Artificial Intelligence
Bitcoin Well Announces Second Quarter 2021 Financial Results Highlighted by Revenue Growth of 405%
EDMONTON, Alberta, Aug. 23, 2021 (GLOBE NEWSWIRE) — Bitcoin Well Inc. (TSXV: BTCW) (“Bitcoin Well” or the “Company”) today announced our financial and operating results for the second quarter and first half of 2021. The interim Financial Statements and Notes, as well as Management’s Discussion and Analysis (“MD&A”) for the three and six month periods ended June 30, 2021 and 2020 are available on our website and have been filed on SEDAR.
“I am excited to share the numerous transformational milestones achieved by Bitcoin Well during the second quarter. We enhanced our Board of Directors, closed a $7 million private placement financing, and opened an over-the-counter (“OTC”) office in Calgary. We have also continued to expand, including the international acquisition of a UK bitcoin ATM operator,” said Adam O’Brien, Founder and CEO of Bitcoin Well. “Since then, Bitcoin Well has officially become the first publicly-traded bitcoin ATM company in the world1 with our listing on the TSX Venture Exchange (“TSXV”) at the end of July; we have also assumed the assets of Crypto Kiosk in northern Ontario, and brought new technology solutions in-house with the proposed acquisition of Ghostlab. We look forward to building on this momentum for the second half of the year.”
Overview
| For the three months ended, | For the six months ended, | |||||||||||
| June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||
| Revenue ($000s) | $ | 41,734 | $ | 8,268 | $ | 69,259 | $ | 14,489 | ||||
| Gross Profit ($000s) | $ | 1,157 | $ | 1,140 | $ | 3,460 | $ | 1,632 | ||||
| Gross Profit Margin (%) | 3 | % | 14 | % | 5 | % | 11 | % | ||||
| Net Income (Loss) | $ | 30 | $ | 37 | $ | (4,333 | ) | $ | (145 | ) | ||
| Adjusted EBITDA1 ($000s) | $ | (845 | ) | $ | 542 | $ | (17 | ) | $ | 530 | ||
| Adjusted EBITDA1 Margin (%) | (2.0 | )% | 6.6 | % | (0.0 | )% | 3.7 | % | ||||
| ATM Count | 169 | 60 | 169 | 60 | ||||||||
1 Non-IFRS measure. See Advisories – “Non-IFRS measures”.
Q2 2021 Financial Highlights
- Revenue grew 405% to $41.7 million relative to Q2 2020, primarily from an increase in active ATMs plus over-the-counter (“OTC”) and exchange sales. Exchange sales reflect the revenue booked when customers sell us bitcoin at one price, and we are able to sell that bitcoin to cryptocurrency exchanges at a higher price, which demonstrates the success of our OTC growth strategy. Included in Q2 2021 revenue is an outlier exchange sale transaction of $22.0 million, which is not expected to recur in future periods. Normalized revenue with this $22.0 million sale removed would be $19.7 million, showcasing growth of 139% over Q2 2020.
- Average per machine revenue was $15,156 in Q2 2021, approximately half of the Q2 2020 level, with an average per machine transaction size of $921 compared to $814 in the prior year. Average per machine revenue was lower primarily due to access restrictions related to the COVID-19 restrictions and the implementation of new ‘know-your-customer’ regulations that came into effect in June. As COVID-19 restrictions continue to ease, we plan to continually monitor and find creative ways to increase our machine revenues back to pre-pandemic levels.
- Although our gross profit remained consistent year-over-year, as a result of initiatives designed to support future growth plans for the remainder of 2021 and future years, we incurred significantly higher operating expenses in Q2 2021. This contributed to negative Adjusted EBITDA2 of $0.8 million for the quarter.
- Net income was positive in Q2 2021 totaling $30 thousand compared to a loss of $4.3 million in the previous quarter and net income of $37 thousand in Q2 2020. The quarter-over-quarter improvement reflects the non-cash impact of the revaluation of cryptocurrency loans, a practice required under accounting standards that is undertaken each quarter.
- Our cash at the end of the quarter increased to $9.5 million from $4.1 million at year end 2020 and we had a working capital surplus of $3.2 million at June 30 compared to a working capital deficit of $2.9 million at December 31, 2020, positioning Bitcoin Well with financial flexibility to continue executing our growth strategy.
