Artificial Intelligence

Aurora Mobile Limited Announces Third Quarter 2022 Unaudited Financial Results

Published

1 year ago

November 23, 2022

SHENZHEN, China, Nov. 23, 2022 (GLOBE NEWSWIRE) — Aurora Mobile Limited (“Aurora Mobile” or the “Company”) (NASDAQ: JG), a leading provider of customer engagement and marketing technology services in China, today announced its unaudited financial results for the third quarter ended September 30, 2022.

Third Quarter 2022 Financial Highlights

Revenues were RMB80.4 million (US$11.3 million), a decrease of 11% year-over-year.
Cost of revenues was RMB26.4 million (US$3.7 million), an increase of 14% year-over-year.
Gross profit was RMB54.0 million (US$7.6 million), a decrease of 20% year-over-year.
Total operating expenses were RMB80.0 million (US$11.3 million), a decrease of 23% year-over-year.
Net loss was RMB20.7 million (US$2.9 million), compared with a net loss of RMB35.6 million for the same quarter last year.
Net loss attributable to Aurora Mobile Limited’s shareholders was RMB20.4 million (US$2.9 million), compared with a net loss attributable to Aurora Mobile Limited’s shareholders of RMB35.6 million for the same quarter last year.
Adjusted net loss (non-GAAP) was RMB14.5 million (US$2.0 million), compared with a RMB26.2 million adjusted net loss for the same quarter last year.
Adjusted EBITDA (non-GAAP) was a negative RMB6.7 million (US$0.9 million), compared with a negative RMB16.1 million for the same quarter last year.

Mr. Weidong Luo, Chairman and Chief Executive Officer of Aurora Mobile, commented, “While we continued to navigate through macro-economic uncertainties, Q3’2022 was a solid quarter for performance and financial measurements in most of our business lines. We are also actively expanding our footprint into overseas markets and prioritizing opportunities for future growth. We continued our cost control initiatives into the 3rd quarter and are very pleased with our progress. Here is a snapshot of some of the key results that we want to share with you:

Lowest operating expenses for the past 16 quarters since Q4 of 2018, at RMB80.0 million, down 23% year-over-year
Lowest net loss since Q3 of 2019, at RMB20.7 million, narrowed down by 42% year-over-year
Adjusted EBITDA at negative RMB6.7 million, significantly improved by 58% year-over-year
Deferred Revenue balance is the highest in the history of the Company, at RMB139.1 million
Total customer number up 71% year-over-year to 4,665
AR turnover days significantly improved by 8 days from 46 days in Q2’2022 to 38 days despite the tough business environment

Another encouraging sign is from the revenue perspective, as we saw sequential revenue growth in most of our business lines this quarter. While we are anticipating more recovery in growth, it’s still too early to call this a definite trend. However, the sequential growth in our business lines is a major positive sign for us. In Q3’2022, Developer Services revenues increased by 3% quarter-over-quarter to RMB57.0 million, which was mainly due to the increase in Subscription Services. Year-over-year Developer Services decreased by 12% mainly due to the weakness in Value-added Services, offset by the growth in Subscription Services.

Subscription Services revenues were RMB41.7 million, up 9% quarter-over-quarter and up 5% year-over-year. Subscription Services, our core business line, including JPUSH, Analytics, UMS and others, are products and services that help APP developers and enterprises to improve their operational efficiency. The increase in ARPU contributed to the growth in revenues, and we managed to further grow our customer base, signing up several well-known and sizable customers.

During Q3’2022, we saw the ad market demand further pressured and advertisers continuing to cut back budgets. Although we believe that these factors are temporary and the ad market is expected to bounce back, we are taking actions and continue to prioritize our resources on projects that will drive the most growth. With the launch of our AD Mediation Platform in Q2’2022, over 3 million daily active users (“DAU”) and over 40 APPs have joined our platform and we are anticipating more DAUs to join our platform in Q4’2022.

While we put some emphasis on coping with the near-term uncertainties, we consistently stay focused on our long-term strategy of expanding our business overseas since we believe that going overseas is becoming a substantial growth strategy for Chinese companies. After several months of our team’s effort, in mid-October we launched our overseas messaging service platform EngageLab, allowing developers to reach global users effectively and efficiently. This is a major milestone for us, since we can now help both the Chinese companies and overseas based companies to carry out refined and accurate user reach and engagement at low cost with high message delivery rates and conversion rates. I invite you to visit our website at www.Engagelab.com and see for yourselves.”

