Artificial Intelligence
Agfa-Gevaert Q2 results – Regulated information – Agfa-Gevaert in Q2 2021: improved quarter on quarter performance for all divisions despite increasing inflationary pressure
- Quarter over quarter improvements for all divisions
- Adjusted EBITDA 29% higher than in second quarter of 2020
- Inflationary pressure partially mitigated by price actions – heavier impact expected in second half of the year
- Pension de-risking measures: successful completion of the ‘350 million Euro pension program’ resulting in a substantially lower net liability and decreasing cash outs
- Working capital stable as percentage of sales despite seasonal working capital build up – cost reduction programs continued
- Net profit of 15 million Euro
Mortsel (Belgium), August 25, 2021 – Agfa-Gevaert today commented on its results in the second quarter of 2021.
“In the second quarter, all divisions performed markedly better than in the first three months of the year. Our activities are recovering from the impact of the pandemic and we are pleased to see that some of them have already returned to or exceeded pre-COVID levels.
With the price increase programs that we implemented where possible across our divisions, we were able to partially offset the increased inflationary pressure. However, for some activities, price actions are delayed through contract mechanisms. In the coming months, price management will be continued and even intensified, as we expect an even stronger impact of the hike in raw material costs in the second half of the year. We will also continue our disciplined working capital management and our broad cost reduction program. In the course of the second quarter, we successfully completed our extensive pension de-risking program,” said Pascal Juéry, President and CEO of the Agfa-Gevaert Group.
Pension de-risking measures: successful completion of the ‘350 million Euro pension program’
The whole pension program is completed in the second quarter of 2021. The objective to reduce Agfa’s total net post-employment and long term benefit liabilities to below 700 million Euro is reached for the material countries (excluding the Belgian defined contribution plans). For those countries, the regular pension cash outs are expected to decrease from an estimated 43 million Euro below EBITDA FY 2021 (out of a total of 66 million Euro FY 2021), to 31 million Euro below EBITDA in 2026 (out of 52 million Euro in total), continuing to reduce over time. Agfa’s mid-term de-risking intention is to explore the buy-out options for the UK and US.
Share buyback program on track
March 10, the Agfa-Gevaert Group announced a share buyback program with a volume of up to 50 million Euro. The program allows shareholders to benefit from the sale of part of the HealthCare IT activities and shows the Group’s confidence in its ongoing transformation process. The program was launched April 1. Every week, the Group issues a press release on the status of the program. In the course of the second quarter, the Group bought approximately 2.3 million shares for an amount of 9 million Euro. Since the beginning program until August 20th, 2021, the Group bought 3.6 million shares.
Agfa-Gevaert Group – Q2 2021
| in million Euro | Q2 2021 | Q2 2020 | % change (excl. FX effects) |
| Revenue | 441 | 397 | 11.1% (13.5%) |
| Gross profit (*) | 135 | 120 | 13.0% |
| % of revenue | 30.7% | 30.2% | |
| Adjusted EBITDA (*) | 40 | 31 | 28.8% |
| % of revenue | 9.1% | 7.9% | |
| Adjusted EBIT (*) | 25 | 16 | 58.7% |
| % of revenue | 5.6% | 3.9% |
(*) before restructuring and non-recurring items
Despite negative currency effects, all divisions improved quarter over quarter and most divisions substantially improved their top line compared to the COVID impacted second quarter of 2020. Partly due to successful price increases for medical film and increasing Direct Radiography sales, the Radiology Solutions division’s top line increased both versus the second quarter of 2020 and versus the first quarter of 2021. Both the Digital Print & Chemicals division and the Offset Solutions division were also supported by price increase actions and continued to recover from the COVID impact, but are still below the 2019 top line levels. The HealthCare IT division performed according to expectations in the second quarter, beating first quarter revenue and EBITDA. It needs to be noted that the second quarter of the previous year benefited strongly from the revenue and profit recognition of a very large project in North America.
The Group’s gross profit margin improved from 30.2% of revenue in the second quarter of 2020 and 29.5% in the first quarter of 2021 to 30.7%.
Selling and General Administration expenses increased by 10% versus the second quarter of 2020, when the Group still benefited from temporary unemployment schemes and other COVID-related government measures. As the Group’s broad cost reduction program continues to bear fruit, Selling and General Administration expenses are about 15% below the level of the second quarter of 2019.
R&D expenses increased from 21 million Euro in the second quarter of 2020 to almost 24 million Euro.
Adjusted EBITDA increased from 31 million Euro (7.9% of revenue) in the second quarter of 2020 and 15 million Euro (3.9% of revenue) in the first quarter of 2021 to 40 million Euro (9.1% of revenue) in the second quarter of 2021. Adjusted EBIT reached 25 million Euro, versus 16 million Euro in the second quarter of 2020 and minus 1 million Euro in the first quarter of 2021.
Restructuring and non-recurring items resulted in an income of 3 million Euro. The Group booked a non-recurring income from the settlement of the Swedish pension plan. On the restructuring side, provisions regarding the restructuring of the Computed Radiography equipment manufacturing capacity in Germany were reassessed and reduced. A restructuring cost was booked for the wind-down of the activities of the printing plate company Ipagsa. In the second quarter of 2020, restructuring and non-recurring items resulted in an expense of 47 million Euro due to costs related to the closure of the printing plate factories in Leeds and Pont-à-Marcq.
The net finance costs amounted to 3 million Euro.
Income tax expenses amounted to 9 million Euro, versus 5 million Euro in the second quarter of 2020.
As a result of the elements mentioned above, the Agfa-Gevaert Group posted a net profit of 15 million Euro.
Financial position and cash flow
- Net financial debt evolved from a net cash position of 502 million Euro at the end of 2020 to a net cash position of 349 million Euro.
- Trade working capital remained stable as a percentage of sales for the third consecutive quarter, in spite of the seasonal working capital build up. In absolute numbers, trade working capital decreased from 462 million Euro (27% of sales) at the end of 2020 to 460 million Euro (27% of sales) at the end of June 2021.
- In the second quarter, the Group generated a free cash flow before extra funding of the pensions of minus 19 million Euro.
Outlook
The Agfa-Gevaert Group expects business volume growth/recovery in the second half of 2021. In that period, the Group’s adjusted EBITDA is expected to be more heavily impacted by inflationary pressure and by the structural decline in the Offset Solutions division.
Overall, raw material costs are expected to have a stronger impact in the coming quarters. The Agfa-Gevaert Group continues its tight working capital and cost management, as well as its price increase programs to mitigate cost inflation. In some cases, the effects of price actions come with a certain delay due to clauses in contracts with customers.
