Artificial Intelligence
Sampo Group’s results for January–September 2022
SAMPO PLC INTERIM STATEMENT 2 November 2022 at 9:40 am
Sampo Group’s results for January–September 2022
• Group P&C gross written premiums increased by 7 per cent year-on-year.
• Strong Group combined ratio of 81.6 per cent (80.9).
• Underwriting profit increased by 3 per cent to EUR 1,009 million (985). Excluding COVID-19 effects reported in the 2021 comparison period, underwriting profit grew 13 per cent.
• Profit before taxes amounted to EUR 1,472 million (1,974) and earnings per share to EUR 2.19 (2.74). Excluding all Nordea-related items, profit before taxes was EUR 1,212 million (1,356).
• Group Solvency II coverage including dividend accrual increased to 238 per cent from 185 per cent at the 2021 year-end and 233 per cent at the end of the second quarter.
Key figures
| EURm | 1–9/ 2022 |
1–9/ 2021 |
Change, % |
7–9/ 2022 |
7–9/ 2021 |
Change, % |
| Profit before taxes | 1,472 | 1,974 | -25 | 407 | 632 | -36 |
| If | 932 | 818 | 14 | 270 | 252 | 7 |
| Topdanmark | 92 | 256 | -64 | 32 | 48 | -33 |
| Hastings | 65 | 115 | -43 | 40 | 31 | 30 |
| Mandatum | 189 | 201 | -6 | 74 | 59 | 24 |
| Holding | 194 | 584 | -67 | -10 | 242 | — |
| Profit for the period | 1,218 | 1,662 | -27 | 321 | 550 | -42 |
| Underwriting profit | 1,009 | 985 | 3 | 330 | 327 | 1 |
| Change | Change | |||||
| Earnings per share, EUR | 2.19 | 2.74 | -0.55 | 0.58 | 0.93 | -0.35 |
| EPS (without eo. items), EUR *) | 2.00 | 2.31 | -0.31 | 0.58 | 0.67 | -0.09 |
| EPS (including OCI), EUR **) | -0.97 | 3.67 | -4.64 | -0.28 | 1.01 | -1.63 |
| RoE (including OCI), % | -6.3 | 22.7 | -29.0 | — | — | — |
*) Nordea-related accounting effects of EUR 103 million in January-September 2022 have been defined as extraordinary items in accordance with Sampo Group’s dividend policy. The comparison figures included extraordinary items of EUR 237 million in January-September and EUR 144 million in the third quarter.
**) OCI refers to Other comprehensive income.
The figures in this report have not been audited.
| Sampo Group financial targets for 2021-2023 | Target | 1–9/2022 |
| Group | Mid-single digit UW profit growth annually on average (excluding COVID-19 effects) | 3% (13% excluding reported COVID-19 effects in 1-9/2021) |
| Group combined ratio: below 86% | 81.6% | |
| Solvency ratio: 170-190% | 256% (238% including dividend accrual) | |
| Financial leverage: below 30% | 25.9% | |
| If | Combined ratio: below 85% | 79.8% |
| Hastings | Operating ratio: below 88% | 88.0% |
| Loss ratio: below 76% | 77.6% |
Financial targets for 2021-2023 announced at the Capital Markets Day on 24 February 2021.
January-September 2022 effects related to the COVID-19 pandemic have been very limited; hence, these will not be reported separately.
FINANCIAL HIGHLIGHTS FOR JANUARY-SEPTEMBER 2022
Sampo Group’s core business, P&C insurance delivered strong results in January-September 2022. Underwriting profit exceeded EUR 1 billion, increasing by 3 per cent year-on-year or 13 per cent adjusted for COVID-19 effects reported in the 2021 comparison period. The Group combined ratio remained strong at 81.6 per cent (80.9), supported by good underlying development and continued benefits from higher discount rates. Excluding the reported COVID-19 effects in the comparison period, the combined ratio would have improved by 1.0 percentage point year-on-year. Gross written premiums increased by 7 per cent to EUR 6,493 million, driven by strong renewals, high retention and rate actions across key business lines. Sampo targets mid-single digit per cent underwriting profit growth on average and a combined ratio below 86 per cent for 2021-2023.
