Artificial Intelligence
Slinger Announces First Quarter Fiscal 2021 Results
Net sales increased 349% to $2.5 million
New orders totaled $3.7 million
Boosted inventory production to meet increased demand through April 2022
Commenced application process to uplist to the NASDAQ
BALTIMORE, Sept. 15, 2021 (GLOBE NEWSWIRE) — Slinger (OTCQB: SLBG) a sports brand focused on innovating game improvement technology and equipment, today announced results for the first quarter of fiscal 2021, the Company’s strongest quarter to date.
“We are thrilled to see demand for the Slinger Bag continue to accelerate and expect this trend to continue in the US direct-to-consumer channel and internationally through our strong distribution networks,” said Mike Ballardie, Slinger CEO. “However, we were impacted by the global shipping and logistics issues facing many companies with production in Asia, which pushed out $1.1 million in revenue into the second quarter. We took immediate action to reduce future inventory risk by acquiring inventory earlier than planned in order to meet anticipated demand through April 2022.”
First Quarter Highlights
- Revenue was $2.5 million versus $0.6 million last year;
- Gross profit was $0.8 million versus a loss of ($0.4) million last year;
- Net loss and loss per share were ($3.4) million and ($0.12) respectively;
- Appointed Jason Seifert as new CFO;
- Expanded distribution into China, Hong Kong, and Macau markets;
- Acquired Foundation Tennis, a SaaS technology company;
- Signed brand ambassador agreements with Darren Cahill, Genie Bouchard, and Dustin Brown;
- Entered strategic partnership with renowned hospitality innovator David Grutman;
- Partnered with the Ultimate Tennis Showdown (UTS).
Uplisting to NASDAQ
Slinger recently began the process for uplisting its shares to the NASDAQ stock market. The Company has engaged Lucosky Brookman LLP as counsel to advise the Company through this process.
“As we look to the future, we have taken the initial steps towards transforming Slinger from an innovative tennis hardware company into a disruptive connected sports technology company. The first phase is ramping-up rapidly as we drive distribution and brand awareness for our flagship product, the Slinger Bag, while simultaneously investing in a variety of ‘smart’ technologies including Artificial Intelligence (AI), video analytics and first-party data, setting the Company on a path to provide a suite of analytics and services all aimed at generating future recurring revenue, SaaS and subscription offerings.
Our Foundation Tennis acquisition was one such example, bringing commercial SaaS applications focused on tennis club/facility administration, management and booking systems, along with over 1 million club members already active within their ecosystem. As we look beyond this initial phase, we see additional opportunities to repeat this model across multiple sports including Pickleball, Padel and Soft Tennis, as well as Baseball, Softball and Cricket.
The second phase of this process will incorporate a roll-out of our AI driven technology giving players access to deep insights and biomechanical feedback aimed at helping them optimize their game in a way that has never been available before.
To support this strategy, we have embarked on the application process to list our shares on the NASDAQ, which will, in turn, enhance awareness of Slinger within the investment community, increasing liquidity and providing broader access to investor capital. We are very excited about the opportunities ahead of us to build a world-class, growth orientated connected sports company,” concluded Ballardie.
The Slinger Bag is available to order now – to find out more about Slinger Bag, visit https://slingerbag.com.
About Slinger
Slinger® is a new sports brand focused on delivering innovative, game improvement technologies and equipment across all ball sport categories. With the vision to become a leading connected sports company, Slinger® enhances the skill and enjoyment levels of players of all ages and abilities. Slinger® is initially focused on building its brand within the global tennis market, through its Slinger Bag® Tennis Ball Launcher and Accessories. Slinger Bag® has underpinned its proof of concept with over $250M of retail value in global distribution agreements since the Spring of 2020. Led by CEO Mike Ballardie (former Prince CEO and Wilson EMEA racquet sports executive) Slinger® is primed to disrupt what are traditional global markets with its patented, highly transportable, and affordable Slinger Bag® Launcher and its suite of connected app and SaaS services.
Disclaimer
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. Statements in this press release that are not strictly historical are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve a high degree of risk and uncertainty, are predictions only and actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include the uncertainty regarding viability and market acceptance of the Company’s products and services, the ability to complete development plans in a timely manner, changes in relationships with third parties, product mix sold by the Company and other factors described in the Company’s most recent periodic filings with the Securities and Exchange Commission, including its fiscal 2020 Annual Report on Form 10-K and quarterly reports on Form 10-Q. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Company’s product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statements that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management’s current beliefs and assumptions.
