Artificial Intelligence

OptimizeRx Reports Fourth Quarter and Full Year 2022 Financial Results

Published

1 year ago

March 8, 2023

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Q4 revenue of $19.7 million, down 3% year-over-year and up 30% quarter-over-quarter
Q4 gross profit increased 1% year-over-year to $12.5 million as gross margins increased from 61% to 63%
Generated $10.7 million in cash flow from operations in 2022
Repurchased 1.2 million shares during 2022 at an average price of $16.49 per share
Exited 2022 with six Real-World Data Artificial Intelligence (RWD-AI) deals

ROCHESTER, Mich., March 08, 2023 (GLOBE NEWSWIRE) — OptimizeRx Corp. (the “Company”) (Nasdaq: OPRX), a leading provider of point-of-care technology solutions helping patients start and stay on therapy, reported results for the fourth quarter and full year ended December 31, 2022.

	Twelve Months Ended December 31,
Key Performance Indicators (KPIs)*		2022			2021
Average revenue per top 20 pharmaceutical manufacturer	$	2,143,296		$	2,484,557
Percent of top 20 pharmaceutical manufacturers that are customers		90	%		95	%
Percent of total revenue attributable to top 20 pharmaceutical manufacturers		62	%		77	%
Net revenue retention		90	%		127	%
Revenue per average full-time employee	$	606,312		$	729,674

Will Febbo, OptimizeRx CEO commented, “Macro headwinds made 2022 an extremely challenging year. As a result, we are taking a conservative approach to guidance for 2023. However, during 2022 we made the decision to skate to where the puck is going to be and strengthened our platform and team around advanced/smarter solutions, particularly our RWD-AI offering. We believe this is bearing fruit, which is best evidenced by our exiting 2022 with six RWD-AI deals. Even more encouraging is the RWD-AI pipeline that’s been built in recent months, which now encompasses several dozen deals. I believe our current revenue backlog, and the momentum we are currently seeing, positions the Company to return to at least double digit revenue growth this year.

“We continue to be at the nexus of a paradigm shift in health technology enablement. The culmination of our technology investments, partnerships and acquisitions in combination with the largest in workflow point of care network in the U.S., has created a robust single stop, total solution suite that is delivering care focused engagement between life science organizations, doctors and patients while driving a superior ROI for the brands that we serve. Looking ahead, we see our land and expand strategy continue to capture industry whitespace over the next three to five years which we believe will result in the Company growing to multiples of its current size.”

Financial Highlights

Revenue in the fourth quarter of 2022 decreased 3% to $19.7 million, from $20.3 million in the same period of 2021, with the full year of 2022 up 2% as compared to the same year-ago period.
Gross profit in the fourth quarter of 2022 increased 1% year-over-year to $12.5 million.
GAAP net loss totaled $(0.3) million or $(0.02) per basic and diluted share in the fourth quarter.
Non-GAAP net income in the fourth quarter totaled $4.4 million or $0.25 per fully diluted shares outstanding. (see definition of this non-GAAP measure and reconciliation to GAAP, below).
Completed our 2022 share repurchase program and repurchased 1,214,398 shares during 2022 at an average price of $16.49 per share
Cash, cash equivalents and short-term investments totaled $74.1 million as of December 31, 2022, as compared to $78.8 million as of September 30, 2022.

Financial Outlook
For the full year 2023, the Company expects net revenues to increase at least 10% year-over-year, and gross margins to be between 58% and 62%.

OptimizeRx is providing revenue guidance for its fiscal first quarter ending March 31, 2023 and is looking for revenue to come in between $11.5 million and $13 million.

Conference Call
OptimizeRx management will host the presentation, followed by a question-and-answer period.

Date: Wednesday, March 8, 2023
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Web access: https://viavid.webcasts.com/starthere.jsp?ei=1600324&tp_key=1bf1fbca3f
Toll-free dial-in number: 1-888-886-7786
International dial-in number: 1-416-764-8658
Conference ID: 26399560

Please call the conference telephone number five minutes prior to the start time.