HealthCare IT – Q2 2021
| in million Euro | Q2 2021 | Q2 2020 | % change (excl. FX effects) |
| Revenue | 56 | 62 | -9.7% (-6.8%) |
| Adjusted EBITDA (*) | 7.9 | 10.5 | -24.4% |
| % of revenue | 14.2% | 17.0% | |
| Adjusted EBIT (*) | 5.8 | 8.4 | -30.6% |
| % of revenue | 10.5% | 13.6% |
(*) before restructuring and non-recurring items
The HealthCare IT division performed according to expectations in the second quarter, beating first quarter revenue and EBITDA. It needs to be noted that the second quarter of the previous year benefited strongly from the revenue and profit recognition of a very large project in North America. In recent months, the division continued to enhance its position as a leading Imaging IT software vendor with important go-lives of its Enterprise Imaging platform notably in North America (Memorial Hermann Health System), the UK (Leeds Teaching Hospitals NHS Trust), the Netherlands (Amsterdam UMC), and Colombia (Fundación Valle del Lili).
Agfa HealthCare provides cloud-enabled solutions to its customer base: Utrecht University’s Faculty of Veterinary Medicines becomes the first in the Netherlands with a 100% Agfa HealthCare cloud hosted image management solution. Agfa HealthCare’s RUBEETM for Artificial Intelligence solution, which includes an advanced CT Chest algorithm, was implemented at Princess Alexandra Hospital NHS Trust in the UK.
Agfa HealthCare’s order book remains at a very healthy level. The division continues to gain market momentum attracting new customers and expanding the scope of its solutions at existing customers. The division recently signed Enterprise Imaging contracts with leading health organizations such as InnovaPuglia (Italy), Nova Scotia Health Authority (North America), and Red de Salud UC Christus (Chile). TeleConsult Europe, which offers teleradiology services across several geographies, also decided to work with Agfa HealthCare’s Enterprise Imaging solution.
A recent survey on cybersecurity conducted by KLAS and Censinet positions Agfa HealthCare solutions not only as a pioneer on cybersecurity transparency but also as ‘cybersecurity mature’ on all topics, including network security, data protection and system resiliency.
Agfa’s strategy to target customer segments and geographies for which its Enterprise Imaging solution is best fit and to prioritize higher value revenue streams continues to be a success. Mainly driven by improved service efficiencies related to the further maturing of the service organization and product offering, the gross profit margin reached 45.4% of revenue. Adjusted EBITDA reached 7.9 million Euro (14.2% of revenue) versus 10.5 million Euro (17.0% of revenue) in the exceptionally strong second quarter of 2020. In the first quarter of 2021, adjusted EBITDA was at 6.5 million Euro (11.8% of revenue). Adjusted EBIT amounted to 5.8 million Euro (10.5% of revenue) in the second quarter of 2021.
Ultimately, the division’s strategy will allow it to reach the targeted growth of EBITDA: starting from a mid-single-digit percentage in 2019 to percentages in the high-teens over the next years.
Radiology Solutions – Q2 2021
| in million Euro | Q2 2021 | Q2 2020 | % change (excl. FX effects) |
| Revenue | 121 | 113 | 7.3% (9.7%) |
| Adjusted EBITDA (*) | 21.0 | 23.8 | -11.7% |
| % of revenue | 17.3% | 21.1% | |
| Adjusted EBIT (*) | 15.3 | 17.7 | -13.4% |
| % of revenue | 12.6% | 15.6% |
(*) before restructuring and non-recurring items
Following an exceptionally slow first quarter of the year, the Radiology Solutions division was able to post significantly better top line and bottom line results in the second quarter. However, the division’s revenue is not yet back to pre-COVID levels.
In several countries and regions, including Latin America, Russia, South Africa and India, medical film volumes were still impacted by COVID. The new centralized procurement practices in China also continue to cause price and volume pressure. Partly due to price increases for all types of medical film to tackle the higher silver prices, the revenue for this business was up both versus the second quarter of 2020 and the first quarter of 2021.
In a market that is still marked by uncertainties, the top line of Agfa’s Direct Radiography (DR) business increased considerably compared to the second quarter of 2020, which was disrupted by the COVID-19 pandemic. At the start of the pandemic, hospitals were mostly looking for mobile DR solutions for bed-side imaging. More recently, the focus started to shift back to comprehensive X-ray rooms. Examples of leading care organizations that chose to implement Agfa’s multi-purpose DR 800 room are Radiologie Muenster (Germany) and Natchitoches Regional Medical Center (USA).
In the second quarter, Agfa also announced the launch in China of the DR 100s mobile DR imaging solution.
Partly market driven and partly due to diminishing effects related to COVID-19, the top line of the Computed Radiography range continued to decline. Agfa continued to manage the CR range to keep the profit margins at a decent level. In order to improve its competitiveness, Agfa is adjusting its CR equipment production capacity to the declining market trend. The reorganization efforts are on track and social negotiations were concluded in Germany.
The division was able to substantially improve its profitability versus the first quarter of the year. Versus the second quarter of 2020, the gross profit margin decreased from 38.8% of revenue to 37.5% (32.1% in Q1 2021), mainly due to volume decreases in medical film and CR, product/mix effects in DR and high raw material costs. Furthermore, certain operational costs and service-related costs that were lower in the midst of the COVID-19 pandemic, have now started to come back.
The division’s adjusted EBITDA margin amounted to 17.3% of revenue, versus 21.1% in the second quarter of 2020 and 7.3% in the first quarter of 2021. In absolute figures, adjusted EBITDA reached 21.0 million Euro (23.8 million Euro in the second quarter of 2020). Adjusted EBIT amounted to 15.3 million Euro (12.6% of revenue), versus 17.7 million Euro (15.6% of revenue) in the previous year.
Digital Print & Chemicals – Q2 2021
| in million Euro | Q2 2021 | Q2 2020 | % change (excl. FX effects) |
| Revenue | 81 | 67 | 21.1% (23.3%) |
| Adjusted EBITDA (*) | 6.8 | 3.6 | 88.0% |
| % of revenue | 8.4% | 5.4% | |
| Adjusted EBIT (*) | 3.9 | 1.0 | 267.7% |
| % of revenue | 4.7% | 1.6% |
(*) before restructuring and non-recurring items
The Digital Print & Chemicals division continued to recover from the COVID-19 impact, which is reflected in the strong top line growth versus the second quarter of 2020 and also versus the first quarter of 2021. Furthermore, price increases have been implemented in almost all business areas to tackle the increasing raw material, packaging and freight costs; from which the company expects to see only partial impacts in 2021. The gross profit margin improved from 26.2% of revenue in the second quarter of 2020 to 28.7% of revenue. The adjusted EBITDA margin evolved from 5.4% of revenue (3.6 million Euro in absolute figures) in the second quarter of 2020 and 7.2% (5.2 million Euro in absolute figures) in the first quarter of 2021 to 8.4% (6.8 million Euro in absolute figures). Adjusted EBIT reached 3.9 million Euro (4.7% of revenue) in the second quarter of 2021 versus 1.0 million Euro (1.6% of revenue) in the second quarter of 2020.
