Artificial Intelligence
Mydecine Reports Financial Results for the Year Ended December 2022
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DENVER, March 31, 2023 (GLOBE NEWSWIRE) — Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) (“Mydecine” or the “Company”), a biotechnology company aiming to transform the treatment of mental health and addiction disorders, today reported company highlights and financial results for the years ended December 31, 2022 and 2021.
Company Highlights
In 2022, Mydecine continued to define its focus and clinical trial execution strategy. The Company reached several milestones with the goal to become an efficiently operated biotechnology company. Of significant note, Mydecine announced several advancements in drug development including first and second-generation drug candidates. We have identified and pursued the indications that management believes will be most promising from the view of treating global populations in need. The Company has matured significantly in every aspect of its operations, focus, efficiencies, corporate governance and execution in the pursuit of being a world class, purpose driven, drug development platform that is focused, credible and qualified to successfully accomplish its goals and bring significant value to its loyal shareholders.
During the first half of 2022 management decided to cease the research that was being conducted in the research facility located in Denver, CO. During the quarter, the employees at this facility were released or transferred to other functions of the Company. Management began preparations to liquidate the laboratory equipment and furniture in this location and, subsequently, negotiated an amendment that changed the termination date of the lease. See the discussion of subsequent events for additional information. During 2020 and the nine-months ended September 30, 2021, the Company controlled a variety of hemp-derived cannabis assets that cultivated, designed, manufactured, and distributed products. As well, up to September 30, 2021, the Company had a portfolio that included a rental property and land assets. These business assets were spun out into a separate corporate entity as of October 1, 2021, therefore are not represented in the company’s year-to-date 2022 operating results.
On December 9, 2022, completed a private placement and issued 905,660 common shares for gross proceeds of $480,000.
On December 7, 2022, issued 905,263 common shares for gross proceeds of $541,650 pursuant to debt settlements.
On November 28, 2022, completed a private placement and issued 943,396 common shares for gross proceeds of $500,000.
On November 1, 2022, completed a private placement and issued 943,396 common shares for gross proceeds of $500,000.
On September 16, 2022, the Company completed a private placement and issued 1,754,386 common shares for gross proceeds of $1,000,000.
On September 1, 2022, the Company signed a Letter of Intent (“LOI”) to dispose of its Mindleap Health Inc. (“Mindleap”) subsidiary. Under the LOI terms, the Company would receive $4,000,000 for its shares of Mindleap and would receive a further $100,000 for post-closing consulting services. On December 12, 2022, the Company announced the closing of the transaction. The final purchase price was C$3.6 million, comprising 18 million unit of PanGenomic Health Inc. (“PanGenomic”), a company listed on the Canadian Stock Exchange (the “CSE”). In addition, the Company and PanGenomic entered into a transition services agreement whereby PanGenomic engaged Mydecine to assist in the transition, transfer, and integration of Mindleap’s technologies into PanGenomic’s technology platform (the “Services”) for two months. In return for the Services, PanGenomic will pay to Mydecine a consulting fee of C$100,000, payable on January 8, 2023.
The Mindleap division sale reduced the Company’s operating cash outflows, while allowing the Company to have more operating capital and narrow its focus on its remaining core projects.
On August 16, 2022, the Company completed a private placement and issued 326,666 common shares for gross proceeds of $245,000.
On July 19th, 2022 Mydecine announced it has successfully synthesized multiple short-acting MDMA analogs. This family of analogs have been specifically designed by experts at Mydecine to have a shorter half life than traditional MDMA. The Company has named this family of novel molecules MYCO-006 and have applied for patent coverage with the World Intellectual Property Organization.
On May 27, 2022 the Company completed an overnight offering and issued 2,447,130 common shares for gross proceeds of $2,814,200. The Company paid broker fees of $186,043.
On May 2, 2022, the Company, in connection with its previously announced Common Share Subscription Agreement (the “Subscription Agreement”) with a third-party investor (the “Investor”) dated March 18, 2022 and the subsequent filing of a second shelf prospectus supplement (the “Prospectus Supplement”) in connection therewith on April 27, 2022, the Company has closed the second issuance (the “Offering”) under the Subscription Agreement. The Offering resulted in the issuance of 1,254,396 common shares in the capital of the Company (“Shares”) at a price of $1.35 per Share for aggregate gross proceeds of $1,693,434.60. The distribution of the Shares is qualified by the Prospectus Supplement.
