Artificial Intelligence
Cemtrex Reports Second Quarter 2021 Financial Results
Brooklyn, NY, June 24, 2021 (GLOBE NEWSWIRE) — – Cemtrex Inc. (NASDAQ: CETX, CETXP, CETXW), a technology company driving innovation in Internet of Things (IoT), security, machine vision & artificial intelligence, and augmented & virtual reality, has reported its financial and operational results for the second quarter ended March 31, 2021.
Second Quarter 2021 Financial Results
Revenue for the three months ended March 31, 2021, and 2020 was $9.3 million and $12.1 million, respectively, a decrease of 24%. Revenue for the six months ended March 31, 2021, and 2020 was $18.1 million and $24.3, respectively, a decrease of 26%. The decrease in revenue was primarily due to shutdowns and limited operations of businesses due to the COVID-19 crisis. The Advanced Technologies segment revenues for the three months ended March 31, 2021, decreased by 11% to $5.5 million, and the Industrial Services segment revenues for quarter decreased by 36%, to $3.8 million.
Gross Profit for the second quarter of 2021 was $3.9 million, or 42% of revenues as compared to gross profit of $5.3 million, or 44% of revenues for the year ago period. Gross profit decreased due to lower sales and varies from product to product and from customer to customer.
Total operating expenses for three months ended March 31, 2021 were $5.9 million, compared to $5.9 million in the prior year’s quarter.
Operating activities for continuing operations used $2.9 million for the quarter ended March 31, 2021 compared to using $1.4 million of cash for the quarter ended March 31, 2020.
Net income for the quarter ended March 31, 2021 was $2.5 million, as compared to a net loss of $1.6 million in 2020. Net income increased in the second quarter as compared to the same period last year primarily due to other income items including a one-time settlement agreement and unrealized gains on marketable securities.
Cash and cash equivalents totaled $15.6 million at March 31, 2021, as compared to $15.9 million at December 31, 2020 and $19.5 million at September 30, 2020.
Management Commentary
Cemtrex’s Chairman and CEO, Saagar Govil, commented on the results: “In the second quarter of 2021 we continued to see a weakness due to COVID-19 which affected our overall business. Looking ahead we continue to focus on driving top line growth as markets return to normal and spending returns. We continue to further develop our product lines, with ongoing R&D in our Advanced Technologies Segment’s proprietary technology, including Virtual Reality solutions, SmartDesk, and Artificial Intelligence (AI) based, next generation solutions associated with security and surveillance systems software. We believe with ongoing investments in our core technologies and a rebounding economy, we continue to be well positioned for a return to growth that will create long term value for our shareholders,” concluded Govil.
About Cemtrex
Cemtrex, Inc. (CETX) is a leading multi-industry technology company that is driving innovation in markets such as Internet of Things (IoT), Augmented and Virtual Reality (AR & VR), and Artificial Intelligence and Computer Vision (AI & CV) in a wide range of sectors, including consumer products, industrial manufacturing, digital applications, and intelligent security & surveillance systems. www.cemtrex.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the closing of the offering, gross proceeds from the offering, our new product offerings, expected use of proceeds, or any proposed fundraising activities. These forward-looking statements are based on management’s current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward looking statements. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. These risks and uncertainties are discussed under the heading “Risk Factors” contained in our Form 10-K filed with the Securities and Exchange Commission. All information in this press release is as of the date of the release and we undertake no duty to update this information unless required by law.
