Artificial Intelligence
Matterport Announces Record Full Year 2021 Financial Results and More Than 500,000 Subscribers
Breakthrough product launches including Smartphone Capture and Axis to democratize space capture and drive adoption
- Total subscribers increased 98% to 503,000 from year-ago period
- Fiscal year 2021 subscription revenue rose 47% year-over-year
- Annualized recurring revenue (ARR) grew to $66 million
- Q4 GAAP loss per share of $0.66, Non-GAAP loss per share of $0.10
SUNNYVALE, Calif., Feb. 16, 2022 (GLOBE NEWSWIRE) — Matterport, Inc. (Nasdaq: MTTR), the leading spatial data company driving the digital transformation of the built world, today announced unaudited financial results for the quarter ended December 31, 2021.
“2021 was a pivotal year for Matterport, delivering strong growth as we closed our merger with Gores Holdings VI, Inc. and became a public company on The Nasdaq, gaining industry visibility and balance sheet strength to execute our ambitious growth plans,” said RJ Pittman, Chairman and Chief Executive Officer of Matterport. “Our business model is well-proven and scaling as momentum increased across our key operating metrics. In 2021, we doubled our subscriber base, increased Spaces Under Management by 54%, and subscription revenue grew 47%, and total revenue was up 29% for the full year. Most importantly, we strengthened the management team with new world-class executives across the globe. Relentless innovation is the norm at Matterport, and with new products like Matterport Axis and Matterport for Android, we are racing to bring precision 3D capture and digital twins to everyone in the built world. Looking forward, the physical world is going digital. Every industry on every continent is embracing digitization, and I am more confident than ever about the company’s outlook for 2022 and the decade ahead.”
“In the fourth quarter we continued to make strong progress on the path of building our recurring subscription revenue business, which represented 61% of total revenue,” said JD Fay, Chief Financial Officer of Matterport. “We also strengthened our balance sheet and reduced the complexity in our capital structure by announcing the redemption of our public warrants, which resulted in another $104 million of cash proceeds from the exercise of warrants prior to redemption. Proceeds from the warrant exercises, along with the $640 million in gross proceeds raised in the third quarter, together provide us tremendous flexibility in allocating capital to accelerate our growth in 2022 and beyond.”
Fourth Quarter 2021 Unaudited Financial Highlights
Matterport reported the following unaudited financial results:
- Total revenue was $27.1 million, up 15% compared to fourth quarter of 2020
- Subscription revenue was $16.5 million, up 32% compared to fourth quarter of 2020
- Annualized Recurring Revenue (ARR) of $66.1 million
- Total subscribers increased to 503,000, up 98% compared to fourth quarter of 2020
- Spaces Under Management (SUM) grew to 6.7 million, up 54% compared to fourth quarter of 2020
Recent Business Highlights
- Introduced Matterport Axis™, a new hands-free motor mount for precision 3D capture for smartphones
- Announced Matterport for Mobile, making 3D capture freely available to more than a billion Android mobile devices
- Announced industry partnerships with Amazon Web Services (AWS) and Autodesk
- Announced the availability of the Matterport platform in AWS Marketplace so that AWS customers will be able to access Matterport’s digital twin technology with AWS add-ons that increase the value of digitization
- Announced a new plugin for Autodesk Revit customers, allowing them to upload the Matterport Scan-to-BIM file into Revit and start creating and managing information on a construction or design project across its different stages
- Introduced Matterport Scan-to-BIM file, a new add-on service that dramatically decreases the time and costs of Building Information Modeling (BIM) for the Architecture, Engineering, and Construction industry
- Announced the acquisition of Enview, Inc., a pioneer in the scalable, artificial intelligence (AI) for 3D spatial data, which was completed in January 2022
- Continued expansion of Capture Services™ On-Demand to seven countries and 152 cities
- Announced the redemption of our public warrants, resulting in approximately $104 million in cash proceeds from the warrants prior to redemption, which is additive to the $640 million of gross proceeds raised in the closing of the merger in July 2021
- Won two Comparably Awards, including Best Company Culture and Best Company for Women
- Strengthened executive team through the addition of the following:
- Tom Klein, Chief Marketing Officer
- Deepti Illa, Vice President, Global Integrated Marketing
- Florence Shaffer, Vice President, Strategy & Operations, Chief of Staff to CEO
- Ben Corser, Managing Director, Asia Pacific
- Rob Hines, Managing Director, Americas
- Peter Presunka, Chief Accounting Officer
- Amy Hsueh, Vice President of Corporate Development
Full Year and First Quarter 2022 Outlook
Matterport is providing the following guidance for the full year ending December 31, 2022 and the first quarter.
The company’s progress in 2021 has set the stage for even broader adoption of Matterport across the global real estate asset class. With the recent releases of Matterport for Android and Matterport Axis, the company has democratized digital capture of any physical space using just a smartphone and a free subscription. Additionally, in 2021 the company significantly strengthened its balance sheet and staff to create a powerful foundation for future growth. Combining its ongoing development efforts with the technology and talent from the acquisition of Enview, in 2022 and beyond, Matterport looks forward to even greater property digitization, as well as beginning to deliver data and insights across millions of digitized spaces to the even larger datafication market for real estate.
Accordingly, the company expects continued growth in 2022, with total revenue between $125 and $135 million. Recurring subscription revenue is expected to be between $80 and $82 million, translating to 31% to 34% year-over-year growth.
