail, insurance, and other commercial markets. SimSpace’s Platform results in an average reduction in cyber operational costs of 30% and a 40% reduction in breaches.
For more information, please visit: www.SimSpace.com.
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Artificial Intelligence
Enterprise AI Market to Be Worth $171.2 Billion by 2031–Exclusive Report by Meticulous Research®
REDDING, Calif., May 2, 2024 /PRNewswire/ — According to a new market research report titled, ‘Enterprise AI Market by Offering (Solutions, Services), Deployment Mode, Organization Size, Technology (ML, NLP), End-use Industry (IT & Telecom, Healthcare, Retail & E-commerce, Media & Advertisement) and Geography—Global Forecast to 2031,’ the global enterprise AI market is projected to reach $171.2 billion by 2031, at a CAGR of 32.9% from 2024 to 2031.
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Enterprise artificial intelligence (AI) is the integration of advanced AI-enabled technologies and techniques within large organizations to enhance business functions. Enterprise AI encompasses routine tasks of an organization such as data collection and analysis, supply chain management, finance, marketing, customer service, human resources and cybersecurity, and risk management. Enterprise AI is an integration of AI-enabled technologies such as machine learning, natural language processing, image processing, and speech recognition. Enterprise AI is used in various industries such as media & advertising, healthcare, retail & e-commerce, BFSI, government, automotive, and IT & telecom.
The growth of the enterprise AI market is driven by enterprises’ increasing need to enhance customer satisfaction and the growing implementation of enterprise AI solutions in the IT & telecom sectors. However, the high costs of enterprise AI solutions restrain the growth of this market. Furthermore, the increasing need for conversational AI solutions for optimized sales & marketing management and the growing need to automate business processes are expected to generate growth opportunities for the players operating in this market. However, data privacy & security concerns are a major challenge impacting market growth. Additionally, the growing adoption of AI chatbots for customer interaction and the increasing integration of Machine Learning (ML) technology into enterprise AI solutions are prominent trends in this market.
The global enterprise AI market is segmented by offering (solutions and services [professional services and managed services]), deployment mode (cloud-based deployment and on-premise deployment), organization size (large enterprises and small & medium-sized enterprises), technology (machine learning, image processing, natural language processing, and speech recognition), end-use industry (media & advertising, healthcare, retail & e-commerce, BFSI, government, automotive, IT & telecom, and other end-use industries), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.
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Based on offering, in 2024, the solutions segment is expected to account for the larger share of 63% of the enterprise AI market. The segment’s large market share is attributed to the growing adoption of enterprise AI solutions to solve specific business challenges or streamline business processes and the growing implementation of these solutions to automate tasks, analyze data, and provide insights.
However, the services segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by the growing need for AI consulting, data analysis, and enterprise-grade AI solution development, maintenance, and support and the rising adoption of services to automate tasks and help improve business operations efficiently.
Based on deployment mode, in 2024, the on-premise deployment segment is expected to account for the largest share of the enterprise AI market, with a revenue contribution of around USD 13 billion. The segment’s large market share is attributed to the increasing on-premise deployment of enterprise AI solutions by large enterprises and the growing demand for service flexibility, enhanced customer experience, and efficiency in managing risks and compliance.
However, the cloud-based deployment segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by benefits associated with cloud-based deployment, including easy maintenance of customer data, cost-effectiveness, and scalability, and the increasing demand for enterprise AI solutions that support multi-cloud deployments.
Based on organization size, in 2024, the large enterprises segment is expected to account for the larger share of the enterprise AI market. The segment’s large market share is attributed to the growing emphasis on developing strategic IT initiatives among large enterprises, the increasing need to manage large volumes of customer-level data, and the early adoption of advanced technologies across various sectors such as retail, manufacturing, healthcare, and automotive.
However, the small & medium-sized enterprises segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by the increasing need for chatbots and digital assistants among small & medium-sized enterprises and the increasing need to improve performance, quality management, and customer satisfaction in call centers.
Based on technology, in 2024, the machine learning segment is expected to account for the largest share of the enterprise AI market. The segment’s large market share is attributed to the growing adoption of enterprise AI solutions with machine learning capabilities to analyze historical data and identify patterns and the increasing use of these solutions in e-commerce, streaming platforms, and content websites.
However, the natural language processing segment is expected to register the highest CAGR of 37.4% during the forecast period. The growth of this segment is driven by the growing need to understand, interpret, and generate human language data and the rising adoption of NLP to analyze user preferences, behaviors, and interactions to deliver personalized content.
Based on end-use industry, in 2024, the IT & telecom segment is expected to account for the largest share of 26% of the enterprise AI market. The segment’s large market share is attributed to the increasing demand for personalized customer experiences enabled by AI technologies, the rising adoption of AI for analyzing data from network sensors to optimize operations, and the growing utilization of AI to enhance network performance and deliver customized services. Also, this segment is expected to register the highest CAGR during the forecast period.