Investor Relations
Chris Tyson
Executive Vice President – MZ North America
Direct: 949-491-8235
[email protected]
www.mzgroup.us
Cemtrex, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets – USD ($) | Mar. 31, 2021 | Sep. 30, 2020 | ||||
Current assets | ||||||
Cash and equivalents | $ | 15,573,734 | $ | 19,490,061 | ||
Restricted cash | 1,706,926 | 1,582,798 | ||||
Short-term investments | 522,612 | 887,746 | ||||
Trade receivables, net | 5,403,292 | 6,686,797 | ||||
Trade receivables – related party | 1,498,776 | 1,432,209 | ||||
Inventory -net of allowance for inventory obsolescence | 7,358,808 | 6,793,806 | ||||
Prepaid expenses and other assets | 1,820,031 | 1,188,317 | ||||
Total current assets | 33,884,179 | 38,061,734 | ||||
Property and equipment, net | 7,335,201 | 6,961,751 | ||||
Right-of-use assets | 2,862,154 | 2,728,380 | ||||
Assets held for sale | 8,323,321 | 8,323,321 | ||||
Goodwill | 5,886,096 | 4,370,894 | ||||
Other | 1,074,861 | 744,207 | ||||
Total Assets | 59,365,812 | 61,190,287 | ||||
Current liabilities | ||||||
Accounts payable | 2,314,545 | 2,857,817 | ||||
Short-term liabilities | 6,595,935 | 7,034,510 | ||||
Lease liabilities – short-term | 764,108 | 721,036 | ||||
Deposits from customers | 96,468 | 29,660 | ||||
Accrued expenses | 2,676,724 | 2,392,487 | ||||
Deferred revenue | 1,473,041 | 1,651,784 | ||||
Accrued income taxes | 553 | 89,318 | ||||
Total current liabilities | 13,921,374 | 14,776,612 | ||||
Long-term liabilities | ||||||
Loans payable to bank | 1,323,989 | 1,871,201 | ||||
Long-term lease liabilities | 2,106,545 | 2,027,406 | ||||
Notes payable | 3,154,743 | 6,029,999 | ||||
Mortgage payable | 2,306,834 | 2,355,542 | ||||
Other long-term liabilities | 1,075,171 | 1,063,733 | ||||
Paycheck Protection Program Loans | 5,406,477 | 2,169,437 | ||||
Deferred Revenue – long-term | 784,667 | 467,329 | ||||
Total long-term liabilities | 16,158,426 | 15,984,647 | ||||
Total liabilities | 30,079,800 | 30,761,259 | ||||
Commitments and contingencies | ||||||
Shareholders’ equity | ||||||
Preferred stock value | 1,795 | 2,157 | ||||
Common stock, $0.001 par value, 50,000,000 shares authorized, 18,711,463 shares issued and outstanding at March 31, 2021 and 17,622,539 shares issued and outstanding at September 30, 2020 | 18,711 | 17,623 | ||||
Additional paid-in capital | 58,320,570 | 60,221,766 | ||||
Retained earnings (accumulated deficit) | (31,758,563 | ) | (32,520,084 | ) | ||
Treasury stock at cost | (148,291 | ) | (148,291 | ) | ||
Accumulated other comprehensive income (loss) | 1,824,350 | 1,777,112 | ||||
Total Cemtrex stockholders’ equity | 28,258,622 | 29,351,383 | ||||
Non-controlling interest | 1,027,390 | 1,077,645 | ||||
Total liabilities and shareholders’ equity | 59,365,812 | 61,190,287 | ||||
Series A and C Preferred Stock [Member] | ||||||
Shareholders’ equity | ||||||
Preferred stock value | $ | 50 | $ | 100 |
Cemtrex, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss)
Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) (Unaudited) – USD ($) | 3 Months Ended | 6 Months Ended | ||||||||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |||||||||
Income Statement [Abstract] | ||||||||||||
Revenues | $ | 9,260,385 | $ | 12,113,847 | $ | 18,096,461 | $ | 24,333,930 | ||||
Cost of revenues | 5,331,501 | 6,767,743 | 10,162,107 | 13,639,340 | ||||||||
Gross profit | 3,928,884 | 5,346,104 | 7,934,354 | 10,694,590 | ||||||||
Operating expenses | ||||||||||||
General and administrative | 5,249,985 | 5,458,071 | 10,667,181 | 10,032,481 | ||||||||
Research and development | 641,497 | 404,933 | 1,275,722 | 781,519 | ||||||||
