Artificial Intelligence
Global Tax Management Market Size, Share & Industry Trends Analysis Report By Component, By Tax Type, By Deployment Type, By Organization Size, By End User, By Regional Outlook and Forecast, 2021 – 2027
New York, March 31, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Tax Management Market Size, Share & Industry Trends Analysis Report By Component, By Tax Type, By Deployment Type, By Organization Size, By End User, By Regional Outlook and Forecast, 2021 – 2027” – https://www.reportlinker.com/p06249539/?utm_source=GNW
The taxation system is critical for a country’s economy since money is required to run the government and handle the activities of the state. The administration of money for the purpose of paying taxes is referred to as tax management. Tax management entails timely filing of returns, having accounts audited, and deducting tax at source, among other things. Tax management aids in the avoidance of interest, penalties, and prosecution.
Tax management software is a program or piece of software that assists taxpayers in managing taxes such as VAT, Employee Tax (PPh21), and Final Income Tax in order to comply with the existing tax legislation. The increasing number of financial transaction data gathered by enterprises is directly proportional to the demand for tax management software.
In addition, this has accelerated the development of a technologically advanced platform for creating and managing audit reports, tax returns, and payments. Companies and Fintech firms are highlighting the importance of automating tax compliance, resulting in a surge in demand for software. Moreover, the present taxation system’s complexity, as well as the growth of digital payments on a bigger scale, has created new avenues for major industry players to increase their offerings.
The demand for tax management solutions would be driven by the rise in demand for solutions that make it simple to monitor and manage taxes. Record keeping is a critical strategy for most organizations when it comes to storing necessary tax documents, and this process would become easier by adopting an effective tax system.
COVID-19 Impact
In 2020, the COVID-19 pandemic has had a negative influence on the tax management business, resulting in a sharp drop in year-over-year growth. Companies in the market, on the other hand, have used a variety of tactics to improve their operations. Collaborations and product development are helping them improve their current offerings. Companies like Avalara are offering advice and insights on how to deal with the issues posed by COVID-19, as well as expert ideas on how to boost company recovery in the post-pandemic era. Moreover, governments around the world had decided to extend the deadlines for tax filings in response to the uncertainty created by the COVID-19 pandemic. In addition, as the focus of governments was more on healthcare services, the demand for tax management systems remained low during the pandemic period.
Market Growth Factors:
High requirement for the automated system to effectively manage a massive transactional data
The continuing globalization and expansion of e-companies have created a perpetual demand for a platform that allows businesses to conduct business across nations, trading zones, and different interaction methods. Corporate tax and IT departments are striving to find additional partners and address unique client needs as a result of increased digitization. Tax Management solution enables businesses to better monitor and manage ever-changing transaction tax laws and regulations. Moreover, the Tax Management system can handle and manage compliance reports while also meeting tax filing deadlines with minimal manual labor.
The importance of a centralized taxation system for economic development is growing
A well-functioning taxation system can contribute to strong, long-term, and efficient economic growth. Taxation provides governments with the revenue they need to invest in infrastructure, reduce poverty, and offer high-quality, timely public services. It also ensures economic resiliency and long-term viability in order to promote growth. The tax system architecture is also linked to internal and global investment decisions in terms of transparency and equity.
With the help of a centralized taxation system, the state can identify if taxes are paid on time and correctly, and it can perform audits in a fair and efficient manner because the rules are already known and significantly simpler.
Market Restraining Factors:
Constant amendments in tax laws and the prevalence of poorly trained staff
The addition, alteration, or omission of a part of the law is referred to as an amendment in the law. The revision of tax rules is predicted to be a difficulty for solution providers, as they will need to hire tax specialists and deliver system updates to their existing users/subscribers, resulting in an increase in the solution’s cost and a decrease in the company’s revenue. In such cases, solution providers have to make some changes to their existing solutions. As a result, with each adjustment made by governments around the world, solution suppliers confront a number of obstacles.
In developing countries, a well-functioning tax administration is critical for mobilizing domestic resources, and the design of the tax system should be affected by tax administrations’ ability to administer it.
Component Outlook
Based on Component, the market is segmented into Software and Services. The Services segment obtained a significant revenue share of the tax management market in 2020. This is because the demand for tax management services would increase due to the rising adoption of tax management software. Once the software is installed in a system, it requires timely updates and other maintenance aspects wherein services play a critical role. The professional services area includes a variety of services such as tax software assistance, maintenance, and license renewal.
Tax Type Outlook
Based on Tax Type, the market is segmented into Indirect Tax and Direct Tax. The indirect tax segment garnered the maximum revenue share of the overall tax management market in 2020. This is because indirect taxes are paid more often as compared to the direct taxes, specialized solution is required for faster and more precise calculations. Indirect tax administration solution provides a standardized, unified platform for managing taxes and determining compliance duties. Vendors have begun to offer calculation-to-compliance indirect tax systems that include global indirect tax rates, reasoning, policy, and standards. Vendors are offering web-based compliance solutions for Value Added Tax (VAT), Goods and Services Tax (GST), and sales and use tax in several countries.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into Cloud and On-premise. The on-premise segment collected a significant revenue share of the overall tax management market in 2020. Companies obtain various benefits by adopting on-premise solutions including a high level of data protection and safety. Moreover, private financial information can be compromised during the tax filing if the information is stored on some external or third-party server or system. Hence, many businesses prefer on-premise systems for safe and effective tax management.
