Artificial Intelligence
ZW Data Action Technologies Reports Second Quarter and First Half 2021 Unaudited Financial Results
BEIJING, Aug. 17, 2021 (GLOBE NEWSWIRE) — ZW Data Action Technologies Inc. (Nasdaq: CNET) (the “Company”), an integrated online advertising, precision marketing, data analytics and other value-added blockchain services provider serving enterprise clients, today announced its unaudited financial results for the three months and six months ended June 30, 2021.
Financial Highlights
- Second Quarter 2021 Revenue of $14.55 million, +39.7% YOY,
- First Half 2021 Revenue of $22.95 million, +55% YOY;
- Working capital of $10.62 million as of June 30, 2021, compared to $4.86 million as of December 31, 2020;
- Cash and cash equivalents of $11.75 million as of June 30, 2021, compared to $4.30 million as of December 31, 2020.
Second Quarter of 2021 Financial Results
Revenues
For the three months ended June 30, 2021, revenues increased by $4.14 million, or 39.7%, to $14.55 million from $10.42 million for the same period last year. The increase in revenues was primarily attributable to the increase in revenues from our Internet advertising and related services business segment, as a result of economic recovery from the COVID-19 outbreak since the second half of fiscal 2020.
Cost of revenues
Total cost of revenues increased by $4.65 million, or 46.0%, to $14.77 million for the three months ended June 30, 2021 from $10.12 million for the same period last year. The increase in cost of revenues was primary attributable to the increase in costs associated with distribution of the right to use search engine marketing service we purchased from key search engines during the periods, which were in line with the increase in the related revenues.
Gross profit (loss) and gross profit (loss) margin
Gross loss was $0.22 million for the three months ended June 30, 2021, compared to a gross profit of $0.30 million for the same period last year, which was primarily due to the negative gross margin rate incurred by our main stream of service revenues. Gross loss margin was 1.5% for the three months ended June 30, 2021, compared to a gross profit margin of 2.9% for the same period last year.
Operating expenses
Sales and marketing expenses was $0.07 million for the three months ended June 30, 2021, compared to $0.07 million for the same period last year.
General and administrative expenses increased by $6.77 million, or 597.8%, to $7.90 million for the three months ended June 30, 2021 from $1.13 million for the same period last year. The increase in general and administrative expenses was mainly attributable to the increase in share-based compensation expenses and general departmental expenses, which was partially offset by the decrease in allowance for doubtful accounts.
Research and development expenses decreased by $0.03 million, or 23.3%, to $0.09 million for the three months ended June 30, 2021 from $0.12 million for the same period last year. The decrease in research and development expenses was mainly attributable to a decrease in number of staff in our research and development department.
Operating loss
Loss from operations was $8.28 million for the three months ended June 30, 2021, compared to $1.02 million for the same period last year. Operating loss margin was 56.9% for the three months ended June 30, 2021, compared to 9.8% for the same period last year.
Other income, net
Total other income increased to $4.61 million for the three months ended June 30, 2021, compared to $0.04 million for the same period last year, which was primarily attributable to the increase in gain from change in fair value of warrant liabilities.
Net loss attributable to CNET and loss per share
Net loss attributable to CNET was $3.65 million, or loss per share of $0.11, for the three months ended June 30, 2021, compared to net loss attributable to CNET of $0.97 million, or loss per share of $0.04, for the same period last year.
First Half 2021 Financial Results
Revenues
For the first half of 2021, revenues increased by $8.15 million, or 55.0%, to $22.95 million from $14.80 million for the same period last year. The increase in revenues was primarily attributable to the increase in revenues from our Internet advertising and related services business segment, as a result of economic recovery from the COVID-19 outbreak since the second half of fiscal 2020.
Cost of revenues
For the first half of 2021, cost of revenues increased by $10.28 million, or 75.6%, to $23.88 million from $13.60 million for the same period last year. The increase in cost of revenues was primary attributable to the increase in costs associated with distribution of the right to use search engine marketing service we purchased from key search engines during the periods, which were in line with the increase in the related revenues.
Gross profit (loss) and gross profit (loss) margin
Gross loss was $0.94 million for the first half of 2021, compared to a gross profit of $1.20 million for the same period last year, which was primarily due to the negative gross margin rate incurred by our main stream of service revenues.
Overall gross loss margin was 4.1% for first half of 2021, compared to gross profit margin of 8.1% for the first half of 2020.