Total operating expenses | 5,891,482 | 5,863,004 | 11,942,903 | 10,814,000 | ||||||||
Operating income/(loss) | (1,962,598 | ) | (516,900 | ) | (4,008,549 | ) | (119,410 | ) | ||||
Other income/(expense) | ||||||||||||
Other income/(expense) | 1,679,944 | 447,792 | 2,630,932 | 672,117 | ||||||||
Settlement Agreement – Related Party | 3,674,165 | 3,674,165 | ||||||||||
Interest Expense | (849,076 | ) | (1,348,298 | ) | (1,458,017 | ) | (1,830,820 | ) | ||||
Total other income/(expense), net | 4,505,033 | (900,506 | ) | 4,847,080 | (1,158,703 | ) | ||||||
Net loss before income taxes | 2,542,435 | (1,417,406 | ) | 838,531 | (1,278,113 | ) | ||||||
Income tax benefit/(expense) | (98,477 | ) | (189,543 | ) | (127,431 | ) | (189,543 | ) | ||||
Net income/(loss) | 2,443,958 | (1,606,949 | ) | 711,100 | (1,467,656 | ) | ||||||
Less income in noncontrolling interest | (10,174 | ) | (7,848 | ) | (50,421 | ) | 187,063 | |||||
Net income/(loss) attributable to Cemtrex, Inc. shareholders | 2,454,132 | (1,599,101 | ) | 761,521 | (1,654,719 | ) | ||||||
Net income/(loss) | 2,443,958 | (1,606,949 | ) | 711,100 | (1,467,656 | ) | ||||||
Other comprehensive income/(loss) | ||||||||||||
Foreign currency translation gain/(loss) | (87,972 | ) | (749,826 | ) | (40,491 | ) | (166,800 | ) | ||||
Defined benefit plan actuarial gain/(loss) | 87,895 | 87,895 | ||||||||||
Comprehensive income/(loss) | 2,443,881 | (2,356,775 | ) | 758,504 | (1,634,456 | ) | ||||||
Less comprehensive income/(loss) attributable to noncontrolling interest | 19,625 | (897 | ) | 50,255 | (214,237 | ) | ||||||
Comprehensive income/(loss) attributable to Cemtrex, Inc. shareholders | $ | 2,424,256 | $ | (2,355,878 | ) | $ | 708,249 | $ | (1,420,219 | ) | ||
Income/(loss) Per Share-Basic | $ | 0.13 | $ | (0.26 | ) | $ | 0.04 | $ | (0.31 | ) | ||
Income/(loss) Per Share-Diluted | $ | 0.13 | $ | (0.26 | ) | $ | 0.04 | $ | (0.31 | ) | ||
Weighted Average Number of Shares-Basic | 18,559,113 | 6,250,761 | 18,195,731 | 5,292,167 | ||||||||
Weighted Average Number of Shares-Diluted | 18,629,064 | 6,250,761 | 18,200,974 | 5,292,167 |
Condensed Consolidated Statements of Cash Flows
(Unaudited/Restated)
Condensed Consolidated Statements of Cash Flows (Unaudited) – USD ($) | 6 Months Ended | |||||
Mar. 31, 2021 | Mar. 31, 2020 | |||||
Cash Flows from Operating Activities | ||||||
Net income/(loss) | $ | 711,100 | $ | (1,467,656 | ) | |
Adjustments to reconcile net loss to net cash provided/(used) by operating activities: | ||||||
Depreciation and amortization | 680,004 | 888,391 | ||||
Gain on disposal of property and equipment | 9,219 | 311 | ||||
Amortization of right-of-use assets | 438,539 | 281,758 | ||||
Change in allowance for inventory obsolescence | (948,733 | ) | (19,569 | ) | ||
Change in allowance for doubtful accounts | (137,356 | ) | (6,416 | ) | ||
Share-based compansation | 65,318 | 143,208 | ||||
Income tax expense/ (benefit) | 127,431 | 189,543 | ||||
Interest expense paid in equity shares | 657,329 | 1,004,518 | ||||
Accrued interest on notes payable | 41,833 | 291,384 | ||||
Amortization of original issue discounts on notes payable | 475,000 | 317,667 | ||||
Gain on marketable securities | (1,869,338 | ) | (338,057 | ) | ||
Settlement Agreement – Related Party | (3,674,165 | ) | ||||
Changes in operating assets and liabilities net of effects from acquisition of subsidiaries: | ||||||
Accounts receivable | 1,420,861 | (62,013 | ) | |||
Accounts receivable – related party | (71,581 | ) | (90 | ) | ||
Inventory | 383,731 | (419,711 | ) | |||
Prepaid expenses and other curent asstets | (631,714 | ) | (297,176 | ) | ||
Other assets | 169,346 | (834,561 | ) | |||
Other liabilities | 11,438 | (90,121 | ) | |||