If P&C reported robust results for January-September 2022 as its underwriting profit increased by 11 per cent to EUR 756 million (680). The growth was driven by a 1.0 percentage point improvement in the combined ratio to 79.8 per cent (80.8) and a currency adjusted premium growth of 7.0 per cent. The premium growth was particularly strong in Industrial and Baltic, whereas continued weak Nordic new car sales weighed on growth in Private. If’s adjusted risk ratio improved by 0.6 percentage points and the combined ratio outlook for 2022 was strengthened to 80–82 per cent. If’s investment portfolio continued to be gradually reinvested at higher rates, increasing the fixed income running yield to 2.7 per cent at the end of September, from 2.1 per cent at the end of the second quarter and 1.5 per cent at year end 2021. Profit before taxes increased to EUR 932 million (818).
Topdanmark’s profit before taxes decreased to EUR 92 million (256) in Sampo Group’s profit and loss account as investment returns continued to be affected by the adverse market environment. The combined ratio was 83.4 per cent (82.9).
Hastings delivered solid performance in a challenging UK motor insurance market, in which market prices still lagged behind elevated claims inflation. Hastings remained disciplined and continued to apply rate increases, supporting currency adjusted GWP growth of 11 per cent in January-September 2022 and 20 per cent in the third quarter. Live customer policies increased 2 per cent year-on-year to nearly 3.2 million, driven by a 28 per cent growth in home insurance, while motor insurance policies remained stable. The operating ratio increased to 88.0 per cent (78.1). Hastings’ profit before taxes excluding non-operational amortisation amounted to EUR 109 million (145) and reported profit before taxes was EUR 65 million (115).
The Mandatum segment’s profit before taxes for January-September 2022 decreased to EUR 189 million (201), as the investment results continued to be affected by the adverse market environment. Mandatum’s third-party assets under management decreased to EUR 10.1 billion from EUR 11.1 billion at the year-end 2021 and EUR 10.3 billion at the end of the second quarter, as the decline in market values outweighed positive net flows. Mandatum Life’s Solvency II ratio increased to 282 per cent (190), driven by higher interest rates and continued decline in solvency capital requirement.
The Holding segment’s profit before taxes amounted to EUR 194 million (584), including a dividend of EUR 157 million from Nordea and a gain of EUR 103 million from selling all the remaining Nordea shares during the first half of 2022.
Sampo’s third buyback programme of EUR 1 billion, launched on 9 June 2022, continued at a good pace during the third quarter with the repurchase of 8.7 million Sampo A shares for a total consideration of EUR 379 million. Prior to the launch of the ongoing programme, Sampo had already completed its first two buyback programmes. In total, Sampo repurchased 24.4 million shares for a total of EUR 1.1 billion in January-September 2022.
Sampo Group’s Solvency II ratio increased to 238 per cent from 185 per cent at the end of 2021 and 233 per cent at the end of June 2022, net of dividend accrual based on the 2021 insurance dividend of EUR 1.70 per share. The 5 percentage points increase from the end of the second quarter was mainly driven by strong underwriting profit and continued benefits from higher interest rates. Sampo targets a solvency ratio of 170-190 per cent.
Sampo Group’s financial leverage increased to 25.9 per cent from 23.8 per cent at the end of 2021, but decreased from 29.2 per cent at the end of June 2022. The 3.3 percentage point decrease in the quarter was driven by the EUR 501 million tender offer of Sampo plc senior bonds and the redemption of Hastings’ GBP 250 million senior bond in September 2022. Sampo targets a financial leverage ratio below 30 per cent.
THIRD QUARTER 2022 IN BRIEF
In July-September 2022, Sampo Group reported profit before taxes of EUR 407 million (632). Excluding all Nordea-related items, the comparison figure was EUR 374 million in the third quarter of 2021. Earnings per share amounted to EUR 0.58 (0.93). Total comprehensive income, which takes changes in the market values of assets into account, was affected by the adverse capital markets environment and amounted to EUR -131 million (595).
Group underwriting profit amounted to EUR 330 million (327). Excluding COVID-19 effects reported in the comparison period, underwriting profit grew by 5 per cent. The Group combined ratio amounted to 82.4 per cent (81.1).
If P&C delivered profit before taxes of EUR 270 million (252) and underwriting profit of EUR 235 million (238). The combined ratio was 81.6 per cent (80.2) and constant currency gross written premium growth stood at 5.7 per cent. The adjusted risk ratio, which excludes the impact of large losses, severe weather, reported COVID-19 effects and prior year development, improved by 0.5 percentage points year-on-year.