Operating expenses
Sales and marketing expenses decreased by $0.13 million, or 57.0%, to $0.10 million for the first half of 2021 from $0.24 million for the same period last year. The decrease in sales and marketing expenses was mainly attributable to the decrease in share-based compensation expenses, related to restricted shares granted and issued to our sales staff during the first fiscal quarter of last year.
General and administrative expenses increased by $4.97 million, or 126.5%, to $8.90 million for the first half of 2021 from $3.93 million for the same period last year. The increase in general and administrative expenses was mainly attributable to the increase in share-based compensation expenses and general office administrative expense, which was partially offset by the decrease in allowance for doubtful accounts.
Research and development expenses decreased by $0.17 million, or 50.6%, to $0.16 million for the first half of 2021 from $0.33 million for the same period last year. The decrease in research and development expenses was primarily due to the decrease in share-based compensation expenses, related to restricted shares granted and issued to our research and development staff during the first fiscal quarter of last year.
Operating loss
Loss from operations increased by $6.80 million, or 206.3%, to $10.09 million for the first half of 2021 from $3.30 million for the same period last year. Operating loss margin was 44.0% for the first half of 2021, compared to 22.3% for the same period last year.
Other income (expense), net
Total other income increased to $7.10 million for the first half of 2021, compared to $0.08 million for the same period last year, which was primarily due to the increase in gain from change in fair value of warrant liabilities.
Net loss attributable to CNET and loss per share
As a result of the foregoing, net loss attributable to CNET was $2.96 million, or net loss per share of $0.10, for the first half of 2021, compared to net loss attributable to CNET of $3.28 million, or net loss per share of $0.16, for the same period last year.
Financial Condition
As of June 30, 2021, the Company had cash and cash equivalents of $11.75 million, compared to $4.30 million as of December 31, 2020. Accounts receivable, net was $3.71 million as of June 30, 2021, compared to $2.41 million as of December 31, 2020. Working capital was $10.62 million as of June 30, 2021, compared to $4.86 million as of December 31, 2020.
Net cash used in operating activities was $5.33 million for the six months ended June 30, 2021, compared to a net cash provided by operating activities of $1.17 million for the same period last year. Net cash used in investing activities was $4.36 million for the six months ended June 30, 2021, compared to $1.27 million for the same period last year. Net cash provided by financing activities was $17.11 million for the six months ended June 30, 2021, compared to a net cash used in financing activities of $0.43 million for the same period last year.
Recent Developments
During the first half of 2021, the Company continued the development of the combination of blockchain technology and the practical operation of small and medium-sized enterprises (the “SMEs”). Through upgrading the Bo!News application, the Company aims at binding franchisees and enterprises, and providing digitalized franchise management system for the SMEs in a more efficient, accessible and trustable manner. The Company plans to launch the upgraded Bo!News application by the end of the third fiscal quarter.
Meanwhile, the Company expects to officially launched the blockchain SaaS services for the SMEs’ smart retail business by the end of 2021, which consist of membership management, payment management and Non-Fungible Token (“NFT”) management services.
Furthermore, cooperating with strategic partners, the Company expects to focus on applying the NFT technology into more application scenarios, including but not limited to, IP operation and e-sports and games operation, etc.
About ZW Data Action Technologies Inc.
ZW Data Action Technologies Inc. is a holding company that conducts its primary businesses through its People’s Republic of China subsidiaries and operating entities (the “VIEs”). Through its PRC operating subsidiaries and VIEs, ZW Data Action Technologies primarily offers online advertising, precision marketing, data analytics and other value-added services for enterprise clients. Leveraging its fully integrated services platform, proprietary database, and cutting-edge algorithms, ZW Data Action Technologies delivers customized, result-driven business solutions for small and medium-sized enterprise clients in China. ZW Data Action Technologies also develops blockchain and artificial intelligence enabled web/mobile applications and software solutions for clients. More information about the Company can be found at: http://www.zdat.com/.
