Artificial Intelligence
AcuityAds Reports Third Quarter 2022 Financial Results
illumin Revenue Up 78.4% YOY and 29.4% sequentially
Generated $29.0 million in Total Revenue
(All monetary figures are expressed in Canadian dollars unless otherwise stated)
TORONTO and NEW YORK, Nov. 10, 2022 (GLOBE NEWSWIRE) — AcuityAds Holdings Inc. (TSX:AT) (NASDAQ:ATY) (“AcuityAds” or “Company”), a Journey Advertising technology company that empowers marketers to make smarter decisions about communicating with online consumers, today announced its financial results for the three and nine months ended September 30, 2022.
Third Quarter 2022 Highlights
- Total revenue for the three months ended September 30, 2022, was $29.0 million, up 2.5% sequentially and 5.5% on a year over year basis as we began to realize the benefits of our recent investments in sales, marketing, and product development. Despite significant macro-economic headwinds, we believe we will see continued benefits from these investments over the ensuing quarters.
- illumin third quarter revenue rose 78.4% year over year and 29.4% sequentially to $13.2 million, or 46% of total revenue. On a YTD basis, illumin revenue is $31.3 million.
- illumin self-serve revenue increased 20% sequentially to $1.2 million, while illumin self-serve clients grew 42% sequentially. The significant increase in illumin self-serve clients should bode well for continued growth in this very strategic segment of the business.
- Third quarter 2022 gross margin was 51.4%, compared to 51.9% for the same period in 2021.
- Net revenue or gross profit (revenue less media costs) for the three months ended September 30, 2022, was $14.8 million, compared to $14.3 million for the same period in 2021.
- Adjusted EBITDA was $1.6 million for the third quarter of 2022, compared to $4.4 million in the prior year. The decline of Adjusted EBITDA was fully anticipated, as management made the strategic decision to increase our investments in R&D, sales and marketing given the early success of illumin.
- Q3 2022 net income was $2.8 million, compared to $3.4 million in Q3 2021.
- During the third quarter of 2022, the Company repurchased 1,811,400 of its common shares at an average price of $3.23 per share for total consideration of $5,859,678. As of November 5, 2022, the Company has repurchased 4,080,880 of its common shares (7.1% of shares outstanding) for total consideration of $12,999,975.
- At September 30, 2022, the Company had cash and cash equivalents of $88.2 million, compared to $102.2 million as of December 31, 2021, reflecting share repurchases during the previous quarters.
- During the quarter, two significant hires were made. Nadeem Ahmed joined Acuity as Chief Revenue Officer, bringing with him over 25 years of revenue-building experience, including 10 years at Salesforce building their Healthcare and Life Sciences vertical. Tony Vlismas joins as VP of Marketing, having spent most of his career leading and scaling ad-tech companies in senior marketing roles.
“We continued to see excellent traction for illumin during the third quarter, with year over year revenue growth from this Journey Advertising platform of 78.4% and strong sequential revenue growth of 29.4%,” said Tal Hayek, Co-Founder and Chief Executive Officer of AcuityAds. “Now standing at 46% of total company revenue, we believe illumin is well on its way to eclipsing our stated goal of comprising over half of total company revenue run rate by year end. The continued rapid growth in illumin adoption is further proof that it is breaking the mold with its incredible simplicity and deep advertiser insights.”
Mr. Hayek continued, “When I evaluate where we are as a company, I know we are creating something revolutionary given the overwhelming positive feedback we are receiving from our clients about illumin. We are constantly monitoring internal customer data and it’s clear both new and existing clients are recognizing the value of this intuitive Journey Advertising platform, which enables them to differentiate themselves and take control of their own advertising journeys. Our results tell the story, with 81% more clients using the platform year over year for the third quarter, while illumin self-serve revenue rose 20% from just the second quarter.”
Elliot Muchnik, AcuityAds’ Chief Financial Officer, commented, “While management remains attuned to the challenging macro-economic environment, we are seeing solid customer demand as customers appreciate the importance of brand strength and we continue to anticipate year-over-year revenue growth in the fourth quarter of 2022. We firmly believe that the investments we made in R&D, sales and marketing coming into and during this fiscal year has positioned the Company well for future growth. Should the macro-economic forces be more serious than we anticipated on our business, management will take the appropriate actions to reduce spend and optimize our cost structure.”