Topdanmark’s profit before taxes decreased to EUR 32 million (48) and the combined ratio improved to 81.8 per cent (84.4).
Hastings’ profit before taxes amounted to EUR 40 million (31) and the operating ratio was 87.0 per cent (81.3). Live customer policy count remained stable, supported by strong growth in home insurance policies.
The Mandatum segment’s profit before taxes amounted to EUR 74 million (59). Net flows in third-party assets under management remained positive despite the challenging market environment and the Mandatum Life Solvency II ratio increased by 27 percentage points to 282 per cent.
GROUP CEO’S COMMENT
Sampo’s first full quarter as a pure insurance group illustrated the benefits of our focused strategy. We delivered strong results and our balance sheet remains in excellent condition, despite ongoing economic uncertainty and capital markets volatility. Underwriting profit is up 13 per cent year to date, net of reported COVID-19 effects, ahead of our annual mid-single digit growth target.
In September, Sampo hosted an Investor Update focused on our operational capabilities in Nordic P&C insurance. The Group has, through extensive investment over two decades, built significant competitive advantages that have driven, and continue to drive, excellent financial performance. The third quarter was no exception, as we delivered P&C premium growth of 7 per cent and a Group combined ratio of 82.4 per cent, comfortably within our below 86 per cent target.
The operational environment in Sampo’s main business area, Nordic P&C insurance, was stable over the quarter. Claims inflation remained in the 4-5 per cent range, broadly unchanged from the second quarter; we have continued to cover this with adjustments to premium rates and without adverse effect on our high retention. If P&C achieved a combined ratio of 81.6 per cent in the quarter, well within the target of below 85 per cent, despite an unusually high large claims load. In the UK, we have implemented significant further price increases in response to continued high claims inflation, which has limited customer growth in motor insurance. However, our pricing discipline has ensured that margins remain strong as we delivered an operating ratio of 87.0 per cent for the quarter.
The economic and geopolitical uncertainty observed this year has translated into volatility in the capital markets that has adversely affected Sampo’s fair value investment returns. However, Sampo is well positioned to benefit from rising interest rates due to our short duration fixed income portfolio. If P&C has seen its running yield increase by 120 basis points to 2.7 per cent over 2022, while the Solvency II ratio of our Finnish life and savings business, Mandatum Life, has risen by 92 percentage points year to date to a record 282 per cent. Notably, Mandatum saw positive customer net flows into capital light fee products during the third quarter despite the tumultuous market environment, which highlights its strong position in the Finnish market.
Solid underwriting results and positive gearing to rising interest rates also supported our Group financial position and we remain overcapitalised. We estimate EUR 3–4 per share of excess capital over and above the levels needed to run our insurance operations, of which just over half is available following the exit from Nordea earlier in 2022. The balance relates to direct investments in Sampo plc that we plan to exit over time. We remain firmly committed to our balance sheet targets and I believe it is desirable to continue our gradual approach to returning excess capital given the ongoing economic uncertainty. We will announce the Board’s proposal for further capital returns in connection with full-year 2022 results on 10 February 2023.
Given our strong operational momentum, I am delighted that the Sampo Board has decided to work toward a dual listing on Nasdaq Stockholm in the second half of November, subject to market conditions and approvals from Nasdaq Stockholm and the Swedish Financial Supervisory Authority. Following our increased focus on Sampo’s successful P&C insurance operations, along with our leading market position in the Nordics, and the ability to offer attractive capital returns, I believe that Sampo is well placed to create shareholder value over time.
Torbjörn Magnusson
Group CEO
OUTLOOK
Outlook for 2022
Sampo Group’s P&C insurance operations are expected to achieve underwriting margins that meet the annual targets set for 2021-2023. At Group level, Sampo targets a combined ratio of below 86 per cent, while the target for its largest subsidiary, If P&C, is below 85 per cent. Hastings targets an operating ratio of below 88 per cent. Following strong performance in the first nine months, the outlook for If P&C’s 2022 combined ratio has been improved to 80–82 per cent from 80.5-82.5 per cent at the end of the second quarter.