In the field of digital print, the ink product ranges for sign & display applications continued to perform well, returning to or exceeding pre-COVID levels. The large-format printing equipment business continues to recover from the strong COVID-19 impact. The lower-end of the market – which Agfa addresses with its Anapurna range – recovers at a slower pace than the high-end solutions. Agfa’s recently introduced Jeti Tauro H3300 UHS LED system – the fastest Jeti Tauro printing system to date – was met with instant success. Among the early adopters of the system are GSP, a leading provider of high-impact visual solutions for the retail market in the USA and Cameron Advertising, one of North America’s leading large-format, digital, and screen printing visual communication providers. In Europe, Créavi and Prismaflex International, two well-known digital large-format graphics providers located in France, have welcomed and incorporated the system into their production environment.
In the second quarter, Agfa also launched the Avinci CX3200 roll-to-roll dye sublimation printer, which delivers high productivity and a consistently vibrant print quality on a wide range of polyester-based fabrics directly or via transfer paper.
The sales of inks for industrial applications continued to grow strongly, partly due to the solutions for new digital printing applications, such as laminate floorings and furniture panels and leather decoration. As a key sustainability investment, Agfa recently took into service its new manufacturing plant for water-based inkjet inks. The new facility enables Agfa to be a key supplier of such inks for a wide range of novel applications. For instance, the facility will produce inks for Agfa’s new InterioJet inkjet system for printing on decor paper used for interior decoration, such as laminate floors and furniture. Among the first to install Agfa’s InterioJet system were Slotex (Russia) and Chiyoda (Belgium). In Italy, the Conceriba Antiba leather tannery took into service Agfa’s Alussa leather printing solution.
Agfa’s range of products for the production of printed circuit boards performed well in the second quarter with price increases being implemented to tackle the increase in silver costs.
The specialty chemicals range of the division is well-positioned for future growth with products and solutions that target specific promising markets. Agfa’s Orgacon conductive materials, for instance, are used in hybrid and electric car technology. This business recorded solid revenue growth in the second quarter and volumes are back to pre-COVID levels.
The company’s range of Zirfon membranes for advanced alkaline electrolysis is setting a new efficiency standard in the production of green hydrogen; and is being recognized by customers and experts as the industry reference. In the second quarter, Agfa added the new high performance ZIRFON UTP 220 membrane to its membrane portfolio. The company is currently negotiating supply agreements for its membranes within the framework of several large green hydrogen projects.
Volumes of the division’s specialty film and foil products continued to recover, be it at different paces. These products are mostly used in industries that have been hit by the COVID-19 pandemic, including aviation, the oil and gas industry and the printing industry. As expected, sales figures for the SYNAPS range of synthetic papers picked up strongly, based on the recovery of the relevant printing markets and on the success of certain new applications. Also here sustainability is at the heart of Agfa’s product development with currently more than 1/3 of total SYNAPS being produced using recycled industrial materials.
Offset Solutions – Q2 2021
| in million Euro | Q2 2021 | Q2 2020 | % change (excl. FX effects) |
| Revenue | 183 | 155 | 17.8% (20.1%) |
| Adjusted EBITDA (*) | 8.0 | (2.8) | |
| % of revenue | 4.4% | -1.8% | |
| Adjusted EBIT (*) | 3.3 | (7.6) | |
| % of revenue | 1.8% | -4.9% |
(*) before restructuring and non-recurring items
Excluding currency effects, the Offset Solutions division’s top line improved by 20.1% compared to the second quarter of 2020, which was heavily impacted by the COVID situation. Apart from the partial recovery of the offset markets, the revenue increase was also fueled by price increases that have been implemented to tackle the raw material, packaging and freight cost inflation. In spite of this revenue increase, the division did not return to pre-COVID levels.
Although affected by mix effects and cost inflation, the Offset Solutions division’s gross profit margin improved from 18.2% of revenue in the second quarter of 2020 and 22.2% in the first quarter of 2021 to 22.7%. Adjusted EBITDA improved to 8.0 million Euro (4.4% of revenue) versus minus 2.8 million Euro (minus 1.8% of revenue) in the second quarter of 2020. Adjusted EBIT amounted to 3.3 million Euro (1.8% of revenue), compared to minus 7.6 million Euro (minus 4.9% of revenue) in the second quarter of 2020.
The bulk of the cost inflation will impact the business during the second half of the year, mitigated by pricing actions when the contractual situation allows.
To improve profitability and to address the decline in market demand, Agfa is reviewing its offset business model, simplifying its organization and streamlining its product offering. In this context, Offset Solutions recently decided to wind down the activities of its Spanish subsidiary Ipagsa Technologies S.L.U.
In March, Agfa unveiled a global program of price increases for its offset printing plates to address the increasing raw material, packaging and freight costs. The first wave of the price increases has been successfully implemented. A second wave has been announced in July. The division is also looking into ways to adapt the revenue model for certain services it provides to its customers.
In January 2021, Agfa expressed the intention to organize the Offset Solutions activities into a stand-alone legal entity structure and organization within the Agfa-Gevaert Group.
Results after six months
Agfa-Gevaert Group – year to date
| in million Euro | H1 2021 | H1 2020 | % change (excl. FX effects |
| Revenue | 836 | 832 | 0.6% (3.2%) |
| Gross profit (*) | 252 | 255 | -1.2% |
| % of revenue | 30.1% | 30.7% | |
| Adjusted EBITDA (*) | 56 | 55 | 0.5% |
| % of revenue | 6.6% | 6.7% | |
| Adjusted EBIT (*) | 24 | 23 | 6.2% |
| % of revenue | 2.9% | 2.7% |
(*) before restructuring and non-recurring items
HealthCare IT – year to date
| in million Euro | H1 2021 | H1 2020 | % change (excl. FX effects) |
| Revenue | 111 | 117 | -5.6% (-1.9%) |
| Adjusted EBITDA (*) | 14.4 | 15.2 | -5.2% |
| % of revenue | 13.0% | 13.0% | |
| Adjusted EBIT (*) | 9.9 | 10.4 | -4.5% |
| % of revenue | 8.9% | 8.8% |
(*) before restructuring and non-recurring items
Radiology Solutions – year to date
| in million Euro | H1 2021 | H1 2020 | % change (excl. FX effects) |
| Revenue | 220 | 231 | -4.8% (-2.2%) |
| Adjusted EBITDA (*) | 28.2 | 40.1 | -29.8% |
| % of revenue | 12.8% | 17.4% | |
| Adjusted EBIT (*) | 16.8 | 27.7 | -39.4% |
| % of revenue | 7.6% | 12.0% |
(*) before restructuring and non-recurring items
Digital Print & Chemicals – year to date
| in million Euro | H1 2021 | H1 2020 | % change (excl. FX effects) |
| Revenue | 154 | 141 | 9.0% (10.9%) |
| Adjusted EBITDA (*) | 12.1 | 7.1 | 68.8% |
| % of revenue | 7.8% | 5.1% | |
| Adjusted EBIT (*) | 6.2 | 1.9 | 219.2% |
| % of revenue | 4.0% | 1.4% |
(*) before restructuring and non-recurring items
Offset Solutions – year to date
| in million Euro | H1 2021 | H1 2020 | % change (excl. FX effects) |
| Revenue | 352 | 342 | 2.7% (5.3%) |
| Adjusted EBITDA (*) | 9.6 | 0.9 | 935.2% |
| % of revenue | 2.7% | 0.3% | |
| Adjusted EBIT (*) | 0.2 | (9.0) | |
| % of revenue | 0.1% | -2.6% |
(*) before restructuring and non-recurring items
End of message
Management Certification of Financial Statements and Quarterly Report
This statement is made in order to comply with new European transparency regulation enforced by the Belgian Royal Decree of November 14, 2007 and in effect as of 2008.