A replay of the call will remain available for 12 months via the Investors section of the OptimizeRx website at www.optimizerx.com/investors.

Definition and Use of Non-GAAP Financial Measures
This earnings release includes a presentation of non-GAAP net income and non-GAAP net income per diluted share or non-GAAP EPS, both of which are non-GAAP financial measures.

The Company defines non-GAAP net income as GAAP net income (loss) with an adjustment to add back depreciation, amortization, stock-based compensation, acquisition expenses, income or loss related to the fair value of contingent consideration, and deferred income taxes. Non-GAAP EPS is defined as non-GAAP net income (loss) divided by the number of weighted average shares outstanding on a diluted basis. The Company has provided non-GAAP financial measures to aid investors in better understanding its performance. Management believes that these non-GAAP financial measures provide additional insight into the operations and cash flow of the Company.

Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a Company’s non-cash operating expenses, management believes that providing non-GAAP financial measures that exclude non-cash expenses allows for meaningful comparisons between the Company’s core business operating results and those of other companies, as well as provides an important tool for financial and operational decision making and for evaluating the Company’s own core business operating results over different periods of time.

The Company’s non-GAAP net income and non-GAAP EPS measures may not provide information that is directly comparable to that provided by other companies in the Company’s industry, as other companies in the industry may calculate such non-GAAP financial results differently. The Company’s non-GAAP net income and non-GAAP EPS are not measurements of financial performance under GAAP and should not be considered as an alternative to operating income or as an indication of operating performance or any other measure of performance derived in accordance with GAAP. The Company does not consider these non-GAAP measures to be substitutes for or superior to the information provided by its GAAP financial results.

The table, “Reconciliation of Non-GAAP to GAAP Financial Measures,” included below, provides a reconciliation of Non-GAAP net income and Non-GAAP EPS for the fourth quarter and full year ended December 31, 2022 and 2021.

Definition of Key Performance Indicators*
Top 20 pharmaceutical manufacturers: Top 20 pharmaceutical manufacturers are based on Fierce Pharma’s “The top 20 pharma companies by 2020 revenue.”

Net revenue retention: Net revenue retention is a comparison of revenue generated from all clients in the previous period to total revenue generated from the same clients in the following year (i.e., excludes new client relationships for the most recent year).

Revenue per average Full Time Employee: We define revenue per average full-time employee (FTE) as total revenue over the last 12 months (LTM) divided by the average number of employees over the LTM, which is calculated by taking our total number of FTEs at the end of the prior year period by our total FTE headcount at the end of the most recent period.

About OptimizeRx
OptimizeRx provides best-in-class health technology that enables care-focused engagement between life sciences organizations, healthcare providers, and patients at critical junctures throughout the patient care journey. Connecting over 60% of U.S. healthcare providers and millions of their patients through an intelligent technology platform embedded within a proprietary digital point-of-care network, OptimizeRx helps patients start and stay on their medications.

For more information, follow the Company on Twitter, LinkedIn or visit www.optimizerx.com.

Important Cautions Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates”, “believes”, “estimates”, “expects”, “forecasts”, “intends”, “plans”, “projects”, “targets”, “designed”, “could”, “may”, “should”, “will” or other similar words and expressions are intended to identify these forward-looking statements. All statements that reflect the Company’s expectations, assumptions, projections, beliefs or opinions about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements relating to the Company’s growth, business plans and future performance. These forward-looking statements are based on the Company’s current expectations and assumptions regarding the Company’s business, the economy, and other future conditions. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise, except as required by applicable law. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition, and other risks summarized in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, its subsequent Quarterly Reports on Form 10-Q, and its other filings with the Securities and Exchange Commission.