Mr. Shan-Nen Bong, Chief Financial Officer of Aurora Mobile, added, “We have also seen sequential growth in Vertical Applications revenues. Vertical Applications mainly consist of Financial Risk Management and Market Intelligence. Vertical applications revenues increased by 12% quarter-over-quarter and decreased by 9% year-over-year.

Financial Risk Management Service revenues increased by 20% quarter-over-quarter to RMB14.4 million and decreased by 7% year-over-year. The Financial Risk Management sequential revenues growth was mainly due to the increase in customer numbers as demand has shown good growth over the quarters.

Our Market Intelligence Services also delivered strong revenue growth, up 23% quarter-over-quarter and 24% year-over-year to RMB8.9 million. During this quarter, we have further cemented our strategy to retain key account customers both from the PRC and overseas markets, and signed up numerous well-known customers.

As we mentioned earlier, tightening expense control has been the theme over the past few quarters. By doing so, we have achieved some very solid results to tide us through the tough times. We had another record low quarter for operating expenses at RMB80.0 million, down 23% year-over-year. All 3 components within the operating expense category have recorded year-over-year reductions.

Adjusted EBITDA (calculated as EBITDA excluding share-based compensation, reduction in force charges, impairment of long-term investment and change in fair value of foreign currency swap contracts), improved by 58% year-over-year and 16% quarter-over-quarter respectively, to negative RMB6.7 million.

AR turnover days decreased from 46 days in Q2’2022 to 38 days in this quarter. Our disciplined accounting policy and cash collecting efforts ensure a timely collection of our accounts receivables. This is very important to mitigate the exposure to bad and doubtful debts during these particularly challenging times.

Last but not least, our deferred revenue balance which represents cash collected in advance from customers for future contract performance, recorded the highest balance in history of the Company at RMB139.1 million. Another angle on this matter, our deferred revenue balance has been continually growing and exceeded RMB100 million at quarter end for the 10th consecutive quarter. This demonstrates the excellent health conditions of our financial KPIs under the SAAS businesses.”

Third Quarter 2022 Financial Results

Revenues were RMB80.4 million (US$11.3 million), a decrease of 11% from RMB90.5 million in the same quarter of last year, mainly due to the impact of COVID-19 on overall macroeconomic conditions.

Cost of revenues was RMB26.4 million (US$3.7 million), an increase of 14% from RMB23.2 million in the same quarter of last year. The increase was mainly due to the increase in short message cost of RMB1.3 million and increase in technical service cost of RMB1.1 million.

Gross profit was RMB54.0 million (US$7.6 million), a decrease of 20% from RMB67.4 million in the same quarter of last year.

Total operating expenses were RMB80.0 million (US$11.3 million), a decrease of 23% from RMB103.7 million in the same quarter of last year.

Research and development expenses were RMB38.3 million (US$5.4 million), a decrease of 31% from RMB55.5 million in the same quarter of last year, mainly due to a RMB9.4 million decrease in personnel costs, a RMB2.0 million decrease in technical service fee, a RMB2.9 million decrease in cloud cost, and a RMB1.4 million decrease in depreciation expense.
Sales and marketing expenses were RMB24.2 million (US$3.4 million), a decrease of 18% from RMB29.4 million in the same quarter of last year, mainly due to a RMB3.2 million decrease in personnel costs and a RMB1.7 million decrease in marketing expense.
General and administrative expenses were RMB17.6 million (US$2.5 million), a decrease of 7% from RMB18.8 million in the same quarter of last year, mainly due to a RMB0.7 million decrease in personnel costs and a RMB0.3 million decrease in travel and entertainment expense.

Loss from operations was RMB26.0 million (US$3.7 million), compared with RMB36.4 million in the same quarter of last year.

Net Loss was RMB20.7 million (US$2.9 million), compared with RMB35.6 million in the same quarter of last year.

Adjusted net loss (non-GAAP) was RMB14.5 million (US$2.0 million), compared with RMB26.2 million in the same quarter of last year.

Adjusted EBITDA (non-GAAP) was a negative RMB6.7 million (US$0.9 million), compared with a negative RMB16.1 million for the same quarter of last year.

