Artificial Intelligence
Sportradar Reports Fourth Quarter and Full Year 2022 Results
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Full Year 2022 revenue growth of 30% exceeds annual 2022 outlook
Fourth quarter ROW Betting segment revenue grew 29% with Adjusted EBITDA margin of 44%
Fourth quarter U.S. segment revenue grew 77%; positive Adjusted EBITDA for second consecutive quarter
2023 annual outlook with growth of 24% to 26% for revenue and 25% to 33% for Adjusted EBITDA
ST. GALLEN, Switzerland, March 15, 2023 (GLOBE NEWSWIRE) — Sportradar Group AG (NASDAQ: SRAD) (“Sportradar” or the “Company”), a leading global technology company focused on enabling next generation engagement in sports through providing business-to-business solutions to the global sports betting industry, today announced financial results for its fourth quarter and full year ended December 31, 2022.
Full Year 2022 Highlights and Annual Outlook
- Revenue for the full year of 2022 increased 30% to €730.2 million ($781.3 million)1 compared with the prior year, driven by 26% growth from Rest of World Betting and 78% growth from the U.S. Full year revenue exceeded the Company’s 2022 annual outlook range of €718.0 million to €723.0 million.
- In 2022, the Company strengthened its core betting business by increasing its wallet share with customers by selling its higher value products. Managed Trading Services (MTS) turnover3 volume grew 84% to €19.4 billion, the Company’s digital advertising product ad:s’ revenue grew 69%, and U.S. betting revenue grew 101%, extending its leadership position in the U.S. Furthermore, Sportradar continues to invest in advanced technologies such as trading algorithms, artificial intelligence and computer vision technology.
- Total profit for the full year 2022 was €10.5 million compared with €12.8 million for the prior year. Adjusted EBITDA2 for the full year of 2022 increased 23% to €125.8 million ($134.6 million)1 compared with the prior year and was within the Company’s 2022 annual outlook range of €124.0 to €127.0 million.
- Adjusted EBITDA margin2 for 2022 was 17% compared with 18% for 2021. Adjusted EBITDA margin for the second half of 2022 improved by 400 bps over the second half of the year 2021.
- Cash and cash equivalents totaled €243.8 million as of December 31, 2022 and total liquidity available for use at December 31, 2022, including undrawn credit facilities was €463.8 million. The Company repaid €420.0 million of its outstanding term loan debt eliminating the term loan in its entirety.
- Sportradar signed new and extended multi-year agreements with FanDuel for official NBA data, NASCAR, Turkish Basketball Federation, Australian premier cricket competitions, and Tennis Data Innovations, in addition to launching integrity focused programs such as Athlete Wellbeing to support athletes’ mental health. The Company also acquired Vaix, a pioneer in developing AI solutions for the iGaming industry.
- The Company is providing an annual outlook for full year 2023 for revenue and Adjusted EBITDA2. Revenue is expected to be in the range of €902.0 million to €920.0 million and Adjusted EBITDA2 is expected to be in the range of €157.0 million to €167.0 million. Please see the “Annual Financial Outlook” section of this press release for further details.
Fourth Quarter 2022 Highlights
- Revenue in the fourth quarter of 2022 increased 35% to €206.3 million ($220.7million)1 compared with the fourth quarter of 2021.
- The RoW Betting segment, accounting for 51% of total revenue, grew 29% to €105.9 million ($113.3 million)1, driven by strong performance from Managed Betting Services (MBS). MTS trading volume grew 75%, primarily driven by strong FIFA World Cup performance.
- U.S. segment revenue grew 77% to €41.2 million ($44.0 million)1 compared with the fourth quarter of 2021, driven by strong market growth and positive adoption of in-play betting. The U.S. segment generated a positive Adjusted EBITDA for the second consecutive quarter with an Adjusted EBITDA margin of 11%.
- The Company’s Adjusted EBITDA2 in the fourth quarter of 2022 increased 64% to €35.1 million ($37.6 million)1 compared with the fourth quarter of 2021 as a result of strong revenue growth despite increased investment for growth.
- Adjusted EBITDA margin2 was 17% in the fourth quarter of 2022, an increase of 300 bps compared with the prior year period.
- Adjusted Free Cash Flow2 in the fourth quarter of 2022 was (€43.6) million, compared with (€22.5) million for the prior year period, as a result of unfavorable impact from foreign currency exchange, planned pre-payments of sports league rights, taxes as well as restructuring costs. The resulting Cash Flow Conversion2 was (124%) in the quarter.
- During the quarter, the Company prepaid the remaining €220.0 million of its outstanding debt and has no more outstanding debt.
Key Financial Measures
| In millions, in Euros€ | Q4 | Q4 | Change | FY | FY | Change | |||||||||||||
| 2022 | 2021 | % | 2022 | 2021 | % | ||||||||||||||
| Revenue | 206.3 | 152.4 | 35 | % | 730.2 | 561.2 | 30 | % | |||||||||||
| Adjusted EBITDA2 | 35.1 | 21.4 | 64 | % | 125.8 | 102.0 | 23 | % | |||||||||||
| Adjusted EBITDA margin2 | 17 | % | 14 | % | – | 17 | % | 18 | % | – | |||||||||
| Adjusted Free Cash Flow2 | (43.6 | ) | (22.5 | ) | – | 38.9 | 14.5 | 167 | % | ||||||||||
| Cash Flow Conversion2 | (124 | %) | (105 | %) | – | 31 | % | 14 | % | – | |||||||||
Carsten Koerl, Chief Executive Officer of Sportradar said: “I am very pleased with our strong results driven by exceptional execution this past year. We saw excellent performance across all of our key performance metrics despite challenging macroeconomic conditions including a second consecutive quarter of positive Adjusted EBITDA in the U.S. Our continued long-term partnerships with leading global sports bodies, and innovation across new technologies such as artificial intelligence and computer vision and as important, a team passionate about delivering solutions to our clients, make us very excited about our growth in 2023 and beyond.”
Ulrich Harmuth, Interim Chief Financial Officer added: “Our fourth quarter financial results illustrate the momentum we’ve built throughout 2022. We demonstrated operational leverage in our business model, despite making significant investments in our products and technology, streamlined our organization to be more customer-centric, and strengthened our balance sheet by repaying our debt. Our 2023 guidance of revenue growth and margin expansion reflects the investments we have made to date and the growing global sports market opportunity.”
Segment Information
RoW Betting
- Segment revenue in the fourth quarter of 2022 increased by 29% to €105.9 million compared with the fourth quarter of 2021. This growth was driven primarily by increased sales of the company’s higher value-add offerings including Managed Betting Services (MBS), which increased 83% to €38.3 million. MBS growth was attributable to a record MTS annualized turnover3 of over €19.4 billion, helped by the FIFA World Cup, and the success of its strategy to move existing customers to higher value add products.
