Artificial Intelligence
BioXcel Therapeutics Reports First Quarter 2021 Financial Results and Provides Business Update
Granted FDA Breakthrough Therapy designation for BXCL501 for the acute treatment of agitation associated with dementia; registrational program expected to begin in 2H 2021
Submitted NDA to FDA for BXCL501 for the acute treatment of agitation associated with schizophrenia and bipolar disorders
Strategic geographic market extension plans for BXCL501 underway; expects to submit MAA to EMA for the acute treatment of agitation associated with schizophrenia and bipolar disorders in 2H 2021
Commercial readiness preparations ramping-up for potential approval of BXCL501 in first two indications
Company to host conference call today at 8:30 a.m. ET
NEW HAVEN, Conn., May 10, 2021 (GLOBE NEWSWIRE) — BioXcel Therapeutics, Inc. (“BioXcel” or the “Company”) (Nasdaq: BTAI), a clinical-stage biopharmaceutical company utilizing artificial intelligence approaches to develop transformative medicines in neuroscience and immuno-oncology, today announced its quarterly results for the first quarter ended March 31, 2021 and provided an update on key strategic and operational initiatives.
“This quarter, we have remained committed to executing on our vision for our neuroscience franchise, as we continue to advance the development of BXCL501 for treatment of agitation associated with dementia and prepare for its potential approval in acute agitation associated with schizophrenia and bipolar disorders,” stated Vimal Mehta, Chief Executive Officer of BioXcel. “We are pleased to have recently received Breakthrough Therapy designation for BXCL501 in agitation associated with dementia, highlighting the urgent need for new therapy options, as well as this candidate’s potential to provide a solution across treatment settings. While we solidify our plans for a pivotal program in this condition, we are committed to building the commercial infrastructure needed to successfully launch BXCL501 in the first two indications, in addition to follow-on indications in the future.”
Dr. Mehta continued, “Importantly, we are moving forward with our strategic geographic expansion strategy, with plans to file a Marketing Authorization Application to the European Medicines Agency for BXCL501 for the acute treatment of agitation associated with schizophrenia and bipolar disorders in the second half of 2021. As we continue to advance our innovative neuroscience program, we remain committed to delivering transformative medicines to patients, expanding our regulatory footprint and creating value for our stockholders.”
First Quarter 2021 and Recent Highlights
BXCL501-Neuroscience Program
BXCL501 is an investigational, proprietary, orally dissolving thin film formulation of dexmedetomidine, a selective alpha-2 adrenergic receptor agonist, designed for the treatment of agitation and opioid withdrawal symptoms. The Company believes BXCL501 may directly target a causal agitation mechanism.
- Reported positive topline results from the Phase 1b/2 TRANQUILITY trial of BXCL501 for the acute treatment of agitation associated with dementia.
- Granted Breakthrough Therapy designation by the U.S. Food and Drug Administration (“FDA”) to BXCL501 for the acute treatment of agitation associated with dementia.
- End of Phase 2 meeting with the FDA planned in 2Q 2021 to discuss registrational trial.
- Recruitment in 40 mcg supplemental dose cohort of BXCL501 in TRANQUILITY expansion study is progressing well.
- Completed its New Drug Application (“NDA”) submission to the FDA for BXCL501 for the acute treatment of agitation associated with schizophrenia and the acute treatment of agitation associated with bipolar disorders I and II.
- Plan to submit Marketing Authorization Application (“MAA”) with European Medicines Agency (“EMA”) using SERENITY I and II data for the acute treatment of agitation associated with schizophrenia and bipolar disorders I and II in 2H 2021.
- Reported results from the Phase 1b/2 study of BXCL501 for the treatment of opioid withdrawal symptoms. Primary safety endpoints were met, and numerically improved retention rates, a secondary endpoint, were demonstrated in multiple BXCL501 dose cohorts.
- PLACIDITY enrollment was voluntarily paused to assess challenges posed in opening relevant clinical sites and enrolling delirium patients in the ICU setting, including as a result of the burden COVID-19 has placed on ICUs.