“The Board of Directors and the Executive Committee of Agfa-Gevaert NV, represented by Mr. Frank Aranzana, Chairman of the Board of Directors, Mr. Pascal Juéry, President and CEO, and Mr. Dirk De Man, CFO, jointly certify that, to the best of their knowledge, the consolidated financial statements included in the report and based on the relevant accounting standards, fairly present in all material respects the financial condition and results of Agfa-Gevaert NV, including its consolidated subsidiaries. Based on our knowledge, the report includes all information that is required to be included in such document and does not omit to state all necessary material facts.”
Statement of risk
This statement is made in order to comply with new European transparency regulation enforced by the Belgian Royal Decree of November 14, 2007 and in effect as of 2008.
“As with any company, Agfa is continually confronted with – but not exclusively – a number of market and competition risks or more specific risks related to the cost of raw materials, product liability, environmental matters, proprietary technology or litigation.”
Key risk management data is provided in the annual report available on www.agfa.com.
Contact:
Viviane Dictus
Director Corporate Communication
Septestraat 27
2640 Mortsel – Belgium
T +32 (0) 3 444 71 24
E [email protected]
Johan Jacobs
Corporate Press Relations Manager
T +32 (0) 3 444 80 15
E [email protected]
The full press release and financial information is also available on the company’s website: www.agfa.com.
Consolidated Statement of Profit or Loss (in million Euro)
Unaudited, consolidated figures following IFRS accounting policies.
| Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | |
| Continuing operations | ||||
| Revenue | 441 | 397 | 836 | 832 |
| Cost of sales | (305) | (277) | (584) | (577) |
| Gross profit | 135 | 120 | 252 | 255 |
| Selling expenses | (58) | (51) | (113) | (113) |
| Administrative expenses | (40) | (34) | (79) | (71) |
| R&D expenses | (24) | (22) | (49) | (47) |
| Net impairment loss on trade and other receivables, including contract assets | – | (1) | – | (2) |
| Other operating income | 12 | 4 | 26 | 9 |
| Other operating expenses | 2 | (47) | (10) | (58) |
| Results from operating activities | 28 | (31) | 27 | (27) |
| Interest income (expense) – net | – | (1) | (1) | (3) |
| Interest income | – | – | 1 | 1 |
| Interest expense | (1) | (1) | (2) | (3) |
| Other finance income (expense) – net | (3) | (8) | (3) | (14) |
| Other finance income | 2 | 1 | 6 | 4 |
| Other finance expense | (4) | (9) | (9) | (18) |
| Net finance costs | (3) | (9) | (4) | (17) |
| Share of profit of associates, net of tax | – | – | – | – |
| Profit (loss) before income taxes | 25 | (40) | 23 | (43) |
| Income tax expenses | (9) | (5) | (14) | (7) |
| Profit (loss) from continuing operations | 15 | (45) | 9 | (51) |
| Profit (loss) from discontinued operation, net of tax | – | 714 | – | 720 |
| Profit (loss) for the period | 15 | 668 | 9 | 670 |
| Profit (loss) attributable to: | ||||
| Owners of the Company | 15 | 667 | 10 | 668 |
| Non-controlling interests | – | 2 | (1) | 1 |
| Results from operating activities | 28 | (31) | 27 | (27) |
| Restructuring and non-recurring items | 3 | (47) | 2 | (49) |
| Adjusted EBIT | 25 | 16 | 24 | 23 |
| Earnings per Share Group (Euro) | 0.09 | 3.97 | 0.06 | 3.98 |
| of which continuing operations | 0.09 | (0.27) | 0.06 | (0.30) |
| of which discontinued operations | – | 4.25 | – | 4.29 |
Consolidated Statements of Comprehensive Income for the period ending June 2020 / June 2021 (in million Euro)
Unaudited, consolidated figures following IFRS accounting policies
| H1 2021 | H1 2020 | |
| Profit / (loss) for the period | 9 | 670 |
| Profit / (loss) for the period from continuing operations | 9 | (51) |
| Profit / (loss) for the period from discontinued operations | – | 720 |
| Other Comprehensive Income, net of tax | ||
| Items that are or may be reclassified subsequently to profit or loss: | 12 | (16) |
| Exchange differences: | 15 | (19) |
| Exchange differences on translation of foreign operations | 15 | (19) |
| Cash flow hedges: | (3) | 3 |
| Effective portion of changes in fair value of cash flow hedges | 3 | (2) |
| Changes in the fair value of cash flow hedges reclassified to profit or loss | (2) | 1 |
| Adjustments for amounts transferred to initial carrying amount of hedged items | (4) | 5 |
| Income taxes | – | – |
| Items that will not be reclassified subsequently to profit or loss: | 81 | (1) |
| Equity investments at fair value through OCI – change in fair value | 2 | (1) |
| Remeasurements of the net defined benefit liability | 82 | – |
| Income tax on remeasurements of the net defined benefit liability | (3) | – |
| Total Other Comprehensive Income for the period, net of tax | 92 | (17) |
| Total Other Comprehensive Income for the period from continuing operations, net of tax | 92 | (17) |
| Total Other Comprehensive Income for the period from discontinued operations, net of tax | – | – |
| Total Comprehensive Income for the period, net of tax | 102 | 653 |
| Attributable to | ||
| Owners of the Company (continuing operations) | 101 | (67) |
| Non-controlling interests (continuing operations) | 1 | – |
| Owners of the Company (discontinued operations) | – | 720 |
| Non-controlling interests (discontinued operations) | – | – |
Consolidated Statements of Comprehensive Income for the quarter ending June 2020 / June 2021 (in million Euro)
Unaudited, consolidated figures following IFRS accounting policies
| Q2 2021 | Q2 2020 | |
| Profit / (loss) for the period | 15 | 668 |
| Profit / (loss) for the period from continuing operations | 15 | (45) |
| Profit / (loss) for the period from discontinued operations | – | 714 |
| Other Comprehensive Income, net of tax | ||
| Items that are or may be reclassified subsequently to profit or loss: | 2 | 4 |
| Exchange differences: | 2 | (2) |
| Exchange differences on translation of foreign operations | 2 | (2) |
| Cash flow hedges: | – | 6 |
| Effective portion of changes in fair value of cash flow hedges | 3 | 4 |
| Changes in the fair value of cash flow hedges reclassified to profit or loss | (1) | 1 |
| Adjustments for amounts transferred to initial carrying amount of hedged items | (2) | 2 |
| Income taxes | – | – |
| Items that will not be reclassified subsequently to profit or loss: | 80 | 2 |
| Equity investments at fair value through OCI – change in fair value | 1 | 1 |
| Remeasurements of the net defined benefit liability | 82 | 1 |
| Income tax on remeasurements of the net defined benefit liability | (3) | – |
| Total Other Comprehensive Income for the period, net of tax | 81 | 6 |
| Total Other Comprehensive Income for the period from continuing operations, net of tax | 81 | 6 |
| Total Other Comprehensive Income for the period from discontinued operations, net of tax | – | – |
| Total Comprehensive Income for the period, net of tax | 97 | 674 |
| Attributable to | ||
| Owners of the Company (continuing operations) | 96 | (40) |
| Non-controlling interests (continuing operations) | – | – |
| Owners of the Company (discontinued operations) | – | 714 |
| Non-controlling interests (discontinued operations) | – | – |
Consolidated Statement of Financial Position (in million Euro)
Unaudited, consolidated figures following IFRS accounting policies.