Strategic & Operational Highlights
- Bitcoin Well expanded internationally in May of 2021 (see our July 28th press release for acquisition details) through the acquisition of Paradime LTD, operating as AlphaVend, the second largest Bitcoin ATM operator in the United Kingdom, which included 26 operated machines across England, Scotland and Wales. AlphaVend is currently conducting its operations under a temporary registration with the FCA and if any licensing changes occur that would result in a deemed non-compliance with regulations, AlphaVend’s operations will cease.
- A total of 46 new ATMs were added to our portfolio during Q2 2021, resulting in Bitcoin Well having a total of 141 machines installed across Canada and 28 machines installed in the United Kingdom at the end of June, 2021. Currently, Bitcoin Well has nearly 190 ATMs in operation globally, representing an increase of more than 120% since the beginning of this year, which currently places our Company as the second largest bitcoin ATM operator in Canada and the UK based on number of machines.
- On July 30, the common shares of Bitcoin Well made their trading debut on the TSXV under the symbol “BTCW”, where we are listed as a Tier 2 Technology Issuer, and the Bitcoin Well team commemorated the event by ringing the opening bell on the TSX that same morning.
- Consistent with our diversified growth strategy, Bitcoin Well rebooted our M&A strategy with the acquisition of, and investment into, companies operating or complementary to the cryptocurrency industry, both during and subsequent to the quarter end, as a way to access innovative solutions and gain exposure to growing companies, including:
- Invested in an environmentally-friendly bitcoin mining company in June 2021 that uses stranded energy to power its fleet of bitcoin miners. This gives us an inside look to the mining industry in order to better position ourselves to strike strategic partnerships with other bitcoin miners as well as gain exposure to the bitcoin mining industry in passive form;
- Invested in a company that uses proprietary and cutting edge biometrics, artificial intelligence, and blockchain technology to provide world-class identity verification. With access to this technology, we believe Bitcoin Well can create streamlined, improved and innovative solutions for our customers’ KYC (Know-Your-Customer) onboarding process;
- Acquired the assets of Crypto Kiosk Inc. in July 2021, a cryptocurrency ATM operator in northern Ontario, which consisted of 11 cryptocurrency ATMs plus associated proprietary accounts; and
- Entered into a share purchase agreement to acquire Ghostlab Inc., a software company that designs and develops software to improve the functionality and accessibility of modern financial technology and services, including bitcoin ATM machines. More details about the Ghostlab acquisition are available within our August 11, 2021 press release.
Return of Our Chief Financial Officer
Our Chief Financial Officer, Mandy Johnston, MBA, CPA (US), CMA (US), CSCA, has returned from a temporary leave and resumed her duties, effective immediately. With her return, Jason Vandenberg, Senior Vice President and Co-Founder of Camilla Advisory Group Inc., a management consulting firm in Edmonton, Alberta, has stepped down as Interim CFO.
We greatly appreciate Mr. Vandenberg’s leadership and contributions in Ms. Johnston’s absence.
Outlook
With our recently secured public markets listing and enterprising consolidation strategy, the team at Bitcoin Well is excited about the opportunities ahead through the second half of 2021 and beyond. Our announced pending acquisition of software development company, Ghostlab, will enable us to offer technology that makes bitcoin more accessible and user friendly for the general public while also expanding the future potential SaaS revenue stream for Bitcoin Well. We believe that our company is well positioned to continue delivering meaningful value to stakeholders and to further advance our mission of allowing bitcoin accessibility from ocean to ocean across Canada and around the world.
Thank you for joining us on this journey.
About Bitcoin Well
Bitcoin Well offers convenient, secure and reliable ways to buy and sell bitcoin through a trusted Bitcoin ATM network and suite of web-based transaction services. The Company generates revenue and based on management’s assessment of publicly-available data, is the first publicly traded Bitcoin ATM company in the world, with an enterprising consolidation strategy to deliver accretive and cost-effective expansion in North America and globally. As leaders of the longest-running, founder-led Bitcoin ATM company in Canada, management of Bitcoin Well brings deep operational capabilities that span the entire value chain along with access to proprietary, cutting-edge software development that supports further expansion. Sign up for our newsletter and follow us on LinkedIn, Twitter, YouTube, Facebook, TikTok and Instagram to keep up to date with our business.