The combined and operating ratios of Sampo Group’s P&C insurance operations are subject to volatility driven by, among other factors, seasonal weather patterns, large claims, prior year development and fluctuations in claims frequency related to the COVID-19 pandemic. These effects are particularly relevant for individual segments and business areas, such as the Danish and UK operations.
The mark-to-market component of investment returns will be significantly influenced by capital markets’ developments, particularly in life insurance.
With regard to Topdanmark, reference is made to the profit forecast model that the company publishes on a quarterly basis.
The major risks and uncertainties for the Group in the near-term
In its current day-to-day business activities Sampo Group is exposed to various risks and uncertainties, mainly through its major business units.
Major risks affecting the Group companies’ profitability and its variation are market, credit, insurance and operational risks. At the Group level, sources of risks are the same, although they are not directly additive due to the effects of diversification.
Uncertainties in the form of major unforeseen events may have an immediate impact on the Group’s profitability. The identification of unforeseen events is easier than the estimation of their probabilities, timing, and potential outcomes. During 2022 the global economy has been hit by the war in Ukraine and further COVID-related lockdowns in China. At the same time, inflation pressures have intensified and broadened forcing central banks to raise interest rates sharply. This may lead to both a further significant slowdown in economic growth and a deterioration in the debt service capacity of businesses, households and governments. Furthermore, the re-alignment of energy supplies in Europe takes time and the energy crisis could continue for several years. These developments are currently causing significant uncertainties on economic and capital market development. At the same time rapidly evolving hybrid threats create new challenges for states and businesses. There are also a number of widely identified macroeconomic, political and other sources of uncertainty which can, in various ways, affect the financial services industry in a negative manner.
Other sources of uncertainty are unforeseen structural changes in the business environment and already identified trends and potential wide-impact events. These external drivers may have a long-term impact on how Sampo Group’s business will be conducted. Examples of identified trends are demographic changes, sustainability issues, and technological developments in areas such as artificial intelligence and digitalisation including threats posed by cybercrime.
DUAL LISTING ON NASDAQ STOCKHOLM
Sampo plc’s Board of Directors decided on 2 November 2022 to proceed with the dual listing on Nasdaq Stockholm, following the evaluation announced on 8 September 2022, with the aim to conclude the process and to commence trading on Nasdaq Stockholm in the second half of November.
The next step in the dual listing process is for Sampo to attain approval from Nasdaq Stockholm regarding the dual listing and that the Swedish Financial Supervisory Authority approves the listing prospectus being prepared by Sampo. Sampo will provide updates on the status of the dual listing in due course. The dual listing process remains subject to suitable market conditions and approvals from by Nasdaq Stockholm and the Swedish Financial Supervisory Authority.
Sampo will not raise capital or make any offering as part of the dual listing process. The dual listing on Nasdaq Stockholm will be carried out in the form of Swedish Depository Receipts (SDRs). To facilitate trading and enhance liquidity in the SDRs, Sampo plans to appoint SEB as issuer of the SDRs and as a market maker and liquidity provider in the SDRs.
SAMPO PLC
Board of Directors
For more information, please contact
Knut Arne Alsaker, Group CFO, tel. +358 10 516 0010
Sami Taipalus, Head of Investor Relations, tel. +358 10 516 0030
Maria Silander, Communications Manager, Media Relations, tel. +358 10 516 0031
Conference call
An English-language conference call for investors and analysts will be arranged at 4 pm Finnish time (2 pm UK time). Please call tel. +1 212 999 6659, +44 (0) 33 0551 0200, +46 (0) 8 5052 0424, or +358 9 2319 5437. Conference passcode: Sampo Q3
The conference call can also be followed live at www.sampo.com/result. A recorded version will later be available at the same address.
In addition, the Investor Presentation is available at www.sampo.com/result.
Sampo will publish the Financial Statement Release for 2022 on 10 February 2023.
Distribution:
Nasdaq Helsinki
London Stock Exchange
The principal media
Financial Supervisory Authority
www.sampo.com
Attachment
Artificial Intelligence
Data Center Chip Market Size was Valued at USD 11.7 Billion in 2022 and is Expected to Reach USD 45.3 Billion by 2032 at a CAGR of 14.6% | Valuates Reports
BANGALORE, India, July 26, 2024 /PRNewswire/ — Data Center Chip Market By Chip Type (GPU, ASIC, FPGA, CPU, Others), By Data Center Size (Small and Medium Size, Large Size), By Industry Verticals (BFSI, Manufacturing, Government, IT and Telecom, Retail, Transportation, Energy and Utilities, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.