- Segment Adjusted EBITDA2 in the fourth quarter of 2022 increased to €46.3 million compared with the fourth quarter of 2021. Segment Adjusted EBITDA margin2 decreased to 44% from 56% in the fourth quarter of 2021 driven by increased investment in AI technology for MTS and Computer Vision technology.
RoW Audiovisual (AV)
- Segment revenue in the fourth quarter of 2022 increased by 17% to €41.8 million compared with the fourth quarter of 2021. Growth was driven by cross-selling audiovisual content to existing data customers and expanding AV portfolio sales with existing AV customers.
- Segment Adjusted EBITDA2 in the fourth quarter of 2022 increased 20% to €11.9 million compared with the fourth quarter of 2021. Segment Adjusted EBITDA margin2 was 28% in the fourth quarter of 2022 and 2021 as AV revenue growth was offset by higher production and personnel costs.
United States
- Segment revenue in the fourth quarter of 2022 increased by 77% to €41.2 million compared with the fourth quarter of 2021. This growth was driven by an increase in cross-selling non-data products to betting operators as well as benefiting from growth in the underlying betting market due to new states legalizing betting.
- Segment Adjusted EBITDA2 in the fourth quarter of 2022 was €4.3 million compared with a loss of (€7.6) million in the fourth quarter of 2021, primarily driven by enhanced operating leverage as a result of the growing scale of the business despite continuous investments in the U.S. segment’s products and content portfolio. Segment Adjusted EBITDA margin2 improved to 11% from (33%) compared with the fourth quarter of 2021.
Costs and Expenses
- Purchased services and licenses in the fourth quarter of 2022 increased by €14.9 million to €48.4 million compared with the fourth quarter of 2021, reflecting continuous investments in content creation, greater event coverage and higher scouting costs. Of the total purchased services and licenses, approximately €10.0 million was expensed sports rights.
- Personnel expenses in the fourth quarter of 2022 increased by €34.0 million to €81.0 million, an increase of 72% compared with the fourth quarter of 2021. The increase was driven by acquisition costs of €9.0 million, a one-time cost of €5.0 million as a result of management restructuring as well as increased headcount associated with our investments in AI and Computer Vision, and inflationary adjustments for labor costs.
- Other Operating expenses in the fourth quarter of 2022 increased by €7.7 million to €34.9 million, an increase of 28%, compared with the fourth quarter of 2021 primarily as a result of €13.0 million non-recurring litigation costs. Excluding this litigation cost, operating expenses decreased, compared with the fourth quarter of 2021.
- Total sports rights costs in the fourth quarter of 2022 increased by €11.2 million to €49.7 million compared with the fourth quarter of 2021, primarily a result of newly acquired rights in 2022 for ITF and UEFA, as well as increased sports rights costs related to the NHL.
Recent Company Highlights
- Sportradar has been selected as the successful bidder for the global Association of Tennis Professionals (ATP) data and streaming rights starting in 2024 as a result of the Company’s commitment to product innovation for the downstream market and unrivalled development in advanced technologies such as computer vision and AI, in addition to its industry leading integrity services. The Company has been a supplier of official ATP Tour and Challenger Tour secondary data feeds since 2022.
- Sportradar launched its artificial intelligence (AI) driven Computer Vision technology for table tennis. The Company’s AI has been trained to understand the rules of table tennis and automate data capture by analyzing 120 frames per second. Computer Vision provides a 100-fold increase in the level of statistics and data point captured.
- Sportradar announced the launch of Insight Tech Services, a suite of standalone AI led solutions for in-house use by sportsbook operators to optimize the performance of their trading, risk management and marketing functions. Insight Tech Services is a complement to Sportradar’s Managed Trading Services (MTS), allowing the sports technology company to support all sportsbook operating in the marketplace.
- Sportradar signs expanded agreement with Betway. Building on the current agreement focused on sports betting services, Betway has now partnered with Sportradar to utilize both ad:s, multi-channel performance marketing platform, and its Audio Visual (AV) services, featuring a global portfolio of live streaming sports content.
- Sportradar launches Athlete Wellbeing documentary-style video, detailing how legal sports betting may impact the mental health of athletes. Sportradar’s Athlete Wellbeing program provides resources and support to assist partners in educating their athletes about any potential harm associated with sports betting and sheds light on the potential impact of sports betting on athletes. Athlete Wellbeing is a part of Sportradar’s overall Integrity Services strategy of protecting the integrity of sporting competitions through monitoring, investigation and education.
- Sportradar awarded Temporary Massachusetts Sportswagering License. Sportradar now holds 44 licenses, or equivalent, in North America across U.S. states, territories, tribes and Canada.
- The Company continued to optimize its organization around content creation, product development, commercial excellence, and strengthen its management team and recently appointed Severine Riviere-Gerstner as the new Chief People Officer.
Annual Financial Outlook
Sportradar provided its outlook for revenue and Adjusted EBITDA for fiscal 2023 as follows:
- Sportradar expects its revenue for fiscal 2023 to be in the range of €902.0 million to €920.0 million ($965.1 million to $984.4 million)1, representing growth of 24% to 26% over fiscal 2022.
- Adjusted EBITDA2 is expected to be in a range of €157.0 million to €167.0 million ($168.0 million to $178.7 million)1, representing 25% to 33% growth versus last year.
- Adjusted EBITDA margin2 is expected to be in the range of 17% to 18%.
Conference Call and Webcast Information
Sportradar will host a conference call to discuss the fourth quarter 2022 and full year financial results today, March 15, 2023, at 8:00 a.m. Eastern Time. Those wishing to participate via webcast should access the earnings call through Sportradar’s Investor Relations website. An archived webcast with the accompanying slides will be available at the Company’s Investor Relations website for one year after the conclusion of the live event.
About Sportradar
Sportradar (NASDAQ: SRAD), founded in 2001, is a leading global sports technology company creating immersive experiences for sports fans and bettors. Positioned at the intersection of the sports, media and betting industries, the company provides sports federations, news media, consumer platforms and sports betting operators with a best-in-class range of solutions to help grow their business. As the trusted partner of organizations like the NBA, NHL, MLB, NASCAR, UEFA, FIFA, ICC and ITF, Sportradar covers close to a million events annually across all major sports. With deep industry relationships and expertise, Sportradar is not just redefining the sports fan experience, it also safeguards sports through its Integrity Services division and advocacy for an integrity-driven environment for all involved.
For more information about Sportradar, please visit www.sportradar.com
CONTACT:
Investor Relations:
Rima Hyder, SVP Head of Investor Relations
Christin Armacost, CFA, Manager Investor Relations
[email protected]
Media:
Sandra Lee
[email protected]
Non-IFRS Financial Measures and Operating Metrics
We have provided in this press release financial information that has not been prepared in accordance with IFRS, including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Free Cash Flow and Cash Flow Conversion (together, the “Non-IFRS financial measures”), as well as operating metrics, including Net Retention Rate. We use these non-IFRS financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to IFRS measures, in evaluating our ongoing operational performance. We believe that the use of these non-IFRS financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-IFRS financial measures to investors.