These statements may be identified by the use of forward-looking expressions, including, but not limited to, “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential, “predict,” “project,” “should,” “would” and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company’s filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Contacts:
Investors: www.slingerbagir.com
[email protected]
(443) 407-7564
Press:
US:
Brittany Zoet, Uproar PR
[email protected]
EU and UK:
Joe Murgatroyd
Brandnation
[email protected]
+44(0)207 940 7294
SLINGER BAG INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| July 31, 2021 | April 30, 2021 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 1,013,309 | $ | 928,796 | ||||
| Accounts receivable, net | 524,787 | 762,487 | ||||||
| Inventories, net | 5,169,994 | 3,693,216 | ||||||
| Prepaid inventory | 768,066 | 140,047 | ||||||
| Prepaid expenses and other current assets | 417,381 | 60,113 | ||||||
| Total current assets | 7,893,537 | 5,584,659 | ||||||
| Goodwill | 1,240,000 | – | ||||||
| Other intangible assets, net | 2,381,684 | 112,853 | ||||||
| Total assets | $ | 11,515,221 | $ | 5,697,512 | ||||
| Liabilities and Shareholders’ Deficit | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued expenses | $ | 3,999,363 | $ | 2,050,476 | ||||
| Accrued payroll and bonuses | 1,736,177 | 1,283,464 | ||||||
| Deferred revenue | 1,239,083 | 99,531 | ||||||
| Accrued interest – related party | 803,869 | 747,636 | ||||||
| Notes payable – related party, net | 500,000 | 6,143,223 | ||||||
| Derivative liabilities | 14,539,039 | 13,813,449 | ||||||
| Total current liabilities | 22,817,531 | 24,137,779 | ||||||
| Long-term liabilities | ||||||||
| Note payable, net | 20,414 | 10,477 | ||||||
| Total liabilities | 22,837,945 | 24,148,256 | ||||||
| Commitments and contingencies (Note 10) | ||||||||
| Shareholders’ deficit | ||||||||
| Common stock, $0.001 par value, 300,000,000 shares authorized, 29,979,573 and 27,642,828 shares issued and outstanding as of July 31, 2021 (unaudited) and April 30, 2021, respectively; 6,921,299 shares issuable as of July 31, 2021 (unaudited) and April 30, 2021 | 29,980 | 27,643 | ||||||
| Additional paid-in capital | 20,939,079 | 10,365,056 | ||||||
| Accumulated other comprehensive loss | (33,198 | ) | (20,170 | ) | ||||
| Accumulated deficit | (32,258,585 | ) | (28,823,273 | ) | ||||
| Total shareholders’ deficit | (11,322,724 | ) | (18,450,744 | ) | ||||
| Total liabilities and shareholders’ deficit | $ | 11,515,221 | $ | 5,697,512 | ||||
SLINGER BAG INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
| For the Three Months Ended | ||||||||
| July 31, | July 31, | |||||||
| 2021 | 2020 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Net sales | $ | 2,537,573 | $ | 564,985 | ||||
| Cost of sales | 1,752,351 | 936,900 | ||||||
| Gross income (loss) | 785,222 | (371,915 | ) | |||||
| Operating expenses: | ||||||||
| Selling and marketing expenses | 707,097 | 302,018 | ||||||
| General and administrative expenses | 2,394,799 | 759,268 | ||||||
| Research and development costs | 174,048 | 28,110 | ||||||
| Total operating expenses | 3,275,944 | 1,089,396 | ||||||
| Loss from operations | (2,490,722 | ) | (1,461,311 | ) | ||||
| Other expense (income): | ||||||||
| Amortization of debt discounts | 21,216 | 233,708 | ||||||
| Loss (gain) on extinguishment of debt | 5,118,435 | (566,667 | ) | |||||
| Gain on change in fair value of derivatives | (4,327,344 | ) | – | |||||
| Interest expense – related party | 56,233 | 172,464 | ||||||
| Interest expense, net | 76,050 | 73,210 | ||||||
| Total other expense (income) | 944,590 | (87,285 | ) | |||||
| Loss before income taxes | (3,435,312 | ) | (1,374,026 | ) | ||||
| Provision for income taxes | – | – | ||||||
| Net loss | $ | (3,435,312 | ) | $ | (1,374,026 | ) | ||
| Other comprehensive loss, net of tax | ||||||||