The Data Center Chip Market was valued at USD 11.7 Billion in 2022, and is estimated to reach USD 45.3 Billion by 2032, growing at a CAGR of 14.6% from 2023 to 2032.
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Major Factors Driving the Growth of Data Center Chip Market
Because of the growing need for data processing and storage solutions brought about by the quick development of cloud computing, artificial intelligence, and big data analytics, the data center chip market is expanding significantly. High-performance chips are necessary for data centers to process massive volumes of data quickly and efficiently. As a result, advances in chip technology, including CPUs, GPUs, and specialist AI processors, have been made. The need for more resilient and scalable data center infrastructure is fueled in part by the expansion of digital services and Internet of Things (IoT) devices. The market is expanding due to key areas including Asia-Pacific, with its investments in technology and fast digital transformation, and North America, with its top tech businesses and vast data center networks.
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TRENDS INFLUENCING THE GROWTH OF THE DATA CENTER CHIP MARKET:
In data centers, Graphics Processing Units (GPUs) are essential for speeding up computing operations and data processing. They are perfect for managing workloads related to artificial intelligence (AI), machine learning, and large-scale data analytics because of their parallel processing capabilities. The need for GPUs in data centers is growing as these technologies become increasingly essential to corporate operations. Businesses are purchasing GPUs in order to increase the effectiveness of their data processing, lower latency, and boost overall performance. The need for data center chips is being driven by the increasing reliance on GPUs for sophisticated computing activities, which is considerably contributing to the market’s rise. This need is further increased by the growing use of AI and machine learning in a variety of sectors, which puts GPUs at the forefront of the data center semiconductor industry.
Compared to general-purpose chips, Application Specific Integrated Circuits (ASICs) provide better performance and efficiency since they are designed specifically for a given application. ASICs are extensively utilized in data centers for specific tasks including networking, data compression, and encryption. ASICs are becoming more and more common as a result of the growth of cloud computing, big data analytics, and blockchain technology, which has increased demand for high-performance, energy-efficient processors. Their capacity to provide tailored performance for certain applications aids data centers in better workload management, power conservation, and operating expense reduction. The market is expanding as a result of the increased preference for ASICs in data centers, which is fueling the need for specialized data center chips.
Large data centers are important users of data center chips; they are run by well-known IT firms and cloud service providers. To manage enormous volumes of data and provide a wide range of services, these facilities need a great deal of processing power and sophisticated computing skills. High-performance data center chips are becoming more and more necessary as a result of the growth of massive data centers and the rising demand for online streaming, cloud services, and digital transactions. These chips are necessary to ensure effective data management, processing, and storage, which helps big data centers fulfill the increasing expectations of its clientele. Large data center proliferation is anticipated to considerably boost the data center chip industry as the digital economy continues to grow.
Data centers are becoming more and more important to the Banking, Financial Services, and Insurance (BFSI) industry as a means of safely and effectively managing high transaction volumes, consumer data, and financial records. The need for sophisticated data center processors is being driven by the sector’s requirement for real-time data processing, high-performance computing, and strong security measures. BFSI organizations may improve their operational efficiency, guarantee data integrity, and deliver superior client services by utilizing data centers fitted with robust chips. The BFSI sector’s need for data center chips is being driven by the increasing use of online banking, digital banking, and financial analytics tools, all of which increase the requirement for sophisticated data center infrastructure.
The market for data center chips is significantly influenced by the cloud computing industry’s explosive growth. There is a growing need for scalable, effective, and high-performance data center infrastructure as more companies move their operations to the cloud. In order to handle enormous volumes of data, facilitate virtualization, and guarantee flawless service delivery, cloud service providers need sophisticated data center chips. Sturdy data center chips are becoming more and more necessary as cloud-based solutions become more and more popular. Benefits like cost savings, flexibility, and scalability are driving this trend. In places like North America and Europe, where cloud adoption rates are high and data center chip demand is rising rapidly, this tendency is especially significant.
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DATA CENTER CHIP MARKET SHARE
In 2022, North America gained a sizable portion of the market.
In 2022, the GPU made up the largest portion of the market share.
Throughout the projection period, large data centers are expected to gain a significant portion.