The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the periods ended:
| Three months ended | Nine months ended | |||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||
| Net income (loss) for the period | $ | 2,802,622 | $ | 3,362,127 | $ | (776,989 | ) | $ | 8,087,580 | |||
| Adjustments: | ||||||||||||
| Finance costs | 158,453 | 263,220 | 429,557 | 797,074 | ||||||||
| Foreign exchange gain | (5,835,813 | ) | (1,864,926 | ) | (7,228,072 | ) | (2,599,487 | ) | ||||
| Depreciation and amortization | 1,124,790 | 1,172,334 | 3,527,168 | 3,816,994 | ||||||||
| Income taxes | 1,378,607 | – | 1,432,242 | 231,600 | ||||||||
| Share-based compensation | 1,893,845 | 1,465,706 | 5,447,830 | 3,954,217 | ||||||||
| Severance expenses | 115,832 | 20,875 | 398,263 | 111,633 | ||||||||
| Other expenses | – | – | 79,132 | – | ||||||||
| Total adjustments | (1,164,286 | ) | 1,057,209 | 4,086,120 | 6,312,031 | |||||||
| Adjusted EBITDA | $ | 1,638,336 | $ | 4,419,336 | $ | 3,309,131 | $ | 14,399,611 | ||||
Conference Call Details:
Date: Thursday, November 10, 2022
Time: 8:30AM Eastern Time
To register for the conference call webcast and presentation, please visit
https://illumin.com/investors/earnings-call/
Please connect at 15 minutes prior to the conference call to ensure time for any software download that may be needed to hear the webcast.
A recording of the conference call webcast will be available after the call by visiting the Company’s website at https://illumin.com/investors/.
Non-IFRS Measures
This press release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures including “revenue less media costs”, “revenue less media costs margin”, “Adjusted EBITDA” and “Adjusted Net Income (Loss)” (as well as other measures discussed elsewhere in this press release).
The term “revenue less media costs margin” refers to the amount that “revenue less media costs” represents as a percentage of total revenue for a given period, while the term “revenue less media costs” refers to the net amount of revenue after deducting direct media costs. Revenue less media costs is used for internal management purposes as an indicator of the performance of the Company’s solution in balancing the goals of delivering excellent results to advertisers while meeting the Company’s margin objectives and, accordingly the Company believes it is useful supplemental information.
“Adjusted EBITDA” refers to net income (loss) after adjusting for finance costs, impairment loss, fair value gain, income taxes, foreign exchange gain (loss), depreciation and amortization, share-based compensation, acquisition and related integration costs, severance expenses and adjustments to the carrying value of investment tax credits receivable. The Company believes that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by the Company’s main business activities before taking into consideration how those activities are financed and taxed and also prior to taking into consideration depreciation of property and equipment and certain other items listed above. It is a key measure used by the Company’s management and board of directors to understand and evaluate the Company’s operating performance, to prepare annual budgets and to help develop operating plans.
“Adjusted Net Income (Loss)” refers to net income (loss) after adjusting for non-cash items such as impairment loss, fair value gain, depreciation and amortization, share-based compensation, and foreign exchange gain/loss. The Company believes that Adjusted Net Income (Loss) is useful supplemental information as it provides an indication of the results generated by the Company’s main business activities on a cash basis. It is another key measure used by the Company’s management and board of directors to understand and evaluate the Company’s operating performance, to prepare annual budgets and to help develop operating plans.
These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. We believe that securities analysts, investors, and other interested parties frequently use non-IFRS measures in the evaluation of issuers, and that these non-IFRS measures in particular are relevant to their analysis of the Company.
Unaudited Interim Financial Statements
This press release contains our unaudited condensed interim consolidated statements of financial position, of income (loss) and cash flows for the three and nine months ended September 30, 2022. These statements should be read in conjunction with our unaudited interim financial statements which contain certain explanatory notes, and our accompanying management discussion and analysis for the three and nine months ended September 30, 2022, in each case as filed on sedar.com
About AcuityAds:
AcuityAds is a leading technology company that provides marketers a one-stop solution for omnichannel digital advertising with best-of-category return on advertising spend. Its journey automation technology, illumin™, offers planning, buying and real-time intelligence from one platform. With proprietary Artificial Intelligence, illumin™ brings unique digital advertising capabilities to close the gap between planning and execution. The Company brings an integrated ecosystem of privacy-protected data, inventory, brand safety and fraud prevention partners, offering trusted solutions with proven, above-benchmark outcomes for the most demanding marketers.
