Artificial Intelligence
iBio Reports Fiscal First Quarter 2022 Financial Results and Provides Corporate Update
– Adds First New Anti-cancer Target for Development in Partnership with RubrYc Therapeutics –
– Initiates Research Collaboration with UT Southwestern to Study Anti-fibrotics in Oncology –
– Establishes Partnership for Development of Painless Intradermal Vaccine Delivery –
BRYAN, Texas, Nov. 15, 2021 (GLOBE NEWSWIRE) — iBio, Inc. (NYSEA:IBIO) (“iBio” or the “Company”), a developer of next-generation biopharmaceuticals and pioneer of the sustainable FastPharming Manufacturing System®, today announces its financial results for the fiscal quarter ended September 30, 2021 and provides a corporate update.
“We are continuing to accelerate the execution of our growth strategy as we start our fiscal year 2022,” said Tom Isett, Chairman & CEO of iBio. “Having only just launched our oncology initiative six months ago, we have already created six active programs, including the two new ones announced today. In addition, we have advanced our novel COVID-19 vaccine candidate to pre-IND, while concurrently building out our vaccine platform with new drug delivery technology partnerships. We have also acquired our cGMP manufacturing facility and taken sole ownership of our CDMO subsidiary, along with the attendant rights to manufacture biologics using our FastPharming System in the United States. We are confident that our investments over the past year in talent, technology, and infrastructure will return value to patients and shareholders as we go forward.”
Fiscal First Quarter and Recent Business Developments:
BIOPHARMACEUTICALS
Therapeutics
- In August 2021, iBio added to its pipeline by in-licensing an IL-2 sparing anti-CD25 antibody (IBIO-101) from RubrYc Therapeutics. Pre-clinical data shows that the molecule can deplete regulatory T cells from the tumor microenvironment and restore anti-tumor immunity, potentially representing an important new tool in the fight against cancer.
- The Company continues to advance its endostatin E4 molecule for fibrotic diseases (IBIO-100) toward the clinic. Meanwhile, leveraging its investment in endostatin E4, iBio announced earlier today that it will separately explore the molecule’s usefulness in the treatment of solid tumors as part of a research collaboration with the University of Texas Southwestern Medical Center.
- Pursuant to its new partnership with RubrYc Therapeutics wherein artificial intelligence (“AI”)-based antibody discovery technologies are deployed, iBio announces today that the first new target is now being optimized using the platform. This result follows just two months after the joint discovery collaboration was initiated.
Vaccines
- The Company recently conducted a preclinical dose ranging study of IBIO-202, its nucleocapsid (“N”) antigen-based, intramuscularly (“IM”)-delivered COVID-19 vaccine candidate. The results confirmed generation of a robust, antigen-specific, memory T-cell response and provided data that further informed iBio’s product formulation strategy.
- The Company submitted a pre-IND package for IBIO-202 to the U.S. Food and Drug Administration in September 2021 and is anticipating a response in the coming months.
- Today, iBio announces that is has entered a collaboration with a leading innovator of microarray patch systems, which are a painless alternative to IM injections. The first objective of the collaboration is to evaluate feasibility of intradermal delivery of a COVID-19 vaccine antigen. If successful, the partnership has the potential to drive improved access to vaccines by avoiding cold chain issues and possibly enabling self-administration. The collaboration is not expected to impact the current development timeline of IBIO-202.
- The Company continues to advance its Classical Swine Fever (“CSF”) vaccine candidate, IBIO-400, through the U.S. Department of Agriculture’s Centers for Veterinary Biologics’ regulatory process. Additionally, iBio announces today that studies are now underway at Texas A&M University System to evaluate alternatives to IM injection of its CSF vaccine candidate, including an oral dose option.
BIOPROCESS
- In November 2021, iBio purchased the Bryan, Texas, manufacturing facility it previously operated under a lease from two affiliates of Eastern Capital Limited (the “Eastern Affiliates”). The Company also acquired the equity interest in iBio CDMO, LLC, that was formerly held by the Eastern Affiliates. As a result, the subsidiary and its intellectual property are now wholly-owned by iBio.