OptimizeRx Contact
Andy D’Silva, SVP Corporate Finance
[email protected]

Investor Relations Contact
Ashley Robinson
LifeSci Advisors, LLC
[email protected]

OPTIMIZERx CORPORATION
CONSOLIDATED BALANCE SHEETS

	December 31, 2022			December 31, 2021

ASSETS
Current Assets
Cash and cash equivalents	$	18,208,685		$	84,681,770
Short-term investments		55,931,821			—
Accounts receivable, net		22,155,301			24,800,585
Prepaid expenses and other		2,280,828			5,630,655
Total Current Assets		98,576,635			115,113,010
Property and equipment, net		137,448			143,818
Other Assets
Goodwill		22,673,820			14,740,031
Technology assets, net		7,702,895			4,589,126
Patent rights, net		1,940,178			2,155,026
Right of use assets, net		235,320			328,820
Other intangible assets, net		3,379,838			3,902,502
Security deposits and other assets		5,051			12,859
Total Other Assets		35,937,102			25,728,364
TOTAL ASSETS	$	134,651,185		$	140,985,192

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable – trade	$	1,549,979		$	606,808
Accrued expenses		2,601,246			2,902,836
Revenue share payable		3,990,440			4,378,216
Current portion of lease liabilities		89,902			90,982
Deferred revenue		164,309			1,389,907
Total Current Liabilities		8,395,876			9,368,749
Non-Current Liabilities
Lease liabilities, net of current portion		144,532			236,726
Total Liabilities		8,540,408			9,605,475
Commitments and contingencies (See Note 15)
Stockholders’ Equity
Preferred stock, $0.001 par value, 10,000,000 shares authorized, none issued and outstanding at December 31, 2022 and 2021, respectively		—			—
Common stock, $0.001 par value, 166,666,667 shares authorized, 18,288,571 and 17,860,975 shares issued at December 31, 2022 and 2021, respectively		18,289			17,861
Treasury stock, $0.001 par value, 1,214,398 and none purchased at December 31, 2022 and 2021, respectively		(1,214	)		—
Additional paid-in-capital		172,785,800			166,615,514
Accumulated deficit		(46,692,098	)		(35,253,658	)
Total Stockholders’ Equity	$	126,110,777		$	131,379,717
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	134,651,185		$	140,985,192

The accompanying notes are an integral part of these financial statements.

OPTIMIZERx CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS

	For the year ended December 31,			For the year ended December 31,
	2022			2021

Net revenue	$	62,450,156		$	61,292,598
Cost of revenues		23,483,336			25,654,384
Gross margin		38,966,820			35,638,214

Operating Expenses
Stock-based compensation		15,745,822			5,491,957
Depreciation, amortization, and noncash lease expense		2,022,029			2,086,454
Other general and administrative expenses		33,489,707			27,698,703
Total operating expenses		51,257,558			35,277,114
Income (loss) from operations		(12,290,738	)		361,100
Other income
Interest income		852,298			16,979
Income (loss) before provision for income taxes		(11,438,440	)		378,079
Income tax benefit		—			—
Net income (loss)	$	(11,438,440	)	$	378,079
Weighted average number of shares outstanding – basic		17,783,992			17,228,019
Weighted average number of shares outstanding – diluted		17,783,992			17,690,489
Income (loss) per share – basic	$	(0.64	)	$	0.02
Income (loss) per share – diluted	$	(0.64	)	$	0.02

The accompanying notes are an integral part of these financial statements.