Contact Information
For investor information, please contact:
Bitcoin Well
10142 82 Avenue NW
Edmonton, AB T6E 1Z4
bitcoinwell.com
Adam O’Brien, Founder & CEO
Mandy Johnston, CFO
Tel: 1 888 711 3866
[email protected]
For media queries and further information, please contact:
Karen Smola, Director of Marketing
Tel: 587-735-1570
[email protected]
Reader Advisories / Forward-Looking Statements
Statements in this press release regarding Bitcoin Well which are not historical facts are “forward-looking statements” that involve risks and uncertainties, such as the timing of expansion plans and activities, the pending acquisition of GhostLab, as well as various business objectives. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements due to factors such as: (i) adverse market conditions, (ii) achieving all of the conditions required to close the acquisition of Ghostlab, including the approval of the TSXV, and (iii) the need for additional financing. Except as required by law, Bitcoin Well does not intend to update any changes to such statements.
Non-IFRS Measures
The Company uses certain terms in this news release and within the MD&A, such as ‘adjusted EBITDA’, which do not have a standardized or prescribed meaning under International Financial Reporting Standards (IFRS), and accordingly, these measurements may not be comparable with the calculation of similar measurements used by other companies. See the table below for a reconciliation of each non-IFRS measure to its nearest IFRS measure or refer to the “Non-GAAP Measures” and “Selected Financial Information” sections in the MD&A for applicable definitions, calculations, rationale for use and reconciliations to the most directly comparable measure under IFRS. Non-IFRS measures are provided as supplementary information by which readers may wish to consider the Company’s performance but should not be relied upon for comparative or investment purposes.
Reconciliation of Adjusted EBITDA to net income (loss)
| For the three months ended, | For the six months ended, | ||||||||||
| $000s | June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||
| Net income (loss) | $ | 30 | $ | 37 | $ | (4,333 | ) | $ | (145 | ) | |
| Listing expense | $ | 1,477 | – | $ | 1,477 | – | |||||
| Business acquisition and QT costs | 467 | 177 | 564 | 239 | |||||||
| Depreciation and accretion | 274 | 141 | 542 | 212 | |||||||
| Fair value change – cryptocurrency inventory | (4 | ) | 38 | (9 | ) | 32 | |||||
| Fair value change – cryptocurrency loans | (3,313 | ) | 135 | 1,946 | 135 | ||||||
| Foreign exchange | – | – | (2 | ) | – | ||||||
| Income tax expense | 17 | – | (478 | ) | – | ||||||
| Share based compensation | 207 | – | 282 | – | |||||||
| (Gain) loss on debt settlement | (1 | ) | 14 | (6 | ) | 57 | |||||
| Adjusted EBITDA | $ | (845 | ) | $ | 542 | $ | (17 | ) | $ | 530 | |
Neither TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
1 Based on management’s assessment of publicly-available data.
2 Non-IFRS measure. See Advisories – “Non-IFRS measures”.
USA News Group Commentary
VANCOUVER, BC, April 25, 2024 /PRNewswire/ — Across several sectors the use of artificial intelligence (AI) is making a huge impact, with healthcare emerging as possibly receiving the largest boost. According to a new research report from analysts at Mordor Intelligence, the market for artificial intelligence in health care is set to explode at a CAGR of 42.20% through 2029. As the tech sector races to provide the market with solutions, several companies are emerging as leaders in aiding the healthcare sector, including Avant Technologies Inc. (OTC:AVAI), Microsoft Corporation (NASDAQ:MSFT) (NEO:MSFT), Health Catalyst, Inc. (NASDAQ:HCAT), Ginkgo Bioworks Holdings, Inc. (NYSE:DNA), and Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX).
Recently, Avant Technologies Inc. (OTC:AVAI) strengthened its AI-powered healthcare offerings by acquiring Wired-4-Health, a company specializing in healthcare technology and data services. This addition supports Avant’s goal to create the first supercomputing network in the country. This network will offer big data and AI software companies a quicker, more potent, and more affordable computing infrastructure.
“Our strategy behind this acquisition was to enable Avant to deliver best-in-class data and system interoperability support services to the healthcare and life sciences sectors powered by AvantAI® and our high-density compute capabilities,” said Tim Lantz, CEO of Avant Technologies. “At the same time, this exciting combination significantly strengthens our financial profile, offers massive commercial growth opportunities in one of Avant’s largest target markets, and bolsters our internal customer support and R&D capabilities.”