Non-IFRS financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with IFRS. Investors are encouraged to review the reconciliation of these non-IFRS financial measures to their most directly comparable IFRS financial measures provided in the financial statement tables included below in this press release.
- “Adjusted EBITDA” represents profit (loss) for the period adjusted for share based compensation, depreciation and amortization (excluding amortization of sports rights), impairment of intangible assets, other financial assets and equity-accounted investee, loss from loss of control of subsidiary, remeasurement of previously held equity-accounted investee, non-routine litigation costs, management restructuring costs, professional fees for SOX and ERP implementations, share of profit (loss) of equity-accounted investee (SportTech AG), foreign currency (gains) losses, finance income and finance costs, and income tax (expense) benefit and certain other non-recurring items, as described in the reconciliation below.
License fees relating to sports rights are a key component of how we generate revenue and one of our main operating expenses. Such license fees are presented either under purchased services and licenses or under depreciation and amortization, depending on the accounting treatment of each relevant license. Only licenses that meet the recognition criteria of IAS 38 are capitalized. The primary distinction for whether a license is capitalized or not capitalized is the contracted length of the applicable license. Therefore, the type of license we enter into can have a significant impact on our results of operations depending on whether we are able to capitalize the relevant license. Our presentation of Adjusted EBITDA removes this difference in classification by decreasing our EBITDA by our amortization of sports rights. As such, our presentation of Adjusted EBITDA reflects the full costs of our sports right’s licenses. Management believes that, by deducting the full amount of amortization of sports rights in its calculation of Adjusted EBITDA, the result is a financial metric that is both more meaningful and comparable for management and our investors while also being more indicative of our ongoing operating performance.
We present Adjusted EBITDA because management believes that some items excluded are non-recurring in nature and this information is relevant in evaluating the results of the respective segments relative to other entities that operate in the same industry. Management believes Adjusted EBITDA is useful to investors for evaluating Sportradar’s operating performance against competitors, which commonly disclose similar performance measures. However, Sportradar’s calculation of Adjusted EBITDA may not be comparable to other similarly titled performance measures of other companies. Adjusted EBITDA is not intended to be a substitute for any IFRS financial measure.
Items excluded from Adjusted EBITDA include significant components in understanding and assessing financial performance. Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation, or as an alternative to, or a substitute for, profit for the period, revenue or other financial statement data presented in our consolidated financial statements as indicators of financial performance. We compensate for these limitations by relying primarily on our IFRS results and using Adjusted EBITDA only as a supplemental measure.
- “Adjusted EBITDA margin” is the ratio of Adjusted EBITDA to revenue.
- “Adjusted Free Cash Flow” represents net cash from operating activities adjusted for payments for lease liabilities, acquisition of property and equipment, acquisition of intangible assets (excluding certain intangible assets required to further support an acquired business) and foreign currency gains (losses) on our cash equivalents. We consider Adjusted Free Cash Flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business after the purchase of property and equipment, of intangible assets and payment of lease liabilities, which can then be used to, among other things, to invest in our business and make strategic acquisitions. A limitation of the utility of Adjusted Free Cash Flow as a measure of liquidity is that it does not represent the total increase or decrease in our cash balance for the year.
- “Cash Flow Conversion” is the ratio of Adjusted Free Cash Flow to Adjusted EBITDA.
In addition, we define the following operating metric as follows:
- “Net Retention Rate” is calculated for a given period by starting with the reported Trailing Twelve Month revenue, which includes both subscription-based and revenue sharing revenue, from our top 200 customers as of twelve months prior to such period end, or prior period revenue. We then calculate the reported trailing twelve-month revenue from the same customer cohort as of the current period end, or current period revenue. Current period revenue includes any upsells and is net of contraction and attrition over the trailing twelve months but excludes revenue from new customers in the current period. We then divide the total current period revenue by the total prior period revenue to arrive at our Net Retention Rate. We have referred to this calculation as “Dollar Based Net Retention Rate” in prior press releases, which is the same calculation we are now using for “Net Retention Rate.”
The Company is unable to provide a reconciliation of Adjusted EBITDA to profit (loss) for the period, its most directly comparable IFRS financial measure, on a forward- looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. These items may include but are not limited to foreign exchange gains and losses. Such information may have a significant, and potentially unpredictable, impact on the Company’s future financial results.