AcuityAds is headquartered in Toronto with offices throughout Canada, the U.S., Europe and Latin America. For more information, visit https://illumin.com.
Disclaimer in regards to Forward-looking statements
Certain statements included herein constitute “forward-looking statements” within the meaning of applicable securities laws. These statements may relate to the Company’s future financial outlook, financial position, anticipated events, results, success of its work from home policies, the Company’s strategy with respect to the illumin platform, or the effect of the COVID-19 pandemic on the Company’s business and operations. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Also, given the evolving circumstances surrounding the COVID-19 pandemic, it is difficult to predict how significant the adverse impact of the pandemic will be on the global and domestic economy, the business, operations and financial position of the Company’s clients and the business, operations, and financial position of the Company. Investors are cautioned not to put undue reliance on forward-looking statements. Many factors could cause the Company’s actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the factors discussed in the “Risk Factors” section of the Company’s Annual Information Form dated March 10, 20221 for the fiscal year ended December 31, 2021 (the “AIF”) and the Company’s Management Discussion and Analysis for the three months ended September 30, 2022 dated November 10, 2022 (the “MD&A”). A copy of the AIF, MD&A and the Company’s other publicly filed documents can be accessed under the Company’s profile on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com. In addition, the effects of COVID-19, including the duration, spread and severity of the pandemic, create additional risks and uncertainties for the Company. In particular, the impact of the virus and government authorities’ and public health officials’ responses thereto may affect: the Company’s actual results, performance, prospects, or opportunities; domestic and global credit and capital markets and its ability to access capital on favourable terms, or at all; and the health and safety of its employees. The Company cautions that the list of risk factors and uncertainties described in the AIF and the MD&A are not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties, and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such information.
Except as required by law, AcuityAds does not intend, and undertakes no obligation, to update any forward-looking statement to reflect, in particular, new information or future events.
For further information, please contact:
| Daniel Gordon Investor Relations Manager AcuityAds Holdings Inc. 416-218-9888 ext. 5313 [email protected] |
Babak Pedram Investor Relations – Canada Virtus Advisory Group Inc. 416-644-5081 [email protected] |
David Hanover Investor Relations – U.S. KCSA Strategic Communications 212-896-1220 [email protected] |
AcuityAds Holdings Inc.
Condensed Interim Consolidated Statements of Financial Position
(Expressed in Canadian dollars)
(Unaudited)
| September 30, 2022 $ |
December 31, 2021 $ |
|||
| Assets | ||||
| Current assets | ||||
| Cash and cash equivalents | 88,231,834 | 102,208,807 | ||
| Accounts receivable | 28,448,325 | 30,972,608 | ||
| Prepaid expenses and other | 3,172,384 | 3,278,624 | ||
| 119,852,543 | 136,460,039 | |||
| Non-current assets | ||||
| Deferred tax asset | 81,803 | 81,803 | ||
| Other assets | 360,836 | – | ||
| Property and equipment | 6,950,092 | 5,369,619 | ||
| Intangible assets | 4,557,717 | 3,044,278 | ||
| Goodwill | 4,869,841 | 4,869,841 | ||
| 136,672,832 | 149,825,580 | |||
| Liabilities | ||||
| Current liabilities | ||||
| Accounts payable and accrued liabilities | 20,204,928 | 24,853,497 | ||
| Income tax payable | 558,690 | 910,165 | ||
| Borrowings | 4,800,272 | 2,946,150 | ||
| Lease obligations | 1,866,511 | 2,058,161 | ||
| 27,430,401 | 30,767,973 | |||
| Non-current liabilities | ||||
| Borrowings | 214,590 | 3,852,891 | ||
| Lease obligations | 4,362,910 | 2,148,708 | ||
| 32,007,901 | 36,769,572 | |||
| Shareholders’ equity | 104,664,931 | 113,056,008 | ||
| 136,672,832 | 149,825,580 | |||
AcuityAds Holdings Inc.