On April 13, 2022, the Company completed a reverse stock-split, thereby consolidating all of the Company’s issued and outstanding common shares (“Common Shares”) on the basis of one (1) post-consolidation Common Share for every fifty (50) pre-consolidation Common Shares. As a result of elimination of partial shares, the share count was adjusted by 13 shares.
On February 16th, 2022 Mydecine announced the inclusion of a novel molecule with potentially heart-safe microdose enabling properties in their family of psilocin analogs. The Company has named this group of patent pending molecules MYCO-005.
Ongoing Operations
The Company’s main focus is novel drug development. The Company’s primary target indication at this time is Smoking Cessation. During the next 12 months, the Company intends to advance these projects on the following fronts:
- Using advanced artificial intelligence and machine learning to design and screen drugs of interest.
- Commence animal studies and subsequent human trials.
- Work closely with internationally recognized firms to conduct the clinical trials.
- Continue to develop molecule families MYCO-004, MYCO-005 and MYCO-006.
- Explore new strategic partnerships to leverage the company’s ongoing efforts.
The Company is currently conducting its psilocybin research in Canada at the University of Alberta. The Company also has a number of planned research and clinical trial sites internationally including Johns Hopkins University School of Medicine, Leiden University Medical Center, Macquarie University, The Imperial College of London, and several other prominent Universities throughout the United States and elsewhere.
The Company’s expectation on receiving regulatory approval to develop and market psychedelic medicine including but not limited to psilocybin and derivatives of psilocybin.
The Company has been in communication with several clinical research organizations (CRO) on a global level that were chosen for their experience with similar compounds and the geographic support for psychedelic research. The location for the Phase I trial of a psilocybin analog will be chosen late 2022 with plans to dose the first patient in the Q2.
Efforts towards MYCO-001, were pivoted towards MYCO-004, a psilocybin analog. Shortly after a positive pre-IND meeting with the FDA regarding MYCO-001, psilocybin prodrug development reached a point where a lead candidate could be chosen. The investigational psilocybin drug product received FDA approval NIDA grant funded trial at Johns Hopkins University (JHU) on smoking-cessation by Matt Johnson & Al Garcia-Romeu. The Company is donating the drug product for the NIDA trial and plans to have the MYCO-004 Phase II trial at JHU in lieu of the originally planned MYCO-001 trial, as part of the 5-year research collaboration agreement. Additionally, the company is planning to supply MYCO-001 drug substance for multiple studies in the European Union in 2023.
The Company’s expectations with respect to future performance, results and terms of strategic initiatives, strategic agreements and supply agreements.
The Company has continued building the patent portfolio based on improving natural psychedelics so they may better fit into the current medical care system. The novel compound development pipeline increased production in Q3 (September) and looks to finish 2022 ahead of schedule. Multiple provisional & PCT applications and realized the publication of Novel Psilocin Analog Compositions And Methods of Synthesizing The Same.
The Company is preparing for licensing relationships after another patent publication, Novel Functional Fungal Compound Formulations and Their Therapeutic Methods Of Use, became available. The Company plans to develop the technology further with a manufacturing partner and will be able to pursue licensing relationships with food, drink, and skincare brands by Q2 of 2023.
Financial Results for the Year Ended December, 2022
Net Loss: The net loss attributable to common stockholders was $11.56 million, from operations, or a basic and diluted loss per share of $(1.34). For the same period in 2021, loss from operations was $28.89 million, or a basic and diluted loss per share attributable to common stockholders of ($6.17) and which included a loss of $279,623 from discontinued operations.