For the first quarter, the company expects total revenue to be between $25.5 and $27.5 million. Recurring subscription revenue is expected to be between $17.1 and $17.4 million, translating to 24% to 26% year-over-year growth.
| Q1 2022 Guidance |
2022 Guidance |
|
| Revenue (in millions) | $25.5 — $27.5 | $125 — $135 |
| Subscription revenue (in millions) | $17.1 — $17.4 | $80 — $82 |
| Year-over-year subscription revenue growth | 24% – 26% | 31% – 34% |
| Non-GAAP loss per share | ($0.13) – ($0.15) | ($0.47) – ($0.52) |
| Estimated fully diluted shares outstanding (in millions) | 277 | 288 |
Non-GAAP Financial Information
Matterport has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). We believe that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to our financial condition and results of operations.
The presentation of these non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the company’s consolidated financial statements prepared in accordance with GAAP. For further information regarding these non-GAAP measures, including the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, please refer to the financial tables below.
Non-GAAP Net Loss and Non-GAAP Net Loss Per Share, Basic and Diluted. Matterport defines non-GAAP net loss as net loss, adjusted to exclude stock-based compensation expense, fair value change of warrants liabilities, fair value change of earn-out liabilities, transaction costs associated with the acquisition announced in the fourth quarter in 2021, and transaction costs associated with the recently completed merger, in order to provide investors and management with greater visibility to the underlying performance of Matterport’s recurring core business operations. In order to calculate non-GAAP net loss per share, basic and diluted, Matterport uses a non-GAAP weighted-average share count. Matterport defines non-GAAP weighted-average shares used to compute non-GAAP net loss per share, basic and diluted, as GAAP weighted average shares used to compute net loss per share attributable to common stockholders, basic and diluted, adjusted to reflect the shares of Matterport’s Class A common stock exchanged for the previously issued and outstanding shares of redeemable convertible preferred stock and common stock warrants of Matterport, Inc, (now known as Matterport Operating, LLC) in connection with the recently completed merger, that are outstanding as of the end of the period as if they were outstanding as of the beginning of the period for comparability, and the potentially dilutive effect of the company’s employee equity incentive plan awards.
Conference Call Information
Matterport will host a conference call for analysts and investors to discuss its financial results for the fourth quarter of fiscal 2021 today at 2:00 p.m. Pacific time (5:00 p.m. Eastern time). A recorded webcast of the event will also be available following the call for one year on the Matterport’s Investor Relations website at investors.matterport.com.
About Matterport
Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial computing platform turns buildings into data making every space more valuable and accessible. Millions of buildings in 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at matterport.com and browse a gallery of digital twins.
©2022 Matterport, Inc. All rights reserved. Matterport is a registered trademark and the Matterport logo is a trademark of Matterport, Inc. All other marks are the property of their respective owners.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the benefits of Matterport’s merger transaction with Gores Holdings VI, Inc. and acquisition of Enview, Inc., the services offered by Matterport, Inc. (“Matterport”) and the markets in which Matterport operates, business strategies, debt levels, industry environment including relating to the global supply chain, potential growth opportunities, the effects of regulations and Matterport’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “forecast,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions).
Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including Matterport’s ability to implement business plans, forecasts, and other expectations in the industry in which Matterport competes, and identify and realize additional opportunities. The foregoing list of factors is not exhaustive. In addition, the financial results set forth in this press release are preliminary and unaudited, and are based on information currently available to the company. While the company believes these financial results are meaningful, they could differ from the audited results that the company reports in its Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The company assumes no obligation and does not intend to update these unaudited financial results prior to filing its Form 10-K for the fiscal year ended December 31, 2021. You should carefully consider the foregoing factors and the other risks and uncertainties described in documents filed by Matterport from time to time with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Matterport assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Matterport does not give any assurance that it will achieve its expectations.
Investor Contact:
Soohwan Kim, CFA
VP, Investor Relations
[email protected]
Media Contact:
Tim McDowd
Director, Communications
[email protected]
+1 (650) 273-6999
| MATTERPORT, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) |
||||||||||||||||
| Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Revenue: | ||||||||||||||||
| Subscription | $ | 16,517 | $ | 12,526 | $ | 61,275 | $ | 41,558 | ||||||||
| License | 284 | 500 | 4,761 | 3,500 | ||||||||||||
| Services | 3,732 | 2,204 | 12,592 | 7,702 | ||||||||||||
| Product | 6,554 | 8,357 | 32,546 | 33,124 | ||||||||||||