Organization Size Outlook
Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises (SMEs). In 2020, the large enterprises segment collected a significant revenue share of the overall tax management market. This is because of the rapid digital transformation among businesses and the widespread implementation of tax platforms. To manage taxes and regulate compliance requirements, an increasing number of major businesses are turning to tax management solutions. Hence, these aspects would accelerate the demand for effective tax management solutions among large enterprises.
End User Outlook
Based on End User, the market is segmented into BFSI, IT & Telecom, Retail, Healthcare, Energy & Utilities, Manufacturing, and Others. The retail segment acquired a significant revenue share of the overall tax management market in 2020. This is because tax management solutions assist retailers and brands to address challenges related to tax compliance. Sales tax rates are calculated by tax management systems depending on a range of factors, including federal, state, and local jurisdiction rules, product, geography, marketplace restrictions, and more. Moreover, these systems collect sales data from different channels and systems to alert the retailers when new sales tax demands are looming, so they may register their business ahead of time and stay compliant.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2020, North America emerged as the leading region in the overall tax management market by procuring the largest revenue share. In this region, the United States and Canada are likely to be the primary countries for this industry. By adopting tax management solution, companies witness many advantages, including a lower deductible amount, ease of tax calculation, time savings, automatic tax filing, and a reduction in the number of errors. In comparison to other countries throughout the world, developed economies in North America have seen a higher adoption rate of tax management systems.
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; SAP SE is the major forerunner in the Tax Management Market. Companies such as H&R Block, Inc., ADP, Inc. and Intuit, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Avalara, Inc., Blucora, Inc., H&R Block, Inc., Sovos Compliance, LLC, Vertex, Inc., ADP, Inc., SAP SE, Intuit, Inc., Thomson Reuters Corporation, and Wolters Kluwer N.V.
Recent Strategies deployed in Tax Management Market
Partnerships, Collaborations and Agreements:
Jan-2022: Wolters Kluwer formed a partnership with Consilium, a company that designs, develops, and delivers effective cloud-based and on-premise software. Following the partnership, the company would provide its award-winning TeamMate global expert solutions in the French-speaking regions of Africa. This partnership would assist French-speaking internal audit experts in Africa to stay updated with auditing requirements while also taking advantage of digital transformation and cutting-edge internal audit solutions.
Nov-2021: Thomson Reuters formed a partnership with Deloitte Tax, an industry-leading audit, consulting, tax, and advisory services provider. The partnership would assist corporate tax and legal departments worldwide in their work. Moreover, the cooperation would provide solutions for in-house tax and legal departments to manage the expanding problems posed by worldwide compliance and regulatory requirements, as well as the pressing need to become more efficient, nimble, and digital.
Nov-2021: Avalara partnered with Barcart, the technology company transforming the alcohol industry through its online checkout solutions. The partnership would enable Barcart to continue to provide premium tax-compliant alcohol-checkout services to the company’s above 200 clients in the alcohol industry across DTC and three-tier models.
Jun-2021: Vertex formed a partnership with Alfa, a company that has been delivering systems and consultancy services to the global asset and automotive finance industry since 1990. Vertex introduced new integration of its Vertex Lease Tax O Series with Alfa Start. Through this launch, the company aimed to allow Alfa customers to make tax a smooth component of every transaction as more firms grow their leasing operations.
Apr-2021: Intuit ProConnect, from Intuit, formed a partnership with Practice Ignition, a web-based electronic health record company based in San Francisco, CA. The partnership would drive up the productivity of tax professionals. Practice Ignition, an automated proposal and payment management software that automates administrative activities, would integrate with Intuit professional tax solutions, giving tax professionals a better end-to-end workflow.
Mar-2021: Thomson Reuters formed a partnership with Armanino, one of the 25 largest independent accounting and business consulting firms in the nation. The partnership would address the go-to-market problems for small to medium-sized businesses (SMBs) by integrating the superior content and technology of Thomson Reuters with Armanino’s team of experts versed in sales and utilizing tax complexities encountered by clients doing business in various jurisdictions.
Feb-2020: Intuit formed a partnership with Karbon, work management software for accounting firms. Following the partnership, the companies launched Intuit Practice Management powered by Karbon to continue to speed up the software capabilities for tax professionals. Moreover, firms can now enhance their team’s output with Intuit Practice Management, a centralized, collaborative work management platform intimately linked with their email and the Intuit tax software they know and love.
Acquisitions and Mergers:
Dec-2021: Sovos took over TLI Consulting, a company that offers VAT determination software and associated consulting. This acquisition would have an optimistic impact on customers in Germany and across Europe. Moreover, the expertise and experience of TLI Consulting would strengthen the global tax engine strategy of Sovos, which aims to allow any customer system to be benefitted from indirect tax determination, CTC, and SAF-T support through a single integration.