Cash Position: The Company had $11,030 in cash and cash equivalents as of December 31, 2022; the Company received $1.8M subsequently in early January 2023 from the sale of investments.
| MYDECINE INNOVATIONS GROUP INC. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (EXPRESSED IN CANADIAN DOLLARS) |
|||||||||
| As at, | December 31, 2022 $ |
December 31, 2021 $ |
|||||||
| Current assets | |||||||||
| Cash | 11,030 | 1,495,311 | |||||||
| Other receivables | 86,667 | 3,856 | |||||||
| Sales tax receivable | 276,135 | 201,060 | |||||||
| Marketable securities | 4,617,885 | – | |||||||
| Prepaids and deposits | 1,220,349 | 3,521,125 | |||||||
| Total current assets | 6,212,066 | 5,221,352 | |||||||
| Non-current assets | |||||||||
| Prepaids and deposits | 678,916 | 1,793,894 | |||||||
| Right-of-use asset | – | 130,546 | |||||||
| Property and equipment | 9,876 | 434,910 | |||||||
| Total assets | 6,900,858 | 7,580,702 | |||||||
| Current liabilities | |||||||||
| Accounts payable and accrued liabilities | 5,371,916 | 1,587,238 | |||||||
| Notes payable | 85,204 | – | |||||||
| Derivative liabilities | 346,667 | 1,280,294 | |||||||
| Lease liability – current portion | – | 79,728 | |||||||
| Total current liabilities | 5,803,787 | 2,947,260 | |||||||
| Non-current liabilities | |||||||||
| Convertible debentures, net | 4,696,974 | 4,354,302 | |||||||
| Long-term portion of lease liability | – | 67,821 | |||||||
| Total liabilities | 10,500,761 | 7,369,383 | |||||||
| Shareholders’ equity (deficiency) | |||||||||
| Share capital | 115,918,379 | 107,662,388 | |||||||
| Contributed surplus | 16,787,778 | 17,288,315 | |||||||
| Equity portion of convertible debentures | 175,756 | 175,756 | |||||||
| Deficit | (136,481,816 | ) | (124,915,140 | ) | |||||
| Total shareholders’ equity (deficiency) | (3,599,903 | ) | 211,319 | ||||||
| Total liabilities and shareholders’ equity (deficiency) | 6,900,858 | 7,580,702 | |||||||
| MYDECINE INNOVATIONS GROUP INC. CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (EXPRESSED IN CANADIAN DOLLARS) |
|||||
| For the years ended, | |||||
| December 31, 2022 |
December 31, 2021 |
||||
| Sales | – | 7,493 | |||
| Cost of goods sold | – | – | |||
| Gross margin | – | 7,493 | |||
| Expenses | |||||
| Finance cost | 911,594 | 205,267 | |||
| Corporate development | 2,574,487 | 3,401,645 | |||
| Depreciation | 128,861 | 235,177 | |||
| Consulting fees | 5,321,179 | 5,220,556 | |||
| Director and management fees | 535,482 | 1,346,468 | |||
| Foreign exchange loss | 175,669 | 355,671 | |||
| Insurance | 926,848 | 511,501 | |||
| Office and miscellaneous | 162,435 | 925,568 | |||
| Professional fees | 1,367,862 | 2,216,950 | |||
| Regulatory and filing fees | 113,382 | 349,777 | |||
| Research and development | 3,589,434 | 3,960,232 | |||
| Salaries | 1,669,181 | 1,424,012 | |||
| Share-based payments | – | 3,099,743 | |||
| Total expenses | 17,476,414 | 23,252,567 | |||
| Other income (expenses) | |||||
| Change in fair value of derivative liabilities | 627,869 | 43,688 | |||
| Revaluation of marketable securities | (418,011 | ) | – | ||
| Impairment of loan receivable | – | (382,902 | ) | ||
| Other income | 93,656 | – | |||
| Gain on settlement of debt | – | 1,377 | |||
| Gain on forgiveness of accounts payable | 247,521 | – | |||
| Loss on disposal of asset | (316,208 | ) | – | ||
| Total other income (expenses) | 234,827 | (337,837 | ) | ||
| Loss from continuing operations | (17,241,587 | ) | (23,582,911 | ) | |
| Income (loss) from discontinued operations | 5,674,911 | (5,314,488 | ) | ||
| Net loss and comprehensive loss for the year | (11,566,676 | ) | (28,897,399 | ) | |
| Net loss per share – Basic and diluted from continuing operations | (1.34 | ) | (6.17 | ) | |
| Weighted average number of shares outstanding – Basic and diluted | 8,647,471 | 4,681,721 | |||
For more information, please review the Company’s audited financial statements and accompanying management discussion and analysis which are posted on www.SEDAR.com.