| Total revenue | 27,087 | 23,587 | 111,174 | 85,884 | ||||||||||||
| Costs of revenue: | ||||||||||||||||
| Subscription | 4,211 | 3,146 | 14,754 | 11,445 | ||||||||||||
| License | — | — | — | 69 | ||||||||||||
| Services | 3,261 | 1,861 | 10,046 | 6,131 | ||||||||||||
| Product | 8,367 | 5,102 | 26,403 | 20,300 | ||||||||||||
| Total costs of revenue | 15,839 | 10,109 | 51,203 | 37,945 | ||||||||||||
| Gross profit | 11,248 | 13,478 | 59,971 | 47,939 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 27,780 | 4,707 | 55,379 | 17,710 | ||||||||||||
| Selling, general, and administrative | 78,748 | 11,576 | 152,360 | 41,791 | ||||||||||||
| Total operating expenses | 106,528 | 16,283 | 207,739 | 59,501 | ||||||||||||
| Loss from operations | (95,280 | ) | (2,805 | ) | (147,768 | ) | (11,562 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 1,239 | 3 | 1,811 | 19 | ||||||||||||
| Interest expense | — | (304 | ) | (676 | ) | (1,501 | ) | |||||||||
| Transaction costs | — | — | (565 | ) | — | |||||||||||
| Change in fair value of warrants liabilities | (24,194 | ) | — | (48,370 | ) | — | ||||||||||
| Change in fair value of contingent earn-out liability | (41,976 | ) | — | (140,454 | ) | — | ||||||||||
| Other expense, net | (1,069 | ) | 3 | (2,255 | ) | (900 | ) | |||||||||
| Total expense | (66,000 | ) | (298 | ) | (190,509 | ) | (2,382 | ) | ||||||||
| Loss before provision for income taxes | (161,280 | ) | (3,103 | ) | (338,277 | ) | (13,944 | ) | ||||||||
| Provision for income taxes | (290 | ) | 26 | (217 | ) | 77 | ||||||||||
| Net loss | $ | (160,990 | ) | $ | (3,129 | ) | $ | (338,060 | ) | $ | (14,021 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.66 | ) | $ | (0.09 | ) | $ | (2.58 | ) | $ | (0.43 | ) | ||||
| Weighted-average shares used in per share calculation, basic and diluted | 244,678 | 34,352 | 131,278 | 32,841 | ||||||||||||
| MATTERPORT INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) |
|||||||
| December 31, | December 31, | ||||||
| 2021 | 2020 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 139,519 | $ | 51,850 | |||
| Restricted cash | 468 | 400 | |||||
| Short-term investments | 264,931 | — | |||||
| Accounts receivable, net | 10,879 | 3,924 | |||||
| Inventories | 5,593 | 3,646 | |||||
| Prepaid expenses and other current assets | 16,313 | 2,453 | |||||
| Total current assets | 437,703 | 62,273 | |||||
| Property and equipment, net | 14,118 | 8,210 | |||||
| Long-term investments | 263,659 | — | |||||
| Other assets | 3,696 | 1,369 | |||||
| Total assets | $ | 719,176 | $ | 71,852 | |||
| LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) |
|||||||
| Current liabilities | |||||||
| Accounts payable | $ | 12,227 | $ | 3,434 | |||
| Current portion of long-term debt | — | 8,215 | |||||
| Deferred revenue | 11,074 | 4,606 | |||||
| Accrued expenses and other current liabilities | 10,026 | 6,995 | |||||
| Total current liabilities | 33,327 | 23,250 | |||||
| Warrants liability | 38,974 | — | |||||
| Contingent earn-out liability | 377,576 | — | |||||
| Long-term debt | — | 4,502 | |||||
| Deferred revenue, non-current | 874 | 297 | |||||
| Other long-term liabilities | 262 | 335 | |||||
| Total liabilities | 451,013 | 28,384 | |||||
| Commitments and contingencies | |||||||
| Redeemable convertible preferred stock | — | 164,168 | |||||
| Stockholders’ equity (deficit): | |||||||
| Common stock | 25 | 4 | |||||
| Additional paid-in capital | 737,735 | 9,159 | |||||
| Accumulated other comprehensive income (loss) | (1,539 | ) | 135 | ||||
| Accumulated deficit | (468,058 | ) | (129,998 | ) | |||
| Total stockholders’ equity (deficit) | 268,163 | (120,700 | ) | ||||
| Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | $ | 719,176 | $ | 71,852 | |||
| MATTERPORT, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands, unaudited) |
|||||||
| Year Ended December 31, | |||||||
| 2021 | 2020 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
| Net Loss | $ | (338,060 | ) | $ | (14,021 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation and amortization | 5,824 | 4,778 | |||||
| Amortization of debt discount | 135 | 223 | |||||
| Amortization of investment premiums, net of accretion of discounts | 1,370 | — | |||||
| Stock-based compensation, net of amounts capitalized | 100,605 | 2,505 | |||||
| Change in fair value of warrants liabilities | 48,370 | — | |||||
| Change in fair value of contingent earn-out liability | 140,454 | — | |||||
| Transaction costs | 565 | — | |||||
| Deferred income taxes | (385 | ) | — | ||||
| Loss on extinguishment of debt and convertible notes | 210 | 955 | |||||
| Allowance for doubtful accounts | 222 | 846 | |||||
| Other | (102 | ) | (4 | ) | |||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (7,170 | ) | (3,264 | ) | |||
| Inventories | (1,946 | ) | (1,731 | ) | |||
| Prepaid expenses and other assets | (7,751 | ) | (1,109 | ) | |||
| Accounts payable | 8,812 | 616 | |||||
| Deferred revenue | 7,602 | 2,524 | |||||
| Accrued expenses and other liabilities | 2,437 | 4,085 | |||||
| Net cash used in operating activities | (38,808 | ) | (3,597 | ) | |||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
| Purchases of property and equipment | (810 | ) | (30 | ) | |||
| Capitalized software and development costs | (7,200 | ) | (4,854 | ) | |||
| Purchase of investments | (532,561 | ) | — | ||||
| Investment in privately held companies | (250 | ) | — | ||||
| Investment in convertible notes | (1,000 | ) | — | ||||
| Net cash used in investing activities | (541,821 | ) | (4,884 | ) | |||
| CASH FLOW FROM FINANCING ACTIVITIES: | |||||||
| Proceeds from reverse recapitalization and PIPE financing, net | 612,854 | — | |||||
| Payment of transaction costs related to reverse recapitalization | (10,013 | ) | — | ||||