| Foreign currency translation adjustments | (13,028 | ) | (1,393 | ) | ||||
| Total other comprehensive loss, net of tax | (13,028 | ) | (1,393 | ) | ||||
| Comprehensive loss | $ | (3,448,340 | ) | $ | (1,375,419 | ) | ||
| Net loss per share, basic and diluted | $ | (0.12 | ) | $ | (0.05 | ) | ||
| Weighted average number of common shares outstanding, basic and diluted | 29,128,427 | 26,090,623 | ||||||
SLINGER BAG INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Three Months Ended | ||||||||
| July 31, | July 31, | |||||||
| 2021 | 2020 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (3,435,312 | ) | $ | (1,374,026 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Amortization expense | 41,169 | – | ||||||
| Gain on change in fair value of derivatives | (4,327,344 | ) | – | |||||
| Shares and warrants issued in connection with services | 618,554 | 65,826 | ||||||
| Share-based compensation | 187,803 | – | ||||||
| Loss (gain) on extinguishment of debt | 5,118,435 | (566,667 | ) | |||||
| Amortization of debt discounts | 21,216 | 233,708 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable, net | 235,886 | (63,527 | ) | |||||
| Inventories, net | (1,478,547 | ) | (865,794 | ) | ||||
| Prepaid expenses and other current assets | (685,519 | ) | 262,752 | |||||
| Accounts payable and accrued expenses | 1,960,177 | (123,958 | ) | |||||
| Accrued payroll and bonuses | 443,014 | 199,463 | ||||||
| Deferred revenue | 1,139,552 | 465,273 | ||||||
| Accrued interest – related party | 56,233 | 172,464 | ||||||
| Net cash used in operating activities | (104,683 | ) | (1,594,486 | ) | ||||
| Cash flows from investing activities | ||||||||
| Note receivable issuance | (300,000 | ) | – | |||||
| Net cash used in investing activities | (300,000 | ) | – | |||||
| Cash flows from financing activities | ||||||||
| Proceeds from notes payable – related party | 500,000 | 1,500,000 | ||||||
| Proceeds from note payable | – | 120,000 | ||||||
| Net cash provided by financing activities | 500,000 | 1,620,000 | ||||||
| Effect of exchange rate fluctuations on cash and cash equivalents | (10,804 | ) | (1,393 | ) | ||||
| Net change in cash and cash equivalents | 84,513 | 24,121 | ||||||
| Cash and cash equivalents, beginning of the period | 928,796 | 79,847 | ||||||
| Cash and cash equivalents, end of the period | $ | 1,013,309 | $ | 103,968 | ||||
| Supplemental disclosure of cash flow information | ||||||||
| Interest paid | $ | 50,833 | $ | 50,000 | ||||
| Income taxes paid | 2,817 | – | ||||||
| Supplemental disclosure of non-cash investing and financing activities | ||||||||
| Shares issued for conversion of notes payable – related party | $ | 6,220,003 | $ | – | ||||
| Shares issued in connection with acquisition | 3,550,000 | – | ||||||
Artificial Intelligence
Free Your Hands, QIDI Vida Smart AR Glasses Lead the Way in New Sports Experience.
NEW YORK, April 19, 2024 /PRNewswire/ — Outdoor smart AR glasses, QIDI Vida, will officially launch on 23rd April on the Kickstarter platform. QIDI Vida integrates the many functions of smart watches, sports headphones, cycling computers, heart rate monitors, and walkie-talkies using AR+AI technology, allowing users to bid farewell to cumbersome device management and enjoy outdoor sports anytime, anywhere with just one pair of glasses.
Function:
QIDI Vida uses high-tech HUD (Head-Up Display) which is similar to the technology used for aircrafts and premium cars and introduces it to the sports industry. Users can activate the HUD function at any time using voice control, enabling them to focus on the route ahead whilst simultaneously having access to information such as navigation, speed, heart rate, power and cadence, among other metrics. Another great function of the QIDI Vida is that users can also enjoy audiovisual entertainment through the optically perceived 100-inch AR HUD screen, when having some down time.