Nov-2021: ADP took over Integrated Design, a software company delivering industry-specific HCM solutions. The acquisition would integrate the global reach and comprehensive HCM and Workforce Management solutions of ADP with the expertise of IDI. Moreover, the integration would provide customers access to an improved payroll and HR experience that would enable them to have higher growth and expand their business.
Nov-2021: Intuit took over Mailchimp, a world-class, global customer engagement and marketing platform for growing small and mid-market businesses. Following the acquisition, the two companies would work together to create a unique, end-to-end customer growth platform for small and mid-market businesses, enabling them to get their business online, market it, manage customer relationships, gain insights and analytics, get paid, access capital, optimize cash flow, pay employees, be organized, and stay compliant, all with the help of experts at their fingertips.
Oct-2021: Alvara took over CrowdReason Limited Liability Company, a formulator of SaaS-based property tax compliance applications. Through this acquisition, the company aimed to add property tax content and software in its worldwide compliance portfolio that extends the company’s foothold in a large and exciting new tax type. Moreover, the acquisition would raise the opportunity to help businesses with more of their compliance needs.
Sep-2021: Vertex completed the acquisition of LCR-Dixon Corporation, a specialized expert in SAP technologies and prominent vendor of tax intelligence solutions. Through this acquisition, the two companies aimed to streamline tax complexity. Moreover, the entities would integrate their offerings into a single platform provided solely by Vertex and serve as the prominent end-to-end solution vendor in tax for SAP customers.
Jul-2021: Sovos completed the acquisition of PetaPilot, which provides e-accounting solutions to tax authorities and businesses, and Saphety, which offers compliant e-invoicing services to governments and companies. Through the acquisition of PetaPilot, PetaPilot would become empowered to substantially expand the capabilities of its latest Advanced Periodic Reporting cloud platform.
May-2021: Wolters Kluwer signed an agreement to acquire Vanguard Software, a global provider of cloud-based integrated business planning (IBP) solutions. The acquisition would allow CCH Tagetik to expand its award-winning financial performance management platform into sales and operations planning, as well as supply chain planning and predictive analytics.
May-2021: Sovos took over the digital enablement division of Chile-based Acepta, one of the region’s prominent providers of e-invoicing, e-receipts, e-documents, and digital certificate solutions. The acquisition would help Sovos to strengthen its leadership in digital tax compliance and better place the company to fulfill adjacent compliance needs as governments advance the digitization of their economies.
Apr-2021: Avalara took over INPOSIA Solutions, a global acting business integration provider. With this acquisition, the company aimed to better manage the global compliance requirements of today and tomorrow for all types of businesses.
Apr-2021: Avalara took over operational assets of DAVO Technologies, a company that assists emerging small businesses automate the daily and ongoing requirements for sales tax. Following the acquisition, Avalara would simplify the day-to-day activities of the DAVO team, partners, and its customers so that they can focus on high-priority tasks.
Mar-2021: Sovos took over Fit Sistemas, a leading provider of cloud-based regulatory reporting and electronic invoicing solutions based in Brazil. Following the acquisition, Sovos expands its Systema Pblico de Escrituraço Digital (SPED) reporting capabilities and enhances its 360-degree view of the Brazilian tax environment, which is one of the most complicated in the world, with a comprehensive software-as-a-service (SaaS) solution for new-age tax challenges.
Jan-2021: Vertex took over Tellutax, a Portland-based edge computing technology startup. Through this acquisition, the company bolstered its technological and hybrid cloud vision, allowing it to serve customers in a highly hyper-connected environment. Tellutax edge technology would help Vertex to maintain its leadership in the enterprise sector while also enabling it to expand its ecosystem into next-generation payment and IoT platforms.
Dec-2020: Intuit took over Credit Karma, the consumer technology platform with above 110 million members in the U.S., Canada, and the U.K. Following the acquisition, the companies would work together to assist consumers to locate the proper financial products, put more money in their wallets, and provide financial expertise and advice, so they can achieve financial success with confidence.
Dec-2020: Wolters Kluwer took over eOriginal, a leading provider of cloud-based digital lending software. The acquisition would help GRC Compliance Solutions’ prominent position in U.S. mortgage and loan document generation and analytics into the rapidly growing digital loan closing and storage adjacency. Moreover, the acquisition would help the company to cover all workflows including loan approval, document preparation, and closing, with compliance certainty.
Dec-2020: Sovos took over LTtax, a New York-based provider of payroll withholding and unemployment tax software serving some of the largest retailers, financial institutions, and insurers operating in the United States. Following the acquisition, Sovos’ thorough withholding reconciliation capabilities would be integrated with LTax’s automation to provide a comprehensive, compelling solution for customers. Moreover, Sovos now has a single source for withholding administration for corporate tax teams, which is especially important for the numerous big life insurance and annuity firms it serves.