Based on geography, in 2024, North America is expected to dominate the global enterprise AI market. North America enterprise AI market is estimated to be worth USD 9 billion in 2024. North America’s significant market share can be attributed to the growing adoption of enterprise AI solutions in the retail, healthcare, and finance sectors, the rising implementation of AI to enhance customer engagement, inventory management, and personalized shopping experience, and the increasing use of chatbots on websites, social media platforms, and messaging apps to respond customer inquiries.
However, Asia-Pacific is expected to register the highest CAGR of 34.3% during the forecast period. The growth of this regional market is driven by the growing emphasis by companies to launch chatbots and virtual assistants in the Asia-Pacific region, growing demand for chatbots and voice assistant solutions, and increasing demand for AI-powered customer support services.
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The key players operating in the enterprise AI market are NVIDIA Corporation (U.S.), Google LLC (A subsidiary of Alphabet Inc.) (U.S.), Amazon Web Services, Inc. (A Subsidiary of Amazon.com, Inc.) (U.S.), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Verint Systems Inc. (U.S.), SAP SE (Germany), Pegasystems Inc. (U.S.), Wipro Limited (India), Intel Corporation (U.S.), Oracle Corporation (U.S.), Hewlett Packard Enterprise (U.S.), MicroStrategy Incorporated (U.S.), Amelia US LLC (U.S.), Sentient.io (Singapore).
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Scope of the Report:
Global Enterprise AI Market Assessment—by Offering
SolutionsServicesProfessional ServicesManaged ServicesGlobal Enterprise AI Market Assessment—by Deployment Mode
On-premise DeploymentCloud-based DeploymentGlobal Enterprise AI Market Assessment—by Organization Size
Large EnterprisesSmall & Medium-sized EnterprisesGlobal Enterprise AI Market Assessment—by Technology
Machine LearningNatural Language ProcessingImage ProcessingSpeech RecognitionGlobal Enterprise AI Market Assessment—by End-use Industry
IT & TelecomNetwork OptimizationCustomer Service Automation and Virtual AssistantsHuman Resource ManagementCustomer AnalyticsCybersecurityOther IT & Telecom Applications BFSISecurity and Risk ManagementStreamlining Regulatory ComplianceCustomer Relationship ManagementReal-Time Transaction MonitoringData Analytics & PredictionOther BFSI Applications HealthcareHospital Workflow ManagementLifestyle ManagementPatient Data & Risk AnalyticsMedical Imaging & DiagnosisPrecision MedicineRemote Patient MonitoringRobot-assisted SurgeryDrug Discovery Retail & E-commerceSearch and RecommendationsCustomer Relationship ManagementInventory ManagementSupply Chain OptimizationIn-store Visual Monitoring & SurveillancePredictive AnalyticsDemand ForecastingChatbots Media & AdvertisementChatbots and Virtual AssistantsPredictive AnalyticsSales & Marketing AutomationAdvertising RecommendationContent GenerationTalent IdentificationProduction Planning & Management AutomotiveAdvanced Driver Assistance SystemsHuman-Machine InterfaceVehicle PersonalizationDesigning and Production ManagementSupply Chain ManagementOther Automotive Applications GovernmentFraud Detection and PreventionAdministrative ProcessesDisaster Management and ResponsePersonalized User SupportOther Government Applications Other End-use IndustriesGlobal Enterprise AI Market Assessment —by Geography
North AmericaU.S.CanadaEuropeGermanyU.K.FranceItalySpainRest of EuropeAsia-PacificChinaJapanIndiaSouth KoreaSingaporeRest of Asia-PacificLatin AmericaMiddle East & AfricaRelated Reports:
Conversational AI Market by Offering, Application, Organization Size, Deployment Mode, Sector (IT & Telecommunications, BFSI, Retail & E-commerce, Healthcare & Life Sciences, Travel & Hospitality, Education, Manufacturing) – Global Forecast to 2030
Speech and Voice Recognition Market by Function (Speech, Voice Recognition), Technology (AI and Non-AI), Deployment Mode (Cloud, On-premise), End User (Consumer Electronics, Automotive, BFSI, Other End Users), and Geography – Global Forecast to 2030
AI in Manufacturing Market by Component, Technology (ML, NLP, Computer Vision), Application (Predictive Maintenance & Machinery Inspection, Quality Management, Supply Chain Optimization), End-use Industry – Global Forecast to 2030
AI in E-commerce Market by Technology (ML, NLP, Computer Vision), Business Model, Deployment Mode, Product Offering (Beauty & Fashion, Pharmaceutical, Electronic), End User (B2B, B2C), and Geography – Global Forecast to 2031
Healthcare Artificial Intelligence Market by Offering (Software, Services), Technology (ML, NLP), Application (Hospital Workflow Management, Patient Management), End User (Hospitals & Diagnostic Centers), and Geography – Global Forecast to 2031
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The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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Mr. Khushal BombeMeticulous Market Research Inc.1267 Willis St, Ste 200 Redding,California, 96001, U.S.USA: +1-646-781-8004Europe : +44-203-868-8738APAC: +91 744-7780008Email- [email protected] Visit Our Website: https://www.meticulousresearch.com/Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-researchContent Source: https://www.meticulousresearch.com/pressrelease/1041/enterprise-ai-market-2031
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