| Proceeds from issuance of redeemable convertible preferred stock, net | — | 43,689 | |||||
| Proceeds from exercise of stock options | 2,068 | 1,538 | |||||
| Proceeds from exercise of warrants | 76,607 | — | |||||
| Proceeds from debt, net | — | 6,221 | |||||
| Proceeds from convertible notes, net of issuance costs | — | 8,457 | |||||
| Repayment of debt | (13,067 | ) | (8,049 | ) | |||
| Settlement of vested stock options | — | (956 | ) | ||||
| Repurchase of common stock | — | (438 | ) | ||||
| Net cash provided by financing activities | 668,449 | 50,462 | |||||
| Net change in cash, cash equivalents, and restricted cash | 87,820 | 41,981 | |||||
| Effect of exchange rate changes on cash | (83 | ) | 117 | ||||
| Cash, cash equivalents, and restricted cash at beginning of year | 52,250 | 10,152 | |||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 139,987 | $ | 52,250 | |||
| MATTERPORT, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In thousands, except per share amounts) (unaudited) |
||||||||||||||||
| Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| GAAP net loss | $ | (160,990 | ) | $ | (3,129 | ) | $ | (338,060 | ) | $ | (14,021 | ) | ||||
| Stock-based compensation expense (1) | 68,847 | 711 | 100,844 | 2,505 | ||||||||||||
| Acquisition-related costs (2) | 887 | — | 887 | — | ||||||||||||
| Change in fair value of warrants liabilities (3) | 24,194 | — | 48,370 | — | ||||||||||||
| Transaction costs (4) | — | — | 565 | — | ||||||||||||
| Change in fair value of contingent earn-out liability (5) | 41,976 | — | 140,454 | — | ||||||||||||
| Non-GAAP loss | $ | (25,086 | ) | $ | (2,418 | ) | $ | (46,940 | ) | $ | (11,516 | ) | ||||
| GAAP net loss per share attributable to common stockholders, basic and diluted |
$ | (0.66 | ) | $ | (0.09 | ) | $ | (2.58 | ) | $ | (0.43 | ) | ||||
| Non-GAAP net loss per share attributable to common stockholders, basic and diluted |
$ | (0.10 | ) | $ | (0.01 | ) | $ | (0.23 | ) | $ | (0.07 | ) | ||||
| GAAP weighted-average shares used to compute net loss per share, basic and diluted |
244,678 | 34,352 | 131,278 | 32,841 | ||||||||||||
| Adjustment for common stock issued in connection with the merger (6) | — | 127,499 | 70,561 | 127,499 | ||||||||||||
| Non-GAAP weighted-average shares used to compute net loss per share, basic and diluted |
244,678 | 161,851 | 201,839 | 160,340 | ||||||||||||
(1) Consists primarily of non-cash share-based compensation related to the company’s stock incentive plans and earn-out arrangement.
(2) Consists of the transaction costs of the acquisition announced in the fourth quarter of 2021.
(3) Consists of the loss related non-cash fair value measurement change for public and private warrants.
(4) Consists of the transaction costs associated with warrant instrument issuance.
(5) Represents the non-cash fair-value measurement change related to our earn-out liability.
(6) Consists of non-GAAP adjustment of unweighted average common stock issued and converted from Matterport, Inc.’s (now known as Matterport Operating, LLC) previously issued and outstanding shares of convertible preferred stock and common stock warrants prior to the completion of the merger.
Artificial Intelligence
ADQ Appoints Modon as Master Developer for Ras El Hekma Megaproject in Egypt
In the presence of Mohamed bin Zayed Al Nahyan and Abdel Fattah El-Sisi
The event marked the signing of several significant agreements aimed at driving the development of the new destinationABU DHABI, UAE, Oct. 4, 2024 /PRNewswire/ — In the presence of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and His Excellency Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, ADQ, an Abu Dhabi-based investment and holding company, appointed Modon Holding PSC as the master developer for the Ras El Hekma megaproject.
In addition to being master developer for the entire development spanning 170 million square metres, Modon Holding will undertake the responsibility of the developer role for the first phase of the envisaged city consisting of 50 million square metres.
The remaining 120 million square metres, which are part of the master plan presented by Modon Holding, will be developed in partnership with prominent developers from Egypt, the UAE, and the international community under the oversight of the recently established ADQ subsidiary Ras El Hekma Urban Development Project Company and Modon Holding.
This iconic project represents a major milestone for Modon Holding by significantly increasing its land under development outside the UAE. Ras El Hekma is located around 350 kilometres northwest of Cairo and envisioned as a fully functional, smart, sustainable, and inclusive urban community situated against the scenic coastline.
The project is expected to become a powerful economic engine, with cumulative investments anticipated to reach US$110 billion by 2045, an annual GDP contribution of around US$25 billion, and approximately 750,000 jobs to be created, both directly and indirectly.
Upon completion, the development will be home to two million people and feature more than 40 kilometres of green spines, set to make Ras El Hekma the greenest megaproject in the region.
As a result of Ras El Hekma’s location within a four-hour flight for over 400 million outbound tourists, the establishment of tourism infrastructure will be a priority during the first phases of the development, encompassing an international airport as well as high-speed rail connectivity. The masterplan also includes residential areas, office spaces, hospitality venues, retail, leisure, and recreation facilities.
Ras El Hekma will have an international marina and a special free zone. Additionally, Modon Holding will look to develop infrastructure to support a range of high-growth industries, including business services, financial services, light manufacturing, and technology.