| 30/06/2021 | 31/12/2020 | |
| Non-current assets | 783 | 714 |
| Goodwill | 273 | 265 |
| Intangible assets | 17 | 19 |
| Property, plant & equipment | 128 | 127 |
| Right-of-use assets | 76 | 78 |
| Other financial assets | 8 | 7 |
| Assets related to post-employment benefits | 61 | – |
| Trade receivables | 14 | 15 |
| Receivables under finance leases | 75 | 68 |
| Other assets | 14 | 16 |
| Deferred tax assets | 117 | 120 |
| Current assets | 1,389 | 1,490 |
| Inventories | 445 | 389 |
| Trade receivables | 293 | 297 |
| Contract assets | 69 | 64 |
| Current income tax assets | 57 | 63 |
| Other tax receivables | 32 | 15 |
| Financial assets | 11 | 9 |
| Receivables under finance lease | 19 | 29 |
| Other receivables | 1 | 9 |
| Other assets | 24 | 18 |
| Derivative financial instruments | 6 | 9 |
| Cash and cash equivalents | 428 | 585 |
| Non-current assets held for sale | 2 | 4 |
| TOTAL ASSETS | 2,172 | 2,204 |
| 30/06/2021 | 31/12/2020 | |
| Total equity | 713 | 620 |
| Equity attributable to owners of the company | 662 | 570 |
| Share capital | 187 | 187 |
| Share premium | 210 | 210 |
| Retained earnings | 1,332 | 1,412 |
| Reserves | 4 | (76) |
| Translation reserve | (28) | (42) |
| Post-employment benefits: remeasurements of the net defined benefit liability | (1,043) | (1,122) |
| Non-controlling interests | 52 | 51 |
| Non-current liabilities | 873 | 1,046 |
| Liabilities for post-employment and long-term termination benefit plans | 784 | 956 |
| Other employee benefits | 13 | 13 |
| Loans and borrowings | 53 | 54 |
| Provisions | 17 | 16 |
| Deferred tax liabilities | 5 | 4 |
| Contract liabilities | 2 | 2 |
| Other non-current liabilities | – | 1 |
| Current liabilities | 586 | 538 |
| Loans and borrowings | 27 | 29 |
| Provisions | 34 | 63 |
| Trade payables | 240 | 198 |
| Contract liabilities | 120 | 103 |
| Current income tax liabilities | 26 | 23 |
| Other tax liabilities | 35 | 24 |
| Other payables | 8 | 8 |
| Employee benefits | 90 | 88 |
| Other current liabilities | 3 | 1 |
| Derivative financial instruments | 3 | 2 |
| TOTAL EQUITY AND LIABILITIES | 2,172 | 2,204 |
Consolidated Statement of Cash Flows (in million Euro)
Unaudited, consolidated figures following IFRS accounting policies.
| H1 2021 | H1 2020 | Q2 2021 | Q2 2020 | |
| Profit (loss) for the period | 9 | 670 | 15 | 668 |
| Income taxes | 14 | – | 9 | (5) |
| Share of (profit)/loss of associates, net of tax | – | – | – | – |
| Net finance costs | 4 | 17 | 3 | 9 |
| Operating result | 27 | 687 | 28 | 672 |
| Depreciation & amortization | 17 | 21 | 9 | 10 |
| Depreciation & amortization on right-of-use assets | 14 | 17 | 7 | 8 |
| Impairment losses | – | – | – | 1 |
| Exchange results and changes in fair value of derivates | 2 | (2) | (1) | (1) |
| Recycling of hedge reserve | (2) | 1 | (1) | – |
| Government grants and subsidies | (5) | (4) | (3) | (1) |
| (Gains)/losses on the sale of intangible assets and PP&E and remeasurement of leases | (7) | (1) | – | – |
| Result on the disposal of discontinued operations | – | (701) | – | (701) |
| Expenses for defined benefit plans & long-term termination benefits | 13 | 15 | 6 | 7 |
| Accrued expenses for personnel commitments | 35 | 42 | 15 | 16 |
| Write-downs/reversal of write-downs on inventories | 5 | 5 | 2 | 2 |
| Impairments/reversal of impairments on receivables | – | 2 | – | 1 |
| Additions/reversals of provisions | (5) | 40 | (7) | 40 |
| Operating cash flow before changes in working capital | 95 | 123 | 54 | 51 |
| Change in inventories | (64) | (70) | (29) | (31) |
| Change in trade receivables | 14 | 54 | 4 | 36 |
| Change in contract assets | (3) | (8) | 5 | 1 |
| Change in trade working capital assets | (52) | (24) | (20) | 5 |
| Change in trade payables | 33 | 8 | 1 | (36) |
| Change in contract liabilities | 14 | 39 | 5 | – |
| Changes in trade working capital liabilities | 47 | 47 | 6 | (36) |
| Changes in trade working capital | (5) | 23 | (14) | (30) |
| H1 2021 | H1 2020 | Q2 2021 | Q2 2020 | |
| Cash out for employee benefits | (206) | (110) | (162) | (82) |
| Cash out for provisions | (25) | (14) | (13) | (5) |
| Changes in lease portfolio | 4 | – | 4 | (2) |
| Changes in other working capital | 3 | (11) | 2 | 15 |
| Cash settled operating derivatives | 5 | (4) | 3 | (2) |
| Cash generated from operating activities | (128) | 8 | (127) | (55) |
| Income taxes paid | (1) | (10) | 1 | (13) |
| Net cash from / (used in) operating activities | (130) | (2) | (126) | (68) |
| of which related to discontinued operations | – | 28 | – | (10) |
| Capital expenditure | (14) | (14) | (8) | (6) |
| Proceeds from sale of intangible assets and PP&E | 11 | 3 | 1 | 2 |
| Acquisition of subsidiaries, net of cash acquired | – | (1) | – | (1) |
| Disposal of discontinued operations, net of cash disposed of | – | 914 | – | 914 |
| Repayment of loans granted to 3rd parties | 1 | – | 1 | – |
| Interests received | 1 | 1 | 1 | 1 |
| Dividends received | – | – | – | – |
| Net cash from / (used in) investing activities | (1) | 903 | (5) | 910 |
| of which related to discontinued operations | – | 912 | – | 914 |