- Strengthened BXCL501 IP portfolio with issuance of two Japanese patents – Patent No. 6868698, directed to methods of treating agitation, which will expire no earlier than 2037, and Patent No. 1681960, directed to film design, which will expire no earlier than 2041.
Commercial Highlights
- Launched “Boiling Point” educational campaign to raise awareness about agitation associated with schizophrenia and bipolar disorder and its impact on patients and clinicians.
- Completed U.S. market assessment initiatives and design of sales force size and structure.
Medical Affairs Initiatives
- Deployed the Medical Science Liaison and Medical Manage Care teams and have begun scientific and medical-to-medical exchange with healthcare professionals and payers, respectively.
- Presented two posters covering data from the pivotal Phase 3 SERENITY trials in patients with acute agitation associated with schizophrenia and bipolar disorders I and II at the American Psychiatric Association (“APA”) Annual Meeting.
BXCL701-Immuno-Oncology Program
BXCL701 is an orally-delivered small molecule, immunomodulator designed to inhibit dipeptidyl peptidase (“DPP”) 8/9 and block immune evasion by targeting Fibroblast Activation Protein (“FAP”). It has shown single agent anti-tumor activity in melanoma and safety has been evaluated in more than 700 healthy subjects and cancer patients.
- The adenocarcinoma cohort of the ongoing Phase 1b/2 trial of BXCL701 and pembrolizumab (KEYTRUDA®) in aggressive forms of prostate cancer has met its efficacy bar to move to stage two. The trial will now continue to full enrollment and more complete efficacy data are expected to be presented at a scientific conference later this year.
- Granted orphan drug designation by the FDA to BXCL701 for the treatment of soft tissue sarcoma.
Corporate Highlights
- Appointed June Bray to the Company’s Board of Directors. Ms. Bray brings over forty years of extensive U.S. and global regulatory experience across all therapeutics areas, including psychiatry and neurology.
- Appointed Javier Rodriguez as Chief Legal Officer and Corporate Secretary. Mr. Rodriguez brings over 20 years of extensive strategic and legal experience within the biopharmaceutical industry.
First Quarter 2021 Financial Results
Research and Development Expenses: Research and development expenses were $14.7 million during the first quarter of 2021, as compared to $12.4 million for the same period in 2020. The higher expenses were primarily attributable to an increase in personnel and related costs necessary to enlarge our development and medical teams. In addition, we experienced increased professional fees in conjunction with higher consulting fees and CMC costs related to BXCL501, as well as increased costs related to our RELEASE clinical trial. These increases were offset in part by a decrease in SERENITY I and II clinical trial costs.
General and Administrative Expenses: General and administrative expenses were $11.6 million for the first quarter of 2021, as compared to $2.6 million for the same period in 2020. The increase was primarily due to higher personnel related costs as well as costs related to our expansion in preparation of the potential commercial launch of BXCL501 in the U.S., and increased legal, professional fees, and insurance costs.
Net Loss: BioXcel reported a net loss of $26.4 million for the first quarter of 2021, compared to a net loss of $14.9 million for the same period in 2020.
The first quarter 2021 results include approximately $5.6 million in non-cash stock-based compensation costs, compared to non-cash stock-based compensation of $776,000 for the same period in 2020.
As of March 31, 2021, cash and cash equivalents totaled approximately $194 million.
Conference Call
BioXcel will host a conference call and webcast today at 8:30 a.m. ET. To access the call, please dial 877-407-2985 (domestic) and 201-378-4915 (international). A live webcast of the call will be available on the Investors sections of the BioXcel website and a replay of the call will be available through at least May 24, 2021. BioXcel Therapeutics website is available at www.bioxceltherapeutics.com.
BioXcel may use its website as a distribution channel of material information about the Company. Financial and other important information regarding the Company is routinely posted on and accessible through the Investors sections of its website at www.bioxceltherapeutics.com. In addition, you may automatically receive email alerts and other information about the Company when you enroll your email address by visiting the “Email Alerts” option under the News / Events menu of the Investors section of its website at www.bioxceltherapeutics.com.