Safe Harbor Statement
This release contains certain “forward-looking statements” relating to the business of ZW Data Action Technologies Inc., which can be identified by the use of forward-looking terminology such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including business uncertainties relating to government regulation of our industry, market demand, reliance on key personnel, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on ZW Data Action Technologies Inc. current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting ZW Data Action Technologies Inc. will be those anticipated by ZW Data Action Technologies Inc. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. ZW Data Action Technologies Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
For more information, please contact:
Sherry Zheng
Weitian Group LLC
Email: [email protected]
Phone: +1 718-213-7386
| ZW DATA ACTION TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except for number of shares and per share data) |
||||||
| June 30, 2021 |
December 31, 2020 |
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| (US $) | (US $) | |||||
| (Unaudited) | ||||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents * | $ | 11,752 | $ | 4,297 | ||
| Accounts receivable, net of allowance for doubtful accounts of $2,207 and | ||||||
| $4,247, respectively * | 3,707 | 2,407 | ||||
| Prepayment and deposit to suppliers * | 8,035 | 4,657 | ||||
| Due from related parties * | 104 | 61 | ||||
| Other current assets * | 462 | 1,462 | ||||
| Total current assets | 24,060 | 12,884 | ||||
| Long-term investments * | 450 | 67 | ||||
| Operating lease right-of-use assets * | 2,107 | 48 | ||||
| Property and equipment, net * | 116 | 60 | ||||
| Intangible assets, net * | 3,438 | 2,557 | ||||
| Blockchain platform applications development costs | 4,409 | 4,406 | ||||
| Long-term deposits and prepayments * | 1,716 | 39 | ||||
| Deferred tax assets, net * | 652 | 606 | ||||
| Total Assets | $ | 36,948 | $ | 20,667 | ||
| Liabilities and Equity | ||||||
| Current liabilities: | ||||||
| Accounts payable * | $ | 1,015 | $ | 608 | ||
| Advance from customers * | 1,539 | 1,436 | ||||
| Accrued payroll and other accruals * | 280 | 489 | ||||
| Taxes payable * | 3,408 | 3,430 | ||||
| Operating lease liabilities * | 187 | 18 | ||||
| Lease payment liability related to short-term leases * | 151 | 203 | ||||
| Other current liabilities * | 267 | 333 | ||||
| Warrant liabilities | 6,597 | 1,505 | ||||
| Total current liabilities | 13,444 | 8,022 | ||||
| Long-term liabilities: | |||||||||||
| Operating lease liabilities-Non current * | 1,979 | 32 | |||||||||
| Long-term borrowing from a director | 135 | 134 | |||||||||
| Total Liabilities | 15,558 | 8,188 | |||||||||
| Commitments and contingencies | |||||||||||
| Equity: | |||||||||||
| ZW Data Action Technologies Inc.’s stockholders’ equity | |||||||||||
| Common stock (US$0.001 par value; authorized 50,000,000 shares; issued and | |||||||||||
| outstanding 35,290,650 shares and 26,062,915 shares at June 30, 2021 and | |||||||||||
| December 31, 2020, respectively) | 35 | 26 | |||||||||
| Additional paid-in capital | 61,656 | 49,772 | |||||||||
| Statutory reserves | 2,598 | 2,598 | |||||||||
| Accumulated deficit | (43,941 | ) | (40,980 | ) | |||||||
| Accumulated other comprehensive income | 1,107 | 1,129 | |||||||||
| Total ZW Data Action Technologies Inc.’s stockholders’ equity | 21,455 | 12,545 | |||||||||
| Noncontrolling interests | (65 | ) | (66 | ) | |||||||
| Total equity | 21,390 | 12,479 | |||||||||
| Total Liabilities and Equity | $ | 36,948 | $ | 20,667 | |||||||
*All of the VIEs’ assets can be used to settle obligations of their primary beneficiary. Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets.