Oct-2020: Avalara took over Transaction Tax Resources, a financial services firm specializing in tax rates, tax matrices, rate lookups, and content exports services. Following this acquisition, the two companies would bring prominent tax technology with reliable tax content, expanding existing offerings of Avalara, adding the latest capabilities, and reaching new segments.
Sep-2020: Wolters Kluwer signed an agreement to acquire XCM Solutions, a cloud-based workflow solutions provider for professional tax and accounting firms. The acquisition would provide integration opportunities with CCH Axcess, its cloud-based software suite for professional firms in North America.
Product Launches and Product Expansions:
Dec-2021: Intuit Accountants introduced new improvements in its products and services including ProConnect Tax Online, ProSeries, and Lacerte for the upcoming tax year. Moreover, Intuit is continually enhancing its products and finding new methods to assist tax and accounting professionals in focusing on their clients’ needs and the long-term viability of their businesses.
Nov-2021: Thomson Reuters unveiled the Indirect Tax (IDT) Determination Anywhere platform at its annual SYNERGY Conference for corporate tax and accounting professionals. Determination Anywhere’s innovative cloud-based technology ensures that tax rates and jurisdictional requirements are up to date and correct, allowing businesses to maintain reliable tax compliance, provide a seamless customer experience, and generate income.
Aug-2021: Vertex introduced Vertex Cloud VAT Compliance solution. The new next-generation solution can assist firms overcome worldwide compliance difficulties as VAT legislation complicates an already complex economic and regulatory landscape. Moreover, the comprehensive VAT compliance solution includes integrated customized rule-based data quality and validation capabilities, as well as workflow automation, which improves data and returns accuracy while reducing liability risk.
Jun-2021: Sovos introduced the Sovos Advanced Periodic Reporting platform. The launch aimed to reduce workload burdens for companies struggling with continuing and diverse changes in VAT jurisdictions globally. The product’s intelligent validation, high-performance data processing and one of the best content gives immense value and better user experience. Moreover, the launch helps in controlling the complex global compliance challenges and Solve Tax for Good.
Jun-2021: Vertex rolled out its latest Vertex Tax Links integration for Mirakl, the enterprise SaaS platform that powers over 300 online marketplaces. With this solution, the company aimed to help clients and the sellers on their marketplaces to smoothly comply with the new regulation so they can provide an enhanced customer experience for shoppers and buyers.
Feb-2021: ADP introduced Roll by ADP, an innovative new payroll app. With the help of this app, busy entrepreneurs can finish payroll in less than a minute on their cellphone using an artificial intelligence-backed conversational interface by simply talking a basic instruction like “Run my payroll.” The do-it-yourself app walks mobile users through the process, advising them on what to do and when to do it, and removing time-consuming tasks.
Feb-2021: Avalara introduced the availability of Avalara Vendor Exemption Management, a new product that assists businesses to eliminate the need to create, send, and track sales tax exemption documents during purchase. With an automated system to streamline how they issue, provide, and keep exemption certificates on tax-exempt transactions, Avalara Vendor Exemption Management helps businesses simplify compliance on purchases.
Scope of the Study
Market Segments covered in the Report:
By Component
• Software
• Services
By Tax Type
• Indirect Tax
• Direct Tax
By Deployment Mode
• Cloud
• On-premise
By Organization Size
• Large Enterprises
• Small & Medium-sized Enterprises (SMEs)
By End User
• BFSI
• IT & Telecom
• Retail
• Healthcare
• Energy & Utilities
• Manufacturing
• Others
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Avalara, Inc.
• Blucora, Inc.
• H&R Block, Inc.
• Sovos Compliance, LLC
• Vertex, Inc.
• ADP, Inc.
• SAP SE
• Intuit, Inc.
• Thomson Reuters Corporation
• Wolters Kluwer N.V.
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06249539/?utm_source=GNW
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Artificial Intelligence
More than $9 Million Awarded to High School Scientists and Engineers at the Regeneron International Science and Engineering Fair 2024
Grace Sun, 16, receives $75,000 Top Award for a new kind of organic electrochemical transistor at the world’s largest pre-college science, technology, engineering and math (STEM) competition.
TARRYTOWN, N.Y. and WASHINGTON, May 17, 2024 /PRNewswire/ — Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Society for Science (the Society) announced that Grace Sun, 16, of Lexington, Kentucky, won the $75,000 top award, the George D. Yancopoulos Innovator Award, named in honor of the pioneering drug researcher and Regeneron co-Founder, Board co-Chair, President and Chief Scientific Officer, in the 2024 Regeneron International Science and Engineering Fair (Regeneron ISEF), the world’s largest pre-college science and engineering competition. Other top prizes went to projects in second-order cone programming, microplastics filtration and multi-sensory therapy for dementia.
The top winners were honored during two award ceremonies: the Special Awards on May 16 and the Grand Awards Ceremony on the morning of May 17. In total, over $9 million USD was awarded to the finalists based on their projects’ creativity, innovation and depth of scientific inquiry. The competition featured nearly 2,000 young scientists representing 49 U.S. states and nearly 70 countries, regions and territories across the world.