Safe Harbor for Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking” statements and information within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 that relate to our current expectations and views of future events, including, without limitation, statements regarding future financial or operating performance, planned activities and objectives, anticipated growth resulting therefrom, market opportunities, strategies and other expectations, and expected performance for the full year 2023. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “projects”, “continue,” “contemplate,” “possible” or similar words. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the following: economy downturns and political and market conditions beyond our control, including the impact of the Russia/Ukraine and other military conflicts; the global COVID-19 pandemic and its adverse effects on our business; dependence on our strategic relationships with our sports league partners; effect of social responsibility concerns and public opinion on responsible gaming requirements on our reputation; potential adverse changes in public and consumer tastes and preferences and industry trends; potential changes in competitive landscape, including new market entrants or disintermediation; potential inability to anticipate and adopt new technology; potential errors, failures or bugs in our products; inability to protect our systems and data from continually evolving cybersecurity risks, security breaches or other technological risks; potential interruptions and failures in our systems or infrastructure; our ability to comply with governmental laws, rules, regulations, and other legal obligations, related to data privacy, protection and security; ability to comply with the variety of unsettled and developing U.S. and foreign laws on sports betting; dependence on jurisdictions with uncertain regulatory frameworks for our revenue; changes in the legal and regulatory status of real money gambling and betting legislation on us and our customers; our inability to maintain or obtain regulatory compliance in the jurisdictions in which we conduct our business; our ability to obtain, maintain, protect, enforce and defend our intellectual property rights; our ability to obtain and maintain sufficient data rights from major sports leagues, including exclusive rights; any material weaknesses identified in our internal control over financial reporting; inability to secure additional financing in a timely manner, or at all, to meet our long-term future capital needs; risks related to future acquisitions; and other risk factors set forth in the section titled “Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2022, and other documents filed with or furnished to the SEC, accessible on the SEC’s website at www.sec.gov and on our website at https://investors.sportradar.com. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. One should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
SPORTRADAR GROUP AG
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
(Expressed in thousands of Euros)
| Three Months Ended December 31, |
Years ended December 31, |
|||||||||||||||
| 2021 | 2022 | 2021 | 2022 | |||||||||||||
| Revenue | 152,365 | 206,288 | 561,202 | 730,188 | ||||||||||||
| Purchased services and licenses (excluding depreciation and amortization) | (33,449 | ) | (48,385 | ) | (119,426 | ) | (175,997 | ) | ||||||||
| Internally-developed software cost capitalized | 2,658 | 4,605 | 11,794 | 17,730 | ||||||||||||
| Personnel expenses | (47,043 | ) | (81,010 | ) | (183,820 | ) | (265,984 | ) | ||||||||
| Other operating expenses | (27,191 | ) | (34,916 | ) | (87,308 | ) | (95,891 | ) | ||||||||
| Depreciation and amortization | (38,104 | ) | (51,481 | ) | (129,375 | ) | (184,813 | ) | ||||||||
| Impairment (loss) income on trade receivables, contract assets and other financial assets | (5,193 | ) | 255 | (5,952 | ) | (1,552 | ) | |||||||||
| Remeasurement of previously held equity-accounted investee | – | – | – | 7,698 | ||||||||||||
| Share of income (loss) of equity-accounted investees | 2 | (2,818 | ) | (1,485 | ) | (4,082 | ) | |||||||||
| Foreign currency gains (losses), net | 8,946 | (13,168 | ) | 5,437 | 26,690 | |||||||||||
| Finance income | 198 | 2,535 | 198 | 5,250 | ||||||||||||
| Finance costs | (8,703 | ) | (12,001 | ) | (32,540 | ) | (41,447 | ) | ||||||||
| Net income (loss) before tax | 4,486 | (30,096 | ) | 23,824 | 17,790 | |||||||||||
| Income tax expense | (313 | ) | (3,187 | ) | (11,037 | ) | (7,299 | ) | ||||||||
| Profit (loss) for the period | 4,173 | (33,283 | ) | 12,787 | 10,491 | |||||||||||
| Other Comprehensive Income | ||||||||||||||||
| Items that will not be reclassified subsequently to profit or loss | ||||||||||||||||
| Remeasurement of defined benefit liability | 1,345 | 741 | 1,399 | 2,192 | ||||||||||||
| Related deferred tax expense | (193 | ) | (123 | ) | (202 | ) | (333 | ) | ||||||||
| 1,152 | 618 | 1,197 | 1,859 | |||||||||||||
| Items that may be reclassified subsequently to profit or loss | ||||||||||||||||
| Foreign currency translation adjustment attributable to the owners of the company | 14,310 | (13,183 | ) | 13,720 | 1,989 | |||||||||||
| Foreign currency translation adjustment attributable to non-controlling interests | (82 | ) | (21 | ) | (265 | ) | 10 | |||||||||
| 14,228 | (13,204 | ) | 13,455 | 1,999 | ||||||||||||
| Other comprehensive income (loss) for the period, net of tax | 15,380 | (12,586 | ) | 14,652 | 3,858 | |||||||||||
| Total comprehensive income (loss) for the period | 19,553 | (45,869 | ) | 27,439 | 14,349 | |||||||||||
| Profit (loss) attributable to: | ||||||||||||||||
| Owners of the Company | 3,962 | (32,745 | ) | 12,569 | 10,891 | |||||||||||
| Non-controlling interests | 212 | (538 | ) | 218 | (400 | ) | ||||||||||
| 4,174 | (33,283 | ) | 12,787 | 10,491 | ||||||||||||
| Total comprehensive income (loss) attributable to: | ||||||||||||||||
| Owners of the Company | 19,424 | (45,310 | ) | 27,486 | 14,739 | |||||||||||
| Non-controlling interests | 129 | (559 | ) | (47 | ) | (390 | ) | |||||||||
| 19,553 | (45,869 | ) | 27,439 | 14,349 | ||||||||||||
| Weighted-average of Class A and Class B shares (basic)* as of December 31, 2021 and 2022 | 277,037 | 296,915 | ||||||||||||||
| Weighted-average of Class A and Class B shares (diluted)* as of December 31, 2021 and 2022 | 279,040 | 312,534 | ||||||||||||||
| *Class B shares are included with a conversion rate of 1/10 | ||||||||||||||||
SPORTRADAR GROUP AG
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Expressed in thousands of Euros)
| December 31, | December 31, | ||||||
| Assets | 2021 | 2022 | |||||
| Current assets | |||||||
| Cash and cash equivalents | 742,773 | 243,757 | |||||
| Trade receivables | 33,943 | 63,412 | |||||
| Contract assets | 40,617 | 50,482 | |||||
| Other assets and prepayments | 31,161 | 42,913 | |||||
| Income tax receivables | 1,548 | 1,631 | |||||
| 850,042 | 402,195 | ||||||
| Non-current assets | |||||||
| Property and equipment | 35,923 | 37,887 | |||||
| Intangible assets and goodwill | 808,472 | 843,632 | |||||
| Equity-accounted investees | 8,445 | 33,888 | |||||
| Other financial assets and other non-current assets | 41,331 | 44,445 | |||||
| Deferred tax assets | 26,908 | 27,014 | |||||
| 921,079 | 986,866 | ||||||
| Total assets | 1,771,121 | 1,389,061 | |||||
| Current liabilities | |||||||
| Loans and borrowings | 6,086 | 7,361 | |||||
| Trade payables | 150,012 | 204,994 | |||||
| Other liabilities | 59,992 | 65,268 | |||||
| Contract liabilities | 22,956 | 23,172 | |||||
| Income tax liabilities | 14,190 | 8,693 | |||||