| ZW DATA ACTION TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except for number of shares and per share data) |
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| Six Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| (US $) | (US $) | (US $) | (US $) | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Revenues | ||||||||||||||||
| From unrelated parties | $ | 22,947 | $ | 14,786 | $ | 14,551 | $ | 10,415 | ||||||||
| From a related party | – | 14 | – | 1 | ||||||||||||
| Total revenues | 22,947 | 14,800 | 14,551 | 10,416 | ||||||||||||
| Cost of revenues | 23,882 | 13,603 | 14,769 | 10,118 | ||||||||||||
| Gross (loss)/profit | (935 | ) | 1,197 | (218 | ) | 298 | ||||||||||
| Operating expenses | ||||||||||||||||
| Sales and marketing expenses | 101 | 235 | 73 | 70 | ||||||||||||
| General and administrative expenses | 8,895 | 3,928 | 7,899 | 1,132 | ||||||||||||
| Research and development expenses | 163 | 330 | 89 | 116 | ||||||||||||
| Total operating expenses | 9,159 | 4,493 | 8,061 | 1,318 | ||||||||||||
| Loss from operations | (10,094 | ) | (3,296 | ) | (8,279 | ) | (1,020 | ) | ||||||||
| Other income/(expenses) | ||||||||||||||||
| Interest income/(expense), net | 2 | (1 | ) | 1 | – | |||||||||||
| Other income/(expenses), net | 302 | 17 | 326 | 18 | ||||||||||||
| Loss on disposal of long-term investments | (38 | ) | – | (38 | ) | – | ||||||||||
| Change in fair value of warrant liabilities | 6,829 | 68 | 4,322 | 22 | ||||||||||||
| Total other income | 7,095 | 84 | 4,611 | 40 | ||||||||||||
| Loss before income tax benefit/(expense) and noncontrolling interests | (2,999 | ) | (3,212 | ) | (3,668 | ) | (980 | ) | ||||||||
| Income tax benefit/(expense) | 40 | (68 | ) | 22 | 10 | |||||||||||
| Net loss | (2,959 | ) | (3,280 | ) | (3,646 | ) | (970 | ) | ||||||||
| Net (income)/loss attributable to noncontrolling interests | (2 | ) | 2 | – | 2 | |||||||||||
| Net loss attributable to ZW Data Action Technologies Inc. | $ | (2,961 | ) | $ | (3,278 | ) | $ | (3,646 | ) | $ | (968 | ) | ||||
| Net loss | $ | (2,959 | ) | $ | (3,280 | ) | $ | (3,646 | ) | $ | (970 | ) | ||||
| Foreign currency translation (loss)/gain | (23 | ) | 68 | (4 | ) | (4 | ) | |||||||||
| Comprehensive loss | $ | (2,982 | ) | $ | (3,212 | ) | $ | (3,650 | ) | $ | (974 | ) | ||||
| Comprehensive (income)/loss attributable to noncontrolling interests | (1 | ) | 1 | 1 | 2 | |||||||||||
| Comprehensive loss attributable to ZW Data Action Technologies Inc. | $ | (2,983 | ) | $ | (3,211 | ) | $ | (3,649 | ) | $ | (972 | ) | ||||
| Loss per share | ||||||||||||||||
| Loss per common share | ||||||||||||||||
| Basic and diluted | $ | (0.10 | ) | $ | (0.16 | ) | $ | (0.11 | ) | $ | (0.04 | ) | ||||
| Weighted average number of common shares outstanding: | ||||||||||||||||
| Basic and diluted | 30,727,546 | 21,044,666 | 32,925,488 | 21,691,926 | ||||||||||||
| ZW DATA ACTION TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) |
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| Six Months Ended June 30, | ||||||||
| 2021 | 2020 | |||||||
| (US $) | (US $) | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (2,959 | ) | $ | (3,280 | ) | ||
| Adjustments to reconcile net loss to net cash (used in)/provided by operating | ||||||||
| activities | ||||||||
| Depreciation and amortization | 282 | 415 | ||||||
| Amortization of operating lease right-of-use assets | 92 | – | 5 | |||||
| Share-based compensation expenses | 6,857 | 1,987 | ||||||
| Provision for allowances for doubtful accounts | – | 747 | ||||||
| Loss on disposal of long-term investments | 38 | – | ||||||
| Deferred taxes | (40 | ) | 11 | |||||
| Change in fair value of warrant liabilities | (6,829 | ) | (68 | ) | ||||
| Changes in operating assets and liabilities | ||||||||
| Accounts receivable | (1,284 | ) | (38 | ) | ||||
| Prepayment and deposit to suppliers | (980 | ) | 2,090 | |||||
| Due from related parties | – | 28 | ||||||
| Other current assets | 8 | (3 | ) | |||||
| Long-term deposits and prepayments | (554 | ) | (750 | ) | ||||
| Accounts payable | 403 | (9 | ) | |||||
| Advance from customers | 89 | (362 | ) | |||||
| Accrued payroll and other accruals | (197 | ) | (57 | ) | ||||
| Other current liabilities | (123 | ) | 326 | |||||
| Taxes payable | (49 | ) | 89 | |||||
| Lease payment liability related to short-term leases | (54 | ) | 43 | |||||
| Operating lease liabilities | (31 | ) | (9 | ) | ||||