About Mydecine Innovations Group
Mydecine Innovations Group™ (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA) is a biotechnology company developing innovative first- and-second-generation novel therapeutics for the treatment of mental health and addiction using world-class technology and drug development infrastructure. Mydecine was founded in 2020 to address a significant unmet need and lack of innovation in the mental health and therapeutic treatment environments. Our global team is dedicated to efficiently developing new therapeutics to treat PTSD, depression, anxiety, addiction and other mental health disorders. The Mydecine business model combines clinical trials and data outcome, technology, and scientific and regulatory expertise with a focus on psychedelic therapy, as well as other novel, non-psychedelic molecules with therapeutic potential. By collaborating with some of the world’s foremost authorities, Mydecine aims to responsibly fast-track the development of new medicines to provide patients suffering from mental health disorders with safe and more effective treatment options. Mydecine Innovations Group is headquartered in Denver, Colorado, USA, with international offices in Leiden, Netherlands.
Learn more at: https://www.mydecine.com and follow us on Twitter, LinkedIn, YouTube and Instagram.
For more information, please contact:
Media Contact:
[email protected]
Investor Relations:
[email protected]
On behalf of the Board of Directors:
Joshua Bartch, Chief Executive Officer [email protected]
For further information about Mydecine Innovations Group, Inc., please visit the Company’s profile on SEDAR at www.sedar.com or visit the Company’s website at www.mydecine.com.
This news release contains forward-looking information within the meaning of Canadian securities laws regarding the Company and its business, which relate to future events or future performance and reflect management’s current expectations and assumptions. Often but not always, forward-looking information can be identified by the use of words such as “expect”, “intends”, “anticipated”, “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would” or “will” be taken, occur or be achieved.
Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, without limitation, risks regarding the COVID-19 pandemic, the availability and continuity of financing, the ability of the Company to adequately protect and enforce its intellectual property, the Company’s ability to bring its products to commercial production, continued growth of the global adaptive pathway medicine, natural health products and digital health industries, and the risks presented by the highly regulated and competitive market concerning the development, production, sale and use of the Company’s products. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.
Artificial Intelligence
Free Your Hands, QIDI Vida Smart AR Glasses Lead the Way in New Sports Experience.
NEW YORK, April 19, 2024 /PRNewswire/ — Outdoor smart AR glasses, QIDI Vida, will officially launch on 23rd April on the Kickstarter platform. QIDI Vida integrates the many functions of smart watches, sports headphones, cycling computers, heart rate monitors, and walkie-talkies using AR+AI technology, allowing users to bid farewell to cumbersome device management and enjoy outdoor sports anytime, anywhere with just one pair of glasses.
Function:
QIDI Vida uses high-tech HUD (Head-Up Display) which is similar to the technology used for aircrafts and premium cars and introduces it to the sports industry. Users can activate the HUD function at any time using voice control, enabling them to focus on the route ahead whilst simultaneously having access to information such as navigation, speed, heart rate, power and cadence, among other metrics. Another great function of the QIDI Vida is that users can also enjoy audiovisual entertainment through the optically perceived 100-inch AR HUD screen, when having some down time.
As cyclists and hikers often travel in groups, QIDI Vida supports eSIM and team functionality, allowing real-time voice communication without releasing handlebars, and users can monitor their groups’ real-time locations. The glasses also have comprehensive sensing and monitoring capabilities including temperature, humidity, UV, air pressure, geomagnetism and acceleration. In addition to obtaining environmental and health information, it also features health warnings such as altitude sickness symptoms and high heart rate, as well as fall and collision detection functions. And, in the event of danger, it can send distress signals to teammates.
Perks:
QIDI Vida has a global voice recognition and interaction feature that allows you to control all functions within the device by voice. To better provide users with an immersive sports experience, QIDI Vida’s intelligent system will have the capability to instantly gather personalised sports data, enabling it to deliver timely voice alerts and broadcasts, including the duration of exercise, distance, the environment and the weather – all tailored to the user’s preferences.