The cash and cash equivalents, restricted cash and short-term investments were RMB108.1 million (US$15.2 million) as of September 30, 2022 compared with RMB284.6 million as of December 31, 2021. The decrease was primarily due to the short-term bank loan of RMB150.0 million was fully repaid in April 2022.

Update on Share Repurchase

As of September 30, 2022, the Company had repurchased a total of 947,749 ADS, of which 27,143 ADSs, or around US$27.9 thousand were repurchased during the third quarter in 2022 at the average purchase price of US$1.03.

Conference Call

The Company will host an earnings conference call on Wednesday, November 23, 2022 at 7:30 a.m. U.S. Eastern Time (8:30 p.m. Beijing time on the same day).

Due to the outbreak of COVID-19, operator assisted conference calls are not available at the moment. All participants must register in advance to join the conference using the link provided below. Please dial in 15 minutes before the call is scheduled to begin. Conference access information will be provided upon registration.

Participant Online Registration: https://register.vevent.com/register/BI14552f1bcf6b41d7bfa6f2da3c115cb9

A live and archived webcast of the conference call will be available on the Investor Relations section of Aurora Mobile’s website at https://ir.jiguang.cn/.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses two non-GAAP measures, adjusted net loss and adjusted EBITDA, as a supplemental measure to review and assess its operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines adjusted net loss as net loss excluding share-based compensation, reduction in force charges, impairment of long-term investment and change in fair value of foreign currency swap contract. The Company defines adjusted EBITDA as net loss excluding interest expense, depreciation of property and equipment, amortization of intangible assets, amortization of land use right, income tax expenses/(benefits), share-based compensation, reduction in force charges, impairment of long-term investment and change in fair value of foreign currency swap contract.

The Company believes that adjusted net loss and adjusted EBITDA help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that it includes in loss from operations and net loss.

The Company believes that adjusted net loss and adjusted EBITDA provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the management in their financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using adjusted net loss and adjusted EBITDA is that they do not reflect all items of income and expense that affect the Company’s operations. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.

Reconciliations of the non-GAAP financial measures to the most comparable U.S. GAAP measure are included at the end of this press release.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

About Aurora Mobile Limited

Founded in 2011, Aurora Mobile is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

For more information, please visit https://ir.jiguang.cn/.

For investor and media inquiries, please contact:

Aurora Mobile Limited

[email protected]

Christensen

In China

Mr. Eric Yuan

Phone: +86-10-5900-1548

E-mail: [email protected]

In U.S.

Ms. Linda Bergkamp

Phone: +1-480-614-3004

Email: [email protected]

–

Footnote:

This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1135 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2022.

AURORA MOBILE LIMITED
UNAUDITED INTERIM CONDENSED CONSOLIDATED INCOME STATEMENTS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for number of shares and per share data)

	Three months ended								Nine months ended
	September 30, 2021		June 30, 2022		September 30, 2022				September 30, 2021		September 30, 2022
	RMB		RMB		RMB		US$		RMB		RMB		US$