| Net cash (used in)/provided by operating activities | (5,331 | ) | 1,165 | |||||
| Cash flows from investing activities | ||||||||
| Payment for leasehold improvements and purchase of vehicles, furniture and office equipment | (221 | ) | – | |||||
| Cash effect of deconsolidation of VIEs’ subsidiaries | (8 | ) | – | |||||
| Investments and advances to ownership investee entities | (463 | ) | (27 | ) | ||||
| Short-term loan to an unrelated party | (312 | ) | (944 | ) | ||||
| Repayment of short-term loan from an unrelated party | 1,303 | – | ||||||
| Payment for purchase of software technologies | (1,160 | ) | – | |||||
| Deposit and prepayment paid for contracts of other investing activities | (3,500 | ) | – | |||||
| Payment for blockchain platform applications development costs | – | (302 | ) | |||||
| Net cash used in investing activities | (4,361 | ) | (1,273 | ) | ||||
| Cash flows from financing activities | |||||||
| Proceeds from issuance of common stock and warrant (net of cash offering cost of US$1,600) | 17,111 | – | |||||
| Repayment of short-term bank loan | – | (427 | ) | ||||
| Net cash provided by/(used in) financing activities | 17,111 | (427 | ) | ||||
| Effect of exchange rate fluctuation on cash and cash equivalents | 36 | (13 | ) | ||||
| Net increase/(decrease) in cash and cash equivalents | 7,455 | (548 | ) | ||||
| Cash and cash equivalents at beginning of the period | 4,297 | 1,603 | |||||
| Cash and cash equivalents at end of the period | $ | 11,752 | $ | 1,055 | |||
Artificial Intelligence
Free Your Hands, QIDI Vida Smart AR Glasses Lead the Way in New Sports Experience.
NEW YORK, April 19, 2024 /PRNewswire/ — Outdoor smart AR glasses, QIDI Vida, will officially launch on 23rd April on the Kickstarter platform. QIDI Vida integrates the many functions of smart watches, sports headphones, cycling computers, heart rate monitors, and walkie-talkies using AR+AI technology, allowing users to bid farewell to cumbersome device management and enjoy outdoor sports anytime, anywhere with just one pair of glasses.
Function:
QIDI Vida uses high-tech HUD (Head-Up Display) which is similar to the technology used for aircrafts and premium cars and introduces it to the sports industry. Users can activate the HUD function at any time using voice control, enabling them to focus on the route ahead whilst simultaneously having access to information such as navigation, speed, heart rate, power and cadence, among other metrics. Another great function of the QIDI Vida is that users can also enjoy audiovisual entertainment through the optically perceived 100-inch AR HUD screen, when having some down time.
As cyclists and hikers often travel in groups, QIDI Vida supports eSIM and team functionality, allowing real-time voice communication without releasing handlebars, and users can monitor their groups’ real-time locations. The glasses also have comprehensive sensing and monitoring capabilities including temperature, humidity, UV, air pressure, geomagnetism and acceleration. In addition to obtaining environmental and health information, it also features health warnings such as altitude sickness symptoms and high heart rate, as well as fall and collision detection functions. And, in the event of danger, it can send distress signals to teammates.
Perks:
QIDI Vida has a global voice recognition and interaction feature that allows you to control all functions within the device by voice. To better provide users with an immersive sports experience, QIDI Vida’s intelligent system will have the capability to instantly gather personalised sports data, enabling it to deliver timely voice alerts and broadcasts, including the duration of exercise, distance, the environment and the weather – all tailored to the user’s preferences.
QIDI Vida enables voice-controlled photos and video recordings, allowing users to capture moments whilst cycling or hiking without the need to stop. QIDI Vida supports connections with common cycling smart hardware such as Garmin, Wahoo, Apple, and Samsung, supports GPX route files, and is compatible with professional sports apps such as Strava, Keep, Zwift, Apple Health, and All Trails.
QIDI Vida stands out for its lightweight and comfortable design with a dual lens for a full-colour data display, unlike competing AR glasses that typically have a single lens and limited colour. This innovation significantly enhances and augments the user’s sports and reality experience.