QIDI Vida enables voice-controlled photos and video recordings, allowing users to capture moments whilst cycling or hiking without the need to stop. QIDI Vida supports connections with common cycling smart hardware such as Garmin, Wahoo, Apple, and Samsung, supports GPX route files, and is compatible with professional sports apps such as Strava, Keep, Zwift, Apple Health, and All Trails.
QIDI Vida stands out for its lightweight and comfortable design with a dual lens for a full-colour data display, unlike competing AR glasses that typically have a single lens and limited colour. This innovation significantly enhances and augments the user’s sports and reality experience.
QIDI Vida will launch on the Kickstarter platform: https://www.kickstarter.com/projects/109560964/qidi-vida-smart-ar-glasses-for-sports
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Artificial Intelligence
Risk Analytics Market worth $180.9 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, April 19, 2024 /PRNewswire/ — The growing use of real-time monitoring and advanced analytics, integration with cutting-edge technologies like blockchain and IoT, and an emphasis on cybersecurity, cross-industry applications, and regulatory compliance are the key factors that will shape the risk analytics market in the future. The market’s development will also be influenced by collaborative risk management, improved user experience, and an increasing focus on ESG factors and risk culture.
The Risk Analytics Market is estimated to grow from USD 59.7 billion in 2024 to USD 180.9 billion in 2029, at a CAGR of 24.8% during the forecast period, according to a new report by MarketsandMarkets™. Several trends fuel the global spread of Risk Analytics. Increasingly Increasing Data Complexity, Rising Cybersecurity Threats and Rising Adoption of Cloud-Based Solutions A growing talent pool of data scientists and engineers is building the necessary tools and infrastructure. Governments are recognizing the potential of risk analytics for economic growth and are investing in research and development. These trends make DI more accessible and valuable, leading to its global adoption.
Browse in-depth TOC on “Risk Analytics Market”260 – Tables 60 – Figures350 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2023
Base year considered
2023
Forecast period
2024–2029
Forecast units
USD Billion
Segments Covered
Offering,Risk Type, Risk stages, Vertical, and Region.
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US)
By offering the services segment to account for higher CAGR during the forecast period
In the Risk Analytics Market, the highest CAGR of services is fueled by Increasing Complexity of Risks, AI and machine learning advancements, big data analytics integration, business process optimization, cloud-based solutions adoption, data-driven culture, and diverse industry adoption. These trends reflect a global shift towards leveraging data for competitive advantage, driving a continuous need for sophisticated risk analytics services across sectors. As businesses prioritize agility, the growth of services in the Risk Analytics Market is driven by the need for effective risk management strategies in an increasingly complex and uncertain business environment.
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By Type, GRC software is expected to hold the largest market size for the year 2024
GRC software typically offers comprehensive solutions that cover a wide range of risk management needs, including compliance management, policy management, audit management, and risk assessment. They also provide organizations with enhanced visibility into their risk landscape. Through features such as risk assessment, risk monitoring, and reporting, organizations can identify and prioritize risks more effectively, enabling proactive risk management strategies. GRC software streamlines risk management processes through automation, reducing manual effort and increasing efficiency. Tasks such as risk assessments, control testing, and incident management can be automated, freeing up resources to focus on strategic risk mitigation efforts. the combination of comprehensive functionality, regulatory compliance support, efficiency gains, scalability, integration capabilities, and culture enhancement makes GRC software a preferred choice for many organizations seeking to manage risk effectively.
By Vertical, Healthcare & Life Sciences is projected to grow at the highest CAGR during the forecast period
The Healthcare and Lifesciences is experiencing a surge in the adoption of risk analytics due to a confluence of factors. Healthcare providers and life sciences companies wants to ensure the safety and well-being of patients. Risk analytics helps in identifying potential risks to patient safety, such as medication errors, adverse events, and medical device failures. The healthcare and life sciences industries are heavily regulated, with strict guidelines for patient care, data privacy, drug development, and clinical trials. Risk analytics helps organizations ensure compliance with these regulations by identifying and mitigating risks of non-compliance. Healthcare organizations and life sciences companies also face financial risks associated with fraud, billing errors, revenue cycle management, and reimbursement challenges. Risk analytics helps in detecting anomalies and optimizing financial processes to mitigate these risks.