Revenues	90,517		76,147		80,431		11,307		256,126		241,908		34,007
Cost of revenues	(23,167	)	(22,673	)	(26,403	)	(3,712	)	(63,255	)	(75,904	)	(10,670	)
Gross profit	67,350		53,474		54,028		7,595		192,871		166,004		23,337
Operating expenses
Research and development	(55,511	)	(40,794	)	(38,275	)	(5,381	)	(161,730	)	(119,047	)	(16,735	)
Sales and marketing	(29,358	)	(23,326	)	(24,178	)	(3,399	)	(83,262	)	(73,787	)	(10,373	)
General and administrative	(18,831	)	(23,601	)	(17,569	)	(2,470	)	(65,523	)	(69,366	)	(9,751	)
Total operating expenses	(103,700	)	(87,721	)	(80,022	)	(11,250	)	(310,515	)	(262,200	)	(36,859	)
Loss from operations	(36,350	)	(34,247	)	(25,994	)	(3,655	)	(117,644	)	(96,196	)	(13,522	)
Foreign exchange gain/(loss), net	535		(2,667	)	(449	)	(63	)	(969	)	(3,713	)	(522	)
Interest income	1,668		388		276		39		4,998		1,915		269
Interest expenses	(1,936	)	(775	)	(194	)	(27	)	(6,914	)	(2,815	)	(396	)
Other (loss)/ income	(507	)	13,726		5,479		770		12,591		24,010		3,375
Change in fair value of structured deposits	–		3		49		7		20		52		7
Change in fair value of foreign currency swap contract	1,019		(677	)	–		–		2,924		764		107
Loss before income taxes	(35,571	)	(24,249	)	(20,833	)	(2,929	)	(104,994	)	(75,983	)	(10,682	)
Income tax (expenses)/ benefits	–		(139	)	110		15		(11	)	(25	)	(4	)
Net loss	(35,571	)	(24,388	)	(20,723	)	(2,914	)	(105,005	)	(76,008	)	(10,686	)
Less: net loss attributable to redeemable noncontrolling interests	–		(972	)	(296	)	(42	)	–		(2,357	)	(331	)
Net loss attributable to Aurora Mobile Limited’s shareholders	(35,571	)	(23,416	)	(20,427	)	(2,872	)	(105,005	)	(73,651	)	(10,355	)
Net loss attributable to common shareholders	(35,571	)	(23,416	)	(20,427	)	(2,872	)	(105,005	)	(73,651	)	(10,355	)
Net loss per share, for Class A and Class B common shares:
Class A and B Common Shares – basic and diluted	(0.45	)	(0.30	)	(0.26	)	(0.04	)	(1.33	)	(0.93	)	(0.13	)
Shares used in net loss per share computation:
Class A Common Shares – basic and diluted	61,906,065		62,138,645		62,306,416		62,306,416		61,748,610		62,168,880		62,168,880
Class B Common Shares – basic and diluted	17,000,189		17,000,189		17,000,189		17,000,189		17,000,189		17,000,189		17,000,189
Other comprehensive (loss)/income
Foreign currency translation adjustments	(294	)	3,519		3,472		488		360		7,300		1,026
Total other comprehensive (loss)/income, net of tax	(294	)	3,519		3,472		488		360		7,300		1,026
Total comprehensive loss	(35,865	)	(20,869	)	(17,251	)	(2,426	)	(104,645	)	(68,708	)	(9,660	)
Less: comprehensive loss attributable to noncontrolling interests	–		(972	)	(296	)	(42	)	–		(2,357	)	(331	)
Comprehensive loss attributable to Aurora Mobile Limited’s shareholders	(35,865	)	(19,897	)	(16,955	)	(2,384	)	(104,645	)	(66,351	)	(9,329	)

AURORA MOBILE LIMITED
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

	As of
	December 31, 2021		September 30, 2022
	RMB		RMB		US$
ASSETS
Current assets:
Cash and cash equivalents	90,552		87,977		12,368
Restricted cash	164,030		137		19
Derivative assets	5,989		22		3
Short-term investments	30,000		20,000		2,812
Accounts receivable	43,860		32,167		4,522
Prepayments and other current assets	46,670		32,060		4,508
Amounts due from a related party	35		–		–
Total current assets	381,136		172,363		24,232
Non-current assets:
Long-term investments	141,926		142,908		20,090
Property and equipment, net	62,179		42,878		6,028
Intangible assets, net	5,398		25,191		3,541
Land use right	–		21,743		3,057
Goodwill	–		37,785		5,312
Other non-current assets	4,898		2,152		303
Total non-current assets	214,401		272,657		38,331
Total assets	595,537		445,020		62,563
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term loan	150,000		–		–
Accounts payable	18,292		17,456		2,454
Deferred revenue and customer deposits	119,991		132,714		18,657
Accrued liabilities and other current liabilities	85,305		88,240		12,405
Amounts due to a related party	54		63		9
Total current liabilities	373,642		238,473		33,525
Non-current liabilities:
Deferred revenue	3,845		6,366		895
Deferred tax liabilities	–		4,965		698
Other non-current liabilities	2,607		2,430		342
Total non-current liabilities	6,452		13,761		1,935
Total liabilities	380,094		252,234		35,460
Redeemable noncontrolling interests	–		31,582		4,440
Shareholders’ equity:
Common shares	49		49		7
Treasury shares	–		(199	)	(28	)
Additional paid-in capital	1,021,961		1,034,272		145,396
Accumulated deficit	(819,018	)	(892,669	)	(125,489	)
Accumulated other comprehensive income	12,451		19,751		2,777
Total shareholders’ equity	215,443		161,204		22,663
Total liabilities, redeemable noncontrolling interests and shareholders’ equity	595,537		445,020		62,563