Condensed Interim Consolidated Statements of Comprehensive Income (Loss)
(Expressed in Canadian dollars)
(Unaudited)
| Three months ended September 30, 2022 $ |
Three months ended September 30, 2021 $ |
Nine months ended September 30, 2022 $ |
Nine months ended September 30, 2021 $ |
|||||
| Revenue | ||||||||
| Managed services | 20,424,781 | 19,320,662 | 54,337,640 | 65,197,665 | ||||
| Self-service | 8,522,515 | 8,164,158 | 26,690,889 | 20,026,969 | ||||
| 28,947,296 | 27,484,820 | 81,028,529 | 85,224,634 | |||||
| Media costs | 14,102,830 | 13,232,069 | 39,601,460 | 40,798,761 | ||||
| Gross profit | 14,844,466 | 14,252,751 | 41,427,069 | 44,425,873 | ||||
| Operating expenses | ||||||||
| Sales and marketing | 5,904,181 | 5,260,944 | 16,745,908 | 14,982,171 | ||||
| Technology | 4,243,954 | 2,581,090 | 11,764,959 | 9,716,514 | ||||
| General and administrative | 3,173,827 | 2,012,256 | 10,084,466 | 5,439,210 | ||||
| Share-based compensation | 1,893,845 | 1,465,706 | 5,447,830 | 3,954,217 | ||||
| Depreciation and amortization | 1,124,790 | 1,172,334 | 3,527,168 | 3,816,994 | ||||
| 16,340,597 | 12,492,330 | 47,570,331 | 37,909,106 | |||||
| Income (loss) from operations | (1,496,131 | ) | 1,760,421 | (6,143,262 | ) | 6,516,767 | ||
| Finance costs | 158,453 | 263,220 | 429,557 | 797,074 | ||||
| Foreign exchange gain | (5,835,813 | ) | (1,864,926 | ) | (7,228,072 | ) | (2,599,487 | ) |
| (5,677,360 | ) | (1,601,706 | ) | (6,798,515 | ) | (1,802,413 | ) | |
| Net income before income taxes | 4,181,229 | 3,362,127 | 655,253 | 8,319,180 | ||||
| Income taxes | 1,378,607 | – | 1,432,242 | 231,600 | ||||
| Net income (loss) for the period | 2,802,622 | 3,362,127 | (776,989 | ) | 8,087,580 | |||
| Basic net income (loss) per share | 0.05 | 0.06 | (0.01 | ) | 0.14 | |||
| Diluted net income (loss) per share | 0.05 | 0.05 | (0.01 | ) | 0.14 | |||
| Exchange (gain) loss on translating foreign operations | (224,097 | ) | (331,401 | ) | 10,238 | 671,363 | ||
| Comprehensive income (loss) for the period | 3,026,719 | 3,693,528 | (787,227 | ) | 7,416,217 | |||
AcuityAds Holdings Inc.
Condensed Interim Consolidated Statements of Cash Flows
(Expressed in Canadian dollars)
(Unaudited)
For the nine months ended September 30, 2022, and 2021
| 2022 $ |
2021 $ |
|||||
| Cash provided by (used in) | ||||||
| Operating activities | ||||||
| Net income (loss) for the period | (776,989 | ) | 8,087,580 | |||
| Adjustments to reconcile net income (loss) to net cash flows | ||||||
| Depreciation and amortization | 3,527,168 | 3,816,994 | ||||
| Finance costs | 429,557 | 797,074 | ||||
| Share-based compensation | 5,447,830 | 3,954,217 | ||||
| Foreign exchange gain | (7,228,072 | ) | (2,599,487 | ) | ||
| Change in non-cash operating working capital | ||||||
| Accounts receivable | 2,637,300 | 7,333,843 | ||||
| Prepaid expenses and other | 106,237 | (1,209,249 | ) | |||
| Other assets | (360,836 | ) | – | |||
| Accounts payable and accrued liabilities | (4,296,278 | ) | (3,390,866 | ) | ||
| Income tax payable | (351,475 | ) | – | |||
| Interest paid, net | (328,332 | ) | (695,976 | ) | ||
| (1,193,890 | ) | 16,094,130 | ||||
| Investing activities | ||||||
| Additions to property and equipment | (161,646 | ) | (779,828 | ) | ||
| Additions to intangible assets | (2,650,031 | ) | (964,636 | ) | ||
| (2,811,677 | ) | (1,744,464 | ) | |||
| Financing activities | ||||||
| Repayment of term loans principal | (1,679,881 | ) | (1,818,053 | ) | ||
| Proceeds from international loans | 1,135,985 | 852,486 | ||||
| Repayment of international loans | (1,406,950 | ) | (1,410,960 | ) | ||
| Addition to leases | – | 358,644 | ||||
| Repayment of leases | (1,535,249 | ) | (2,345,510 | ) | ||