The goal of this deal is to bring together Avant Technologies and Wired-4-Health to improve how healthcare data is shared and used. By joining forces, they can use advanced AI and powerful computing to help healthcare and life sciences organizations deal with data and system challenges more easily and effectively.
This partnership improves the way transactions are processed, analyzes health outcomes, and ensures compliance, leading to better performance, more reliable data, and a more affordable, scalable system for customers.
“In the near term, if the healthcare industry expects to succeed in lowering costs while improving quality, the deployment of advanced AI, combined with more powerful, cost- effective compute capabilities will be critical to that success,” said Angela Harris, Avant’s Chief Operating Officer. “The addition of Wired-4-Health will position Avant as a key contributor in helping healthcare organizations solve complex problems at the intersection of cost, quality, compliance and technology.”
Tech giant Microsoft Corporation (NASDAQ:MSFT) (NEO:MSFT) has also been aiding the healthcare sector, most notably with its Azure AI Health Bot, which helps create copilot experiences with healthcare safeguards. Microsoft is enhancing its Azure AI Health Bot services by adding new healthcare-specific safeguards and features, including integration with Microsoft Copilot Studio.
These upgrades allow healthcare organizations to create their own copilot experiences, with pre-built capabilities, templates, and connectors tailored to healthcare needs, supporting protocol-based workflows alongside AI-based answers, and ensuring compliance with industry standards and guidelines. Now the platform is already being put into use by big players, including by German pharma giant Roche.
“By leveraging Azure AI Health Bot to build copilot experiences for doctors, we are developing an intuitive, conversational interface that lets clinicians access and explore Roche’s clinical documentations in a more natural way and to cope with the complexity and flood of information,” said Dr. Georg Isbary of Roche Pharma Germany. “The pilot for this new user experience, powered by generative AI features and compliant with the necessary security standards, has been integrated into our systems and will be further tailored to regional market needs.”
Long-time developer in the AI and machine learning (ML) space for healthcare, Health Catalyst, Inc. (NASDAQ:HCAT) signed a multi-year partnership with SacValley MedShare, one of California’s largest and most established qualified health information organization, earlier this year. As per the deal, Health Catalyst will support SacValley’s important mission through a broad set of technology solutions, including KPI Ninja by Health Catalyst, Healthcare.AI – a Health Catalyst Data Operating System (DOSTM) Platform module, and several other application solutions and Professional Services.
“We are honored to partner with SacValley MedShare on their continued journey to advance healthcare and are confident our technology, combined with our dedicated, skilled team members, will deliver the improved efficiency and support SacValley MedShare needs to achieve its healthcare transformation goals,” said Dan Burton, CEO of Health Catalyst.
By choosing Health Catalyst’s advanced data and analytics services, SacValley will enhance its ability to share and use information. This will lead to better service for those paying for healthcare, by making it easier to share important health details. This helps in delivering top-notch reports and care for patients.
“Transforming data from movable to usable is the alchemy of insights, turning raw potential into the gold of informed decision-making, ultimately forging a path towards health equity and improved outcomes,” said John Helvey, Executive Director of SacValley MedShare. “This is the primary reason SVMS chose Health Catalyst as a transforming partner.”
Another AI player is Ginkgo Bioworks Holdings, Inc. (NYSE:DNA), which is making it easier and cheaper for other biopharma companies to produce important biological materials and organisms by using artificial intelligence (AI). Back in February 2024, Ginkgo announced the acquisition of key assets of Reverie Labs, which has built and used AI/ML tools to accelerate drug discovery. The acquisition of Reverie’s infrastructure and software serves to help train large-scale AI foundation models, while four of Reverie’s key AI team members will also be joining Ginkgo.
Gingko followed this up through a collaboration with UK-based biotech company Prozomix, to build out the production of next generation enzyme plates for active pharmaceutical ingredient (API) manufacturing. The agreement aims to leverage Gingko’s Enzyme Services and industry-leading AI/ML models along with Prozomix’s existing enzyme libraries and deep experience manufacturing enzyme plates.
“API manufacturing is poised to greatly benefit from the latest in enzyme engineering and AI/ML enzyme models,” said Cindy Chang, Senior Director, Business Development at Ginkgo Bioworks. “We are so excited to partner with Prozomix to get enzymes into as many API routes as possible and help partners meet both their COGs savings and sustainability goals.”