Grace Sun, 16, of Lexington, Kentucky, won first place and received the $75,000 George D. Yancopoulos Innovator Award for her research on building a better organic electrochemical transistor that she hopes will be used to develop new electronic devices that could help detect and treat serious illnesses like diabetes, epilepsy and organ failure. To overcome the problems that have previously prevented such devices from working effectively inside the body, Grace developed a new way of chemically treating their organic components, which greatly improved their laboratory performance.
Michelle Wei, 17, of San Jose, California, received one of two Regeneron Young Scientist Awards of $50,000 for her research to improve the speed and efficiency of a type of software that is useful in many fields such as machine learning, transportation and financial systems. Michelle’s new approach involved determining a quick approximate solution to the second-order cone programming problem, then splitting the initial cone into smaller cones, which enabled her new algorithm to greatly outperform previous approaches.
Krish Pai, 17, of Del Mar, California, received the second Regeneron Young Scientist Award of $50,000 for his machine-learning research to identify microbial genetic sequences that can be modified to biodegrade plastic. His new software, called Microby, scans databases of microorganisms and determines which ones can be changed genetically to biodegrade plastics. In tests, he identified two microorganisms that can be genetically modified to degrade plastic at a cost he believes would be ten times less than traditional recycling.
“Congratulations to the Regeneron International Science and Engineering Fair 2024 winners,” said Maya Ajmera, President and CEO, Society for Science and Executive Publisher, Science News. “I’m truly inspired by the ingenuity and determination shown by these remarkable students. Coming from around the world with diverse backgrounds and academic disciplines, these students have shown that it is possible to come together in unity to tackle some of the toughest challenges facing our world today, and I could not be prouder.”
Regeneron ISEF provides a global stage for the world’s best and brightest young scientists and engineers. Through this competition, Regeneron and the Society are fostering the next generation of STEM leaders who are pioneering solutions to improve our world. Since 2020, Regeneron has provided STEM experiences to approximately 2.4 million students, on track to meet its goal of 2.5 million by 2025.
“The talent, intelligence and potential of this year’s Regeneron ISEF finalists is truly inspiring, and I congratulate each on their remarkable achievements,” said George D. Yancopoulos, M.D., Ph.D., co-Founder, Board co-Chair, President and Chief Scientific Officer of Regeneron. “Science competitions like ISEF were pivotal in shaping my own career and fueling my passion to fight back against disease. I look forward to seeing these students continue to push the boundaries of science and technology to create positive and sustainable change for all humanity.”
Other top honors from the competition include:
Justin Huang and Victoria Ou, both 17, of Woodlands, Texas, received the Gordon E. Moore Award for Positive Outcomes for Future Generations of $50,000 for their new prototype filtration system that uses ultrasonic waves to remove microscopic plastic particles from water. In lab tests, the acoustic force from the high-frequency sound waves removed between 84% and 94% of the suspended microplastic particles in a single pass. The students are now working to scale up and fine-tune their experimental system.
Ingrid Wai Hin Chan, 17, of Hong Kong, China received the Craig R. Barrett Award for Innovation of $10,000 for her research on using a multi-sensory therapy for dementia patients. Her mixed therapy app would allow patients to practice physical and cognitive skills through a personalized, immersive environment using virtual reality headsets. Ingrid conducted an eight-week study with six people living with dementia and found that the cognitive function of patients who used her prototype improved in several areas. She believes her app could serve as a viable option for dementia patients with limited access to in-person professional therapy.
Tanishka Balaji Aglave, 15, of Valrico, Florida, received the H. Robert Horvitz Prize for Fundamental Research of $10,000 for her investigation into a natural alternative treatment against citrus greening, a disease that threatens citrus farming in many parts of the world and is currently only treated with antibiotics. Tanishka injected the trunks of infected trees with an extract from the curry leaf tree, and found through tests that this potential method could effectively and sustainably manage citrus greening disease.
Maddux Alexander Springer, 18, of Honolulu, Hawaii, received the Peggy Scripps Award for Science Communication of $10,000 for his research into fibropapillomatosis (FP), a disease that is the primary cause of death in green sea turtles. Some turtles he studied in Kaneohe Bay, Hawaii, were stricken with a disease that causes internal and external tumors that inhibit their everyday lives. After analyzing the turtles’ diet of green algae, Maddux concluded that this disease, wastewater, invasive algae and the amino acid arginine all pose a grave risk to these endangered sea creatures.
Ria Kamat, 17, of Hackensack, New Jersey; Anna Oliva, 17, of Houston, TX; and Shuhan Luo, 18, of Worcester, MA, received the Dudley R. Herschbach SIYSS Award, which provides finalists an all-expense paid trip to attend the Stockholm International Youth Science Seminar during Nobel Week in Stockholm, Sweden.
Jack Shannon, 18, of Clane, Kildare, Ireland, and Nikhil Vemuri, 17, of Cary, North Carolina, received the EU Contest for Young Scientists Award. Their projects will represent Regeneron ISEF at the EU Contest for Young Scientists to be held this September in Katowice, Poland.