| Net proceeds from equity financing | – | 63,955,491 | ||||
| Repurchase of shares for cancellation | (12,999,975 | ) | – | |||
| Proceeds from the exercise of warrants | – | 61,723 | ||||
| Proceeds from the exercise of stock options | 374,037 | 1,056,189 | ||||
| (16,112,033 | ) | 60,710,010 | ||||
| Increase (decrease) in cash and cash equivalents | (20,117,600 | ) | 75,059,676 | |||
| Impact of foreign exchange on cash and cash equivalents | 6,140,627 | 2,599,487 | ||||
| Cash and cash equivalents – beginning of period | 102,208,807 | 22,638,300 | ||||
| Cash and cash equivalents – end of period | 88,231,834 | 100,297,463 | ||||
| Supplemental disclosure of non-cash transactions | ||||||
| Additions to property and equipment under leases | 3,809,403 | 447,869 | ||||
Artificial Intelligence
Free Your Hands, QIDI Vida Smart AR Glasses Lead the Way in New Sports Experience.
NEW YORK, April 19, 2024 /PRNewswire/ — Outdoor smart AR glasses, QIDI Vida, will officially launch on 23rd April on the Kickstarter platform. QIDI Vida integrates the many functions of smart watches, sports headphones, cycling computers, heart rate monitors, and walkie-talkies using AR+AI technology, allowing users to bid farewell to cumbersome device management and enjoy outdoor sports anytime, anywhere with just one pair of glasses.
Function:
QIDI Vida uses high-tech HUD (Head-Up Display) which is similar to the technology used for aircrafts and premium cars and introduces it to the sports industry. Users can activate the HUD function at any time using voice control, enabling them to focus on the route ahead whilst simultaneously having access to information such as navigation, speed, heart rate, power and cadence, among other metrics. Another great function of the QIDI Vida is that users can also enjoy audiovisual entertainment through the optically perceived 100-inch AR HUD screen, when having some down time.
As cyclists and hikers often travel in groups, QIDI Vida supports eSIM and team functionality, allowing real-time voice communication without releasing handlebars, and users can monitor their groups’ real-time locations. The glasses also have comprehensive sensing and monitoring capabilities including temperature, humidity, UV, air pressure, geomagnetism and acceleration. In addition to obtaining environmental and health information, it also features health warnings such as altitude sickness symptoms and high heart rate, as well as fall and collision detection functions. And, in the event of danger, it can send distress signals to teammates.
Perks:
QIDI Vida has a global voice recognition and interaction feature that allows you to control all functions within the device by voice. To better provide users with an immersive sports experience, QIDI Vida’s intelligent system will have the capability to instantly gather personalised sports data, enabling it to deliver timely voice alerts and broadcasts, including the duration of exercise, distance, the environment and the weather – all tailored to the user’s preferences.
QIDI Vida enables voice-controlled photos and video recordings, allowing users to capture moments whilst cycling or hiking without the need to stop. QIDI Vida supports connections with common cycling smart hardware such as Garmin, Wahoo, Apple, and Samsung, supports GPX route files, and is compatible with professional sports apps such as Strava, Keep, Zwift, Apple Health, and All Trails.
QIDI Vida stands out for its lightweight and comfortable design with a dual lens for a full-colour data display, unlike competing AR glasses that typically have a single lens and limited colour. This innovation significantly enhances and augments the user’s sports and reality experience.