His Excellency Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, said, “Ras El Hekma is destined to become a regional crown jewel in a country already famed for its rich and diverse attractions. Modon Holding is proud to bring this 170-million-square-metre visionary megaproject to life, leveraging our expertise and innovative approach. With our partners, we are poised to transform Ras El Hekma into a dynamic economic powerhouse and a global model for urban development.”
His Excellency Mohamed Hassan Alsuwaidi, Managing Director and Group Chief Executive Officer of ADQ, said, “As a project of unprecedented scale and impact, Ras El Hekma will be a catalyst for the development of Egypt’s economy by offering opportunities for businesses and stimulate tourism. Modon Holding brings a wealth of expertise in master planning and will pioneer state-of-the-art, innovative solutions, creating a destination that will deliver long-term value for Egypt and its people.”
Bill O’Regan, Group CEO of Modon Holding, said, “The Ras El Hekma destination is one of the Group’s most significant investment and development projects outside the UAE. The project provides an incredible development pipeline, and Modon Holding looks forward to delivering a destination that will be an exceptional experience for visitors and residents alike.”
During the ceremony, Modon Holding PSC engaged with the initial major partners to join in the development of the Ras El Hekma megaproject on Egypt’s stunning Mediterranean coast.
Ras El Hekma is set to become a leading urban and tourist hub, boasting a wide array of attractions and amenities. Modon Holding aims to harness its large-scale development expertise, collaborating with local, regional, and global partners to bring this visionary destination masterplan to life.
These collaborative efforts, combined with a focus on diverse entertainment, sports, cultural events, and top-tier community management, will position Ras El Hekma as a premier Mediterranean destination.
While the immediate focus is on tourism and hospitality, Modon’s long-term vision for the 170-square-metre site also includes business services, financial services, light manufacturing, and technology.
Modon Engages First Batch of Investors and Partners in Landmark Ceremony
On 4th October, in a momentous ceremony attended by President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Egyptian President His Excellency Abdel Fattah El-Sisi, Modon proudly initiated the engagement of its first group of investors and partners.
The event marked the signing of several significant agreements aimed at driving the development of the new destination:
– A framework agreement with Orascom Construction, designating them as one of the primary contractors for the initial phase of the project.
– A memorandum of understanding with Elsewedy Electric to explore opportunities for supplying building materials and collaborating on industrial parks, manufacturing, operations, and maintenance.
– A memorandum of understanding with Abu Dhabi Airports to collaborate in airport strategic planning, design, development, and operational support.
– A memorandum of understanding with TAQA to explore cooperation opportunities in relation to the development, financing, and operation of greenfield utilities infrastructure projects, water desalination projects, electricity transmission and distribution projects and wastewater projects.
– A memorandum of understanding with Valderrama for the development and operation of golf communities.
– A memorandum of understanding with e& Egypt to facilitate the design and implementation of smart city infrastructure, including digital connectivity, fiber networks, and 5G; smart building technologies and IoT-enabled solutions for residential and commercial properties; city-wide data collection, monitoring, and analytics systems; smart utilities, encompassing automated energy management, water, and waste systems; smart transportation systems; and any other mutually agreed smart city services.
– A memorandum of understanding with Candy International aims to explore luxury real estate development opportunities, leveraging Candy’s extensive international reach.
– A memorandum of understanding with Montage International for the development and management of luxury hotels in Ras El Hekma.
– A memorandum of understanding with Accor and Ennismore to operate hotels and resorts in Ras El Hekma.
– Finally, a memorandum of understanding with Burjeel Holding to develop multi-specialty healthcare facilities, implement innovative healthcare solutions, provide medical training programmes, and collaborate on public health initiatives and community wellness programmes.
These strategic partnerships underscore Modon’s commitment to creating a world-class destination, fostering innovation, and enhancing the quality of life for Ras El Hekma’s future residents.
His Excellency Jassem Mohamed Bu Ataba Al Zaabi, said, “Ras El Hekma represents a visionary and multifaceted endeavour that promises to make a substantial contribution to the Egyptian economy. Crafting a masterplan of such scale demands specialised expertise and capabilities across diverse industries, which can only be realised through robust strategic partnerships. We look forward to working with our partners present and future in harnessing the full potential of this extraordinary location.”
Bill O’Regan, said, “Ras El Hekma is an extraordinarily ambitious and complex project that will significantly contribute to the Egyptian economy through various stages of planning, design, and construction, ultimately bringing this new destination to life. Developing and delivering a masterplan of this magnitude requires sector-specific expertise and capabilities across a wide range of industries and is achievable only through strong strategic partnerships.”
About ADQEstablished in 2018, ADQ is an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises. Its investments span key sectors of the UAE’s diversified economy including energy and utilities, food and agriculture, healthcare and life sciences, and transport and logistics, amongst others. As a strategic partner to the Government of Abu Dhabi, ADQ is committed to accelerating the transformation of the Emirate into a globally competitive and knowledge-based economy.
For more information, visit adq.ae or write to [email protected]. You can also follow ADQ on Instagram, LinkedIn and X.
About Modon HoldingModon develops vibrant communities, unique hospitality and lifestyle experiences, and world-class sports facilities. Based in Abu Dhabi, Modon Holding is a Private Joint Stock company listed on the ADX Growth Market with the shareholding of ADQ and the IHC Group being our majority shareholders. Through a diversified business portfolio in the UAE, we are engaged in strategic investment and innovation on an unrivalled scale, shaping future smart living. Our goal is to deliver long-term, sustainable value, laying the foundations for intelligent, connected living.