For more information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
The full list of Special Award ISEF 2024 Finalists can be found at https://www.societyforscience.org/press-release/regeneron-isef-2024-special-awards-winners.
In addition to the Top Award winners, more than 450 finalists received awards and prizes for their innovative research, including “First Award” winners, who each received a $5,000 prize.
The following lists the First Award winners for each of the 22 categories, from which the Top Awards were chosen:
Animal Sciences, sponsored by Society for ScienceMaddux Alexander Springer, Honolulu, Hawaii
Behavioral and Social Sciences, sponsored by Society for ScienceAndrew Y. Liang, San Jose, California
Biochemistry, sponsored by RegeneronAmy Hong Xiao, Garden City, New York
Biomedical and Health Sciences, sponsored by RegeneronRia Kamat, Hackensack, New Jersey; Kevin Xuan Lei, Shanghai, China
Biomedical Engineering, sponsored by Alfred E. Mann CharitiesAyush Garg, Dublin, California; Divij Motwani, Palo Alto, California; Akash Ashish Pai, Portland, Oregon
Cellular and Molecular Biology, sponsored by RegeneronLara and Maya Sarah Hammoud, Beverly Hills, Michigan
Chemistry, sponsored by Society for ScienceAkilan Sankaran, Albuquerque, New Mexico; Arjun Suresh Malpani and Siddharth Daniel D’costa, Portland, Oregon
Computational Biology and Bioinformatics, sponsored by RegeneronKun-Hyung Roh, Bronx, New York
Earth and Environmental Sciences, sponsored by Google.orgNikhil Vemuri, Durham, North Carolina; Justin Yizhou Huang and Victoria Ou, The Woodlands, Texas
Embedded Systems, sponsored by HPChloe Rae and Sophie Rose Filion, Welland, Ontario, Canada
Energy: Sustainable Materials and Design, sponsored by Siemens EnergyAlia Wahban, Hamilton, Ontario, Canada
Engineering Technology: Statics and Dynamics, sponsored by Howmet Aerospace FoundationChiyo Nakatsuji, Bunkyoku, Tokyo, Japan; Kevin Shen, Olympia, Washington
Environmental Engineering, sponsored by JacobsKrish Pai, San Diego, California; Jack Shannon, Clane, Kildare, Ireland
Materials Science, sponsored by Howmet Aerospace FoundationGrace Sun, Lexington, Kentucky
Mathematics, sponsored by Akamai FoundationAnna Oliva, Houston, Texas
Microbiology, sponsored by Schattner FoundationMatthew Chang, Irvine, California
Physics and Astronomy, sponsored by Richard F. Caris Charitable Trust IIHarini Thiagarajan and Vishal Ranganath Yalla, Bothell, Washington; Shuhan Luo, Worcester, Massachusetts
Plant Sciences, sponsored by Society for SciencePauline Estrada, Fresno, California; Tanishka Balaji Aglave, Dover, Florida
Robotics and Intelligent Machines, sponsored by RegeneronMichal Lajciak, Dubnica nad Vahom, Trenciansky kraj, Slovakia; Anthony Efthimiadis, Oakville, Ontario, Canada
Systems Software, sponsored by MicrosoftMichelle Wei, San Jose, California
Technology Enhances the Arts, sponsored by Society for ScienceAnant Khandelwal, Sritan Motati and Siddhant Sood, Alexandria, Virginia
Translational Medical Science, sponsored by RegeneronZheng-Chi Lee, West Lafayette, Indiana; Ingrid Wai Hin Chan, Hong Kong, China
The full list of all award-winning ISEF 2024 finalists is available here: https://www.societyforscience.org/press-release/regeneron-isef-2024-full-awards.
View all the finalists’ research here: https://projectboard.world/isef.
About the Regeneron International Science and Engineering FairThe Regeneron International Science and Engineering Fair (Regeneron ISEF), a program of Society for Science for over 70 years, is the world’s largest global science competition for high school students. Through a global network of local, regional and national science fairs, millions of students are encouraged to explore their passion for scientific inquiry. Each spring, a group of these students is selected as finalists and offered the opportunity to compete for approximately U.S. $9 million in awards and scholarships.
In 2019, Regeneron became the title sponsor of ISEF to help reward and celebrate the best and brightest young minds globally and encourage them to pursue careers in STEM to positively impact the world. Regeneron ISEF is supported by a community of additional sponsors, including Akamai Foundation, Alfred E. Mann Charities, Aramco, Caltech, Google.org, Gordon and Betty Moore Foundation, Howmet Aerospace Foundation, HP, , Jacobs, King Abdulaziz & his Companions Foundation for Giftedness and Creativity, Microsoft, National Geographic Society, Richard F. Caris Charitable Trust II, Rise, an initiative of Schmidt Futures and the Rhodes Trust, Schattner Foundation, Siemens Energy, Annenburg Foundation, Ballmer Group, Broadcom Foundation, Cesco Linguistic Services, Conrad N. Hilton Foundation, Edison International, Insaco, Oracle Academy, The Eli and Edythe Broad Foundation, The Ralph M. Parsons Foundation and US Army ROTC. Many are entrepreneurs across a wide range of industries. Learn more at https://www.societyforscience.org/isef/.