| 253,236 | 309,488 | ||||||
| Non-current liabilities | |||||||
| Loans and borrowings | 429,264 | 15,484 | |||||
| Trade payables | 320,428 | 269,917 | |||||
| Other non-current liabilities | 7,081 | 10,695 | |||||
| Deferred tax liabilities | 25,478 | 26,048 | |||||
| 782,251 | 322,144 | ||||||
| Total liabilities | 1,035,487 | 631,632 | |||||
| Ordinary shares | 27,297 | 27,323 | |||||
| Treasury shares | – | (2,705 | ) | ||||
| Additional paid-in capital | 606,057 | 590,191 | |||||
| Retained earnings | 89,693 | 117,155 | |||||
| Other reserves | 15,776 | 19,624 | |||||
| Equity attributable to owners of the Company | 738,823 | 751,588 | |||||
| Non-controlling interest | (3,189 | ) | 5,841 | ||||
| Total equity | 735,634 | 757,429 | |||||
| Total liabilities and equity | 1,771,121 | 1,389,061 | |||||
SPORTRADAR GROUP AG
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of Euros)
| Years ended December 31 | |||||||
| 2021 | 2022 | ||||||
| OPERATING ACTIVITIES: | |||||||
| Profit for the year | 12,787 | 10,491 | |||||
| Adjustments to reconcile profit for the year to net cash provided by operating activities: | |||||||
| Income tax expense | 11,037 | 7,299 | |||||
| Interest income | (5,179 | ) | (5,250 | ) | |||
| Interest expense | 32,325 | 40,036 | |||||
| Impairment losses (income) on financial assets | 5,889 | (5 | ) | ||||
| Remeasurement of previously held equity-accounted investee | — | (7,698 | ) | ||||
| Other financial expenses | 96 | 1,411 | |||||
| Foreign currency gains, net | (5,437 | ) | (26,690 | ) | |||
| Amortization and impairment of intangible assets | 119,048 | 172,831 | |||||
| Depreciation of property and equipment | 10,327 | 11,982 | |||||
| Equity-settled share-based payments | 15,431 | 28,299 | |||||
| Share of loss of equity-accounted investees | 1,485 | 4,082 | |||||
| Other | (876 | ) | (3,178 | ) | |||
| Cash flow from operating activities before working capital changes, interest and income taxes | 196,933 | 233,610 | |||||
| Increase in trade receivables, contract assets, other assets and prepayments | (69,896 | ) | (53,519 | ) | |||
| Increase in trade and other payables, contract and other liabilities | 44,385 | 32,159 | |||||
| Changes in working capital | (25,511 | ) | (21,360 | ) | |||
| Interest paid | (31,060 | ) | (33,591 | ) | |||
| Interest received | 165 | 5,091 | |||||
| Income taxes paid | (8,306 | ) | (15,673 | ) | |||
| Net cash from operating activities | 132,221 | 168,077 | |||||
| INVESTING ACTIVITIES: | |||||||
| Acquisition of intangible assets | (124,890 | ) | (154,266 | ) | |||
| Acquisition of property and equipment | (5,861 | ) | (8,288 | ) | |||
| Acquisition of subsidiaries, net of cash acquired | (198,432 | ) | (56,245 | ) | |||
| Contribution to equity-accounted investee | (45 | ) | (27,873 | ) | |||
| Acquisition of financial assets | (2,605 | ) | — | ||||
| Collection of loans receivable | 265 | 208 | |||||
| Issuance of loans receivable | (2,270 | ) | — | ||||
| Collection of deposits | 222 | — | |||||
| Payment of deposits | (152 | ) | (103 | ) | |||
| Net cash used in investing activities | (333,768 | ) | (246,567 | ) | |||
| FINANCING ACTIVITIES: | |||||||
| Payment of lease liabilities | (7,118 | ) | (5,958 | ) | |||
| Acquisition of non-controlling interests | — | (28,245 | ) | ||||
| Transaction costs related to borrowings | — | (1,100 | ) | ||||
| Principal payments on bank debt | (2,376 | ) | (420,685 | ) | |||
| Purchase of treasury shares | — | (3,837 | ) | ||||
| Proceeds from issuance of MPP share awards | 1,650 | — | |||||
| Change in bank overdrafts | (22 | ) | (23 | ) | |||
| Proceeds from issue of participation certificates | 1,002 | — | |||||
| Proceeds from issuance of new shares | 556,639 | — | |||||
| Transaction costs related to issuance of new shares and participation certificates | (10,009 | ) | — | ||||
| Net cash (used in) from financing activities | 539,766 | (459,848 | ) | ||||
| Net increase (decrease) in cash and cash equivalents | 338,219 | (538,338 | ) | ||||
| Cash and cash equivalents as of January 1 | 385,542 | 742,773 | |||||
| Effects of movements in exchange rates | 19,012 | 39,322 | |||||
| Cash and cash equivalents as of December 31 | 742,773 | 243,757 | |||||
The tables below show the information related to each reportable segment for the three- and twelve-month periods ended December 31, 2021 and 2022.
| Three Months Ended December 31, 2021 | ||||||||||||
| in €’000 | RoW Betting |
RoW Betting AV |
United States |
Total reportable segments |
All other segments |
Total | ||||||
| Segment revenue | 82,246 | 35,586 | 23,215 | 141,047 | 11,318 | 152,365 | ||||||
| Segment Adjusted EBITDA | 45,668 | 9,877 | (7,553 | ) | 47,992 | (1,634 | ) | 46,358 | ||||
| Unallocated corporate expenses() | (24,989 | ) | ||||||||||
| Adjusted EBITDA | 21,369 | |||||||||||
| Adjusted EBITDA margin | 56 | % | 28 | % | (33 | %) | 34 | % | (14 | %) | 14 | % |
| Three Months Ended December 31, 2022 | ||||||||||||
| in €’000 | RoW Betting |
RoW Betting AV |
United States |
Total reportable segments |
All other segments |
Total | ||||||
| Segment revenue | 105,923 | 41,768 | 41,153 | 188,844 | 17,444 | 206,288 | ||||||
| Segment Adjusted EBITDA | 46,282 | 11,883 | 4,333 | 62,498 | (881 | ) | 61,617 | |||||
| Unallocated corporate expenses(1) | (26,508 | ) | ||||||||||
| Adjusted EBITDA | 35,109 | |||||||||||
| Adjusted EBITDA margin | 44 | % | 28 | % | 11 | % | 33 | % | (5 | %) | 17 | % |
| Year Ended December 31, 2021 | ||||||||||||
| in €’000 | RoW Betting |
RoW Betting AV |
United States |
Total reportable segments |
All other segments |
Total | ||||||
| Segment revenue | 309,357 | 140,162 | 71,700 | 521,219 | 39,983 | 561,202 | ||||||
| Segment Adjusted EBITDA | 176,987 | 39,246 | (22,625 | ) | 193,608 | (5,746 | ) | 187,862 | ||||
| Unallocated corporate expenses() | (85,849 | ) | ||||||||||
| Adjusted EBITDA | 102,013 | |||||||||||
| Adjusted EBITDA margin | 57 | % | 28 | % | (32 | %) | 37 | % | (14 | %) | 18 | % |
| Year Ended December 31, 2022 | ||||||||||||
| in €’000 | RoW Betting |
RoW Betting AV |
United States |
Total reportable segments |
All other segments |
Total | ||||||
| Segment revenue | 389,092 | 160,522 | 127,442 | 677,056 | 53,132 | 730,188 | ||||||
| Segment Adjusted EBITDA | 182,439 | 46,494 | (4,141 | ) | 224,792 | (13,348 | ) | 211,444 | ||||
| Unallocated corporate expenses(1) | (85,598 | ) | ||||||||||
| Adjusted EBITDA | 125,846 | |||||||||||
| Adjusted EBITDA margin | 47 | % | 29 | % | (3 | %) | 33 | % | (25 | %) | 17 | % |
(1) Unallocated corporate expenses primarily consist of salaries and wages for management, legal, human resources, finance, office, technology and other costs not allocated to the segments.