Another developer helping to lead the way in AI-powered healthcare is Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX), which uses AI to pick out which treatments should be tested in clinical trials, while also letting biopharma companies to use their AI tools to do so also.
Last year, Recursion lined up a $50-million collaboration with AI chipmaking giant Nvidia for AI drug discovery. Then at the beginning of 2024, Recursion presented a demonstration of LOWE (Large Language Model-Orchestrated Workflow Engine), a new software designed to perform complex drug discovery tasks using a natural language interface. The platform is powered by Recursion’s proprietary biological and chemical data, and can orchestrate experiments using Recursion’s automated wet laboratories, unleashing the power of the Recursion Operating System in an easy-to-use tool.
“For the first time, we’ve taught Large Language Models to use many of Recursion’s tools and data in the same way an expert scientist would, but much more simply and in a more scalable way,” said Chris Gibson, Ph.D., Co-founder and CEO of Recursion. “LOWE provides an exciting glimpse into what we believe the future of drug discovery will look like – a first step towards the development of autonomous ‘AI scientists’ for therapeutic discovery.”
Source: https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
CONTACT:USA News [email protected]
DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). MIQ has been paid a fee for Avant Technologies Inc. advertising and digital media from the company directly. There may be 3rd parties who may have shares Avant Technologies Inc., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of Avant Technologies Inc. which were purchased as a part of a private placement. MIQ reserves the right to buy and sell, and will buy and sell shares of Avant Technologies Inc. at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company; this is a paid advertisement, and we own shares of the mentioned company that we will sell, and we also reserve the right to buy shares of the company in the open market, or through further private placements and/or investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
View original content:https://www.prnewswire.co.uk/news-releases/ai-in-healthcare-unveiling-the-future-with-a-42-20-cagr-through-2029–302127335.html
Artificial Intelligence
Oncolytics Biotech® Announces Upcoming Presentations at the American Society of Clinical Oncology Annual Meeting
SAN DIEGO and CALGARY, AB, April 25, 2024 /PRNewswire/ — Oncolytics Biotech® Inc. (NASDAQ: ONCY) (TSX: ONC), a leading clinical-stage company specializing in immunotherapy for oncology, today announced the acceptance of two abstracts at the 2024 American Society of Clinical Oncology (ASCO) Annual Meeting, which is taking place from May 31 – June 4, 2024, in Chicago, Illinois. Details on the abstracts and poster presentation are shown below.
Title: Phase 1/2 randomized, open-label, multicenter, Simon two-stage study of pelareorep combined with modified FOLFIRINOX +/- atezolizumab in patients with metastatic pancreatic ductal adenocarcinoma.
Presentation Type: PosterAbstract Number: TPS4203Session Title: Gastrointestinal Cancer – Gastroesophageal, Pancreatic, and HepatobiliarySession Date and Time: June 1, 2024, 1:30 – 4:30 p.m. CTTitle: Pelareorep driven blood TIL expansion in patients with pancreatic, breast and colon cancer.Presentation Type: Online abstractAbstract Number: e14625
Abstracts will be published on the ASCO Annual Meeting website at 5:00 p.m. ET on May 23, 2024.
About Oncolytics Biotech Inc.
Oncolytics is a clinical-stage biotechnology company developing pelareorep, an intravenously delivered immunotherapeutic agent. Pelareorep has demonstrated promising results in two randomized Phase 2 studies in metastatic breast cancer and Phase 1 and 2 studies in pancreatic cancer. It acts by inducing anti-cancer immune responses and promotes an inflamed tumor phenotype — turning “cold” tumors “hot” — through innate and adaptive immune responses to treat a variety of cancers.
Pelareorep has demonstrated synergies with multiple approved oncology treatments. Oncolytics is currently conducting and planning combination clinical trials with pelareorep in solid and hematological malignancies as it advances towards registrational studies in metastatic breast cancer and pancreatic cancer, both of which have received Fast Track designation from the FDA. For further information, please visit: www.oncolyticsbiotech.com or follow the company on social media on LinkedIn and on X @oncolytics.