About Society for ScienceSociety for Science is a champion for science, dedicated to promoting the understanding and appreciation of science and the vital role it plays in human advancement. Established in 1921, Society for Science is best known for its award-winning journalism through Science News and Science News Explores, its world-class science research competitions for students, including the Regeneron Science Talent Search, the Regeneron International Science and Engineering Fair and the Thermo Fisher Scientific Junior Innovators Challenge, and its outreach and equity programming that seeks to ensure that all students have an opportunity to pursue a career in STEM. A 501(c)(3) membership organization, Society for Science is committed to inform, educate and inspire. Learn more at www.societyforscience.org and follow us on Facebook, Twitter, Instagram and Snapchat (Society4Science).
About RegeneronRegeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases and rare diseases.
Regeneron believes that operating as a good corporate citizen is crucial to delivering on our mission. We approach corporate responsibility with three goals in mind: to improve the lives of people with serious diseases, to foster a culture of integrity and excellence and to build sustainable communities. Regeneron is proud to be included on the Dow Jones Sustainability World Index and the Civic 50 list of the most “community-minded” companies in the U.S. Throughout the year, Regeneron empowers and supports employees to give back through our volunteering, pro bono and matching gift programs. Our most significant philanthropic commitments are in the area of early science education, including the Regeneron Science Talent Search and the Regeneron International Science and Engineering Fair (ISEF).
For more information, please visit www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X.
More information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
Media ContactsJoseph Brown, [email protected]
Gayle Kansagor, Society for [email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/more-than-9-million-awarded-to-high-school-scientists-and-engineers-at-the-regeneron-international-science-and-engineering-fair-2024-302149316.html
Artificial Intelligence
J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Announce Winner of Inaugural 2024 Life Sciences Innovation Summit
In conjunction with Abu Dhabi Global Healthcare Week 2024
ABU DHABI, UAE, May 17, 2024 /PRNewswire/ — J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Group announced today Rayees Rahman of Harmonic Discovery as the winner of the inaugural J.P. Morgan Asset Management: Life Sciences Innovation Summit. Harmonic Discovery is a precision pharmacology company applying its generative chemistry platform to advance next-generation kinase inhibitors.
In partnership with the Department of Health – Abu Dhabi (DoH), the Summit took place on May 14-15, 2024 at Cleveland Clinic Abu Dhabi and showcased the 11 innovative finalists, as well as highlighted existing innovators and opportunities in the Emirate of Abu Dhabi. The event also featured keynote speeches from Dr. Laurie Glimcher of Dana-Farber Cancer Institute, Dr. Shahrukh Hashmi of the Department of Health – Abu Dhabi, and Dr. David Ho of Columbia University Medical Center and provided attendees networking opportunities to gain valuable insights into the future of life sciences innovation.
In addition, the jury designated Chun-Hao Huang of Algen Biotechnologies as honourable mention. Algen Biotechnologies is a platform therapeutics and drug discovery company using world-leading CRISPR and AI to find treatments for cancer, inflammation and metabolic diseases.
The winners were selected by an esteemed, international panel of judges, which included:Laurie Glimcher, MD, President and CEO at Dana-Farber Cancer InstituteJorge Guzman, MD, CEO at Cleveland Clinic Abu DhabiProf. Shahrukh Khurshid Hashmi, MD, Director of Research, Department of Health, Abu DhabiYasmine Hayek Kobeissi, PhD, CQF, BSc., Executive Director at Blue Horizon AdvisorsAnya Schiess, Managing Partner at J.P. Morgan Life Sciences Private CapitalWalid Zaher, PhD, Co-Founder and CEO, Carexso
Dr. Asma Al Mannaei, Executive Director of the Research and Innovation Centre at the Department of Health – Abu Dhabi said: “Under the directives of the UAE’s wise leadership, and renowned for its world-leading medical infrastructure, Abu Dhabi stands at the forefront of healthcare excellence, offering an unparalleled opportunity for advancement in healthcare for global partners. It was our utmost pleasure hosting the J.P. Morgan Asset Management Life Sciences Innovation Summit 2024 on the sidelines of Abu Dhabi Global Healthcare Week and we commend the winners for their pioneering efforts in driving impactful advancements in healthcare; their dedication to innovation not only transforms the landscape of medicine, but also holds the promise of improving lives worldwide.”
Stephen Squinto, PhD, Chief Investment Officer, J.P. Morgan Life Sciences Private Capital said: “We are thrilled with the level of biotech passion and innovation that we observed at this year’s Summit in Abu Dhabi. The energy was truly palpable we are thrilled to announce Rayees Rahman as the winner of our first Life Sciences Innovation Summit. Harmonic Discovery’s approach embodies the next generation of drug discovery and development. We appreciate the time and effort of all participants and cannot wait for our next event in the region.”