Fiscal First Quarter and Recent Corporate Developments:
- iBio made progress in government relations during the quarter by engaging with senior-level U.S. policymakers to build awareness of the FastPharming System and to underscore the benefits of rapid, sustainable, domestic bioproduction.
- iBio is encouraging shareholders who held common stock at the close of business on October 15, 2021 to vote “FOR” all proposals put forth in the proxy statement prior to its December 9, 2021, Annual Meeting of Stockholders to help the Company continue to grow its pipeline, services, and value.
“Over the course of the next year, we are focused on delivering shareholder value across multiple fronts, including announcing new oncology targets and two possible IND filings,” said Mr. Isett. “We are also excited about the partnership opportunities that we see ahead for our bioprocess business as industry awareness of the need to implement sustainable, ESG-based practices continues to grow. With sole ownership of our FastPharming Facility and CDMO subsidiary now secured, we have additional strategic and operational flexibility to deploy our rapid, scalable biologics development system for our own pipeline, as well as for clients, so that we may enable more potentially life-saving therapeutics to enter the clinic.”
Financial Results:
Revenues for the first fiscal quarter ended September 30, 2021, were approximately $211,000, a decrease of 49% from approximately $410,000 in the same period of 2020. As noted previously, significant quarter-to-quarter revenue variability is commonplace for early-stage pharma services companies given the timing of revenue recognition. Consistent with these business dynamics, iBio continues to expect a sequential decline in revenue during the first half of fiscal 2022 compared to the second half of fiscal 2021, followed by higher growth in the second half of fiscal 2022.
R&D and G&A expenses for the first quarter of fiscal 2022 increased 35% and 24%, respectively, over the comparable period in fiscal 2020. This reflects the Company’s growing investments in its pipeline, platform technologies, employees, and related infrastructure. iBio anticipates this trend continuing, however, the rate of growth is expected to moderate over time.
iBio’s consolidated net loss for the first quarter ended September 30, 2021, was approximately $8.9 million, or $0.04 per share, compared to a net loss of approximately $7.5 million, or $0.05 per share, in the same period of 2020.
iBio had $82.3 million dollars in cash and cash equivalents and investments in debt securities as of September 30, 2021. The Company used $9.3 million in cash during the quarter for operating activities and $5.1M for investing activities which included elements of the RubrYc transaction and for capital expenditures. Subsequent to the end of the first quarter of fiscal 2021, iBio used approximately $6.0 million in cash to help fund the purchase of its manufacturing facility in Bryan, Texas, and to secure full control of iBio CDMO, LLC, which holds the exclusive rights to manufacture using the FastPharming System in the United States. Taking into account potential long-term financing options, combined with the approximate 67% savings in facility-related cash requirements expected to be achieved through this transaction, the Company continues to believe that its current cash position is sufficient to fund its operations through Q3-FY23. If the Company cannot take advantage of the additional financial flexibility, and based on the Company’s working capital on September 30, 2021, management has concluded that there is sufficient liquidity to fund normal operations through at least Q2-FY23.
Webcast and Conference Call
iBio management will host a webcast and conference call at 4:30 p.m. Eastern Time today, November 15, 2021, to discuss these results and provide a corporate update.
The live and archived webcast may be accessed on the Company’s website at www.ibioinc.com under “News and Events” in the Investors section. The live call can be accessed by dialing (833) 672-0651 (domestic) or (929) 517-0227 (international) and referencing conference code: 7779281.
About iBio, Inc.