QIDI Vida will launch on the Kickstarter platform: https://www.kickstarter.com/projects/109560964/qidi-vida-smart-ar-glasses-for-sports
HIGH RES IMAGE: https://we.tl/t-epx2syiuaRWATCH VIDEO: https://www.youtube.com/watch?v=2v_Pli2pAM8&t=164s
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Artificial Intelligence
Risk Analytics Market worth $180.9 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, April 19, 2024 /PRNewswire/ — The growing use of real-time monitoring and advanced analytics, integration with cutting-edge technologies like blockchain and IoT, and an emphasis on cybersecurity, cross-industry applications, and regulatory compliance are the key factors that will shape the risk analytics market in the future. The market’s development will also be influenced by collaborative risk management, improved user experience, and an increasing focus on ESG factors and risk culture.
The Risk Analytics Market is estimated to grow from USD 59.7 billion in 2024 to USD 180.9 billion in 2029, at a CAGR of 24.8% during the forecast period, according to a new report by MarketsandMarkets™. Several trends fuel the global spread of Risk Analytics. Increasingly Increasing Data Complexity, Rising Cybersecurity Threats and Rising Adoption of Cloud-Based Solutions A growing talent pool of data scientists and engineers is building the necessary tools and infrastructure. Governments are recognizing the potential of risk analytics for economic growth and are investing in research and development. These trends make DI more accessible and valuable, leading to its global adoption.
Browse in-depth TOC on “Risk Analytics Market”260 – Tables 60 – Figures350 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2023
Base year considered
2023
Forecast period
2024–2029
Forecast units
USD Billion
Segments Covered
Offering,Risk Type, Risk stages, Vertical, and Region.
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US)
By offering the services segment to account for higher CAGR during the forecast period
In the Risk Analytics Market, the highest CAGR of services is fueled by Increasing Complexity of Risks, AI and machine learning advancements, big data analytics integration, business process optimization, cloud-based solutions adoption, data-driven culture, and diverse industry adoption. These trends reflect a global shift towards leveraging data for competitive advantage, driving a continuous need for sophisticated risk analytics services across sectors. As businesses prioritize agility, the growth of services in the Risk Analytics Market is driven by the need for effective risk management strategies in an increasingly complex and uncertain business environment.
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By Type, GRC software is expected to hold the largest market size for the year 2024
GRC software typically offers comprehensive solutions that cover a wide range of risk management needs, including compliance management, policy management, audit management, and risk assessment. They also provide organizations with enhanced visibility into their risk landscape. Through features such as risk assessment, risk monitoring, and reporting, organizations can identify and prioritize risks more effectively, enabling proactive risk management strategies. GRC software streamlines risk management processes through automation, reducing manual effort and increasing efficiency. Tasks such as risk assessments, control testing, and incident management can be automated, freeing up resources to focus on strategic risk mitigation efforts. the combination of comprehensive functionality, regulatory compliance support, efficiency gains, scalability, integration capabilities, and culture enhancement makes GRC software a preferred choice for many organizations seeking to manage risk effectively.
By Vertical, Healthcare & Life Sciences is projected to grow at the highest CAGR during the forecast period
The Healthcare and Lifesciences is experiencing a surge in the adoption of risk analytics due to a confluence of factors. Healthcare providers and life sciences companies wants to ensure the safety and well-being of patients. Risk analytics helps in identifying potential risks to patient safety, such as medication errors, adverse events, and medical device failures. The healthcare and life sciences industries are heavily regulated, with strict guidelines for patient care, data privacy, drug development, and clinical trials. Risk analytics helps organizations ensure compliance with these regulations by identifying and mitigating risks of non-compliance. Healthcare organizations and life sciences companies also face financial risks associated with fraud, billing errors, revenue cycle management, and reimbursement challenges. Risk analytics helps in detecting anomalies and optimizing financial processes to mitigate these risks.
Asia Pacific is expected to grow at the highest CAGR during the forecast period
The Asia-Pacific (APAC) region is experiencing rapid growth in the Risk Analytics Market, boasting the highest Compound Annual Growth Rate (CAGR). This surge is primarily attributed to rising demand for data-driven decision-making solutions, expanding digital transformation initiatives across industries.. Moreover, the region’s favorable regulatory environment, growing investments in big data analytics, and the integration of advanced technologies like the Internet of Things (IoT) further propel APAC’s dominance in Risk Analytics Market growth.
Top Key Companies in Risk Analytics Market:
The major risk analytics software and service providers include IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the Risk Analytics Market.