The BFSI market is anticipated to be one of the most profitable markets.
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Artificial Intelligence
Industry 4.0 Market to Surpass USD 513.89 Billion by 2031 with Automation Surge | SkyQuest Technology
WESTFORD, Mass., July 26, 2024 /PRNewswire/ — According to SkyQuest, the global Industry 4.0 Market size was valued at USD 133.05 billion in 2022 and is poised to grow from USD 154.6 billion in 2023 to USD 513.89 billion by 2031, growing at a CAGR of 16.2% during the forecast period (2024-2031).
Industry 4.0 or the fourth industrial revolution emphasizes the use of automation and interconnectivity. Employment of advanced technologies such as artificial intelligence, machine learning, robotics, and connected devices to improve the productivity and efficiency of industries. Rapid digitization and advancements in technology are forecasted to bolster the Industry 4.0 market growth over the coming years. The global Industry 4.0 market is segmented into technology, industry vertical, and region.
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Industry 4.0 Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 154.6 billion
Estimated Value by 2031
$ 513.89 billion
Growth Rate
Poised to grow at a CAGR of 16.2%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Technology, Industry and Region
Geographies Covered
North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Report Highlights
Internet of Things (IoT) technology takes centerstage for Industry 4.0 adoption
Key Market Opportunities
Adoption of smart manufacturing and additive manufacturing practices
Key Market Drivers
Rising demand for automation across all industry verticals
Segments covered in Industry 4.0 Market are as follows:
TechnologyRobots (Traditional Industrial Robots {Articulated robots, Cartesian Robots, Selective Compliance Assembly Robot Arm (SCARA), Cylindrical Robots, Others}, Collaborative Robots), Blockchain in Manufacturing, Industrial Sensors (Level Sensors, Temperature Sensors, Flow Sensors, Position Sensors, Pressure Sensors, Force Sensors, Humidity & Moisture Sensors, Gas Sensors), Industrial 3D Printing, Machine Vision (Camera {Digital Camera, Smart Camera}, Frame Grabbers, Optics, and LED Lighting, Processor and Software), HMI (Offering {Hardware [Basic HMI, Advanced Panel-based HMI, Advanced PC-based HMI, Others], Software [On-premises HMI, Cloud-based HMI], Services}), Configuration ({Embedded HMI, Standalone HMI}, Technology {Motion HMI, Bionic HMI, Tactile HMI, Acoustic HMI}, End-user Industry {Process industries [Oil & Gas, Food & beverages, Pharmaceuticals, Chemicals, Energy & power, Metals & mining, Water & wastewater, Others], Discrete industry [Automotive, Aerospace & defense, Packaging, Medical devices, Semiconductor & electronics, Others]}), AI In Manufacturing (Offering {Hardware [Processor MPU, GPU, FPGA, ASIC, Memory, Network], Software [AI solutions- | On-premises, Cloud |, AI platform- | Machine learning framework, Application program interface |], Services [Deployment & integration, Support & maintenance]}, Technology {Machine learning [Deep learning, Supervised learning, Reinforcement learning, Reinforcement learning, Others], Natural language processing [Context-aware computing, Computer vision]}, Application {Predictive maintenance and machinery inspection, Material movement, Production planning, Field services, Quality control, Cybersecurity, Industrial robots, Reclamation}, Digital Twin {Technology [Internet of Things (IOT), Blockchain, Artificial intelligence & machine learning, Artificial intelligence & machine learning, Big data analytics, 5G], Usage Type [Product digital twin, Process digital twin, System digital twin], Application [Product design & development, Performance monitoring, Predictive maintenance, Inventory management, Business optimization, Others]}, Automated Guided Vehicles (AGV) {Type [Tow vehicles, Unit load carriers, Pallet trucks, Assembly line vehicles, Forklift trucks, Others], Navigation Technology [Laser guidance, Magnetic guidance, Inductive guidance, Optical tape guidance, Vision guidance, Others]}, Machine Condition Monitoring {Monitoring Technique [Vibration monitoring, Embedded systems, Vibration analyzers and meters, Thermography, Oil analysis, Corrosion monitoring, Ultrasound emission, Motor current analysis], Offering [Hardware – Vibration sensors, Accelerometers, Tachometers, Infrared sensors, Spectrometers, Ultrasound detectors, Spectrum analyzers, Corrosion probes], Software [Data integration, Diagnostic reporting, Order tracking analysis, Parameter calculation], Deployment Type [On-premises deployment, Cloud deployment], Monitoring Process [Online condition monitoring, Portable condition monitoring]})IndustryManufacturing, Automotive, Energy, Medical, Semiconductor & Electronics, Food & Beverage, Oil & Gas, Aerospace, Metals & Mining, Chemicals, and OthersRequest Free Customization of this report:
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Internet of Things (IoT) Technology to Remain Indispensable for Industry 4.0
Internet of Things (IoT) remains the most crucial technology in global Industry 4.0 market growth owing to its role in interconnectivity and automation across different verticals. Advancements in connectivity technologies and rising use of automation in different industry verticals are also estimated to help this sub-segment gain an impressive market share. Surging demand for predictive maintenance will also boost the adoption of IoT technology in the long run.