iBio is a developer of next-generation biopharmaceuticals and a pioneer in sustainable, plant-based biologics manufacturing. Its FastPharming System® combines vertical farming, automated hydroponics, and novel glycosylation technologies to rapidly deliver high-quality monoclonal antibodies, vaccines, bioinks and other proteins. iBio is developing proprietary biopharmaceuticals for the treatment of cancers, as well as fibrotic and infectious diseases. The Company’s wholly-owned subsidiary, iBio CDMO LLC, provides FastPharming Contract Development and Manufacturing Services along with Glycaneering Development Services™ for advanced recombinant protein design. For more information, visit www.ibioinc.com.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding continuing to accelerate the execution of iBio’s growth strategy as it starts its fiscal year 2022, iBio’s investments over the past year in talent, technology, and infrastructure returning value to patients and shareholders, continuing to advance iBio’s endostatin E4 molecule for fibrotic diseases (IBIO-100) towards the clinic, iBio’s endostatin E4 molecule’s usefulness in the treatment for solid tumors, the anticipated response in the coming months from the U.S. Food and Drug Administration to the pre-IND package for IBIO-202, the collaboration with a leading innovator of microarray patch systems resulting in the potential to drive improved patient access to vaccines and possibly enable patient self-administration without impacting the current development timelines of IBIO-202, the continued advancement of iBio’s Classical Swine Fever vaccine candidate, IBIO-400, through the U.S. Department of Agriculture’s Centers for Veterinary Biologics’ regulatory process, partnership opportunities for iBio’s bioprocess business as industry awareness of the need to implement sustainable ESG-based practices continues to grow, enabling more potentially life-saving therapeutics to enter the clinic, continuing iBio’s trend of growing investments in its pipeline, platform technologies, employees, and related infrastructure trend with a rate of growth being more moderate over time, , the approximate 67% savings in facility-related cash requirements expected to be achieved through the purchase of the manufacturing facility, the current cash position being sufficient to fund operations through the third quarter of fiscal 2023, taking into account potential long-term financing options combined with the anticipated savings in facility-related cash requirements, and the cash position being sufficient to fund normal operations through at least Q2 2023 if iBio cannot take advantage of the additional financial flexibility. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to successfully implement its development plans and continue to accelerate the execution of its growth strategy, including the ability to initiate IND-enabling studies for iBio’s endostatin E4 molecule for fibrotic diseases (IBIO-100) as planned and the ability to utilize the molecule in solid tumors, the ability to advance IBIO-400, through the regulatory process, its ability to obtain regulatory approvals for commercialization of its product candidates, or to comply with ongoing regulatory requirements, regulatory limitations relating to its ability to promote or commercialize its product candidates for specific indications, acceptance of its product candidates in the marketplace and the successful development, marketing or sale of products, its ability to maintain its license agreements, the continued maintenance and growth of its patent estate, its ability to establish and maintain collaborations and attract and increase partnership opportunities for iBio’s bioprocess business, its ability to achieve the savings anticipated with the purchase of the manufacturing facility and obtain or maintain the capital or grants necessary to fund its research and development activities and whether the Company will incur unforeseen expenses or liabilities or other market factors, successful compliance with governmental regulations applicable to its manufacturing facility, competition, its ability to retain its key employees or maintain its NYSE American listing, its ability to increase its authorized shares, and the other factors discussed in the Company’s filings with the SEC including the Company’s Annual Report on Form 10-K for the year ended June 30, 2021 and the Company’s subsequent filings with the SEC on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
Contact:
Stephen Kilmer
iBio, Inc.
Investor Relations
(646) 274-3580
[email protected]
iBio, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In Thousands, except share and per share amounts)
| September 30, | June 30, | |||||||