As cyclists and hikers often travel in groups, QIDI Vida supports eSIM and team functionality, allowing real-time voice communication without releasing handlebars, and users can monitor their groups’ real-time locations. The glasses also have comprehensive sensing and monitoring capabilities including temperature, humidity, UV, air pressure, geomagnetism and acceleration. In addition to obtaining environmental and health information, it also features health warnings such as altitude sickness symptoms and high heart rate, as well as fall and collision detection functions. And, in the event of danger, it can send distress signals to teammates.
Perks:
QIDI Vida has a global voice recognition and interaction feature that allows you to control all functions within the device by voice. To better provide users with an immersive sports experience, QIDI Vida’s intelligent system will have the capability to instantly gather personalised sports data, enabling it to deliver timely voice alerts and broadcasts, including the duration of exercise, distance, the environment and the weather – all tailored to the user’s preferences.
QIDI Vida enables voice-controlled photos and video recordings, allowing users to capture moments whilst cycling or hiking without the need to stop. QIDI Vida supports connections with common cycling smart hardware such as Garmin, Wahoo, Apple, and Samsung, supports GPX route files, and is compatible with professional sports apps such as Strava, Keep, Zwift, Apple Health, and All Trails.
QIDI Vida stands out for its lightweight and comfortable design with a dual lens for a full-colour data display, unlike competing AR glasses that typically have a single lens and limited colour. This innovation significantly enhances and augments the user’s sports and reality experience.
QIDI Vida will launch on the Kickstarter platform: https://www.kickstarter.com/projects/109560964/qidi-vida-smart-ar-glasses-for-sports
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Artificial Intelligence
Risk Analytics Market worth $180.9 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, April 19, 2024 /PRNewswire/ — The growing use of real-time monitoring and advanced analytics, integration with cutting-edge technologies like blockchain and IoT, and an emphasis on cybersecurity, cross-industry applications, and regulatory compliance are the key factors that will shape the risk analytics market in the future. The market’s development will also be influenced by collaborative risk management, improved user experience, and an increasing focus on ESG factors and risk culture.
The Risk Analytics Market is estimated to grow from USD 59.7 billion in 2024 to USD 180.9 billion in 2029, at a CAGR of 24.8% during the forecast period, according to a new report by MarketsandMarkets™. Several trends fuel the global spread of Risk Analytics. Increasingly Increasing Data Complexity, Rising Cybersecurity Threats and Rising Adoption of Cloud-Based Solutions A growing talent pool of data scientists and engineers is building the necessary tools and infrastructure. Governments are recognizing the potential of risk analytics for economic growth and are investing in research and development. These trends make DI more accessible and valuable, leading to its global adoption.
Browse in-depth TOC on “Risk Analytics Market”260 – Tables 60 – Figures350 – Pages
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=210662258
Scope of the Report
Report Metrics
Details
Market size available for years
2019–2023
Base year considered
2023
Forecast period
2024–2029
Forecast units
USD Billion
Segments Covered
Offering,Risk Type, Risk stages, Vertical, and Region.
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US)
By offering the services segment to account for higher CAGR during the forecast period
In the Risk Analytics Market, the highest CAGR of services is fueled by Increasing Complexity of Risks, AI and machine learning advancements, big data analytics integration, business process optimization, cloud-based solutions adoption, data-driven culture, and diverse industry adoption. These trends reflect a global shift towards leveraging data for competitive advantage, driving a continuous need for sophisticated risk analytics services across sectors. As businesses prioritize agility, the growth of services in the Risk Analytics Market is driven by the need for effective risk management strategies in an increasingly complex and uncertain business environment.
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By Type, GRC software is expected to hold the largest market size for the year 2024
GRC software typically offers comprehensive solutions that cover a wide range of risk management needs, including compliance management, policy management, audit management, and risk assessment. They also provide organizations with enhanced visibility into their risk landscape. Through features such as risk assessment, risk monitoring, and reporting, organizations can identify and prioritize risks more effectively, enabling proactive risk management strategies. GRC software streamlines risk management processes through automation, reducing manual effort and increasing efficiency. Tasks such as risk assessments, control testing, and incident management can be automated, freeing up resources to focus on strategic risk mitigation efforts. the combination of comprehensive functionality, regulatory compliance support, efficiency gains, scalability, integration capabilities, and culture enhancement makes GRC software a preferred choice for many organizations seeking to manage risk effectively.