Asia Pacific is expected to grow at the highest CAGR during the forecast period
The Asia-Pacific (APAC) region is experiencing rapid growth in the Risk Analytics Market, boasting the highest Compound Annual Growth Rate (CAGR). This surge is primarily attributed to rising demand for data-driven decision-making solutions, expanding digital transformation initiatives across industries.. Moreover, the region’s favorable regulatory environment, growing investments in big data analytics, and the integration of advanced technologies like the Internet of Things (IoT) further propel APAC’s dominance in Risk Analytics Market growth.
Top Key Companies in Risk Analytics Market:
The major risk analytics software and service providers include IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the Risk Analytics Market.
Recent Developments:
In March 2024, Orcale announced Oracle Risk Management Cloud in Release 24B. It offers comprehensive solution designed to help organizations identify, assess, and mitigate risks across their business operations. It offers advanced analytics, automation, and collaboration tools to streamline risk management.In March 2024, FIS Global announces card fraud detection capabilities leveraging artificial intelligence (AI) with aim to bolster FIS’s ability to identify and prevent fraudulent transactions, providing greater security for cardholders and financial institutions alike.In March 2024, Aon acquired an AI-powered platform to assist fleet and mobility clients in making data-driven decisions, enhancing operational efficiency and risk management. The platform utilizes artificial intelligence to analyze data and provide insights, enabling clients to optimize their fleet operations and improve decision-making processes.In March 2024, Crisp joined Resolver, with the aim to enhance Resolver’s risk intelligence capabilities by integrating Crisp’s expertise and technology into its platform, offering clients improved risk assessment and mitigation tools.In February 2024, SAS partnered with Carahsoft to bring analytics, AI, and data management solutions to the public sector. The aim is to leverage SAS’s expertise in advanced analytics and Carahsoft’s extensive government market reach to offer tailored solutions that enable public sector organizations to harness the power of data for informed decision-making and improved outcomes.Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=210662258
Risk Analytics Market Advantages:
By offering insights into potential risks, opportunities, and trends, risk analytics helps organisations make data-driven decisions that improve strategic planning and resource allocation.In order to improve risk management procedures and lessen exposure to possible threats, risk analytics solutions assist businesses in identifying, evaluating, and mitigating risks across a range of business activities, including finance, operations, and compliance.Through real-time monitoring and anomaly detection made possible by risk analytics, organisations may proactively address shifting market situations, legal requirements, and cybersecurity threats.Risk analytics solutions assist organisations lower operating costs, increase productivity, and streamline compliance activities, which results in cost savings and resource optimisation. They do this by streamlining risk management procedures and automating routine work.Accurate risk assessments, audit trails, and reporting capabilities are just a few of the ways that risk analytics solutions help organisations comply with regulations and stay out of trouble.Organisations can enhance their resilience and competitiveness by anticipating and mitigating potential hazards before they materialise through the use of predictive modelling and advanced analytics approaches in risk analytics.Report Objectives
To define, describe, and predict the Risk Analytics Market by offering, risk type, risk stages, vertical, and regionTo provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the market growthTo analyze the opportunities in the market and provide details of the competitive landscape for stakeholders and market leadersTo forecast the market size of segments with respect to five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin AmericaTo profile the key players and comprehensively analyze their market rankings and core competenciesTo analyze the competitive developments, such as partnerships, product launches, and mergers & acquisitions, in the Risk Analytics MarketBrowse Adjacent Markets: Analytics Market Research Reports & Consulting
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Robotic Palletizer Market worth $1.9 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, April 19, 2024 /PRNewswire/ — The robotic palletizer market is projected to grow from USD 1.4 billion in 2024 and is expected to reach USD 1.9 billion by 2029, growing at a CAGR of 5.9% from 2024 to 2029 according to a new report by MarketsandMarkets™. Rising awareness towards workplace safety and reducing the risk of work-related injuries to drive the market. Robotic palletizers significantly enhance workplace safety and reduce the risk of work-related injuries and associated costs. By automating repetitive tasks like palletizing, businesses can redeploy their human workforce to higher-value activities that require human skills like problem-solving, critical thinking, and customer interaction. This allows them to optimize their workforce and leverage human capabilities more effectively.