| 2021 | 2021 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 62,820 | $ | 77,404 | ||||
| Accounts receivable – trade | 207 | 426 | ||||||
| Settlement receivable – current portion | 5,100 | 5,100 | ||||||
| Investments in debt securities | 19,453 | 19,570 | ||||||
| Inventory | 587 | 27 | ||||||
| Prepaid expenses and other current assets | 1,650 | 2,070 | ||||||
| Total Current Assets | 89,817 | 104,597 | ||||||
| Convertible promissory note receivable and accrued interest | 1,575 | 1,556 | ||||||
| Settlement receivable – noncurrent portion | 5,100 | 5,100 | ||||||
| Finance lease right-of-use assets, net of accumulated amortization | 25,695 | 26,111 | ||||||
| Operating lease right-of-use asset | 3,487 | — | ||||||
| Fixed assets, net of accumulated depreciation | 9,821 | 8,628 | ||||||
| Intangible assets, net of accumulated amortization | 5,164 | 952 | ||||||
| Investment in equity security – at cost | 1,760 | — | ||||||
| Prepaid expenses – noncurrent | 1,296 | — | ||||||
| Security deposits | 24 | 24 | ||||||
| Total Assets | $ | 143,739 | $ | 146,968 | ||||
| Liabilities and Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,292 | $ | 2,254 | ||||
| Accrued expenses (related party of $840 and $701 as of September 30, 2021 and June 30, 2021, respectively) | 2,691 | 3,001 | ||||||
| Acquisition Payable | 2,500 | — | ||||||
| Finance lease obligations – current portion | 374 | 367 | ||||||
| Operating lease obligation – current portion | 147 | — | ||||||
| Note payable – PPP loan – current portion | — | 600 | ||||||
| Contract liabilities | 94 | 423 | ||||||
| Total Current Liabilities | 8,098 | 6,645 | ||||||
| Finance lease obligations – net of current portion | 31,660 | 31,755 | ||||||
| Operating lease obligation – net of current portion | 3,456 | — | ||||||
| Total Liabilities | 43,214 | 38,400 | ||||||
| Commitments and Contingencies | ||||||||
| Equity | ||||||||
| iBio, Inc. Stockholders’ Equity: | ||||||||
| Common stock – $0.001 par value; 275,000,000 shares authorized at September 30, 2021 and June 30, 2021; 217,957,594 and 217,873,094 shares issued and outstanding as of September 30, 2021 and June 30, 2021, respectively | 217 | 217 | ||||||
| Additional paid-in capital | 282,956 | 282,058 | ||||||
| Accumulated other comprehensive loss | (64 | ) | (63 | ) | ||||
| Accumulated deficit | (182,566 | ) | (173,627 | ) | ||||
| Total iBio, Inc. Stockholders’ Equity | 100,543 | 108,585 | ||||||
| Noncontrolling interest | (18 | ) | (17 | ) | ||||
| Total Equity | 100,525 | 108,568 | ||||||
| Total Liabilities and Equity | $ | 143,739 | $ | 146,968 | ||||
iBio, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited; in Thousands, except per share amounts)
| Three Months Ended | ||||||||
| September 30, | ||||||||
| 2021 | 2020 | |||||||
| Revenues | $ | 211 | $ | 410 | ||||
| Cost of goods sold | 40 | 107 | ||||||
| Gross profit | 171 | 303 | ||||||
| Operating expenses: | ||||||||
| Research and development | 2,511 | 1,862 | ||||||
| General and administrative (related party of $189 and $393) | 6,634 | 5,365 | ||||||
| Total operating expenses | 9,145 | 7,227 | ||||||
| Operating loss | (8,974 | ) | (6,924 | ) | ||||
| Other income (expense): | ||||||||
| Interest expense (related party of $608 and $614) | (609 | ) | (614 | ) | ||||
| Interest income | 36 | 4 | ||||||
| Forgiveness of note payable and accrued interest – SBA loan | 607 | — | ||||||
| Total other income (expense) | 34 | (610 | ) | |||||
| Consolidated net loss | (8,940 | ) | (7,534 | ) | ||||
| Net loss attributable to noncontrolling interest | 1 | 1 | ||||||
| Net loss attributable to iBio, Inc. | (8,939 | ) | (7,533 | ) | ||||
| Preferred stock dividends | (66 | ) | (66 | ) | ||||
| Net loss attributable to iBio, Inc. stockholders | $ | (9,005 | ) | $ | (7,599 | ) | ||
| Comprehensive loss: | ||||||||
| Consolidated net loss | $ | (8,940 | ) | $ | (7,534 | ) | ||
| Other comprehensive loss – unrealized loss on debt securities | (1 | ) | (7 | ) | ||||
| Other comprehensive loss – foreign currency translation adjustments | — | — | ||||||
| Comprehensive loss | $ | (8,941 | ) | $ | (7,541 | ) | ||
| Loss per common share attributable to iBio, Inc. stockholders – basic and diluted | $ | (0.04 | ) | $ | (0.05 | ) | ||
| Weighted-average common shares outstanding – basic and diluted | 217,876 | 162,442 | ||||||
Artificial Intelligence
Internet of Things (IoT) in Smart Cities Market: Driving Adoption for a USD 795.98 Billion Future by 2031| SkyQuest Technology
WESTFORD, Mass., July 5, 2024 /PRNewswire/ — According to SkyQuest, the global Internet of Things (IoT) in Smart Cities Market size was valued at USD 148.60 billion in 2022 poised to grow from USD 179.06 billion in 2023 to USD 795.98 billion by 2031, growing at a CAGR of 20.5% in the forecast period (2024-2031).