OPTIMIZERx CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS

	For the year ended December 31,
		2022			2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$	(11,438,440	)	$	378,079
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization		2,022,029			1,965,325
Increase in bad debt reserve		363,512			80,000
Stock-based compensation		15,745,822			5,491,957
Changes in:
Accounts receivable		2,281,773			(6,994,880	)
Prepaid expenses and other assets		2,650,951			(1,174,044	)
Accounts payable		943,171			(11,442	)
Revenue share payable		(387,776	)		(591,652	)
Accrued expenses and other liabilities		(301,592	)		482,475
Change in operating lease liabilities		226			(3,891	)
Deferred revenue		(1,225,598	)		1,104,112
NET CASH PROVIDED BY OPERATING ACTIVITIES		10,654,078			726,039

CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchases of property and equipment		(81,005	)		(100,322	)
EvinceMed acquisition		(2,000,000	)		—
Purchase of short-term investments		(55,931,821	)		—
Acquisition of intangible assets, including intellectual property rights		(1,830	)		(21,511	)
Capitalized software development costs		(161,730	)		(364,166	)
NET CASH USED IN INVESTING ACTIVITIES		(58,176,386	)		(485,999	)

CASH FLOWS (USED IN ) / PROVIDED BY FINANCING ACTIVITIES:
Proceeds from public offering of common stock, net of offering costs		—			70,671,536
Repurchase of common stock		(20,024,258	)		—
Proceeds from exercise of stock options, net of cash paid for withholding taxes		1,073,481			4,864,231
Payment of contingent consideration		—			(1,610,813	)
NET CASH (USED IN) / PROVIDED BY FINANCING ACTIVITIES		(18,950,777	)		73,924,954
NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS		(66,473,085	)		74,164,994
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD		84,681,770			10,516,776
CASH AND CASH EQUIVALENTS – END OF PERIOD	$	18,208,685		$	84,681,770

SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$	—		$	—
Reduction of EvinceMed purchase price for amounts previously paid	$	708,334		$	—
Shares issued in connection with acquisition	$	9,374,455		$	—
Cash paid for income taxes	$	—		$	—

The accompanying notes are an integral part of these financial statements.

OPTIMIZERx CORPORATION
RECONCILIATION of NON-GAAP to GAAP FINANCIAL MEASURES

	For the Three Months Ended December 31,					For the Twelve Months Ended December 31,
		2022			2021		2022			2021
Net (Loss) Income	$	(325,836	)	$	623,462	$	(11,438,440	)	$	378,079
Depreciation and amortization		456,545			506,279		2,022,029			2,086,452
Stock-based compensation		4,269,160			2,879,759		15,745,822			5,491,957
Acquisition expense		—			—		19,739			—
Non-GAAP net income		4,399,869			4,009,500		6,349,150			7,956,488

Non-GAAP net income per share
Diluted	$	0.25		$	0.22	$	0.35		$	0.45
Weighted average shares outstanding:
Diluted		17,285,777			18,410,160		18,048,477			17,690,489

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Data Center Chip Market Size was Valued at USD 11.7 Billion in 2022 and is Expected to Reach USD 45.3 Billion by 2032 at a CAGR of 14.6% | Valuates Reports

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Industry 4.0 Market to Surpass USD 513.89 Billion by 2031 with Automation Surge | SkyQuest Technology

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11 hours ago

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WESTFORD, Mass., July 26, 2024 /PRNewswire/ — According to SkyQuest, the global Industry 4.0 Market size was valued at USD 133.05 billion in 2022 and is poised to grow from USD 154.6 billion in 2023 to USD 513.89 billion by 2031, growing at a CAGR of 16.2% during the forecast period (2024-2031).