By Vertical, Healthcare & Life Sciences is projected to grow at the highest CAGR during the forecast period
The Healthcare and Lifesciences is experiencing a surge in the adoption of risk analytics due to a confluence of factors. Healthcare providers and life sciences companies wants to ensure the safety and well-being of patients. Risk analytics helps in identifying potential risks to patient safety, such as medication errors, adverse events, and medical device failures. The healthcare and life sciences industries are heavily regulated, with strict guidelines for patient care, data privacy, drug development, and clinical trials. Risk analytics helps organizations ensure compliance with these regulations by identifying and mitigating risks of non-compliance. Healthcare organizations and life sciences companies also face financial risks associated with fraud, billing errors, revenue cycle management, and reimbursement challenges. Risk analytics helps in detecting anomalies and optimizing financial processes to mitigate these risks.
Asia Pacific is expected to grow at the highest CAGR during the forecast period
The Asia-Pacific (APAC) region is experiencing rapid growth in the Risk Analytics Market, boasting the highest Compound Annual Growth Rate (CAGR). This surge is primarily attributed to rising demand for data-driven decision-making solutions, expanding digital transformation initiatives across industries.. Moreover, the region’s favorable regulatory environment, growing investments in big data analytics, and the integration of advanced technologies like the Internet of Things (IoT) further propel APAC’s dominance in Risk Analytics Market growth.
Top Key Companies in Risk Analytics Market:
The major risk analytics software and service providers include IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the Risk Analytics Market.
Recent Developments:
In March 2024, Orcale announced Oracle Risk Management Cloud in Release 24B. It offers comprehensive solution designed to help organizations identify, assess, and mitigate risks across their business operations. It offers advanced analytics, automation, and collaboration tools to streamline risk management.In March 2024, FIS Global announces card fraud detection capabilities leveraging artificial intelligence (AI) with aim to bolster FIS’s ability to identify and prevent fraudulent transactions, providing greater security for cardholders and financial institutions alike.In March 2024, Aon acquired an AI-powered platform to assist fleet and mobility clients in making data-driven decisions, enhancing operational efficiency and risk management. The platform utilizes artificial intelligence to analyze data and provide insights, enabling clients to optimize their fleet operations and improve decision-making processes.In March 2024, Crisp joined Resolver, with the aim to enhance Resolver’s risk intelligence capabilities by integrating Crisp’s expertise and technology into its platform, offering clients improved risk assessment and mitigation tools.In February 2024, SAS partnered with Carahsoft to bring analytics, AI, and data management solutions to the public sector. The aim is to leverage SAS’s expertise in advanced analytics and Carahsoft’s extensive government market reach to offer tailored solutions that enable public sector organizations to harness the power of data for informed decision-making and improved outcomes.Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=210662258
Risk Analytics Market Advantages:
By offering insights into potential risks, opportunities, and trends, risk analytics helps organisations make data-driven decisions that improve strategic planning and resource allocation.In order to improve risk management procedures and lessen exposure to possible threats, risk analytics solutions assist businesses in identifying, evaluating, and mitigating risks across a range of business activities, including finance, operations, and compliance.Through real-time monitoring and anomaly detection made possible by risk analytics, organisations may proactively address shifting market situations, legal requirements, and cybersecurity threats.Risk analytics solutions assist organisations lower operating costs, increase productivity, and streamline compliance activities, which results in cost savings and resource optimisation. They do this by streamlining risk management procedures and automating routine work.Accurate risk assessments, audit trails, and reporting capabilities are just a few of the ways that risk analytics solutions help organisations comply with regulations and stay out of trouble.Organisations can enhance their resilience and competitiveness by anticipating and mitigating potential hazards before they materialise through the use of predictive modelling and advanced analytics approaches in risk analytics.Report Objectives
To define, describe, and predict the Risk Analytics Market by offering, risk type, risk stages, vertical, and regionTo provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the market growthTo analyze the opportunities in the market and provide details of the competitive landscape for stakeholders and market leadersTo forecast the market size of segments with respect to five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin AmericaTo profile the key players and comprehensively analyze their market rankings and core competenciesTo analyze the competitive developments, such as partnerships, product launches, and mergers & acquisitions, in the Risk Analytics MarketBrowse Adjacent Markets: Analytics Market Research Reports & Consulting
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Artificial Intelligence
Robotic Palletizer Market worth $1.9 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, April 19, 2024 /PRNewswire/ — The robotic palletizer market is projected to grow from USD 1.4 billion in 2024 and is expected to reach USD 1.9 billion by 2029, growing at a CAGR of 5.9% from 2024 to 2029 according to a new report by MarketsandMarkets™. Rising awareness towards workplace safety and reducing the risk of work-related injuries to drive the market. Robotic palletizers significantly enhance workplace safety and reduce the risk of work-related injuries and associated costs. By automating repetitive tasks like palletizing, businesses can redeploy their human workforce to higher-value activities that require human skills like problem-solving, critical thinking, and customer interaction. This allows them to optimize their workforce and leverage human capabilities more effectively.