The following table reconciles Adjusted EBITDA to the most directly comparable IFRS financial performance measure, which is profit for the period:
| Three Months Ended December 31, |
Years Ended December 31, |
||||||||||||||
| in €’000 | 2021 | 2022 | 2021 | 2022 | |||||||||||
| Profit (loss) for the period | 4,173 | (33,283 | ) | 12,787 | 10,491 | ||||||||||
| Share based compensation | 1,761 | 8,602 | 15,431 | 28,637 | |||||||||||
| Litigation costs1 | – | 12,899 | – | 19,045 | |||||||||||
| Management restructuring costs | – | 5,528 | – | 5,528 | |||||||||||
| Professional fees for SOX and ERP implementations | – | 813 | – | 4,298 | |||||||||||
| One-time charitable donation for Ukrainian relief activities | – | – | – | 146 | |||||||||||
| Depreciation and amortization | 38,104 | 51,481 | 129,375 | 184,813 | |||||||||||
| Amortization of sports rights | (28,005 | ) | (39,407 | ) | (94,312 | ) | (140,200 | ) | |||||||
| Impairment loss (gain) on other financial assets | 5,464 | (163 | ) | 5,889 | (5 | ) | |||||||||
| Remeasurement of previously held equity-accounted investee | – | – | – | (7,698 | ) | ||||||||||
| Share of loss of equity-accounted investee2 | – | 2,818 | – | 3,985 | |||||||||||
| Foreign currency (gains) losses, net | (8,946 | ) | 13,168 | (5,437 | ) | (26,690 | ) | ||||||||
| Finance income | (198 | ) | (2,535 | ) | (5,297 | ) | (5,250 | ) | |||||||
| Finance costs | 8,703 | 12,001 | 32,540 | 41,447 | |||||||||||
| Income tax expense | 313 | 3,187 | 11,037 | 7,299 | |||||||||||
| Adjusted EBITDA | 21,369 | 35,109 | 102,013 | 125,846 | |||||||||||
(1) Includes legal related costs in connection with a non-routine litigation.
(2) Includes the related share in the equity-accounted investee of SportTech AG
The following table presents a reconciliation of Adjusted Free Cash Flow to the most directly comparable IFRS financial performance measure, which is net cash from operating activities:
| Three Months Ended December 31, | Years Ended December 31, |
||||||||||||||
| in €’000 | 2021 | 2022 | 2021 | 2022 | |||||||||||
| Net cash from operating activities | 6,617 | 19,828 | 132,221 | 168,077 | |||||||||||
| Acquisition of intangible assets | (43,412 | ) | (36,943 | ) | (124,890 | ) | (154,226 | ) | |||||||
| Acquisition of property and equipment | (3,160 | ) | (2,482 | ) | (5,861 | ) | (8,288 | ) | |||||||
| Payment of lease liabilities | (2,701 | ) | (1,533 | ) | (7,118 | ) | (5,958 | ) | |||||||
| Foreign currency gains (losses) on cash equivalents | 20,188 | (22,462 | ) | 20,188 | 39,273 | ||||||||||
| Adjusted Free Cash Flow | (22,468 | ) | (43,592 | ) | 14,540 | 38,878 | |||||||||
_______________________
1 For the convenience of the reader, we have translated Euros amounts at the noon buying rate of the Federal Reserve Bank on December 31, 2022, which was €1.00 to $1.07.
2 Non-IFRS financial measure; see “Non-IFRS Financial Measures and Operating Metrics” and accompanying tables for further explanations and reconciliations of non-IFRS measures to IFRS measures.
3 Turnover is defined as the total amount of stakes placed and accepted in betting.
Artificial Intelligence
Data Center Chip Market Size was Valued at USD 11.7 Billion in 2022 and is Expected to Reach USD 45.3 Billion by 2032 at a CAGR of 14.6% | Valuates Reports
BANGALORE, India, July 26, 2024 /PRNewswire/ — Data Center Chip Market By Chip Type (GPU, ASIC, FPGA, CPU, Others), By Data Center Size (Small and Medium Size, Large Size), By Industry Verticals (BFSI, Manufacturing, Government, IT and Telecom, Retail, Transportation, Energy and Utilities, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.
The Data Center Chip Market was valued at USD 11.7 Billion in 2022, and is estimated to reach USD 45.3 Billion by 2032, growing at a CAGR of 14.6% from 2023 to 2032.
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Major Factors Driving the Growth of Data Center Chip Market
Because of the growing need for data processing and storage solutions brought about by the quick development of cloud computing, artificial intelligence, and big data analytics, the data center chip market is expanding significantly. High-performance chips are necessary for data centers to process massive volumes of data quickly and efficiently. As a result, advances in chip technology, including CPUs, GPUs, and specialist AI processors, have been made. The need for more resilient and scalable data center infrastructure is fueled in part by the expansion of digital services and Internet of Things (IoT) devices. The market is expanding due to key areas including Asia-Pacific, with its investments in technology and fast digital transformation, and North America, with its top tech businesses and vast data center networks.
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TRENDS INFLUENCING THE GROWTH OF THE DATA CENTER CHIP MARKET:
In data centers, Graphics Processing Units (GPUs) are essential for speeding up computing operations and data processing. They are perfect for managing workloads related to artificial intelligence (AI), machine learning, and large-scale data analytics because of their parallel processing capabilities. The need for GPUs in data centers is growing as these technologies become increasingly essential to corporate operations. Businesses are purchasing GPUs in order to increase the effectiveness of their data processing, lower latency, and boost overall performance. The need for data center chips is being driven by the increasing reliance on GPUs for sophisticated computing activities, which is considerably contributing to the market’s rise. This need is further increased by the growing use of AI and machine learning in a variety of sectors, which puts GPUs at the forefront of the data center semiconductor industry.
Compared to general-purpose chips, Application Specific Integrated Circuits (ASICs) provide better performance and efficiency since they are designed specifically for a given application. ASICs are extensively utilized in data centers for specific tasks including networking, data compression, and encryption. ASICs are becoming more and more common as a result of the growth of cloud computing, big data analytics, and blockchain technology, which has increased demand for high-performance, energy-efficient processors. Their capacity to provide tailored performance for certain applications aids data centers in better workload management, power conservation, and operating expense reduction. The market is expanding as a result of the increased preference for ASICs in data centers, which is fueling the need for specialized data center chips.
Large data centers are important users of data center chips; they are run by well-known IT firms and cloud service providers. To manage enormous volumes of data and provide a wide range of services, these facilities need a great deal of processing power and sophisticated computing skills. High-performance data center chips are becoming more and more necessary as a result of the growth of massive data centers and the rising demand for online streaming, cloud services, and digital transactions. These chips are necessary to ensure effective data management, processing, and storage, which helps big data centers fulfill the increasing expectations of its clientele. Large data center proliferation is anticipated to considerably boost the data center chip industry as the digital economy continues to grow.
Data centers are becoming more and more important to the Banking, Financial Services, and Insurance (BFSI) industry as a means of safely and effectively managing high transaction volumes, consumer data, and financial records. The need for sophisticated data center processors is being driven by the sector’s requirement for real-time data processing, high-performance computing, and strong security measures. BFSI organizations may improve their operational efficiency, guarantee data integrity, and deliver superior client services by utilizing data centers fitted with robust chips. The BFSI sector’s need for data center chips is being driven by the increasing use of online banking, digital banking, and financial analytics tools, all of which increase the requirement for sophisticated data center infrastructure.