Advanced robotic technologies are also slated to gain traction in the Industry 4.0 market. Growing acceptance of robots and high investments in advancements of robotic technologies are also slated to create new opportunities for providers of advanced robotics in the Industry 4.0 market. The low margin of error and the immense scope of automation are key benefits of robotics that help this sub-segment flourish.
Artificial intelligence (AI) will be another popular technology in the Industry 4.0 world going forward. Increasing demand for continuous monitoring, real-time analytics, and predictive maintenance are slated to help the demand for artificial intelligence in the future. The rising use of IoT devices will also boost the demand for cloud computing technology in the long run.
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Manufacturing Vertical to Spearhead Industry 4.0 Market Development
The manufacturing vertical is estimated to be at the forefront when it comes to Industry 4.0 adoption. The surge in use of robotics, advanced technologies, and smart manufacturing practices sets the tone for Industry 4.0 in this industry vertical. High emphasis on improving manufacturing efficiency, reducing downtime, and maximizing profits are all contributing to the high market share of this sub-segment.
The automotive industry is another vertical where Industry 4.0 market players could invest to get good returns. The high adoption of advanced robotics and other smart manufacturing technologies to maximize production allows this sub-segment to become a crucial one for Industry 4.0 providers. The aerospace and defense industry vertical also shows a lot of promise for Industry 4.0 companies going forward. Growing demand for advanced manufacturing techniques and technologies to create complex aerospace components is helping Industry 4.0 market growth via this segment.
The oil & gas industry is also estimated to embrace Industry 4.0 trend with open hands as they try to improve their operations and promote better resource utilization. High demand for predictive maintenance to reduce downtime and the growing adoption of digital oilfield solutions are estimated to bolster Industry 4.0 market development in the long run.
To sum it up, the application scope for Industry 4.0 is endless as automation and digitization pick up pace around the world. High investments in development of IoT and AI technologies will create better opportunities for Industry 4.0 companies in the future. The manufacturing industry will remain the top revenue generating sub-segment and more opportunities for aerospace, automotive, and oil & gas verticals will be seen over the coming years.
Related Report:
Digital Twin Market
Cyber Security Market
Artificial Intelligence (AI) Market
Internet Of Things (IoT) Market
Machine Learning Market
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Artificial Intelligence
Generative AI Cybersecurity Market worth $40.1 billion by 2030 – Exclusive Report by MarketsandMarkets™
CHICAGO, July 26, 2024 /PRNewswire/ — The Generative AI cybersecurity Market is anticipated to experience substantial expansion, ascending from a value of USD 7.1 billion in 2024 to a substantial worth of USD 40.1 billion by the year 2030, according to a new report by MarketsandMarkets™. This growth trajectory reflects a robust compound annual growth rate (CAGR) of 33.4% over the forecast period.