About BioXcel Therapeutics, Inc.
BioXcel Therapeutics, Inc. is a clinical-stage biopharmaceutical company utilizing artificial intelligence approaches to develop transformative medicines in neuroscience and immuno-oncology. BioXcel’s drug re-innovation approach leverages existing approved drugs and/or clinically validated product candidates together with big data and proprietary machine learning algorithms to identify new therapeutic indices. BioXcel’s two most advanced clinical development programs are BXCL501, an investigational, proprietary, orally dissolving thin film formulation of dexmedetomidine for the treatment of agitation and opioid withdrawal symptoms, and BXCL701, an investigational, orally administered, systemic innate immunity activator in development for the treatment of aggressive forms of prostate cancer and advanced solid tumors that are refractory or treatment naïve to checkpoint inhibitors. For more information, please visit www.bioxceltherapeutics.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include but are not limited to the timing and data from clinical trials for BXCL501 and BXCL701, the Company’s planned commercial structure, the potential value of BXCL501 and BXCL701 as treatment options, the Company’s geographic expansion program for BXCL501, delivering transformative medicines to patients, expanding the Company’s regulatory footprint and creating value for stockholders. When used herein, words including “anticipate,” “being,” “will,” “plan,” “may,” “continue,” and similar expressions are intended to identify forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. All forward-looking statements are based upon BioXcel’s current expectations and various assumptions. BioXcel believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain.
BioXcel may not realize its expectations, and its beliefs may not prove correct. Actual results could differ materially from those described or implied by such forward-looking statements as a result of various important factors, including, without limitation, its limited operating history; its incurrence of significant losses; its need for substantial additional funding and ability to raise capital when needed; its limited experience in drug discovery and drug development; its dependence on the success and commercialization of BXCL501 and BXCL701 and other product candidates; the failure of preliminary data from its clinical studies to predict final study results; failure of its early clinical studies or preclinical studies to predict future clinical studies; its ability to receive regulatory approval for its product candidates; its ability to enroll patients in its clinical trials; undesirable side effects caused by BioXcel’s product candidates; its approach to the discovery and development of product candidates based on EvolverAI is novel and unproven; its exposure to patent infringement lawsuits; its ability to comply with the extensive regulations applicable to it; impacts from the COVID-19 pandemic; its ability to commercialize its product candidates; and the other important factors discussed under the caption “Risk Factors” in Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, as such factors may further be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investors section of BioXcel’s website at www.bioxceltherapeutics.com.
These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While BioXcel may elect to update such forward-looking statements at some point in the future, except as required by law, it disclaims any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing BioXcel’s views as of any date subsequent to the date of this press release.
BioXcel Therapeutics, Inc. (BTAI)
Statement of Operations
(Unaudited, in thousands, except per share amounts)
| Three Months Ended Month 31, |
|||||||
| 2021 |
2020 |
||||||
| Revenues | $ | – | $ | – | |||
| Operating Expenses | |||||||
| Research and Development | 14,741 | 12,371 | |||||
| General and administrative | 11,638 | 2,625 | |||||
| Total operating expenses | 26,379 | 14,996 | |||||
| Loss from Operations | (26,379 | ) | (14,996 | ) | |||
| Other Income (expense) | |||||||
| Interest income | 10 | 91 | |||||
| Interest expense | (7 | ) | (6 | ) | |||
| Net loss | $ | (26,376 | ) | $ | (14,911 | ) | |
| Net loss per – basic and diluted | $ | (1.08 | ) | $ | (0.79 | ) | |
| Weighted average shares outstanding – basic and diluted | 24,524 | 18,968 | |||||
BioXcel Therapeutics, Inc.