Industry 4.0 or the fourth industrial revolution emphasizes the use of automation and interconnectivity. Employment of advanced technologies such as artificial intelligence, machine learning, robotics, and connected devices to improve the productivity and efficiency of industries. Rapid digitization and advancements in technology are forecasted to bolster the Industry 4.0 market growth over the coming years. The global Industry 4.0 market is segmented into technology, industry vertical, and region.
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https://www.skyquestt.com/sample-request/industry-4-0-market
Industry 4.0 Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 154.6 billion
Estimated Value by 2031
$ 513.89 billion
Growth Rate
Poised to grow at a CAGR of 16.2%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Technology, Industry and Region
Geographies Covered
North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Report Highlights
Internet of Things (IoT) technology takes centerstage for Industry 4.0 adoption
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Adoption of smart manufacturing and additive manufacturing practices
Key Market Drivers
Rising demand for automation across all industry verticals
Segments covered in Industry 4.0 Market are as follows:
TechnologyRobots (Traditional Industrial Robots {Articulated robots, Cartesian Robots, Selective Compliance Assembly Robot Arm (SCARA), Cylindrical Robots, Others}, Collaborative Robots), Blockchain in Manufacturing, Industrial Sensors (Level Sensors, Temperature Sensors, Flow Sensors, Position Sensors, Pressure Sensors, Force Sensors, Humidity & Moisture Sensors, Gas Sensors), Industrial 3D Printing, Machine Vision (Camera {Digital Camera, Smart Camera}, Frame Grabbers, Optics, and LED Lighting, Processor and Software), HMI (Offering {Hardware [Basic HMI, Advanced Panel-based HMI, Advanced PC-based HMI, Others], Software [On-premises HMI, Cloud-based HMI], Services}), Configuration ({Embedded HMI, Standalone HMI}, Technology {Motion HMI, Bionic HMI, Tactile HMI, Acoustic HMI}, End-user Industry {Process industries [Oil & Gas, Food & beverages, Pharmaceuticals, Chemicals, Energy & power, Metals & mining, Water & wastewater, Others], Discrete industry [Automotive, Aerospace & defense, Packaging, Medical devices, Semiconductor & electronics, Others]}), AI In Manufacturing (Offering {Hardware [Processor MPU, GPU, FPGA, ASIC, Memory, Network], Software [AI solutions- | On-premises, Cloud |, AI platform- | Machine learning framework, Application program interface |], Services [Deployment & integration, Support & maintenance]}, Technology {Machine learning [Deep learning, Supervised learning, Reinforcement learning, Reinforcement learning, Others], Natural language processing [Context-aware computing, Computer vision]}, Application {Predictive maintenance and machinery inspection, Material movement, Production planning, Field services, Quality control, Cybersecurity, Industrial robots, Reclamation}, Digital Twin {Technology [Internet of Things (IOT), Blockchain, Artificial intelligence & machine learning, Artificial intelligence & machine learning, Big data analytics, 5G], Usage Type [Product digital twin, Process digital twin, System digital twin], Application [Product design & development, Performance monitoring, Predictive maintenance, Inventory management, Business optimization, Others]}, Automated Guided Vehicles (AGV) {Type [Tow vehicles, Unit load carriers, Pallet trucks, Assembly line vehicles, Forklift trucks, Others], Navigation Technology [Laser guidance, Magnetic guidance, Inductive guidance, Optical tape guidance, Vision guidance, Others]}, Machine Condition Monitoring {Monitoring Technique [Vibration monitoring, Embedded systems, Vibration analyzers and meters, Thermography, Oil analysis, Corrosion monitoring, Ultrasound emission, Motor current analysis], Offering [Hardware – Vibration sensors, Accelerometers, Tachometers, Infrared sensors, Spectrometers, Ultrasound detectors, Spectrum analyzers, Corrosion probes], Software [Data integration, Diagnostic reporting, Order tracking analysis, Parameter calculation], Deployment Type [On-premises deployment, Cloud deployment], Monitoring Process [Online condition monitoring, Portable condition monitoring]})IndustryManufacturing, Automotive, Energy, Medical, Semiconductor & Electronics, Food & Beverage, Oil & Gas, Aerospace, Metals & Mining, Chemicals, and OthersRequest Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/industry-4-0-market