Browse in-depth TOC on “Generative AI cybersecurity Market”
350 – Tables 60 – Figures450 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2030
Base year considered
2023
Forecast period
2024–2030
Forecast units
USD (Million)
Segments Covered
Offering, Generative AI-based Cybersecurity, Cybersecurity for Generative AI, Security Type, End-user, and Region
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
Microsoft (US), IBM (US), Google (US), SentinelOne (US), AWS (US), NVIDIA (US), Cisco (US), CrowdStrike (US), Fortinet (US), Zscaler (US), Trend Micro (Japan), Palo Alto Networks (US), BlackBerry (Canada), Darktrace (UK), F5 (US), Okta (US), Sangfor (China), SecurityScorecard (US), Sophos (UK), Broadcom (US), Trellix (US), Veracode (US), LexisNexis (US), Abnormal Security (US), Adversa AI (Israel), Aquasec (US), BigID (US), Checkmarx (US), Cohesity (US), Credo AI (US), Cybereason (US), DeepKeep (Israel), Elastic NV (US), Flashpoint (US), Lakera (US), MOSTLY AI (Austria), Recorded Future (US), Secureframe (US), Skyflow (US), SlashNext (US), Snyk (US), Tenable (US), TrojAI (Canada), VirusTotal (Spain), XenonStack (UAE), and Zerofox (US).
This dramatic surge is being fueled by a number of causes. The primary growth driver is the enhancement of existing cybersecurity tools through generative AI algorithms by improving anomaly detection, automating threat hunting and penetration testing, and providing complex simulations for security testing purposes. These techniques enable various cyber-attack scenarios that can be simulated using the Generative Adversarial Networks (GANs), thus enabling the development of better preparedness and response strategies. On the other hand, it requires special cyber security tools to protect generative AI workloads against unique vulnerabilities such as adversarial attacks, model inversions and LLM poisoning. These tools include differential privacy and secure multi-party computation that are integrated into AI systems for training and deployment data protection purposes.
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Generative AI apps security segment will account for largest market share during the forecast period.
The cybersecurity landscape is rapidly changing for generative AI apps, which are already making their way into chatbots, content creation tools like word processors, and personalized recommendation systems. According to McAfee, 55% of these programs have had security breaches. This highlights the dire need for stronger protective measures from unauthorized access. Several generative AI applications that use adversarial techniques to force the desired reaction out of intelligent machines.
Therefore, there is a pressing demand in the number of developers who ensure that such machines are made more robust through techniques like adversarially trained models and resistant architectures. Finally, the usage of secure enclaves plus hardware-based security measures is growing off late, mainly aimed at safeguarding vulnerable AI computations from being tampered with. For instance, OpenAI has very strict security rules meant to protect GPT models thereby ensuring data integrity and user privacy.
By end-user, government & defense sector is poised to account for larger market share in 2024.
Government as well as defense industries are increasingly resorting to generative AI for cyber security purposes due to the urgency of protecting sensitive information and national security. According to a recent CSIS report, AI is being integrated into the cybersecurity framework of 43% of government agencies which resultantly improves their ability to identify and counter threats. As an example, the United States Department of Defense has started using artificial intelligence (AI) based security solutions backed by generative AI that can create fictitious cyber-attacks, thereby providing them with enhanced preparedness against advanced types of threats.
This technology also helps these sectors handle and analyze large volumes of data more effectively, giving valuable insights that will enable them prevent or mitigate cyber threats. This trend demonstrates an increasing reliance on generative AI in fortifying cyber security measures so as to ensure that critical infrastructure and sensitive data remain secure in today’s intricate digital landscape.
By region, North America to hold the largest share by market value in 2024.
In 2024, North America will be the leading region based on market share due to its excellent technology infrastructure, substantial investments in AI-enabled cybersecurity and the presence of key players. Major cyber security research universities and tech companies such as Google, AWS, CrowdStrike, SentinelOne and IBM are present in this area, pushing them on the forefront of potent risk management technologies and generative AI tools for threat detection. For example, IBM’s security platform powered by AI has improved detection rates for threats up by 40%, thus proving the relevance of AI technology to enhancing cybersecurity.
Moreover, legislative instruments such as Cybersecurity Information Sharing Act (CISA) are being put in place to promote advanced cybersecurity technologies. As internet attacks continue getting more complicated, North American enterprises prefer generative artificial intelligence (AI), so as to enhance their safety measures pertaining to personal data and digital infrastructure.
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Top Key Companies in Generative AI cybersecurity Market:
The major players in the generative AI cybersecurity market include Palo Alto Networks (US), AWS (US), CrowdStrike (US), SentinelOne (US), and Google (US), along with SMEs and startups such as MOSTLY AI (Austria), XenonStack (UAE), BigID (US), Abnormal Security (US), and Adversa AI (Israel).
Browse Adjacent Market: Artificial Intelligence (AI) Market Research Reports & Consulting
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