Nabil Kobeissi, Chief Executive Officer of Blue Horizon Advisors, said: “As the main sponsor, we are committed to nurturing and fostering the growth of all 11 finalists in this vibrant biotech ecosystem. This Summit marks the beginning of a transformative journey, and we are confident that it will pave the way for a flourishing hub in the region. We are also pleased to announce that we will commit to invest in and partner with the winner, Harmonic Discovery, to support its future growth in the region.”
Sponsors for the event included J.P. Morgan Life Sciences Private Capital, J.P. Morgan Commercial Bank, Blue Horizon Advisors, United Al Saqer Group, Thermo Fisher Scientific, and Salam Capital. The Summit organisation, logistics and finalist recruitment were facilitated by Lyfebulb.
Of importance, at the Summit, Mr. Mohamed Al Breiki, Executive Director of Sustainable Development at Masdar City, announced that Masdar City Free Zone would award all 11 Finalists complimentary business licenses to further support their establishment in the region. Masdar City is one of the world’s most sustainable urban developments and innovation hubs with a growing focus on life science entrepreneurship in Abu Dhabi.
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Artificial Intelligence
Congregating in the Lion City for a Win-Win Future of Intelligent Computing at the Global Data Center Facility Summit 2024
SINGAPORE, May 17, 2024 /PRNewswire/ — On May 17, 2024, the Global Data Center Facility Summit 2024 was held in Singapore with the theme of “Power the Digital Era Forward.” At the summit, over 600 data center industry leaders, technical experts, and ecosystem partners gathered to discuss new trends and opportunities of the global data center industry in the intelligent computing era. The attendees also got to experience all-scenario, all-ecosystem, and all-service end-to-end (E2E) solutions, share innovative practices of green data centers in the Asia Pacific and Europe, and experience the exhibition vehicle to unveil the mystery of Outdoor PowerPOD that features one power system per container. By fully embracing the intelligent computing era, Huawei strives to power the digital era forward.
Seizing Opportunities Brought by AI and Jointly Building Green & Reliable Computing Infrastructure
At the opening speech, Charles Yang, Senior Vice President of Huawei and President of Marketing, Sales and Services, Huawei Digital Power, noted that since ChatGPT ushered in the AI era, large models keep pushing the limits of computing power and the intelligent computing industry is witnessing an unprecedented construction boom. As predicted, 100 GW will be added to the global data center installed capacity and the market value will exceed US$600 billion in the next five years.
According to Charles, with opportunities come challenges. The primary challenge concerning the data center industry is reliability and electricity. Data centers are scaling up from the MW-level to the GW-level. E2E reliability of data centers is becoming even more important than ever. In response to the opportunities, Huawei will work with customers and partners to expand the industry space.
Steering Data Centers to the AI Era with Product + Service + Ecosystem
During the summit, Sun Xiaofeng, President of Huawei Data Center Facility & Critical Power Business, delivered a speech titled “Power the Digital Era Forward. ” He stated that as AI large models are penetrating, the surging compute demands drive the expansive growth in data center.
To address the challenges, Huawei strives to build product + service + ecosystem E2E data center solutions that feature fast deployment, flexible cooling, green energy, and ultimate reliability.
Fast deployment: Data centers are fully modularized and prefabricated to ensure high quality and efficient construction.Flexible cooling: Air-liquid fusion and integrated cooling source emerges as the optimal cooling architecture for intelligent computing.Green energy: New generation-grid-load-storage integrated solution is built to ensure the sound operations of intelligent computing centers.Ultimate reliability: Data centers are safeguarded through reliable products and preventive protection.Currently, Huawei’s global service network covers more than 170 countries with over 1800 professional engineers, providing 24/7 technical support. With N+ flagship service centers, Huawei has built a one-hour service radius for its customers.
The ecosystem is a key part for a win-win future of intelligent computing. Huawei works with partners to develop comprehensive E2E solutions and provide customers with one-stop data center services.
During the summit, Huawei and the ASEAN Centre for Energy released a white paper on “Building Next Generation Data Center Facility in ASEAN.” The document provides insights into the status quo, challenges, and trends of data centers in the ASEAN region, and emphasizes that efficient and energy-saving products and solutions should be applied. It also proposes future-oriented policy recommendations for data center markets.
In the ecosystem exhibition area, Huawei showcased scenario-based solutions for large-, medium-, and small-sized data centers, and demonstrated data center consulting, design, integrated development, and delivery capabilities with dozens of ecosystem partners including CIMC, Weichai, CSCEC, and Huashi.
On a special note, the Huawei Outdoor PowerPOD exhibition vehicle made its global debut. The Huawei Outdoor PowerPOD features one power system per container, outdoor deployment, plug-and-play, and high protection rating and reliability. It has become the preferred choice for decoupling the power supply architecture.
A single tree cannot make a forest.
AI is presenting great opportunities. By delving into the industry, aggregating partner ecosystems, and making innovations applicable to transformations, Huawei will continue to help customers build reliable computing infrastructure, accelerating the industry to embrace AI and powering the digital era forward.
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