QIDI Vida will launch on the Kickstarter platform: https://www.kickstarter.com/projects/109560964/qidi-vida-smart-ar-glasses-for-sports
HIGH RES IMAGE: https://we.tl/t-epx2syiuaRWATCH VIDEO: https://www.youtube.com/watch?v=2v_Pli2pAM8&t=164s
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Artificial Intelligence
Risk Analytics Market worth $180.9 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, April 19, 2024 /PRNewswire/ — The growing use of real-time monitoring and advanced analytics, integration with cutting-edge technologies like blockchain and IoT, and an emphasis on cybersecurity, cross-industry applications, and regulatory compliance are the key factors that will shape the risk analytics market in the future. The market’s development will also be influenced by collaborative risk management, improved user experience, and an increasing focus on ESG factors and risk culture.
The Risk Analytics Market is estimated to grow from USD 59.7 billion in 2024 to USD 180.9 billion in 2029, at a CAGR of 24.8% during the forecast period, according to a new report by MarketsandMarkets™. Several trends fuel the global spread of Risk Analytics. Increasingly Increasing Data Complexity, Rising Cybersecurity Threats and Rising Adoption of Cloud-Based Solutions A growing talent pool of data scientists and engineers is building the necessary tools and infrastructure. Governments are recognizing the potential of risk analytics for economic growth and are investing in research and development. These trends make DI more accessible and valuable, leading to its global adoption.
Browse in-depth TOC on “Risk Analytics Market”260 – Tables 60 – Figures350 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2023
Base year considered
2023
Forecast period
2024–2029
Forecast units
USD Billion
Segments Covered
Offering,Risk Type, Risk stages, Vertical, and Region.
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US)
By offering the services segment to account for higher CAGR during the forecast period
In the Risk Analytics Market, the highest CAGR of services is fueled by Increasing Complexity of Risks, AI and machine learning advancements, big data analytics integration, business process optimization, cloud-based solutions adoption, data-driven culture, and diverse industry adoption. These trends reflect a global shift towards leveraging data for competitive advantage, driving a continuous need for sophisticated risk analytics services across sectors. As businesses prioritize agility, the growth of services in the Risk Analytics Market is driven by the need for effective risk management strategies in an increasingly complex and uncertain business environment.
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By Type, GRC software is expected to hold the largest market size for the year 2024
GRC software typically offers comprehensive solutions that cover a wide range of risk management needs, including compliance management, policy management, audit management, and risk assessment. They also provide organizations with enhanced visibility into their risk landscape. Through features such as risk assessment, risk monitoring, and reporting, organizations can identify and prioritize risks more effectively, enabling proactive risk management strategies. GRC software streamlines risk management processes through automation, reducing manual effort and increasing efficiency. Tasks such as risk assessments, control testing, and incident management can be automated, freeing up resources to focus on strategic risk mitigation efforts. the combination of comprehensive functionality, regulatory compliance support, efficiency gains, scalability, integration capabilities, and culture enhancement makes GRC software a preferred choice for many organizations seeking to manage risk effectively.
By Vertical, Healthcare & Life Sciences is projected to grow at the highest CAGR during the forecast period
The Healthcare and Lifesciences is experiencing a surge in the adoption of risk analytics due to a confluence of factors. Healthcare providers and life sciences companies wants to ensure the safety and well-being of patients. Risk analytics helps in identifying potential risks to patient safety, such as medication errors, adverse events, and medical device failures. The healthcare and life sciences industries are heavily regulated, with strict guidelines for patient care, data privacy, drug development, and clinical trials. Risk analytics helps organizations ensure compliance with these regulations by identifying and mitigating risks of non-compliance. Healthcare organizations and life sciences companies also face financial risks associated with fraud, billing errors, revenue cycle management, and reimbursement challenges. Risk analytics helps in detecting anomalies and optimizing financial processes to mitigate these risks.
Asia Pacific is expected to grow at the highest CAGR during the forecast period
The Asia-Pacific (APAC) region is experiencing rapid growth in the Risk Analytics Market, boasting the highest Compound Annual Growth Rate (CAGR). This surge is primarily attributed to rising demand for data-driven decision-making solutions, expanding digital transformation initiatives across industries.. Moreover, the region’s favorable regulatory environment, growing investments in big data analytics, and the integration of advanced technologies like the Internet of Things (IoT) further propel APAC’s dominance in Risk Analytics Market growth.
Top Key Companies in Risk Analytics Market:
The major risk analytics software and service providers include IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the Risk Analytics Market.