Condensed Balance Sheet
(Unaudited, in thousands)
| March 31, | December 31, | ||||||
| 2021 | 2020 | ||||||
| Cash and cash equivalents | 194,015 | 213,119 | |||||
| Working capital | 184,459 | 205,223 | |||||
| Total assets | 200,389 | 219,936 | |||||
| Long-term liabilities | 1,328 | 1,398 | |||||
| Total liabilities | 13,652 | 13,240 | |||||
| Total stockholders’ equity | 186,737 | 206,696 | |||||
Contact Information:
BioXcel Therapeutics, Inc.
www.bioxceltherapeutics.com
Investor Relations:
Mary Coleman
BioXcel Therapeutics, VP of Investment Relations
[email protected]
1.475.238.6837
John Graziano
Solebury Trout
[email protected]
1.646.378.2942
Media:
Julia Deutsch
Solebury Trout
[email protected]
1.646.378.2967
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.
View original content:https://www.prnewswire.co.uk/news-releases/simspace-welcomes-matt-knutsen-as-new-chief-revenue-officer-to-spearhead-expansion-plan-302134892.html
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.
Download Free Sample Report: https://www.meticulousresearch.com/download-sample-report/cp_id=5806
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.
Need a report according to your specific requirements? Request Customization:
https://www.meticulousresearch.com/request-customization/cp_id=5806
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.
Brows in Depth Report: https://www.meticulousresearch.com/product/enterprise-ai-market-5806
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).
Buy Now: https://www.meticulousresearch.com/Checkout/20063598
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
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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.
Contact:
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
Logo: https://mma.prnewswire.com/media/1757980/Meticulous_Research_Logo_1.jpg
View original content:https://www.prnewswire.co.uk/news-releases/enterprise-ai-market-to-be-worth-171-2-billion-by-2031exclusive-report-by-meticulous-research-302134858.html
Artificial Intelligence
Virtual Assistant Market Size to Grow USD 8613.5 Million by 2030 at a CAGR of 22.3% | Valuates Reports
BANGALORE, India, May 2, 2024 /PRNewswire/ — Virtual Assistant Market is Segmented by Type (Fax, Media), by Application (Retail & Ecommerce, BFSI, Automotive, Healthcare).
The Global Virtual Assistant Market was valued at USD 2054.5 Million in 2023 and is anticipated to reach USD 8613.5 Million by 2030, witnessing a CAGR of 22.3% during the forecast period 2024-2030.
Get Free Sample: https://reports.valuates.com/request/sample/QYRE-Auto-21S6075/Global_and_United_States_Virtual_Assistant_Market
Major Factors Driving the Growth of Virtual Assistant Market:
Because of its advanced digital infrastructure and early acceptance of technology, North America is the leader in the virtual assistant business. With so many tech-savvy professionals in the US and Canada, virtual assistant jobs are becoming more and more appealing to them as flexible work options. This region’s virtual assistant platform industry is growing due in part to the presence of large technological corporations and startups. Furthermore, as companies look for affordable options for administrative help, the surge in remote work trends—particularly in the wake of the pandemic—has increased demand for virtual assistants.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-21S6075/global-and-united-states-virtual-assistant
TRENDS INFLUENCING THE GROWTH OF THE GLOBAL VIRTUAL ASSISTANT MARKET
The growing requirement for efficient administrative support services is driving the virtual assistant market in the BFSI sector. Virtual assistants, who manage administrative tasks including data entry, document preparation, and email correspondence, are a wonderful asset to financial firms. Their remote access to planning resources from a home office makes it easier for clients to cooperate and boosts output. Additionally, virtual assistants with specialised knowledge in banking, finance, and regulatory compliance improve customer service and operational performance in the BFSI sector.
Because they offer administrative help to companies in the retail and e-commerce sectors, virtual assistants are essential to this industry. Virtual assistants let retailers focus on their main business activities by streamlining their operations and performing tasks like inventory management, product listing updates, and customer questions and orders processing. Their remote access to common calendars and other planning materials guarantees smooth client collaboration and improves responsiveness to client requests. Because virtual assistants provide flexible support services that can adjust to changing demand levels, they can help retail and e-commerce enterprises scale.