Ras El-Hekma Urban Development Project CompanyA wholly owned subsidiary of ADQ, an Abu Dhabi-based investment and holding company, Ras El Hikma Urban Development Project Company S.A.E. (RED) is mandated to oversee the execution of the Ras El Hekma project, a 170 million square meter visionary megacity located on Egypt’s north coast. Established in March 2024 and based in Egypt, RED holds the ownership rights of the Ras El-Hekma as well as responsibility for the implementation of the multi-phase project together with its partners, which include Modon Holding as the master developer.
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Artificial Intelligence
Electronic Access Control Systems Market Set for Significant Expansion, with Projected Growth to USD 16 Billion by 2031: Market Research Intellect
The Electronic Access Control System market is driven by increasing security concerns and advancements in technology. As businesses and institutions face growing threats, there is a rising demand for sophisticated access control solutions to protect assets and data. Technological innovations, including biometrics, IoT integration, and cloud-based systems, enhance system functionality and appeal. Additionally, the trend toward smart buildings and stringent regulatory requirements further fuels the market’s expansion, reflecting a broadening need for advanced security solutions.
LEWES, Del., Oct. 4, 2024 /PRNewswire/ — The Electronic Access Control System market is projected to grow from approximately USD 10 billion in 2024 to USD 16 billion by 2031, achieving a compound annual growth rate (CAGR) of around 7.5%. This growth is driven by rising security needs, advancements in technology, and increased adoption of smart and connected security solutions across various sectors.
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202 – Pages126 – Tables37 – Figures
Scope Of The Report
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2020-2031
BASE YEAR
2023
FORECAST PERIOD
2024-2031
HISTORICAL PERIOD
2020-2023
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
Honeywell International Inc., Johnson Controls International plc, ASSA ABLOY Group, Allegion plc, Schlage (a brand of Allegion), Bosch Security Systems, Tyco International Ltd., and HID Global (an ASSA ABLOY Group brand).
SEGMENTS COVERED
By Type, By Application And By Geography
CUSTOMIZATION SCOPE
Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope
Electronic Access Control System Market Overview
Market Size and Growth:The Electronic Access Control System market is experiencing robust growth, expected to expand from approximately USD 10 billion in 2024 to USD 16 billion by 2031, representing a compound annual growth rate (CAGR) of about 7.5%. This growth trajectory is driven by the increasing need for enhanced security solutions across various sectors, including commercial, residential, and industrial applications. The rising concerns over security breaches and unauthorized access are prompting organizations to invest in advanced access control technologies. Additionally, the growing adoption of smart buildings and connected infrastructure contributes to the market’s expansion, as these technologies offer more efficient and scalable security solutions. As the demand for higher security standards continues to rise, the EACS market is poised for substantial growth in the coming years.Technological Advancements:The EACS market is significantly influenced by rapid technological advancements. Innovations such as biometric authentication, including fingerprint and facial recognition, are enhancing the capabilities of access control systems, providing more secure and user-friendly solutions. The integration of Internet of Things (IoT) technology allows for remote monitoring and management of access control systems, increasing their flexibility and effectiveness. Cloud-based solutions are also gaining traction, offering scalable and cost-effective options for businesses of all sizes. These technological advancements not only improve security but also streamline system management and integration with other smart technologies. As the technology continues to evolve, the EACS market is expected to benefit from more sophisticated, efficient, and adaptable access control solutions that meet the growing demands for security and convenience.Market Drivers:The primary drivers of the EACS market include heightened security concerns and the need for compliance with regulatory standards. Organizations across various sectors are increasingly investing in advanced access control solutions to safeguard their assets, sensitive information, and personnel. The growing frequency of security breaches and unauthorized access incidents further amplifies the need for reliable and robust security systems. Additionally, the trend toward smart buildings and the integration of IoT technology are driving market growth by offering more sophisticated and interconnected security solutions. Regulatory requirements related to data protection and physical security are also influencing the adoption of EACS, as businesses seek to meet these standards while ensuring the safety and security of their operations.Regional Insights:The EACS market shows varying growth patterns across different regions. North America and Europe lead the market due to their high adoption rates of advanced security technologies and stringent regulatory requirements. In these regions, the emphasis on high-security standards and the presence of major market players contribute to significant market growth. Conversely, the Asia-Pacific region is emerging as a key growth area due to rapid urbanization, industrialization, and increasing investments in infrastructure development. Countries such as China and India are witnessing a surge in demand for electronic access control systems as they modernize their infrastructure and enhance security measures. The diverse regional dynamics reflect varying levels of market maturity and growth opportunities, influencing the overall global market landscape.Download Sample Report Now: https://www.marketresearchintellect.com/download-sample/?rid=194769Market Segmentation:The EACS market can be segmented based on type, application, and technology. Key types include biometric systems, card-based systems, and electronic locks. Biometric systems are gaining popularity for their high security and convenience, while card-based systems remain widely used due to their affordability and ease of integration. Electronic locks offer versatile security options for both residential and commercial applications. In terms of application, the market serves commercial buildings, residential complexes, government facilities, and industrial sites. Each segment has unique requirements and preferences, driving the development of specialized solutions. Technology-wise, advancements such as IoT integration, cloud-based systems, and mobile access are shaping the market, offering improved functionality and user experience. Understanding these segments helps stakeholders tailor their offerings to meet diverse market needs effectively.Challenges:Despite its growth, the EACS market faces several challenges. High initial investment costs can deter small and medium-sized enterprises (SMEs) from adopting advanced access control solutions. Integration complexities, particularly with existing security infrastructure, can also pose hurdles for implementation. Additionally, concerns about data