Recent Developments:
In March 2024, Orcale announced Oracle Risk Management Cloud in Release 24B. It offers comprehensive solution designed to help organizations identify, assess, and mitigate risks across their business operations. It offers advanced analytics, automation, and collaboration tools to streamline risk management.In March 2024, FIS Global announces card fraud detection capabilities leveraging artificial intelligence (AI) with aim to bolster FIS’s ability to identify and prevent fraudulent transactions, providing greater security for cardholders and financial institutions alike.In March 2024, Aon acquired an AI-powered platform to assist fleet and mobility clients in making data-driven decisions, enhancing operational efficiency and risk management. The platform utilizes artificial intelligence to analyze data and provide insights, enabling clients to optimize their fleet operations and improve decision-making processes.In March 2024, Crisp joined Resolver, with the aim to enhance Resolver’s risk intelligence capabilities by integrating Crisp’s expertise and technology into its platform, offering clients improved risk assessment and mitigation tools.In February 2024, SAS partnered with Carahsoft to bring analytics, AI, and data management solutions to the public sector. The aim is to leverage SAS’s expertise in advanced analytics and Carahsoft’s extensive government market reach to offer tailored solutions that enable public sector organizations to harness the power of data for informed decision-making and improved outcomes.Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=210662258
Risk Analytics Market Advantages:
By offering insights into potential risks, opportunities, and trends, risk analytics helps organisations make data-driven decisions that improve strategic planning and resource allocation.In order to improve risk management procedures and lessen exposure to possible threats, risk analytics solutions assist businesses in identifying, evaluating, and mitigating risks across a range of business activities, including finance, operations, and compliance.Through real-time monitoring and anomaly detection made possible by risk analytics, organisations may proactively address shifting market situations, legal requirements, and cybersecurity threats.Risk analytics solutions assist organisations lower operating costs, increase productivity, and streamline compliance activities, which results in cost savings and resource optimisation. They do this by streamlining risk management procedures and automating routine work.Accurate risk assessments, audit trails, and reporting capabilities are just a few of the ways that risk analytics solutions help organisations comply with regulations and stay out of trouble.Organisations can enhance their resilience and competitiveness by anticipating and mitigating potential hazards before they materialise through the use of predictive modelling and advanced analytics approaches in risk analytics.Report Objectives
To define, describe, and predict the Risk Analytics Market by offering, risk type, risk stages, vertical, and regionTo provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the market growthTo analyze the opportunities in the market and provide details of the competitive landscape for stakeholders and market leadersTo forecast the market size of segments with respect to five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin AmericaTo profile the key players and comprehensively analyze their market rankings and core competenciesTo analyze the competitive developments, such as partnerships, product launches, and mergers & acquisitions, in the Risk Analytics MarketBrowse Adjacent Markets: Analytics Market Research Reports & Consulting
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Artificial Intelligence
Robotic Palletizer Market worth $1.9 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, April 19, 2024 /PRNewswire/ — The robotic palletizer market is projected to grow from USD 1.4 billion in 2024 and is expected to reach USD 1.9 billion by 2029, growing at a CAGR of 5.9% from 2024 to 2029 according to a new report by MarketsandMarkets™. Rising awareness towards workplace safety and reducing the risk of work-related injuries to drive the market. Robotic palletizers significantly enhance workplace safety and reduce the risk of work-related injuries and associated costs. By automating repetitive tasks like palletizing, businesses can redeploy their human workforce to higher-value activities that require human skills like problem-solving, critical thinking, and customer interaction. This allows them to optimize their workforce and leverage human capabilities more effectively.
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Browse in-depth TOC on “Robotic Palletizer Market” 100 – Tables60 – Figures200 – Pages
Robotic Palletizer Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 1.4 billion
Estimated Value by 2029
$ 1.9 billion
Growth Rate
Poised to grow at a CAGR of 5.9%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Component, Robot Type, Application, End-use Industry and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
High initial investment cost
Key Market Opportunities
Increasing application in small and medium-sized enterprises
Key Market Drivers
Growing labor shortage and need for workforce optimization
Collaborative robots in the robot type segment are expected to witness higher growth rate during the forecast period.