Virtual assistants are fostering growth in the automotive industry by offering administrative support services to companies in this field. Virtual assistants help auto firms with a range of duties, such as addressing client questions, making appointment arrangements, and organising logistics for car delivery and maintenance. The flexibility and efficiency of the automotive supply chain are increased by their remote access to planning documents and capacity to work from home offices. Furthermore, virtual assistants enhance client satisfaction by offering prompt help and support during the whole lifespan of a vehicle.
The market for virtual assistants is expanding in the healthcare industry as providers look to enhance patient care and streamline administrative procedures. Virtual assistants help healthcare businesses by taking care of patient queries, organizing appointments, and helping with medical paperwork duties. They may collaborate with healthcare professionals more easily and efficiently since they can work from home offices and access shared calendars and patient information. By promptly responding to questions and concerns about healthcare, virtual assistants can help to increase patient satisfaction.
The demand for cost-cutting and operational efficiency, the emergence of software-defined networking (SDN) technologies, and the growing complexity of network infrastructures are the main drivers of the market for network automation. In response to expanding digital transformation projects and the growth of cloud-based services and apps, organisations across a wide range of sectors are adopting automation to increase agility, streamline network administration operations, and boost security posture.
Buy Now: https://reports.valuates.com/api/directpaytoken?rcode=QYRE-Auto-21S6075&lic=single-user
VIRTUAL ASSISTANT MARKET SHARE ANALYSIS
Due to the region’s early technological adoption and strong digital infrastructure, North America now dominates the virtual assistant industry. There is a sizable pool of tech-savvy workers in the US and Canada who are increasingly looking for flexible work options in virtual assistant professions. The existence of established tech firms and new ventures focused on virtual assistant platforms contributes to the expansion of this industry in this area. In addition, as companies look for affordable options for administrative help, the need for virtual assistants has increased due to the rise in remote work patterns, particularly in the wake of the pandemic.
Purchase Regional Report: https://reports.valuates.com/market-reports/QYRE-Auto-21S6075/global-and-united-states-virtual-assistant/6
Key Companies:
OracleNuance CommunicationsMicrosoftInbenta TechnologiesSamsung ElectronicsAppleIBMIntelGOOGLE INCAmazonPurchase Chapters: https://reports.valuates.com/market-reports/QYRE-Auto-21S6075/global-and-united-states-virtual-assistant/1
SUBSCRIPTION
We have introduced a tailor-made subscription for our customers. Please leave a note in the Comment Section to know about our subscription plans.
DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
– The intelligent virtual assistant market size was valued at USD 3,442 Billion in 2019, and is projected to reach USD 44,255 Billion by 2027, growing at a CAGR of 37.7% from 2020 to 2027.
– Intelligent Virtual Assistant (IVA) Solution market was valued at USD 477 Million in 2023 and is anticipated to reach USD 798.8 Million by 2030, witnessing a CAGR of 7.6% during the forecast period 2024-2030.
– Healthcare Virtual Assistants market size is projected to reach USD 996.2 Million by 2028, from USD 293.9 Million in 2021, at a CAGR of 18.5% during 2022-2028.
– Intelligent Virtual Assistant (IVA) Based Insurance Market
– Automotive Virtual Assistant Market
– Medical Virtual Assistant market is projected to reach USD 2668.4 Million in 2029, increasing from USD 487 Million in 2022, with a CAGR of 27.9% during the period of 2023 to 2029.
– Text-based Intelligent Virtual Assistant Market
– Virtual Medical Assistant Service Market
– Intelligent Virtual Assistant Software market was valued at USD 3040 Million in 2023 and is anticipated to reach USD 9636.3 Million by 2030, witnessing a CAGR of 17.3% during the forecast period 2024-2030.
– Virtual Customer Assistant Application Market
– Virtual Receptionist Service Market
– Virtual Secretary Service market is projected to reach USD 912.2 Million in 2029, increasing from USD 412 Million in 2022, with a CAGR of 10.8% during the period of 2023 to 2029.
– OEM Voice Assistant Market
– Virtual Shopping Assistant market is projected to reach USD 1578 Million in 2029, increasing from USD 581.5 Million in 2022, with a CAGR of 16.7% during the period of 2023 to 2029.