Company Contact
Jon Patton
Director of IR & Communication
[email protected]
Investor Relations for Oncolytics
Timothy McCarthy
LifeSci Advisors
+1-917-679-9282
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/oncolytics-biotech-announces-upcoming-presentations-at-the-american-society-of-clinical-oncology-annual-meeting-302127245.html
Artificial Intelligence
Internet of Things (IoT) Market to Expand at a Stellar 19.4% CAGR through 2031 | SkyQuest Technology
WESTFORD, Mass., April 25, 2024 /PRNewswire/ — SkyQuest projects that the Internet of Things (IoT) Market will attain a value of USD 1572.37 billion by 2031, with a CAGR of 19.4% over the forecast period (2024-2031). Internet of Things (IoT) refers to the network of connected devices over the internet that are embedded with sensors and software. Growing adoption of automation around the world and advancements in connected device technologies are forecasted to be key factors driving the Internet of Things (IoT) market growth in the future.
Download a detailed overview:
https://www.skyquestt.com/report/internet-of-things-market
Browse in-depth TOC on “Internet of Things (IoT) Market”
Pages – 197Tables – 69Figures – 75Internet of Things (IoT) Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 380.6 billion
Estimated Value by 2031
$1572.37 billion
Growth Rate
Poised to grow at a CAGR of 19.4%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Component Type, Application, and Region
Geographies Covered
North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Rising demand for connected healthcare and growing use of industrial automation solutions
Key Market Drivers
Advancements in connectivity and connected device technologies
Hardware is Estimated to Dominate the Global Market Share Owing to High Use of Hardware Components in IoT
Hardware components such as sensors and actuators are highly vital to the proper functioning of any kind of Internet of Things (IoT) device. Growing adoption of IoT devices in different industry verticals for various applications is promoting market growth via this segment. The development of new hardware solutions also helps this segment maintain its dominance.
Smart Agriculture is the Fastest-growing Segment Owing to Rising Adoption of Precision Agriculture Practice
Rising emphasis on improving agricultural yield and sustainability has resulted in the growing adoption of smart agriculture and precision agriculture practices. IoT devices play a crucial role in monitoring and controlling different elements of a smart agriculture setup that is mostly automated using different smart devices thereby contributing to the IoT market growth as well.
Growing Adoption of 5G Technology Allowing North America to Dominate the Global Internet of Things (IoT) Market
Rapid adoption of 5G technology and high use of cloud-based platforms are key factors allowing North America to lead the demand for Internet of Things (IoT) around the world. Surging investments in the research and development of advanced technologies and the presence of key tech giants such as Amazon, Google, IBM, and Microsoft also helps the dominance of this region. Canada and the United States remain the most lucrative markets for Internet of Things (IoT) companies in North America through 2031.
Request Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/internet-of-things-market
Internet of Things (IoT) Market Insights:
Drivers
Advancements in connectivity and connected device technologies.Growing demand for Industrial IoT (IIoT) solutions.Increasing number of smart cities and development of smart infrastructure.Restraints
Lack of standardization of IoT devices and technologies.Privacy and data security issues.Interoperability challenges and complex integration scenarios.Prominent Players in Internet of Things (IoT) Market
MicrosoftCisco SystemsIntelSiemens (Germany)AWS (US)Oracle (US)Qualcomm (UK)SAP (Germany)IBM (US)Google (US)View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/internet-of-things-market
Key Questions Answered in Internet of Things (IoT) Market Report
What are the top drivers for Internet of Things (IoT) market going forward?Who are the leading Internet of Things (IoT) market players?Where will demand for Internet of Things (IoT) be high?Which component accounts for a dominant revenue share of the global Internet of Things (IoT) market?This report provides the following insights:
Analysis of key drivers (advancements in connectivity and connected device technologies, growing demand for industrial IoT (IIoT), development of smart infrastructure for smart cities, growing use of smart devices ), restraints (lack of standardization, complexities in integration, concerns regarding security and privacy of data), and opportunities (rising popularity of connected healthcare, increasing adoption of Industry 4.0, rising use of industrial automation), influencing the growth of Internet of Things (IoT) market.Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Internet of Things (IoT) market.Market Development: Detailed analysis of potential regions where the market has potential to grow.Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.Related Reports:
Global Internet of Things in Retail Market
Global Internet of Things (IoT) in Agriculture Market
Global Internet of Things (IoT) Microcontroller Market
Global IOT In Healthcare Market
Global IOT in Manufacturing Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh Skyquest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/
View original content:https://www.prnewswire.co.uk/news-releases/internet-of-things-iot-market-to-expand-at-a-stellar-19-4-cagr-through-2031–skyquest-technology-302127239.html
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