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Browse in-depth TOC on “Robotic Palletizer Market” 100 – Tables60 – Figures200 – Pages
Robotic Palletizer Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 1.4 billion
Estimated Value by 2029
$ 1.9 billion
Growth Rate
Poised to grow at a CAGR of 5.9%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Component, Robot Type, Application, End-use Industry and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
High initial investment cost
Key Market Opportunities
Increasing application in small and medium-sized enterprises
Key Market Drivers
Growing labor shortage and need for workforce optimization
Collaborative robots in the robot type segment are expected to witness higher growth rate during the forecast period.
Collaborative robots are expected to witness a higher CAGR during the forecast period. Unlike traditional industrial robots that often require physical barriers or cages to protect human workers, cobots are equipped with advanced safety features, such as force and torque sensors, collision detection, and speed monitoring. These features enable cobots to operate safely in proximity to humans without posing significant risks of injury.
The Pharmaceutical segment in the robotic palletizer market is expected to witness highest growth rate during the forecast period.
Pharmaceutical products are subject to strict regulations regarding storage, handling, and quality control. Robotic palletizers play a crucial role in providing greater precision and consistency in palletizing tasks and minimizing the risk of contamination within pharmaceutical manufacturing facilities. It also reduces human intervention in the handling and stacking of products and helps mitigate the potential for cross-contamination and ensures adherence to strict hygiene standards.
End-of-Arm- Tooling (EOAT) component is expected to witness the highest CAGR in the robotic palletizer market during the forecast period.
End-of-arm tooling (EOAT) is a crucial element of a robotic arm system, especially in applications like robotic palletizing, where the robot needs to interact with various objects or products. EOAT essentially acts as the hand of the robotic arm, designed to securely grasp, lift, and place boxes or cases onto pallets. Overall, EOAT plays a vital role in the effectiveness of robotic palletizers as it ensures secure handling of products, efficient palletizing patterns, and smooth operation of the entire system.
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North America is expected to hold the largest share of the robotic palletizer industry during the forecast period.
North America is home to major automobile and retail companies, which has accelerated the demand for robotic palletizers in this region. Additionally, the rise in manufacturing activity, fueled by plans for reshoring and technological improvements, has further driven the need for robotic palletizers. In North America, certain government funds are available to increase workplace safety. In 2023, the Occupational Safety and Health Administration announced a grant of approximately USD 12.7 million to 100 non-profit organizations across the nation to provide education and training for workers and employers about recognizing workplace hazards, injury prevention, and understanding workers’ rights and employers’ responsibilities under federal law. Businesses that use robotic palletizers may be eligible for funding as they lower the risk of worker injuries from manual lifting.
Key Players
Leading players in the robotic palletizer companies include FANUC CORPORATION (Japan), KION GROUP AG (Germany), KUKA AG (Germany), ABB (Switzerland), and Krones AG (Germany). Schneider Packaging Equipment Company, Inc. (US), Honeywell International Inc. (US), Kaufman Engineered Systems (US), Concetti S.p.A. (Italy), Sidel (France), Brenton, LLC. (US), A-B-C Packaging Machine Corporation (US), Antenna Group (Italy), BEUMER GROUP (Germany), Brillopak (UK), BW Integrated Systems (US), Columbia Machine, Inc. (US), Euroimpianti S.p.A. (Italy), Fuji Yusoki Kogyo Co., Ltd. (Japan), HAVER & BOECKER OHG (Germany), KHS Group (Germany), MMCI (US), Okura Yusoki Co., Ltd. (Japan), Rothe Packtech Pvt. Ltd. (India), and S&R Robot Systems, LLC. (US) are few other key companies operating in the robotic palletizer market.
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