Collaborative robots are expected to witness a higher CAGR during the forecast period. Unlike traditional industrial robots that often require physical barriers or cages to protect human workers, cobots are equipped with advanced safety features, such as force and torque sensors, collision detection, and speed monitoring. These features enable cobots to operate safely in proximity to humans without posing significant risks of injury.
The Pharmaceutical segment in the robotic palletizer market is expected to witness highest growth rate during the forecast period.
Pharmaceutical products are subject to strict regulations regarding storage, handling, and quality control. Robotic palletizers play a crucial role in providing greater precision and consistency in palletizing tasks and minimizing the risk of contamination within pharmaceutical manufacturing facilities. It also reduces human intervention in the handling and stacking of products and helps mitigate the potential for cross-contamination and ensures adherence to strict hygiene standards.
End-of-Arm- Tooling (EOAT) component is expected to witness the highest CAGR in the robotic palletizer market during the forecast period.
End-of-arm tooling (EOAT) is a crucial element of a robotic arm system, especially in applications like robotic palletizing, where the robot needs to interact with various objects or products. EOAT essentially acts as the hand of the robotic arm, designed to securely grasp, lift, and place boxes or cases onto pallets. Overall, EOAT plays a vital role in the effectiveness of robotic palletizers as it ensures secure handling of products, efficient palletizing patterns, and smooth operation of the entire system.
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North America is expected to hold the largest share of the robotic palletizer industry during the forecast period.
North America is home to major automobile and retail companies, which has accelerated the demand for robotic palletizers in this region. Additionally, the rise in manufacturing activity, fueled by plans for reshoring and technological improvements, has further driven the need for robotic palletizers. In North America, certain government funds are available to increase workplace safety. In 2023, the Occupational Safety and Health Administration announced a grant of approximately USD 12.7 million to 100 non-profit organizations across the nation to provide education and training for workers and employers about recognizing workplace hazards, injury prevention, and understanding workers’ rights and employers’ responsibilities under federal law. Businesses that use robotic palletizers may be eligible for funding as they lower the risk of worker injuries from manual lifting.
Key Players
Leading players in the robotic palletizer companies include FANUC CORPORATION (Japan), KION GROUP AG (Germany), KUKA AG (Germany), ABB (Switzerland), and Krones AG (Germany). Schneider Packaging Equipment Company, Inc. (US), Honeywell International Inc. (US), Kaufman Engineered Systems (US), Concetti S.p.A. (Italy), Sidel (France), Brenton, LLC. (US), A-B-C Packaging Machine Corporation (US), Antenna Group (Italy), BEUMER GROUP (Germany), Brillopak (UK), BW Integrated Systems (US), Columbia Machine, Inc. (US), Euroimpianti S.p.A. (Italy), Fuji Yusoki Kogyo Co., Ltd. (Japan), HAVER & BOECKER OHG (Germany), KHS Group (Germany), MMCI (US), Okura Yusoki Co., Ltd. (Japan), Rothe Packtech Pvt. Ltd. (India), and S&R Robot Systems, LLC. (US) are few other key companies operating in the robotic palletizer market.
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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports & Consulting
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Palletizer Market Size, Share, Statistics and Industry Growth Analysis Report by Technology (Conventional, Robotic), Product Type (Bags, Boxes and Cases, Pails and Drums), Industry (Food & Beverages, Chemicals, Pharmaceuticals, Cosmetics & Personal Care, E-commerce and Retail) & Region – Global Growth Driver and Industry Forecast to 2029
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Automated Guided Vehicle Market Size, Share, Industry, Statistics & Growth by Type (Tow Vehicles, Unit Load Carriers, Forklift Trucks, Assembly Line Vehicles, Pallet Trucks), Navigation Technology (Laser Guidance, Magnetic Guidance, Vision Guidance), Industry, Region – Global Forecast to 2028
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About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact: Mr. Aashish MehraMarketsandMarkets™ INC. 630 Dundee RoadSuite 430Northbrook, IL 60062USA: +1-888-600-6441Email: [email protected] Our Web Site: https://www.marketsandmarkets.com/Research Insight: https://www.marketsandmarkets.com/ResearchInsight/robotic-palletizer-companies.aspContent Source: https://www.marketsandmarkets.com/PressReleases/robotic-palletizer.asp
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