The innovative IoT based smart city solutions are increasing the demand in various sectors. These solutions include analytics, security, cloud, and network connectivity. One of the major drivers of market expansion in smart cities is the rise of government initiatives and smart city projects. Growth in the use of IoT technologies for control and monitoring is expected to drive the market. High urban population density contributes to the growth. IoT devices, sensors and data analytics are all integrated into the concept of “smart cities” to enhance urban growth, efficiency and sustainability.
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Internet of Things (IoT) in Smart Cities Market Overview:
Report Coverage
Details
Market Revenue in 2023
USD 179.06 billion
Estimated Value by 2031
USD 795.98 billion
Growth Rate
Poised to grow at a CAGR of 20.5%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Offering and Application
Geographies Covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Evolving IoT Technology and Urban Transformation
Key Market Drivers
Rise in Adoption of IoT Technology
Segments covered in Internet of Things (IoT) in Smart Cities Market are as follows:
OfferingSolutions (Remote Monitoring, Real Time Location System, Data Management, Reporting and Analytics, Security, Network Management), And Services (Professional Services {Consulting, System Integration and Deployment, Support and Maintenance}, And Managed Services)ApplicationSmart Transportation, Smart Building, Utilities, Citizen Services (Education, Healthcare, Public Safety)Request Free Customization of this report:
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Smart Infrastructure: IoT Offerings Shaping Tomorrow’s Cities
The solutions segment accounted for the largest share and dominate the market. The global internet of things (IoT) in smart cities market offers practical innovative solutions focused on integrated information that stores, processes and acts on large amounts of data generated by networked devices for real-time location system optimization and remote monitoring facilitates better monitoring and faster response.
On the other hand, the services segment of the global market is expected to grow the fastest in the smart city market. First, the challenges of adopting IoT solutions are increasing the need for consulting, integration and managed services, which require specialized skills. Second, cities depend on them tasks are raised to build, deploy and control customized solutions while aiming to maximize the value of IoT systems.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/internet-of-things-in-smart-cities-market
Transforming Urban Living: IoT Applications in Smart Cities
Real-time traffic management, predictive maintenance, and advanced public transport planning enabled by communication technologies and data analytics are the main areas of current innovation and applications in smart transportation in the world. There is scarcity of resources, pollution and traffic, and increased accessibility and security. Transportation is the largest segment in the global market by application.
In the market, public sector service centers are expected to grow rapidly due to the global IoT’s ability to improve lives for its inhabitants. It provides smart classrooms by academically enhancing the learning experience. IoT in healthcare enables smarter, more efficient and more efficient patient management, thus contributing to market expansion. It also provides comprehensive surveillance systems and emergency response measures that affect public safety. They have the potential to improve urban growth, efficiency and quality of life. Growing growth in IoT technology and public safety concerns are driving the rapid growth of the segment.
Smart Cities, Smarter Future: The Role of IoT
The Internet of Things (IoT) is changing the way smart cities work, offering unprecedented connectivity and integration. As cities become more connected, the use of IoT technology seamless integration becomes increasingly important in a sustainable environment. These connected devices and sensors can collect and analyze data in real time, allowing for more informed decision making.
Related Reports:
Internet Of Things (IoT) Market
IoT Security Market
Narrowband-IoT (NB-IoT) Market
Consumer IoT Market
Internet of Things (IoT) Professional Services Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:Mr. Jagraj SinghSkyquest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/
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Artificial Intelligence
Cloud Security Market Will Surpass USD 147.45 Billion by 2031; Rise of Cloud Computing to Aid Growth| SkyQuest Technology
WESTFORD, Mass., July 5, 2024 /PRNewswire/ — According to SkyQuest, the global Cloud Security Market size was valued at USD 33.5 billion in 2022 and is poised to grow from USD 39.5 billion in 2023 to USD 147.45 billion by 2031, growing at a CAGR of 17.9% in the forecast period (2024-2031).