| Interests paid | (2) | (4) | (1) | (2) |
| Purchase of treasury shares | (9) | – | (9) | – |
| Proceeds from borrowings | – | 57 | – | – |
| Repayment of borrowings | (2) | (246) | – | (245) |
| Payment of finance leases | (15) | (19) | (7) | (8) |
| Changes in borrowings | (18) | (208) | (7) | (253) |
| Proceeds / (payment) of derivatives | 1 | (4) | – | (2) |
| Other financing income / (costs) incurred | 1 | (4) | (2) | (1) |
| Net cash from/ used in financing activities | (26) | (220) | (19) | (261) |
| of which related to discontinued operations | – | (4) | – | (1) |
| Net increase / (decrease) in cash & cash equivalents | (157) | 681 | (150) | 581 |
| Cash & cash equivalents at the start of the period | 585 | 99 | 578 | 190 |
| Net increase / (decrease) in cash & cash equivalents | (157) | 681 | (150) | 581 |
| Effect of exchange rate fluctuations on cash held | (1) | (5) | – | 2 |
| Gains/(losses) on marketable securities | (1) | – | – | – |
| Cash & cash equivalents at the end of the period | 427 | 775 | 427 | 775 |
Consolidated Statement of changes in Equity (in million Euro)
Unaudited, consolidated figures following IFRS accounting policies.
|
in million Euro |
Share capital | Share premium | Retained earnings | Reserve for own shares | Revaluation reserve | Hedging reserve | Remeasurement of the net defined benefit liability | Translation reserve | Total | NON-CONTROLLING INTERESTS | TOTAL EQUITY |
|
Balance at January 1, 2020 |
187 | 210 | 803 | (82) | 1 | (3) | (1,028) | (5) | 83 | 47 | 130 |
| Comprehensive income for the period | |||||||||||
| Profit (loss) for the period | – | – | 668 | – | – | – | – | – | 668 | 1 | 670 |
| Other comprehensive income, net of tax | – | – | – | – | (1) | 3 | – | (18) | (16) | (1) | (17) |
| Total comprehensive income for the period | – | – | 668 | – | (1) | 3 | – | (18) | 652 | – | 652 |
| Transactions with owners, recorded directly in equity | |||||||||||
| Dividends | – | – | – | – | – | – | – | – | – | – | – |
| Reclasses of remeasurements on defined benefit liability related to entities divested | – | – | (4) | – | – | – | 4 | – | – | – | – |
| Total transactions with owners, recorded directly in equity | – | – | (4) | – | – | – | 4 | – | – | – | – |
| Balance at June 30, 2020 | 187 | 210 | 1,467 | (82) | – | – | (1,024) | (23) | 735 | 47 | 782 |
| Balance at January 1, 2021 | 187 | 210 | 1,412 | (82) | – | 7 | (1,122) | (42) | 570 | 51 | 620 |
| Comprehensive income for the period | |||||||||||
| Profit (loss) for the period | – | – | 10 | – | – | – | – | – | 10 | (1) | 9 |
| Other comprehensive income, net of tax | – | – | – | – | 2 | (3) | 79 | 14 | 91 | 2 | 92 |
| Total comprehensive income for the period | – | – | 10 | – | 2 | (3) | 79 | 14 | 101 | 1 | 102 |
| Transactions with owners, recorded directly in equity | |||||||||||
| Dividends | – | – | – | – | – | – | – | – | – | – | – |
| Purchase of own shares | – | – | – | (9) | – | – | – | – | (9) | – | (9) |
| Cancellation of own shares | – | – | (90) | 90 | – | – | – | – | – | – | – |
| Total transactions with owners, recorded directly in equity | – | – | (90) | 81 | – | – | – | – | (9) | – | (9) |
| Balance at June 30, 2021 | 187 | 210 | 1,332 | (1) | 2 | 3 | (1,043) | (28) | 662 | 52 | 713 |
Attachments
Artificial Intelligence
SimSpace Welcomes Matt Knutsen as New Chief Revenue Officer to Spearhead Expansion Plan
SimSpace strengthens their leadership team, appointing Knutsen to drive revenue growth for the company as it expands further into the public sector
BOSTON, May 2, 2024 /PRNewswire/ — SimSpace, the US-based industry leader in AI-Powered cyber ranges, announced today the appointment of Matt Knutsen as its new Chief Revenue Officer (CRO). Matt will champion SimSpace’s global sales and revenue growth strategy. He will drive expansion initiatives and foster strategic partnerships to stress test businesses’ and state agencies’ people, processes and technologies against the most advanced adversaries.
With more than 20 years of experience in the field, Matt most recently held the position of CRO at cyber training provider Immersive Labs, where he increased revenue growth by over 4000% and attracted over $180M in investment. He also launched the company into new markets, expanding the team across Australia, Europe, the Middle East, New Zealand and the US. The combination of Matt’s wealth of experience and his in-depth industry knowledge make him well-equipped to lead SimSpace’s next phase of growth.
As nation-state attacks rise in frequency, and AI drives a new wave of severe cyberattacks, companies also have to navigate uncertain economic conditions. SimSpace empowers organizations to cut unnecessary spending through stack optimization, allowing CISOs to maximize their ROI and effectiveness of their technology stack. Knutsen’s influence in the field will propel the SimSpace Platform to new heights, advancing access for companies and governments that need to optimize their cybersecurity defenses and safeguard their critical infrastructure from an increasingly volatile threat landscape.