privacy and cybersecurity risks associated with connected systems may affect market adoption. The rapid pace of technological advancements requires continuous updates and upgrades, adding to the cost and complexity of maintaining access control systems. Addressing these challenges involves developing cost-effective solutions, enhancing system compatibility, and ensuring robust cybersecurity measures. Overcoming these obstacles is crucial for market players to successfully expand their customer base and capture emerging opportunities in the evolving security landscape.Competitive Landscape:The EACS market is characterized by intense competition, with numerous players vying for market share. Major companies include Honeywell, Johnson Controls, ASSA ABLOY, and Allegion, each offering a range of innovative products and solutions. These players focus on technological advancements, strategic partnerships, and mergers and acquisitions to strengthen their market positions. Additionally, emerging players and startups are introducing novel solutions, contributing to market dynamism and innovation. Competitive strategies involve differentiating products through advanced features, improving customer service, and expanding distribution channels. As the market evolves, companies must stay ahead of technological trends and customer demands to maintain a competitive edge and drive growth in a rapidly changing environment.Future Outlook:The future outlook for the EACS market is promising, with continued growth expected as security concerns and technological advancements drive demand. Emerging trends such as the integration of artificial intelligence (AI) and machine learning are likely to enhance system capabilities, providing more proactive and intelligent security solutions. The growing emphasis on smart cities and connected infrastructure will further propel market growth, as EACS plays a crucial role in modernizing urban environments. Additionally, increasing awareness of data privacy and security will lead to greater adoption of advanced access control systems. As the market evolves, stakeholders should focus on innovation, user experience, and addressing emerging security challenges to capitalize on future opportunities and sustain long-term growth.Geographic Dominance:
The Electronic Access Control System market exhibits significant geographic dominance, with North America and Europe leading due to their advanced infrastructure and stringent regulatory standards. North America, particularly the United States, holds a substantial share of the market, driven by high security concerns, technological advancements, and a robust presence of major EACS providers. Europe follows closely, with countries like the UK, Germany, and France investing heavily in security solutions due to strict regulations and high adoption rates. Meanwhile, the Asia-Pacific region is emerging as a major growth area, fueled by rapid urbanization, industrial expansion, and increasing investments in smart infrastructure. Countries such as China and India are witnessing rising demand for advanced access control systems as they modernize and enhance their security measures. The diverse regional dynamics highlight varying levels of market maturity and growth potential across the globe.
Electronic Access Control System Market Key Players Shaping the Future
The Electronic Access Control System market is significantly influenced by key players such as Honeywell International Inc., Johnson Controls International plc, ASSA ABLOY Group, Allegion plc, Schlage (a brand of Allegion), Bosch Security Systems, Tyco International Ltd., and HID Global (an ASSA ABLOY Group brand). These companies are at the forefront of technological innovation and market development, shaping the future of access control solutions through their advanced products and strategic initiatives.
Electronic Access Control System Market Segment Analysis
The Electronic Access Control System market is segmented based on By Type, By Application and Geography, offering a comprehensive analysis of the industry.
By Type:
Biometric Systems: These systems use unique biological characteristics, such as fingerprints, facial recognition, and iris scans, to provide secure access. They offer high security and are increasingly adopted in sensitive areas.Card-Based Systems: These systems use magnetic stripe cards, smart cards, or proximity cards to control access. They are popular due to their affordability, ease of use, and integration capabilities.Electronic Locks: These include keypads, smart locks, and other electronic mechanisms that can be controlled remotely or via electronic credentials. They are versatile and used in various residential and commercial settings.By Application:
Commercial Buildings: EACS in commercial buildings includes office complexes, retail spaces, and hospitality venues. These systems focus on managing employee access, visitor control, and security integration.Residential Complexes: Access control systems for residential complexes include apartment buildings and gated communities, emphasizing security and convenience for residents.Government Facilities: High-security access control solutions are used in government buildings, military bases, and other critical infrastructure to ensure tight security and regulatory compliance.Industrial Sites: EACS for industrial sites manage access to sensitive areas, protect valuable assets, and ensure safety compliance in manufacturing and industrial environments.By Geography:
North America: This region leads the market due to high adoption rates of advanced security technologies, stringent regulations, and a strong presence of major market players.Europe: Europe follows closely, with significant market activity in countries such as the UK, Germany, and France, driven by regulatory standards and high security needs.Asia-Pacific: The Asia-Pacific region is emerging as a key growth area, with increasing urbanization, industrial expansion, and investments in smart infrastructure driving demand for EACS.Latin America: Growth in Latin America is fueled by increasing security concerns and infrastructural development, with a growing adoption of electronic access solutions.Middle East and Africa: The market in this region is expanding due to rising security needs and infrastructure projects, with increasing investments in advanced access control technologies. Automotive And Transportation:
The Electronic Access Control System market within the automotive and transportation sector is experiencing notable growth, driven by advancements in vehicle security and the need for enhanced access management. In vehicles, EACS technology includes electronic locks, biometric systems, and keyless entry solutions that improve convenience and security for drivers and passengers. These systems are increasingly integrated into both commercial and personal vehicles, offering features such as remote access control, advanced theft prevention, and personalized settings. In the transportation sector, EACS is utilized for secure access to restricted areas within transportation hubs, including airports, train stations, and cargo facilities. This enhances the management of personnel and vehicle access, contributing to overall safety and operational efficiency. As the demand for smarter and more secure transportation solutions grows, the EACS market is expected to expand, driven by ongoing innovations and the increasing adoption of connected technologies.