– Human Virtual Assistant Services Market
– Potential Vertical Applications for AI Virtual Assistant
– Virtual Assistant Service Market
– AI In Telecommunication market was valued at USD 2482 Million in 2022 and is anticipated to reach USD 19170 Million by 2029, witnessing a CAGR of 40.6% during the forecast period 2023-2029.
– Metaverse market size is projected to reach USD 28 Billion by 2028, from 510 USD Million in 2022, at a CAGR of 95% during 2022-2028.
– The global conversational AI market size was valued at USD 5.78 billion in 2020, and is projected to reach USD 32.62 billion by 2030, registering a CAGR of 20.0% from 2021 to 2030.
– Conversational AI Platforms market was valued at USD 2352.3 Million in 2023 and is anticipated to reach USD 5331 Million by 2030, witnessing a CAGR of 12.1% during the forecast period 2024-2030.
– Augmented and Virtual Reality Market
– Virtual Fitting Room market size was USD 2973.1 Million in 2022 and is forecast to a readjusted size of USD 8501.1 Million by 2029 with a CAGR of 16.0% during the forecast period 2023-2029.
– The generative ai market was valued at USD 8.15 Billion in 2021, and is estimated to reach USD 126.5 Billion by 2031, growing at a CAGR of 32% from 2022 to 2031.
– The global AI Content Generation market was valued at USD 1400 Million in 2022 and is anticipated to reach USD 5958 Million by 2029, witnessing a CAGR of 27.3% during the forecast period 2023-2029.
– AIGC Large Model Market
– The global Digital Process Automation market size is projected to reach USD 11770 Million by 2027, from USD 6451.8 Million in 2020, at a CAGR of 8.5% during 2021-2027.
– Application Modernization Services Market
DISCOVER OUR VISION: VISIT ABOUT US!
Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.
Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that’s why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.
To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains a detailed research methodology employed to generate the report. Please also reach our sales team to get the complete list of our data sources.
YOUR FEEDBACK MATTERS: REACH OUT TO US!Valuates [email protected] For U.S. Toll-Free Call 1-(315)-215-3225WhatsApp: +91-9945648335Website: https://reports.valuates.comBlog: https://valuatestrends.blogspot.com/Pinterest: https://in.pinterest.com/valuatesreports/Twitter: https://twitter.com/valuatesreportsFacebook: https://www.facebook.com/valuatesreports/https://www.facebook.com/valuateskorean https://www.facebook.com/valuatesspanish https://www.facebook.com/valuatesjapanese https://valuatesreportspanish.blogspot.com/ https://valuateskorean.blogspot.com/ https://valuatesgerman.blogspot.com/ https://valuatesreportjapanese.blogspot.com/
Logo: https://mma.prnewswire.com/media/1082232/Valuates_Reports_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/virtual-assistant-market-size-to-grow-usd-8613-5-million-by-2030-at-a-cagr-of-22-3–valuates-reports-302134789.html
-
Artificial Intelligence6 days agoHikvision redefines urban mobility with AIoT-powered solutions at Intertraffic 2024
-
Artificial Intelligence6 days agoHITACHI ACQUIRES MA MICRO AUTOMATION OF GERMANY IN EFFORT TO ACCELERATE GLOBAL EXPANSION OF ROBOTIC SI BUSINESS IN THE MEDICAL AND OTHER FIELDS
-
Artificial Intelligence6 days agoWeb O.No: Metaverse and Web 3.0 stunted by internet chaos, warn 87% of business leaders
-
Artificial Intelligence6 days ago
Greater efforts urged on sci-tech cooperation
-
Artificial Intelligence6 days agoCognitive Security Market Projected to Reach $134.26 billion by 2030 – Exclusive Report by 360iResearch
-
Uncategorized6 days agoXiao-I Corporation to Announce Full Year 2023 Results
-
Artificial Intelligence6 days ago
IBM, Government of Canada, Government of Quebec Sign Agreements to Strengthen Canada’s Semiconductor Industry
-
Uncategorized6 days ago
Damstra targets global growth as part of Ideagen