Matt Knutsen is the most recent addition to SimSpace’s Executive Leadership Team, following Clint Sand’s appointment as Chief Product Officer in February 2024. His appointment underscores SimSpace’s continued growth trajectory, headed by the $45M they secured in funding from L2 Point Management, bringing the total capital raised over the past year to $70M. The company has also bolstered their presence in the public sector, marked by their recent partnership with Carahsoft and their multi-year contract with Florida to enhance the state’s cybersecurity preparedness. SimSpace’s high fidelity cyber ranges and simulations will enable state agencies and programs like Cyber Florida to rehearse and respond to cyberattacks.
Commenting on Matt’s arrival, SimSpace CEO William Hutchison said, “Matt is a seasoned executive, who has accumulated years of knowledge on cybersecurity best practices and established himself as a leading authority in cyber range exercises. His industry influence, strategic vision and conviction in the importance of cybersecurity preparedness will shape the future success of the company at this crucial time of expansion. With Matt leading our revenue organization, we have full confidence in our capacity to deepen our valued partnerships and build strong, new connections which will further elevate SimSpace’s position as a trusted cybersecurity partner.”
Matt Knutsen, Chief Revenue Officer commented, “I’m looking forward to bringing a proactive approach to cybersecurity risk management to even more private and public sector organizations. I’ve already been impressed by SimSpace’s high-fidelity cyber range simulations, both on and off premise. It’s a great time to be joining the company and I’m excited to build upon SimSpace’s recent rapid growth with even more partnerships.”
About SimSpace
SimSpace is the global leader in AI-Powered cyber ranges, founded by experts from U.S. Cyber Command and MIT’s Lincoln Laboratory to respond to a new era of unprecedented cyber threats. Having raised nearly $70 million in funding over the past year, the company’s Platform enables the most sophisticated enterprises, governments, and critical national infrastructure organizations to find intelligence-driven answers to the most vexing security, governance, training, and cyber readiness questions. SimSpace provides high-fidelity cybersecurity simulations, training, and safe live-fire exercises to Fortune 2000 financial, retail, insurance, and other commercial markets. SimSpace’s Platform results in an average reduction in cyber operational costs of 30% and a 40% reduction in breaches.
For more information, please visit: www.SimSpace.com.
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Artificial Intelligence
Enterprise AI Market to Be Worth $171.2 Billion by 2031–Exclusive Report by Meticulous Research®
REDDING, Calif., May 2, 2024 /PRNewswire/ — According to a new market research report titled, ‘Enterprise AI Market by Offering (Solutions, Services), Deployment Mode, Organization Size, Technology (ML, NLP), End-use Industry (IT & Telecom, Healthcare, Retail & E-commerce, Media & Advertisement) and Geography—Global Forecast to 2031,’ the global enterprise AI market is projected to reach $171.2 billion by 2031, at a CAGR of 32.9% from 2024 to 2031.
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Enterprise artificial intelligence (AI) is the integration of advanced AI-enabled technologies and techniques within large organizations to enhance business functions. Enterprise AI encompasses routine tasks of an organization such as data collection and analysis, supply chain management, finance, marketing, customer service, human resources and cybersecurity, and risk management. Enterprise AI is an integration of AI-enabled technologies such as machine learning, natural language processing, image processing, and speech recognition. Enterprise AI is used in various industries such as media & advertising, healthcare, retail & e-commerce, BFSI, government, automotive, and IT & telecom.
The growth of the enterprise AI market is driven by enterprises’ increasing need to enhance customer satisfaction and the growing implementation of enterprise AI solutions in the IT & telecom sectors. However, the high costs of enterprise AI solutions restrain the growth of this market. Furthermore, the increasing need for conversational AI solutions for optimized sales & marketing management and the growing need to automate business processes are expected to generate growth opportunities for the players operating in this market. However, data privacy & security concerns are a major challenge impacting market growth. Additionally, the growing adoption of AI chatbots for customer interaction and the increasing integration of Machine Learning (ML) technology into enterprise AI solutions are prominent trends in this market.
The global enterprise AI market is segmented by offering (solutions and services [professional services and managed services]), deployment mode (cloud-based deployment and on-premise deployment), organization size (large enterprises and small & medium-sized enterprises), technology (machine learning, image processing, natural language processing, and speech recognition), end-use industry (media & advertising, healthcare, retail & e-commerce, BFSI, government, automotive, IT & telecom, and other end-use industries), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.
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Based on offering, in 2024, the solutions segment is expected to account for the larger share of 63% of the enterprise AI market. The segment’s large market share is attributed to the growing adoption of enterprise AI solutions to solve specific business challenges or streamline business processes and the growing implementation of these solutions to automate tasks, analyze data, and provide insights.
However, the services segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by the growing need for AI consulting, data analysis, and enterprise-grade AI solution development, maintenance, and support and the rising adoption of services to automate tasks and help improve business operations efficiently.
Based on deployment mode, in 2024, the on-premise deployment segment is expected to account for the largest share of the enterprise AI market, with a revenue contribution of around USD 13 billion. The segment’s large market share is attributed to the increasing on-premise deployment of enterprise AI solutions by large enterprises and the growing demand for service flexibility, enhanced customer experience, and efficiency in managing risks and compliance.
However, the cloud-based deployment segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by benefits associated with cloud-based deployment, including easy maintenance of customer data, cost-effectiveness, and scalability, and the increasing demand for enterprise AI solutions that support multi-cloud deployments.
Based on organization size, in 2024, the large enterprises segment is expected to account for the larger share of the enterprise AI market. The segment’s large market share is attributed to the growing emphasis on developing strategic IT initiatives among large enterprises, the increasing need to manage large volumes of customer-level data, and the early adoption of advanced technologies across various sectors such as retail, manufacturing, healthcare, and automotive.
However, the small & medium-sized enterprises segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by the increasing need for chatbots and digital assistants among small & medium-sized enterprises and the increasing need to improve performance, quality management, and customer satisfaction in call centers.
Based on technology, in 2024, the machine learning segment is expected to account for the largest share of the enterprise AI market. The segment’s large market share is attributed to the growing adoption of enterprise AI solutions with machine learning capabilities to analyze historical data and identify patterns and the increasing use of these solutions in e-commerce, streaming platforms, and content websites.
However, the natural language processing segment is expected to register the highest CAGR of 37.4% during the forecast period. The growth of this segment is driven by the growing need to understand, interpret, and generate human language data and the rising adoption of NLP to analyze user preferences, behaviors, and interactions to deliver personalized content.
Based on end-use industry, in 2024, the IT & telecom segment is expected to account for the largest share of 26% of the enterprise AI market. The segment’s large market share is attributed to the increasing demand for personalized customer experiences enabled by AI technologies, the rising adoption of AI for analyzing data from network sensors to optimize operations, and the growing utilization of AI to enhance network performance and deliver customized services. Also, this segment is expected to register the highest CAGR during the forecast period.