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Artificial Intelligence
System-on-Chip (SoC) Market worth $205.97 billion by 2029 – Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., Oct. 4, 2024 /PRNewswire/ — The System-on-Chip (SoC) market is projected to grow from USD 138.46 billion in 2024 and is estimated to reach USD 205.97 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth of the System-on-Chip (SoC) market is driven with the increasing trend of SoC in automotive industry along with the adoption of IoT and connected devices that require SoCs to carry out real time processing. Moreover, the surging adoption of AI and machine learning technologies is likely to fuel the demand for system-on-chips.
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Browse in-depth TOC on “System-on-Chip (SoC) Market”
250 – Tables73 – Figures326 – Pages
System-on-Chip (SoC) Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 138.46 billion
Estimated Value by 2029
$ 205.97 billion
Growth Rate
Poised to grow at a CAGR of 8.3%
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 Core Count, Core Architecture, Device and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Rapid technological changes challenge SoC longevity
Key Market Opportunities
Growing penetration of AI PCs and GenAI smartphones
Key Market Drivers
Rising adoption of ADAS in autonomous vehicles to fuel the growth of automotive SoCs
By core architecture, RISC-V is projected to grow at a high CAGR for system-on-chip market during the forecast period
The market for System-on-Chips (SoC) for RISC-V architecture segment is expected to grow at highest CAGR during the forecast period. The RISC-V architecture is bound to grow at a higher rate in view of the flexibility, cost, and scalability advantages it has over others, driving wide adoption across diversified applications. The open-source nature of the architecture is one of the major growth drivers because it reduces licensing costs and accelerates innovation since customizations are allowed for use cases as per various needs. This flexibility is valuable in the emerging and high-growth sectors of AI, 5G, and IoT, where a solution that is tailor-made to complex requirements needs to be provided. For instance, in May 2024, Arteris, Inc. (US) and Andes Technology Corporation (Taiwan) partnered to develop the Andes Qilai RISC-V platform. It incorporates the high-performance RISC-V processor IPs from Andes Technology Corporation (Taiwan) and the FlexNoC interconnect IP from Arteris, Inc. (US). Their joint effort shows their efforts towards advancing RISC-V based SoC designs for a wide range of applications, which include AI, 5G, Networking, Mobile, Storage, AIoT, and Space. With open-source RISC-V model, such developments further continue to accelerate innovation and drive adoption in these high-growth areas, positioning RISC-V as the choice for future technology roadmaps.
The automotive segment in System-on-Chip (SoC) market will account for the high CAGR from 2024 to 2029
The SoC market for automotive segment will grow at highest CAGR during the forecast period. The SoCs integrated in automotive applications enable enhanced performance, reduced power consumption, and compact designs, which makes them essential for numerous vehicle systems. The automotive segment will experience growth due to the increasing adoption of advanced driver assistance systems (ADAS), infotainment systems, and the rising popularity of electric vehicles. EVs rely heavily on sophisticated electronics for battery management, powertrain control, and energy efficiency optimization, all of which require advanced SoCs. For instance, in June 2024, Intel Corporation (US) launched OLEA U310 SoC chip for automotive applications. It is developed to improve the performance of electric vehicles. This chip combines hardware and software in one SoC to enable seamless operation across various EV station platforms. They are designed to manage the complex systems within EVs. It ensures optimal performance, safety, and extended range. The increasing complexity of autonomous driving systems, along with the demand for safer and more reliable vehicles fuels the adoption of SoCs in the automotive industry, driving significant growth in this segment.
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Asia Pacific is expected to register the highest CAGR during the forecast period
The system-on-chip (SoC) industry in Asia Pacific includes economies such as South Korea, Japan, China, and India and Rest of Asia Pacific. The Rest of Asia Pacific countries include Australia, Singapore, the Philippines, Taiwan, Thailand, and Indonesia. There is a presence of leading SoC manufacturers in this region including MediaTek Inc. (Taiwan), Samsung (South Korea), Infineon Technologies AG (Germany), and Renesas Electronics Corporation (Japan). The Asia-Pacific region is still the biggest revenue generator in terms of SoC market globally due to the fast-growing consumer electronics and mobile device-related sectors. Other regions considered as major manufacturing centers in the world are China, South Korea, Japan, and India for making the latest smartphones, tablets, and other consumer electronic products that require state-of-the-art SoCs for delivering high performance, energy efficiency, and integrated functionalities. A highly and technologically advanced population in the region has always formed the basis for a sustained demand in terms of innovative and feature-rich devices, thereby showing sustainable growth in the SoC market. Automotive and industrial automation are another major sector driving the SoC market in Asia Pacific. This region contains some of the largest automobile manufacturers in the world, such as Hyundai Motor Company (South Korea), Toyota (Japan), and Tata Motors Limited (India). These car manufacturers are now putting SoCs into their automobiles so that they are equipped with ADAS capabilities, infotainment features, and autonomous driving technologies.
Key Players
Key companies operating in the System-on-Chip (SoC) companies are Qualcomm Technologies, Inc. (US), MediaTek Inc. (Taiwan), Samsung (South Korea), Apple Inc. (US), Broadcom (US), Intel Corporation (US), Advanced Micro Devices, Inc. (US), NVIDIA Corporation (US), HiSilicon (China), Microchip Technology Inc. (US), among others.
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