Recent Developments:
In March 2024, Orcale announced Oracle Risk Management Cloud in Release 24B. It offers comprehensive solution designed to help organizations identify, assess, and mitigate risks across their business operations. It offers advanced analytics, automation, and collaboration tools to streamline risk management.In March 2024, FIS Global announces card fraud detection capabilities leveraging artificial intelligence (AI) with aim to bolster FIS’s ability to identify and prevent fraudulent transactions, providing greater security for cardholders and financial institutions alike.In March 2024, Aon acquired an AI-powered platform to assist fleet and mobility clients in making data-driven decisions, enhancing operational efficiency and risk management. The platform utilizes artificial intelligence to analyze data and provide insights, enabling clients to optimize their fleet operations and improve decision-making processes.In March 2024, Crisp joined Resolver, with the aim to enhance Resolver’s risk intelligence capabilities by integrating Crisp’s expertise and technology into its platform, offering clients improved risk assessment and mitigation tools.In February 2024, SAS partnered with Carahsoft to bring analytics, AI, and data management solutions to the public sector. The aim is to leverage SAS’s expertise in advanced analytics and Carahsoft’s extensive government market reach to offer tailored solutions that enable public sector organizations to harness the power of data for informed decision-making and improved outcomes.Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=210662258
Risk Analytics Market Advantages:
By offering insights into potential risks, opportunities, and trends, risk analytics helps organisations make data-driven decisions that improve strategic planning and resource allocation.In order to improve risk management procedures and lessen exposure to possible threats, risk analytics solutions assist businesses in identifying, evaluating, and mitigating risks across a range of business activities, including finance, operations, and compliance.Through real-time monitoring and anomaly detection made possible by risk analytics, organisations may proactively address shifting market situations, legal requirements, and cybersecurity threats.Risk analytics solutions assist organisations lower operating costs, increase productivity, and streamline compliance activities, which results in cost savings and resource optimisation. They do this by streamlining risk management procedures and automating routine work.Accurate risk assessments, audit trails, and reporting capabilities are just a few of the ways that risk analytics solutions help organisations comply with regulations and stay out of trouble.Organisations can enhance their resilience and competitiveness by anticipating and mitigating potential hazards before they materialise through the use of predictive modelling and advanced analytics approaches in risk analytics.Report Objectives
To define, describe, and predict the Risk Analytics Market by offering, risk type, risk stages, vertical, and regionTo provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the market growthTo analyze the opportunities in the market and provide details of the competitive landscape for stakeholders and market leadersTo forecast the market size of segments with respect to five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin AmericaTo profile the key players and comprehensively analyze their market rankings and core competenciesTo analyze the competitive developments, such as partnerships, product launches, and mergers & acquisitions, in the Risk Analytics MarketBrowse Adjacent Markets: Analytics Market Research Reports & Consulting
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Artificial Intelligence
Robotic Palletizer Market worth $1.9 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, April 19, 2024 /PRNewswire/ — The robotic palletizer market is projected to grow from USD 1.4 billion in 2024 and is expected to reach USD 1.9 billion by 2029, growing at a CAGR of 5.9% from 2024 to 2029 according to a new report by MarketsandMarkets™. Rising awareness towards workplace safety and reducing the risk of work-related injuries to drive the market. Robotic palletizers significantly enhance workplace safety and reduce the risk of work-related injuries and associated costs. By automating repetitive tasks like palletizing, businesses can redeploy their human workforce to higher-value activities that require human skills like problem-solving, critical thinking, and customer interaction. This allows them to optimize their workforce and leverage human capabilities more effectively.
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Browse in-depth TOC on “Robotic Palletizer Market” 100 – Tables60 – Figures200 – Pages
Robotic Palletizer Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 1.4 billion
Estimated Value by 2029
$ 1.9 billion
Growth Rate
Poised to grow at a CAGR of 5.9%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Component, Robot Type, Application, End-use Industry and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
High initial investment cost
Key Market Opportunities
Increasing application in small and medium-sized enterprises
Key Market Drivers
Growing labor shortage and need for workforce optimization
Collaborative robots in the robot type segment are expected to witness higher growth rate during the forecast period.
Collaborative robots are expected to witness a higher CAGR during the forecast period. Unlike traditional industrial robots that often require physical barriers or cages to protect human workers, cobots are equipped with advanced safety features, such as force and torque sensors, collision detection, and speed monitoring. These features enable cobots to operate safely in proximity to humans without posing significant risks of injury.