Internet of Things (IoT) Technology to Remain Indispensable for Industry 4.0
Internet of Things (IoT) remains the most crucial technology in global Industry 4.0 market growth owing to its role in interconnectivity and automation across different verticals. Advancements in connectivity technologies and rising use of automation in different industry verticals are also estimated to help this sub-segment gain an impressive market share. Surging demand for predictive maintenance will also boost the adoption of IoT technology in the long run.
Advanced robotic technologies are also slated to gain traction in the Industry 4.0 market. Growing acceptance of robots and high investments in advancements of robotic technologies are also slated to create new opportunities for providers of advanced robotics in the Industry 4.0 market. The low margin of error and the immense scope of automation are key benefits of robotics that help this sub-segment flourish.
Artificial intelligence (AI) will be another popular technology in the Industry 4.0 world going forward. Increasing demand for continuous monitoring, real-time analytics, and predictive maintenance are slated to help the demand for artificial intelligence in the future. The rising use of IoT devices will also boost the demand for cloud computing technology in the long run.
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Manufacturing Vertical to Spearhead Industry 4.0 Market Development
The manufacturing vertical is estimated to be at the forefront when it comes to Industry 4.0 adoption. The surge in use of robotics, advanced technologies, and smart manufacturing practices sets the tone for Industry 4.0 in this industry vertical. High emphasis on improving manufacturing efficiency, reducing downtime, and maximizing profits are all contributing to the high market share of this sub-segment.
The automotive industry is another vertical where Industry 4.0 market players could invest to get good returns. The high adoption of advanced robotics and other smart manufacturing technologies to maximize production allows this sub-segment to become a crucial one for Industry 4.0 providers. The aerospace and defense industry vertical also shows a lot of promise for Industry 4.0 companies going forward. Growing demand for advanced manufacturing techniques and technologies to create complex aerospace components is helping Industry 4.0 market growth via this segment.
The oil & gas industry is also estimated to embrace Industry 4.0 trend with open hands as they try to improve their operations and promote better resource utilization. High demand for predictive maintenance to reduce downtime and the growing adoption of digital oilfield solutions are estimated to bolster Industry 4.0 market development in the long run.
To sum it up, the application scope for Industry 4.0 is endless as automation and digitization pick up pace around the world. High investments in development of IoT and AI technologies will create better opportunities for Industry 4.0 companies in the future. The manufacturing industry will remain the top revenue generating sub-segment and more opportunities for aerospace, automotive, and oil & gas verticals will be seen over the coming years.
Related Report:
Digital Twin Market
Cyber Security Market
Artificial Intelligence (AI) Market
Internet Of Things (IoT) Market
Machine Learning Market
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Artificial Intelligence