The market for data center chips is significantly influenced by the cloud computing industry’s explosive growth. There is a growing need for scalable, effective, and high-performance data center infrastructure as more companies move their operations to the cloud. In order to handle enormous volumes of data, facilitate virtualization, and guarantee flawless service delivery, cloud service providers need sophisticated data center chips. Sturdy data center chips are becoming more and more necessary as cloud-based solutions become more and more popular. Benefits like cost savings, flexibility, and scalability are driving this trend. In places like North America and Europe, where cloud adoption rates are high and data center chip demand is rising rapidly, this tendency is especially significant.
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DATA CENTER CHIP MARKET SHARE
In 2022, North America gained a sizable portion of the market.
In 2022, the GPU made up the largest portion of the market share.
Throughout the projection period, large data centers are expected to gain a significant portion.
The BFSI market is anticipated to be one of the most profitable markets.
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Key Companies:
Advanced Micro Devices IncTaiwan Semiconductor Manufacturing Company LimitedBroadcomHuawei Technologies Co LtdIntel CorporationNVidia CorporationSamsung Electronics Co LtdQualcomm Technologies IncGlobalFoundriesARM LIMITED (SOFTBANK GROUP CORP.)Purchase Chapters @ https://reports.valuates.com/request/chaptercost/ALLI-Auto-2B326/Data_Center_Chip_Market
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
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Artificial Intelligence
Industry 4.0 Market to Surpass USD 513.89 Billion by 2031 with Automation Surge | SkyQuest Technology
WESTFORD, Mass., July 26, 2024 /PRNewswire/ — According to SkyQuest, the global Industry 4.0 Market size was valued at USD 133.05 billion in 2022 and is poised to grow from USD 154.6 billion in 2023 to USD 513.89 billion by 2031, growing at a CAGR of 16.2% during the forecast period (2024-2031).
Industry 4.0 or the fourth industrial revolution emphasizes the use of automation and interconnectivity. Employment of advanced technologies such as artificial intelligence, machine learning, robotics, and connected devices to improve the productivity and efficiency of industries. Rapid digitization and advancements in technology are forecasted to bolster the Industry 4.0 market growth over the coming years. The global Industry 4.0 market is segmented into technology, industry vertical, and region.
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Industry 4.0 Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 154.6 billion
Estimated Value by 2031
$ 513.89 billion
Growth Rate
Poised to grow at a CAGR of 16.2%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Technology, Industry and Region
Geographies Covered
North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Report Highlights
Internet of Things (IoT) technology takes centerstage for Industry 4.0 adoption
Key Market Opportunities
Adoption of smart manufacturing and additive manufacturing practices
Key Market Drivers
Rising demand for automation across all industry verticals
Segments covered in Industry 4.0 Market are as follows:
TechnologyRobots (Traditional Industrial Robots {Articulated robots, Cartesian Robots, Selective Compliance Assembly Robot Arm (SCARA), Cylindrical Robots, Others}, Collaborative Robots), Blockchain in Manufacturing, Industrial Sensors (Level Sensors, Temperature Sensors, Flow Sensors, Position Sensors, Pressure Sensors, Force Sensors, Humidity & Moisture Sensors, Gas Sensors), Industrial 3D Printing, Machine Vision (Camera {Digital Camera, Smart Camera}, Frame Grabbers, Optics, and LED Lighting, Processor and Software), HMI (Offering {Hardware [Basic HMI, Advanced Panel-based HMI, Advanced PC-based HMI, Others], Software [On-premises HMI, Cloud-based HMI], Services}), Configuration ({Embedded HMI, Standalone HMI}, Technology {Motion HMI, Bionic HMI, Tactile HMI, Acoustic HMI}, End-user Industry {Process industries [Oil & Gas, Food & beverages, Pharmaceuticals, Chemicals, Energy & power, Metals & mining, Water & wastewater, Others], Discrete industry [Automotive, Aerospace & defense, Packaging, Medical devices, Semiconductor & electronics, Others]}), AI In Manufacturing (Offering {Hardware [Processor MPU, GPU, FPGA, ASIC, Memory, Network], Software [AI solutions- | On-premises, Cloud |, AI platform- | Machine learning framework, Application program interface |], Services [Deployment & integration, Support & maintenance]}, Technology {Machine learning [Deep learning, Supervised learning, Reinforcement learning, Reinforcement learning, Others], Natural language processing [Context-aware computing, Computer vision]}, Application {Predictive maintenance and machinery inspection, Material movement, Production planning, Field services, Quality control, Cybersecurity, Industrial robots, Reclamation}, Digital Twin {Technology [Internet of Things (IOT), Blockchain, Artificial intelligence & machine learning, Artificial intelligence & machine learning, Big data analytics, 5G], Usage Type [Product digital twin, Process digital twin, System digital twin], Application [Product design & development, Performance monitoring, Predictive maintenance, Inventory management, Business optimization, Others]}, Automated Guided Vehicles (AGV) {Type [Tow vehicles, Unit load carriers, Pallet trucks, Assembly line vehicles, Forklift trucks, Others], Navigation Technology [Laser guidance, Magnetic guidance, Inductive guidance, Optical tape guidance, Vision guidance, Others]}, Machine Condition Monitoring {Monitoring Technique [Vibration monitoring, Embedded systems, Vibration analyzers and meters, Thermography, Oil analysis, Corrosion monitoring, Ultrasound emission, Motor current analysis], Offering [Hardware – Vibration sensors, Accelerometers, Tachometers, Infrared sensors, Spectrometers, Ultrasound detectors, Spectrum analyzers, Corrosion probes], Software [Data integration, Diagnostic reporting, Order tracking analysis, Parameter calculation], Deployment Type [On-premises deployment, Cloud deployment], Monitoring Process [Online condition monitoring, Portable condition monitoring]})IndustryManufacturing, Automotive, Energy, Medical, Semiconductor & Electronics, Food & Beverage, Oil & Gas, Aerospace, Metals & Mining, Chemicals, and OthersRequest Free Customization of this report:
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Internet of Things (IoT) Technology to Remain Indispensable for Industry 4.0
Internet of Things (IoT) remains the most crucial technology in global Industry 4.0 market growth owing to its role in interconnectivity and automation across different verticals. Advancements in connectivity technologies and rising use of automation in different industry verticals are also estimated to help this sub-segment gain an impressive market share. Surging demand for predictive maintenance will also boost the adoption of IoT technology in the long run.
Advanced robotic technologies are also slated to gain traction in the Industry 4.0 market. Growing acceptance of robots and high investments in advancements of robotic technologies are also slated to create new opportunities for providers of advanced robotics in the Industry 4.0 market. The low margin of error and the immense scope of automation are key benefits of robotics that help this sub-segment flourish.
Artificial intelligence (AI) will be another popular technology in the Industry 4.0 world going forward. Increasing demand for continuous monitoring, real-time analytics, and predictive maintenance are slated to help the demand for artificial intelligence in the future. The rising use of IoT devices will also boost the demand for cloud computing technology in the long run.