The Pharmaceutical segment in the robotic palletizer market is expected to witness highest growth rate during the forecast period.
Pharmaceutical products are subject to strict regulations regarding storage, handling, and quality control. Robotic palletizers play a crucial role in providing greater precision and consistency in palletizing tasks and minimizing the risk of contamination within pharmaceutical manufacturing facilities. It also reduces human intervention in the handling and stacking of products and helps mitigate the potential for cross-contamination and ensures adherence to strict hygiene standards.
End-of-Arm- Tooling (EOAT) component is expected to witness the highest CAGR in the robotic palletizer market during the forecast period.
End-of-arm tooling (EOAT) is a crucial element of a robotic arm system, especially in applications like robotic palletizing, where the robot needs to interact with various objects or products. EOAT essentially acts as the hand of the robotic arm, designed to securely grasp, lift, and place boxes or cases onto pallets. Overall, EOAT plays a vital role in the effectiveness of robotic palletizers as it ensures secure handling of products, efficient palletizing patterns, and smooth operation of the entire system.
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North America is expected to hold the largest share of the robotic palletizer industry during the forecast period.
North America is home to major automobile and retail companies, which has accelerated the demand for robotic palletizers in this region. Additionally, the rise in manufacturing activity, fueled by plans for reshoring and technological improvements, has further driven the need for robotic palletizers. In North America, certain government funds are available to increase workplace safety. In 2023, the Occupational Safety and Health Administration announced a grant of approximately USD 12.7 million to 100 non-profit organizations across the nation to provide education and training for workers and employers about recognizing workplace hazards, injury prevention, and understanding workers’ rights and employers’ responsibilities under federal law. Businesses that use robotic palletizers may be eligible for funding as they lower the risk of worker injuries from manual lifting.
Key Players
Leading players in the robotic palletizer companies include FANUC CORPORATION (Japan), KION GROUP AG (Germany), KUKA AG (Germany), ABB (Switzerland), and Krones AG (Germany). Schneider Packaging Equipment Company, Inc. (US), Honeywell International Inc. (US), Kaufman Engineered Systems (US), Concetti S.p.A. (Italy), Sidel (France), Brenton, LLC. (US), A-B-C Packaging Machine Corporation (US), Antenna Group (Italy), BEUMER GROUP (Germany), Brillopak (UK), BW Integrated Systems (US), Columbia Machine, Inc. (US), Euroimpianti S.p.A. (Italy), Fuji Yusoki Kogyo Co., Ltd. (Japan), HAVER & BOECKER OHG (Germany), KHS Group (Germany), MMCI (US), Okura Yusoki Co., Ltd. (Japan), Rothe Packtech Pvt. Ltd. (India), and S&R Robot Systems, LLC. (US) are few other key companies operating in the robotic palletizer market.
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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports & Consulting
Related Reports:
Palletizer Market Size, Share, Statistics and Industry Growth Analysis Report by Technology (Conventional, Robotic), Product Type (Bags, Boxes and Cases, Pails and Drums), Industry (Food & Beverages, Chemicals, Pharmaceuticals, Cosmetics & Personal Care, E-commerce and Retail) & Region – Global Growth Driver and Industry Forecast to 2029
Autonomous Mobile Robots Market by Offering (Hardware, Software and Services), Payload Capacity (500 kg), Navigation Technology (Laser/LiDAR, Vision Guidance), Industry (Manufacturing, Retail, E-commerce) – Global Forecast to 2028
Automated Guided Vehicle Market Size, Share, Industry, Statistics & Growth by Type (Tow Vehicles, Unit Load Carriers, Forklift Trucks, Assembly Line Vehicles, Pallet Trucks), Navigation Technology (Laser Guidance, Magnetic Guidance, Vision Guidance), Industry, Region – Global Forecast to 2028
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About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact: Mr. Aashish MehraMarketsandMarkets™ INC. 630 Dundee RoadSuite 430Northbrook, IL 60062USA: +1-888-600-6441Email: [email protected] Our Web Site: https://www.marketsandmarkets.com/Research Insight: https://www.marketsandmarkets.com/ResearchInsight/robotic-palletizer-companies.aspContent Source: https://www.marketsandmarkets.com/PressReleases/robotic-palletizer.asp
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