Accounts payable | (543,272 | ) | (854,616 | ) | ||
Operating lease liabilities | (450,102 | ) | (293,138 | ) | ||
Deposits from customers | 66,808 | 9,166 | ||||
Accrued expenses | 161,820 | (143,160 | ) | |||
Deferred revenue | 138,595 | 227,172 | ||||
Income taxes payable | (88,765 | ) | 102,463 | |||
Net cash used by operating activities | (2,856,654 | ) | (1,370,703 | ) | ||
Cash Flows from Investing Activities | ||||||
Purchase of property and equipment | (944,601 | ) | (4,340,023 | ) | ||
Investment in Virtual Driver Interactive | (900,000 | ) | ||||
Investment in MasterpieceVR | (500,000 | ) | ||||
Proceeds from sale of marketable securities | 7,080,375 | 13,083,547 | ||||
Purchase of marketable securities | (4,845,903 | ) | (12,347,199 | ) | ||
Purchases of treasury stock | (190,483 | ) | ||||
Note Receivable – Related party | ||||||
Net cash used by investing activities | (110,129 | ) | (3,794,158 | ) | ||
Cash Flows from Financing Activities | ||||||
Proceeds from notes payable | 2,990,000 | |||||
Payments on notes payable | (2,070,257 | ) | (676,640 | ) | ||
Proceeds on bank loans | 2,476,000 | |||||
Payments on bank loans | (655,276 | ) | (133,414 | ) | ||
Proceeds from Paycheck Protection Program Loans | 1,970,785 | |||||
Proceeds from securities purchase agreements | 1,580,100 | |||||
Expenses on securities purchase agreements | (58,950 | ) | ||||
Revolving line of credit | 387,598 | |||||
Net cash provided/(used) by financing activities | (754,748 | ) | 6,564,694 | |||
Effect of currency translation | (70,668 | ) | (193,974 | ) | ||
Net increase in cash, cash equivalents, and restricted cash | (3,721,531 | ) | 1,399,833 | |||
Cash, cash equivalents, and restricted cash at beginning of period | 21,072,859 | 2,858,085 | ||||
Cash, cash equivalents, and restricted cash at end of period | 17,280,660 | 4,063,944 | ||||
Balance Sheet Accounts Included in Cash, Cash Equivalents, and Restricted Cash | ||||||
Cash and equivalents | 15,573,734 | 2,809,591 | ||||
Restricted cash | 1,706,926 | 1,254,353 | ||||
Total cash, cash equivalents, and restricted cash | 17,280,660 | 4,063,944 | ||||
Supplemental Disclosure of Cash Flow Information: | ||||||
Cash paid during the period for interest | 283,855 | 342,268 | ||||
Cash paid during the period for income taxes | 88,765 | 188 | ||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | ||||||
Investment in Virtual Driver Interactive | 439,774 | |||||
Stock issued to pay for products and/or services | 198,583 | |||||
Stock issued to pay notes payable | $ | 1,707,327 | $ | 3,632,518 |
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.
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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.
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).
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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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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.
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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.
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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.
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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.
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Key Companies:
OracleNuance CommunicationsMicrosoftInbenta TechnologiesSamsung ElectronicsAppleIBMIntelGOOGLE INCAmazonPurchase Chapters: https://reports.valuates.com/market-reports/QYRE-Auto-21S6075/global-and-united-states-virtual-assistant/1
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