Increase in complexity of cyberattacks and data breaches has bolstered the demand for novel cloud security solutions around the world. The rising use of cloud technologies and platforms on a global level is also boosting the cloud security market growth. The high use of cloud computing and edge computing services by multiple organizations also creates a high demand for better cloud security infrastructure. The global cloud security market is segmented into type, service model, offering, end user, and region.
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Cloud Security Market Overview:
Report Coverage
Details
Market Revenue in 2023
USD 39.5 billion
Estimated Value by 2031
USD 147.45 billion
Growth Rate
Poised to grow at a CAGR of 17.9%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Type, Service Model, End-User and Offering
Geographies Covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Digital Transformation Fortifying Cloud Security with AI and ML
Key Market Drivers
Rising demand for Cloud Computing and Cybersecurity through Advanced Data Solutions
Segments covered in Cloud Security Market are as follows:
TypeLegal Issues, Compliance, Governance, Virtualization, Data Security, Interface, Network SecurityService ModelSaaS (Software as a Service), IaaS (Infrastructure as a Service), PaaS (Platform as a Service)End-UserAerospace & Defence, Government, BFSI, Healthcare, IT, Telecommunication, Manufacturing, Retail, Energy & Utilities, Media & Entertainment, OthersOfferingSolutions, ServicesRequest Free Customization of this report:https://www.skyquestt.com/speak-with-analyst/cloud-security-market
Compliance to Remain a Key Cloud Security Concern for All Companies through 2031
Compliance has always been a key part of any security solution and the same is also true for cloud security as well. Regulatory bodies and governments have been implementing stricter laws and mandates to ensure the safety of data on cloud platforms. Ensuring compliance with these norms is essential for any cloud service provider, which is why a security solution that understands and manages compliance is always in demand. Ensuring cross-border compliance could help cloud security companies get more bang for their buck in the future.
Legal issues and data privacy concerns are also estimated to drive up the demand for novel cloud security solutions. Complex legal and regulatory frameworks are also contributing to the high adoption of cloud security with legal security features as well. Data and network security are also important aspects that cloud security providers need to emphasize going forward.
Cloud security Solutions to Remain Essential Securing a Cloud Environment
Cloud security solutions powered by artificial intelligence and other advanced technologies are being developed around the world. Deployment of different solutions for enterprise and individual cloud applications will also create new opportunities for cloud security market players over the coming years. Data loss prevention and disaster recovery are some key features of cloud security solutions that most companies are trying to improve. Meanwhile, the rapid adoption of cloud security is also creating a high demand for cloud security services as well. Cloud security providers are continually focusing on improving their services by offering round-the-clock support and predictive threat management services.
View report summary and Table of Contents (TOC):https://www.skyquestt.com/report/cloud-security-market
High Use of Cloud Platforms and Technologies in the IT Industry Creates an Opportune Setting for Cloud Security Vendors
The information technology (IT) industry has always led the adoption of novel technologies and the cloud is one of them. The rising use of cloud platforms and migration of traditional technologies in cloud environments are boosting the demand for cloud security in the IT industry. The BFSI industry will also offer new moneymaking scope for cloud security providers as it moves towards digitization and the incidence of digital frauds increases. Telecommunication end users are also expected to bolster the demand for novel cloud security solutions as they utilize cloud technology to become digital service providers. Adoption of automation and smart manufacturing practices in the manufacturing space will also promote the use of cloud platform, which in turn, is expected to boost cloud security demand as well.
Cloud security companies have a lot of potential to expand their business in many industry verticals. New companies can focus on providing services to build a strong market presence and then move on to making cloud security solutions to compete with the leading market players.
Related Report:
Cyber Security Market
Network Security Market
Endpoint Security Market
Managed Security Services Market
Application Security Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:Mr. Jagraj SinghSkyquest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/
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Artificial Intelligence
Application Security Market to Surpass USD 17.51 Billion by 2031; Rising Incidence of Cyberattacks to Drive Market | SkyQuest Technology
WESTFORD, Mass., July 5, 2024 /PRNewswire/ — According to SkyQuest, the global Application Security Market size was valued at USD 5.28 Billion in 2022 and is poised to grow from USD 6.08 Billion in 2023 to USD 17.51 Billion by 2031, growing at a CAGR of 14.14 % during the forecast period (2024-2031).