AURORA MOBILE LIMITED
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

	Three months ended								Nine months ended
	September 30, 2021		June 30, 2022		September 30, 2022				September 30, 2021		September 30, 2022
	RMB		RMB		RMB		US$		RMB		RMB		US$
Reconciliation of Net Loss to Adjusted Net Loss:
Net loss	(35,571	)	(24,388	)	(20,723	)	(2,914	)	(105,005	)	(76,008	)	(10,686	)
Add:
Share-based compensation	7,754		6,792		4,470		628		26,790		14,654		2,060
Reduction in force charges	–		–		1,712		241		–		5,903		830
Impairment of long-term investment	2,588		–		–		–		2,588		7,016		986
Change in fair value of foreign currency swap contract	(1,019	)	677		–		–		(2,924	)	(764	)	(107	)
Adjusted net loss	(26,248	)	(16,919	)	(14,541	)	(2,045	)	(78,551	)	(49,199	)	(6,917	)
Reconciliation of Net Loss to Adjusted EBITDA:
Net loss	(35,571	)	(24,388	)	(20,723	)	(2,914	)	(105,005	)	(76,008	)	(10,686	)
Add:
Income tax expenses/ (benefits)	–		139		(110	)	(15	)	11		25		4
Interest expenses	1,936		775		194		27		6,914		2,815		396
Depreciation of property and equipment	7,086		6,350		5,868		825		20,492		18,854		2,650
Amortization of intangible assets	1,156		1,671		1,665		234		3,346		4,412		620
Amortization of land use right	–		–		183		26		–		183		26
EBITDA	(25,393	)	(15,453	)	(12,923	)	(1,817	)	(74,242	)	(49,719	)	(6,990	)
Add:
Share-based compensation	7,754		6,792		4,470		628		26,790		14,654		2,060
Reduction in force charges	–		–		1,712		241		–		5,903		830
Impairment of long-term investment	2,588		–		–		–		2,588		7,016		986
Change in fair value of foreign currency swap contract	(1,019	)	677		–		–		(2,924	)	(764	)	(107	)
Adjusted EBITDA	(16,070	)	(7,984	)	(6,741	)	(948	)	(47,788	)	(22,910	)	(3,221	)

AURORA MOBILE LIMITED

UNAUDITED SAAS BUSINESSES REVENUE

(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

Three months ended

Nine months ended

September 30, 2021

June 30, 2022

September 30,
2022

September 30, 2021

September 30,
2022

RMB

US$

RMB

US$

Developer Services

64,677

55,249

57,003

8,014

178,285

172,009

24,181

Subscription

39,773

38,343

41,692

5,862

110,987

114,391

16,081

Value-Added Services

24,904

16,906

15,311

2,152

67,298

57,618

8,100

Vertical Applications

25,840

20,898

23,428

3,293

77,841

69,899

9,826

Total Revenue

90,517

76,147

80,431

11,307

256,126

241,908

34,007

Gross Profits

67,350

53,474

54,028

7,595

192,871

166,004

23,337

Gross Margin

74.4%

70.2%

67.2%

75.3%

68.6%

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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
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Artificial Intelligence

Risk Analytics Market worth $180.9 billion by 2029 – Exclusive Report by MarketsandMarkets™

Published

45 mins ago

April 19, 2024

CISION (PR Newswire)

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
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=210662258
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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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] Insight: https://www.marketsandmarkets.com/ResearchInsight/risk-analytics-market.aspVisit Our Website: https://www.marketsandmarkets.com/Content Source: https://www.marketsandmarkets.com/PressReleases/risk-analytics.asp
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Artificial Intelligence

Robotic Palletizer Market worth $1.9 billion by 2029 – Exclusive Report by MarketsandMarkets™

Published

45 mins ago

April 19, 2024

CISION (PR Newswire)

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.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=251064253
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
Related Reports:
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
Autonomous Mobile Robots Market by Offering (Hardware, Software and Services), Payload Capacity (500 kg), Navigation Technology (Laser/LiDAR, Vision Guidance), Industry (Manufacturing, Retail, E-commerce) – Global Forecast to 2028
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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Artificial Intelligence7 days ago

In-Depth Analysis of Germany and France Data Center Markets: Germany Poised to Contribute Over $12.24 Billion Opportunities in the Next 6 Years – Arizton