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Browse in-depth TOC on “Robotic Palletizer Market” 100 – Tables60 – Figures200 – Pages
Robotic Palletizer Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 1.4 billion
Estimated Value by 2029
$ 1.9 billion
Growth Rate
Poised to grow at a CAGR of 5.9%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Component, Robot Type, Application, End-use Industry and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
High initial investment cost
Key Market Opportunities
Increasing application in small and medium-sized enterprises
Key Market Drivers
Growing labor shortage and need for workforce optimization
Collaborative robots in the robot type segment are expected to witness higher growth rate during the forecast period.
Collaborative robots are expected to witness a higher CAGR during the forecast period. Unlike traditional industrial robots that often require physical barriers or cages to protect human workers, cobots are equipped with advanced safety features, such as force and torque sensors, collision detection, and speed monitoring. These features enable cobots to operate safely in proximity to humans without posing significant risks of injury.
The Pharmaceutical segment in the robotic palletizer market is expected to witness highest growth rate during the forecast period.
Pharmaceutical products are subject to strict regulations regarding storage, handling, and quality control. Robotic palletizers play a crucial role in providing greater precision and consistency in palletizing tasks and minimizing the risk of contamination within pharmaceutical manufacturing facilities. It also reduces human intervention in the handling and stacking of products and helps mitigate the potential for cross-contamination and ensures adherence to strict hygiene standards.
End-of-Arm- Tooling (EOAT) component is expected to witness the highest CAGR in the robotic palletizer market during the forecast period.
End-of-arm tooling (EOAT) is a crucial element of a robotic arm system, especially in applications like robotic palletizing, where the robot needs to interact with various objects or products. EOAT essentially acts as the hand of the robotic arm, designed to securely grasp, lift, and place boxes or cases onto pallets. Overall, EOAT plays a vital role in the effectiveness of robotic palletizers as it ensures secure handling of products, efficient palletizing patterns, and smooth operation of the entire system.
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North America is expected to hold the largest share of the robotic palletizer industry during the forecast period.
North America is home to major automobile and retail companies, which has accelerated the demand for robotic palletizers in this region. Additionally, the rise in manufacturing activity, fueled by plans for reshoring and technological improvements, has further driven the need for robotic palletizers. In North America, certain government funds are available to increase workplace safety. In 2023, the Occupational Safety and Health Administration announced a grant of approximately USD 12.7 million to 100 non-profit organizations across the nation to provide education and training for workers and employers about recognizing workplace hazards, injury prevention, and understanding workers’ rights and employers’ responsibilities under federal law. Businesses that use robotic palletizers may be eligible for funding as they lower the risk of worker injuries from manual lifting.
Key Players
Leading players in the robotic palletizer companies include FANUC CORPORATION (Japan), KION GROUP AG (Germany), KUKA AG (Germany), ABB (Switzerland), and Krones AG (Germany). Schneider Packaging Equipment Company, Inc. (US), Honeywell International Inc. (US), Kaufman Engineered Systems (US), Concetti S.p.A. (Italy), Sidel (France), Brenton, LLC. (US), A-B-C Packaging Machine Corporation (US), Antenna Group (Italy), BEUMER GROUP (Germany), Brillopak (UK), BW Integrated Systems (US), Columbia Machine, Inc. (US), Euroimpianti S.p.A. (Italy), Fuji Yusoki Kogyo Co., Ltd. (Japan), HAVER & BOECKER OHG (Germany), KHS Group (Germany), MMCI (US), Okura Yusoki Co., Ltd. (Japan), Rothe Packtech Pvt. Ltd. (India), and S&R Robot Systems, LLC. (US) are few other key companies operating in the robotic palletizer market.
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Contact: Mr. Aashish MehraMarketsandMarkets™ INC. 630 Dundee RoadSuite 430Northbrook, IL 60062USA: +1-888-600-6441Email: [email protected] Our Web Site: https://www.marketsandmarkets.com/Research Insight: https://www.marketsandmarkets.com/ResearchInsight/robotic-palletizer-companies.aspContent Source: https://www.marketsandmarkets.com/PressReleases/robotic-palletizer.asp
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