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Manufacturing Vertical to Spearhead Industry 4.0 Market Development
The manufacturing vertical is estimated to be at the forefront when it comes to Industry 4.0 adoption. The surge in use of robotics, advanced technologies, and smart manufacturing practices sets the tone for Industry 4.0 in this industry vertical. High emphasis on improving manufacturing efficiency, reducing downtime, and maximizing profits are all contributing to the high market share of this sub-segment.
The automotive industry is another vertical where Industry 4.0 market players could invest to get good returns. The high adoption of advanced robotics and other smart manufacturing technologies to maximize production allows this sub-segment to become a crucial one for Industry 4.0 providers. The aerospace and defense industry vertical also shows a lot of promise for Industry 4.0 companies going forward. Growing demand for advanced manufacturing techniques and technologies to create complex aerospace components is helping Industry 4.0 market growth via this segment.
The oil & gas industry is also estimated to embrace Industry 4.0 trend with open hands as they try to improve their operations and promote better resource utilization. High demand for predictive maintenance to reduce downtime and the growing adoption of digital oilfield solutions are estimated to bolster Industry 4.0 market development in the long run.
To sum it up, the application scope for Industry 4.0 is endless as automation and digitization pick up pace around the world. High investments in development of IoT and AI technologies will create better opportunities for Industry 4.0 companies in the future. The manufacturing industry will remain the top revenue generating sub-segment and more opportunities for aerospace, automotive, and oil & gas verticals will be seen over the coming years.
Related Report:
Digital Twin Market
Cyber Security Market
Artificial Intelligence (AI) Market
Internet Of Things (IoT) Market
Machine Learning Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact: Mr. Jagraj SinghSkyQuest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/
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Artificial Intelligence
Generative AI Cybersecurity Market worth $40.1 billion by 2030 – Exclusive Report by MarketsandMarkets™
CHICAGO, July 26, 2024 /PRNewswire/ — The Generative AI cybersecurity Market is anticipated to experience substantial expansion, ascending from a value of USD 7.1 billion in 2024 to a substantial worth of USD 40.1 billion by the year 2030, according to a new report by MarketsandMarkets™. This growth trajectory reflects a robust compound annual growth rate (CAGR) of 33.4% over the forecast period.
Browse in-depth TOC on “Generative AI cybersecurity Market”
350 – Tables 60 – Figures450 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2030
Base year considered
2023
Forecast period
2024–2030
Forecast units
USD (Million)
Segments Covered
Offering, Generative AI-based Cybersecurity, Cybersecurity for Generative AI, Security Type, End-user, and Region
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
Microsoft (US), IBM (US), Google (US), SentinelOne (US), AWS (US), NVIDIA (US), Cisco (US), CrowdStrike (US), Fortinet (US), Zscaler (US), Trend Micro (Japan), Palo Alto Networks (US), BlackBerry (Canada), Darktrace (UK), F5 (US), Okta (US), Sangfor (China), SecurityScorecard (US), Sophos (UK), Broadcom (US), Trellix (US), Veracode (US), LexisNexis (US), Abnormal Security (US), Adversa AI (Israel), Aquasec (US), BigID (US), Checkmarx (US), Cohesity (US), Credo AI (US), Cybereason (US), DeepKeep (Israel), Elastic NV (US), Flashpoint (US), Lakera (US), MOSTLY AI (Austria), Recorded Future (US), Secureframe (US), Skyflow (US), SlashNext (US), Snyk (US), Tenable (US), TrojAI (Canada), VirusTotal (Spain), XenonStack (UAE), and Zerofox (US).
This dramatic surge is being fueled by a number of causes. The primary growth driver is the enhancement of existing cybersecurity tools through generative AI algorithms by improving anomaly detection, automating threat hunting and penetration testing, and providing complex simulations for security testing purposes. These techniques enable various cyber-attack scenarios that can be simulated using the Generative Adversarial Networks (GANs), thus enabling the development of better preparedness and response strategies. On the other hand, it requires special cyber security tools to protect generative AI workloads against unique vulnerabilities such as adversarial attacks, model inversions and LLM poisoning. These tools include differential privacy and secure multi-party computation that are integrated into AI systems for training and deployment data protection purposes.
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Generative AI apps security segment will account for largest market share during the forecast period.
The cybersecurity landscape is rapidly changing for generative AI apps, which are already making their way into chatbots, content creation tools like word processors, and personalized recommendation systems. According to McAfee, 55% of these programs have had security breaches. This highlights the dire need for stronger protective measures from unauthorized access. Several generative AI applications that use adversarial techniques to force the desired reaction out of intelligent machines.
Therefore, there is a pressing demand in the number of developers who ensure that such machines are made more robust through techniques like adversarially trained models and resistant architectures. Finally, the usage of secure enclaves plus hardware-based security measures is growing off late, mainly aimed at safeguarding vulnerable AI computations from being tampered with. For instance, OpenAI has very strict security rules meant to protect GPT models thereby ensuring data integrity and user privacy.
By end-user, government & defense sector is poised to account for larger market share in 2024.
Government as well as defense industries are increasingly resorting to generative AI for cyber security purposes due to the urgency of protecting sensitive information and national security. According to a recent CSIS report, AI is being integrated into the cybersecurity framework of 43% of government agencies which resultantly improves their ability to identify and counter threats. As an example, the United States Department of Defense has started using artificial intelligence (AI) based security solutions backed by generative AI that can create fictitious cyber-attacks, thereby providing them with enhanced preparedness against advanced types of threats.
This technology also helps these sectors handle and analyze large volumes of data more effectively, giving valuable insights that will enable them prevent or mitigate cyber threats. This trend demonstrates an increasing reliance on generative AI in fortifying cyber security measures so as to ensure that critical infrastructure and sensitive data remain secure in today’s intricate digital landscape.
By region, North America to hold the largest share by market value in 2024.
In 2024, North America will be the leading region based on market share due to its excellent technology infrastructure, substantial investments in AI-enabled cybersecurity and the presence of key players. Major cyber security research universities and tech companies such as Google, AWS, CrowdStrike, SentinelOne and IBM are present in this area, pushing them on the forefront of potent risk management technologies and generative AI tools for threat detection. For example, IBM’s security platform powered by AI has improved detection rates for threats up by 40%, thus proving the relevance of AI technology to enhancing cybersecurity.
Moreover, legislative instruments such as Cybersecurity Information Sharing Act (CISA) are being put in place to promote advanced cybersecurity technologies. As internet attacks continue getting more complicated, North American enterprises prefer generative artificial intelligence (AI), so as to enhance their safety measures pertaining to personal data and digital infrastructure.
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Top Key Companies in Generative AI cybersecurity Market:
The major players in the generative AI cybersecurity market include Palo Alto Networks (US), AWS (US), CrowdStrike (US), SentinelOne (US), and Google (US), along with SMEs and startups such as MOSTLY AI (Austria), XenonStack (UAE), BigID (US), Abnormal Security (US), and Adversa AI (Israel).
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