Based on geography, in 2024, North America is expected to dominate the global enterprise AI market. North America enterprise AI market is estimated to be worth USD 9 billion in 2024. North America’s significant market share can be attributed to the growing adoption of enterprise AI solutions in the retail, healthcare, and finance sectors, the rising implementation of AI to enhance customer engagement, inventory management, and personalized shopping experience, and the increasing use of chatbots on websites, social media platforms, and messaging apps to respond customer inquiries.
However, Asia-Pacific is expected to register the highest CAGR of 34.3% during the forecast period. The growth of this regional market is driven by the growing emphasis by companies to launch chatbots and virtual assistants in the Asia-Pacific region, growing demand for chatbots and voice assistant solutions, and increasing demand for AI-powered customer support services.
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The key players operating in the enterprise AI market are NVIDIA Corporation (U.S.), Google LLC (A subsidiary of Alphabet Inc.) (U.S.), Amazon Web Services, Inc. (A Subsidiary of Amazon.com, Inc.) (U.S.), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Verint Systems Inc. (U.S.), SAP SE (Germany), Pegasystems Inc. (U.S.), Wipro Limited (India), Intel Corporation (U.S.), Oracle Corporation (U.S.), Hewlett Packard Enterprise (U.S.), MicroStrategy Incorporated (U.S.), Amelia US LLC (U.S.), Sentient.io (Singapore).
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Scope of the Report:
Global Enterprise AI Market Assessment—by Offering
SolutionsServicesProfessional ServicesManaged ServicesGlobal Enterprise AI Market Assessment—by Deployment Mode
On-premise DeploymentCloud-based DeploymentGlobal Enterprise AI Market Assessment—by Organization Size
Large EnterprisesSmall & Medium-sized EnterprisesGlobal Enterprise AI Market Assessment—by Technology
Machine LearningNatural Language ProcessingImage ProcessingSpeech RecognitionGlobal Enterprise AI Market Assessment—by End-use Industry
IT & TelecomNetwork OptimizationCustomer Service Automation and Virtual AssistantsHuman Resource ManagementCustomer AnalyticsCybersecurityOther IT & Telecom Applications BFSISecurity and Risk ManagementStreamlining Regulatory ComplianceCustomer Relationship ManagementReal-Time Transaction MonitoringData Analytics & PredictionOther BFSI Applications HealthcareHospital Workflow ManagementLifestyle ManagementPatient Data & Risk AnalyticsMedical Imaging & DiagnosisPrecision MedicineRemote Patient MonitoringRobot-assisted SurgeryDrug Discovery Retail & E-commerceSearch and RecommendationsCustomer Relationship ManagementInventory ManagementSupply Chain OptimizationIn-store Visual Monitoring & SurveillancePredictive AnalyticsDemand ForecastingChatbots Media & AdvertisementChatbots and Virtual AssistantsPredictive AnalyticsSales & Marketing AutomationAdvertising RecommendationContent GenerationTalent IdentificationProduction Planning & Management AutomotiveAdvanced Driver Assistance SystemsHuman-Machine InterfaceVehicle PersonalizationDesigning and Production ManagementSupply Chain ManagementOther Automotive Applications GovernmentFraud Detection and PreventionAdministrative ProcessesDisaster Management and ResponsePersonalized User SupportOther Government Applications Other End-use IndustriesGlobal Enterprise AI Market Assessment —by Geography
North AmericaU.S.CanadaEuropeGermanyU.K.FranceItalySpainRest of EuropeAsia-PacificChinaJapanIndiaSouth KoreaSingaporeRest of Asia-PacificLatin AmericaMiddle East & AfricaRelated Reports:
Conversational AI Market by Offering, Application, Organization Size, Deployment Mode, Sector (IT & Telecommunications, BFSI, Retail & E-commerce, Healthcare & Life Sciences, Travel & Hospitality, Education, Manufacturing) – Global Forecast to 2030
Speech and Voice Recognition Market by Function (Speech, Voice Recognition), Technology (AI and Non-AI), Deployment Mode (Cloud, On-premise), End User (Consumer Electronics, Automotive, BFSI, Other End Users), and Geography – Global Forecast to 2030
AI in Manufacturing Market by Component, Technology (ML, NLP, Computer Vision), Application (Predictive Maintenance & Machinery Inspection, Quality Management, Supply Chain Optimization), End-use Industry – Global Forecast to 2030
AI in E-commerce Market by Technology (ML, NLP, Computer Vision), Business Model, Deployment Mode, Product Offering (Beauty & Fashion, Pharmaceutical, Electronic), End User (B2B, B2C), and Geography – Global Forecast to 2031
Healthcare Artificial Intelligence Market by Offering (Software, Services), Technology (ML, NLP), Application (Hospital Workflow Management, Patient Management), End User (Hospitals & Diagnostic Centers), and Geography – Global Forecast to 2031
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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Mr. Khushal BombeMeticulous Market Research Inc.1267 Willis St, Ste 200 Redding,California, 96001, U.S.USA: +1-646-781-8004Europe : +44-203-868-8738APAC: +91 744-7780008Email- [email protected] Visit Our Website: https://www.meticulousresearch.com/Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-researchContent Source: https://www.meticulousresearch.com/pressrelease/1041/enterprise-ai-market-2031
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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:
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– Human Virtual Assistant Services Market
– Potential Vertical Applications for AI Virtual Assistant
– Virtual Assistant Service Market
– AI In Telecommunication market was valued at USD 2482 Million in 2022 and is anticipated to reach USD 19170 Million by 2029, witnessing a CAGR of 40.6% during the forecast period 2023-2029.
– Metaverse market size is projected to reach USD 28 Billion by 2028, from 510 USD Million in 2022, at a CAGR of 95% during 2022-2028.
– The global conversational AI market size was valued at USD 5.78 billion in 2020, and is projected to reach USD 32.62 billion by 2030, registering a CAGR of 20.0% from 2021 to 2030.
– Conversational AI Platforms market was valued at USD 2352.3 Million in 2023 and is anticipated to reach USD 5331 Million by 2030, witnessing a CAGR of 12.1% during the forecast period 2024-2030.
– Augmented and Virtual Reality Market
– Virtual Fitting Room market size was USD 2973.1 Million in 2022 and is forecast to a readjusted size of USD 8501.1 Million by 2029 with a CAGR of 16.0% during the forecast period 2023-2029.
– The generative ai market was valued at USD 8.15 Billion in 2021, and is estimated to reach USD 126.5 Billion by 2031, growing at a CAGR of 32% from 2022 to 2031.
– The global AI Content Generation market was valued at USD 1400 Million in 2022 and is anticipated to reach USD 5958 Million by 2029, witnessing a CAGR of 27.3% during the forecast period 2023-2029.
– AIGC Large Model Market
– The global Digital Process Automation market size is projected to reach USD 11770 Million by 2027, from USD 6451.8 Million in 2020, at a CAGR of 8.5% during 2021-2027.
– Application Modernization Services Market
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