High reliance on applications and growing digitization around the world are key factors that promote the demand for application security. Increasing sophistication and frequency of cyberattacks on a global scale is also predicted to augment the application security market growth trajectory across the forecast period. The imposition of stringent safety mandates by regulatory bodies is also bolstering the demand for better application security solutions. The global application security market is segmented into component, deployment mode, organization size, vertical, and region.
Download a detailed overview:
https://www.skyquestt.com/sample-request/application-security-market
Application Security Market Overview:
Report Coverage
Details
Market Revenue in 2023
USD 6.08 billion
Estimated Value by 2031
USD 17.51 billion
Growth Rate
Poised to grow at a CAGR of 14.14%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Type, Component, Deployment Model, Organization Size and Verticals
Geographies Covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Increased Number of Sophisticated Attacks
Key Market Drivers
The Rising Demands for Regulatory Compliance within Solution
Segments covered in Application Security Market are as follows:
TypeWeb Application Security, and Mobile Application SecurityComponentSolutions (Security Testing Tools (Static Application Security Testing (SAST), Dynamic Application Security Testing (DAST), Interactive Application Security Testing (IAST), Runtime Application Self-Protection (RASP)) Container Security, API Security, and Others Solution), and Services (Professional Services, (Consulting services, Training & Education, Integration and maintenance, Penetration Testing) Managed Services)Deployment ModeCloud and on-premisesOrganization SizeLarge Enterprises, and Small & Medium EnterprisesVerticalsBFSI, Healthcare, IT & ITES, Telecommunication, Manufacturing, Government and Public Sector, Retail & E-commerce, Education, and OthersRequest Free Customization of this report:
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On-premises Deployment of Application Security Solutions is Preferred for its Better Control and Flexibility
On-premises application security solutions and systems are usually handled by a company’s own employees, and this is why they are somewhat safer from cyberattacks or breaches. Little to no involvement of external personnel in the management and operation of on-premises application security is what gives the users and organizations the satisfaction of a better-secured application. Large enterprises are more inclined to opt for such solutions as this requires substantial capital investment and commitment over the long term.
Most application security companies are projected to target cloud deployment owing to rising awareness and acceptance of cloud technologies and platforms. Advancements in cloud computing technologies and the high emphasis of organizations on improving resource utilization are predicted to favor the demand for cloud-based application security solutions in the future.
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Large Enterprises More Inclined to opt for Application Security Solutions Owing to Their High Spending Capacity
Large enterprises use a variety of applications to ensure their operations and infrastructure run as intended. This includes third-party apps as well as internal company applications. The security of these applications is the priority as any lapses in them could lead to devastating data breaches and cyberattacks. Rising spending on large enterprises on improving their cybersecurity and specialized emphasis on application security is also making this segment an important one for application security providers. Small and medium enterprises (SMEs) are also expected to create new opportunities for application security companies in the future as application security becomes more affordable and important.
Software Tools to Remain Quintessential in Creating and Managing Application Security
Application security testing software is a key segment where almost all application security companies are focusing. Ensuring proper testing of application security is an essential task and any lapses in this could lead to vulnerabilities in applications that hackers can exploit. Multiple testing tools and testing approaches are being explored to ensure the efficacy of application security solutions.
Dynamic Application Security Testing (DAST) is gaining massive popularity around the world and all application security companies are trying to take this approach to maximize the security of their offerings. Investing in application security testing tools will never be a bad choice for any company looking to make a mark in the global application security market going forward.
Application security providers need to stay updated with new threats and incorporate the same in their products to stay relevant in the market. Investments in development of new application security solutions with advanced technologies and features should be the focus of upcoming as well as established application security market players in the long run.
Related Report:
Cyber Security Market
Blockchain Identity Management Market
Secure Access Service Edge Market
Zero Trust Security Market
Endpoint Security Market
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