Generative AI Cybersecurity Market worth $40.1 billion by 2030 – Exclusive Report by MarketsandMarkets™

Published

13 hours ago

July 26, 2024

CISION (PR Newswire)

CHICAGO, July 26, 2024 /PRNewswire/ — The Generative AI cybersecurity Market is anticipated to experience substantial expansion, ascending from a value of USD 7.1 billion in 2024 to a substantial worth of USD 40.1 billion by the year 2030, according to a new report by MarketsandMarkets™. This growth trajectory reflects a robust compound annual growth rate (CAGR) of 33.4% over the forecast period.

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350 – Tables 60 – Figures450 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2030
Base year considered
2023
Forecast period
2024–2030
Forecast units
USD (Million)
Segments Covered
Offering, Generative AI-based Cybersecurity, Cybersecurity for Generative AI, Security Type, End-user, and Region
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
Microsoft (US), IBM (US), Google (US), SentinelOne (US), AWS (US), NVIDIA (US), Cisco (US), CrowdStrike (US), Fortinet (US), Zscaler (US), Trend Micro (Japan), Palo Alto Networks (US), BlackBerry (Canada), Darktrace (UK), F5 (US), Okta (US), Sangfor (China), SecurityScorecard (US), Sophos (UK), Broadcom (US), Trellix (US), Veracode (US), LexisNexis (US), Abnormal Security (US), Adversa AI (Israel), Aquasec (US), BigID (US), Checkmarx (US), Cohesity (US), Credo AI (US), Cybereason (US), DeepKeep (Israel), Elastic NV (US), Flashpoint (US), Lakera (US), MOSTLY AI (Austria), Recorded Future (US), Secureframe (US), Skyflow (US), SlashNext (US), Snyk (US), Tenable (US), TrojAI (Canada), VirusTotal (Spain), XenonStack (UAE), and Zerofox (US).
This dramatic surge is being fueled by a number of causes. The primary growth driver is the enhancement of existing cybersecurity tools through generative AI algorithms by improving anomaly detection, automating threat hunting and penetration testing, and providing complex simulations for security testing purposes. These techniques enable various cyber-attack scenarios that can be simulated using the Generative Adversarial Networks (GANs), thus enabling the development of better preparedness and response strategies. On the other hand, it requires special cyber security tools to protect generative AI workloads against unique vulnerabilities such as adversarial attacks, model inversions and LLM poisoning. These tools include differential privacy and secure multi-party computation that are integrated into AI systems for training and deployment data protection purposes.
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Generative AI apps security segment will account for largest market share during the forecast period.
The cybersecurity landscape is rapidly changing for generative AI apps, which are already making their way into chatbots, content creation tools like word processors, and personalized recommendation systems. According to McAfee, 55% of these programs have had security breaches. This highlights the dire need for stronger protective measures from unauthorized access. Several generative AI applications that use adversarial techniques to force the desired reaction out of intelligent machines.
Therefore, there is a pressing demand in the number of developers who ensure that such machines are made more robust through techniques like adversarially trained models and resistant architectures. Finally, the usage of secure enclaves plus hardware-based security measures is growing off late, mainly aimed at safeguarding vulnerable AI computations from being tampered with. For instance, OpenAI has very strict security rules meant to protect GPT models thereby ensuring data integrity and user privacy.
By end-user, government & defense sector is poised to account for larger market share in 2024.
Government as well as defense industries are increasingly resorting to generative AI for cyber security purposes due to the urgency of protecting sensitive information and national security. According to a recent CSIS report, AI is being integrated into the cybersecurity framework of 43% of government agencies which resultantly improves their ability to identify and counter threats. As an example, the United States Department of Defense has started using artificial intelligence (AI) based security solutions backed by generative AI that can create fictitious cyber-attacks, thereby providing them with enhanced preparedness against advanced types of threats.
This technology also helps these sectors handle and analyze large volumes of data more effectively, giving valuable insights that will enable them prevent or mitigate cyber threats. This trend demonstrates an increasing reliance on generative AI in fortifying cyber security measures so as to ensure that critical infrastructure and sensitive data remain secure in today’s intricate digital landscape.
By region, North America to hold the largest share by market value in 2024.
In 2024, North America will be the leading region based on market share due to its excellent technology infrastructure, substantial investments in AI-enabled cybersecurity and the presence of key players. Major cyber security research universities and tech companies such as Google, AWS, CrowdStrike, SentinelOne and IBM are present in this area, pushing them on the forefront of potent risk management technologies and generative AI tools for threat detection. For example, IBM’s security platform powered by AI has improved detection rates for threats up by 40%, thus proving the relevance of AI technology to enhancing cybersecurity.
Moreover, legislative instruments such as Cybersecurity Information Sharing Act (CISA) are being put in place to promote advanced cybersecurity technologies. As internet attacks continue getting more complicated, North American enterprises prefer generative artificial intelligence (AI), so as to enhance their safety measures pertaining to personal data and digital infrastructure.
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Top Key Companies in Generative AI cybersecurity Market:
The major players in the generative AI cybersecurity market include Palo Alto Networks (US), AWS (US), CrowdStrike (US), SentinelOne (US), and Google (US), along with SMEs and startups such as MOSTLY AI (Austria), XenonStack (UAE), BigID (US), Abnormal Security (US), and Adversa AI (Israel).
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