Artificial Intelligence
NeuroOne® Reports Second Quarter Fiscal Year 2023 Financial Results and Provides Corporate Update
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EDEN PRAIRIE, Minn., May 11, 2023 (GLOBE NEWSWIRE) — NeuroOne Medical Technologies Corporation (NASDAQ: NMTC) (“NeuroOne” or the “Company”), a medical technology company focused on improving surgical care options and outcomes for patients suffering from neurological disorders, today announces its operating results for the fiscal second quarter 2023 ended March 31, 2023.
Fiscal Second Quarter 2023 and Recent Business Updates
Evo® sEEG:
- Announced the commercial launch of the Evo sEEG electrode product line in the United States with exclusive distribution partner Zimmer Biomet. The new technology potentially provides NeuroOne with a new revenue stream.
- The first clinical case using the Evo® sEEG electrode was performed at the Mayo Clinic using a stereotactic frame system. Another procedure using the Evo® sEEG electrode in robotic neurosurgery was performed at a different medical facility. This procedure was the first to utilize NeuroOne’s Evo sEEG electrode with Zimmer Biomet’s ROSA One® Brain, a robotic platform that assists surgeons in planning and performing complex yet minimally invasive neurosurgical procedures.
- Fulfilled five shipments of sEEG product to Zimmer Biomet in preparation for launch.
- Completed initial training for the sEEG product line to select Zimmer Biomet sales personnel.
- Presented the Evo sEEG system alongside Zimmer Biomet at the American Association of Neurological Surgeons (AANS) annual meeting.
OneRF™Ablation:
- Successfully completed usability testing for OneRF with 15 neurosurgeons.
- Successfully completed execution of internal device verification and validation protocols for the final OneRF Ablation System.
Spinal Cord Stimulation Program:
- Successfully completed an initial animal implant of novel thin film paddle leads for spinal cord stimulation (SCS). The devices are intended for the treatment of patients with chronic back pain due to multiple failed back surgery syndrome, intractable low back, and leg pain. A percutaneous (through a needle) delivery system for paddle leads is also under development and has been successfully bench-tested.
Drug Delivery Program:
- Successfully completed feasibility bench top testing of first drug delivery and recording system prototype.
Other Updates:
- Expanded IP portfolio with new U.S. patent titled “Improved Neural Depth Probes and Related Systems and Methods” focused on a layered thin film neural depth electrode. The electrode could have potential applications in a wide variety of neurological procedures for both diagnostic and therapeutic use.
- Expanded management team with the appointment of Anthony Millar as Vice-President of Operations.
- Oral presentation delivered at the North American Neuromodulation Society (NANS) annual meeting titled “Electrochemical Characterization of the First FDA-Cleared Thin-Film Electrodes for Recording and Stimulation of Brain Activity.”
Dave Rosa, CEO of NeuroOne, commented, “We were excited to officially announce the commercial release of our Evo sEEG electrode and look forward to a successful launch with Zimmer Biomet. In addition, we continued to make critical progress with the OneRF ablation system design verification testing and remain on track to submit a 510(k) to FDA for OneRF in the second calendar quarter of 2023. We made meaningful progress with our spinal cord stimulation program, as well as our recording and drug delivery system. We also filled a key executive role and are excited to have Anthony Millar join our team as our VP of Operations.”
Upcoming Targeted Milestones
Evo sEEG:
- Successful market launch of Evo sEEG system.
- Expand sales training of the sEEG product line to Zimmer personnel.
OneRF:
- Complete design verification and validation testing for OneRF confirming that the full feature system meets its design specifications and is fully functional.
- Submit a 510(k) application to the FDA for OneRF ablation system in the second quarter of calendar year 2023.
- Initiate transfer of OneRF to production activities.
- Perform in vivo animal study with six neurosurgeons utilizing the complete OneRF ablation system.
- Presentation of OneRF® Ablation System preclinical study at Neurological Disorders Summit (NDS-2023) Italy, June 2023.
SCS Program:
- Complete bench top testing of percutaneous implantation of thin film paddle electrode in spinal cord model by a physician.
- Complete first animal study to assess biocompatibility of NeuroOne’s thin film electrode in the spinal cord.
Drug Delivery Program:
- Complete testing of drug delivery and recordings in a small animal model.
Fiscal Second Quarter 2023 Financial Results
Product revenue was $466,000 in the fiscal second quarter 2023, compared to product revenue of $37,000 in the fiscal second quarter 2022. For the first six months of fiscal 2023, product revenue was $581,000, compared to $70,000 for the same period in fiscal 2022. Collaboration revenue was $1.46 million in the first six months of fiscal 2023, compared to collaboration revenue of $6,000 in the first six months of fiscal 2022. Collaboration revenue was derived from the Zimmer Development Agreement and represents the portion of the exclusivity and milestone fee payments eligible for revenue recognition during the respective periods.
Total operating expenses in the fiscal second quarter 2023 were $3.5 million, compared with $3.0 million in the same period of the prior fiscal year. Research and Development expense in the fiscal second quarter 2023 was $1.7 million compared with $1.2 million in the same period of fiscal 2022. Selling General and Administrative expense in the fiscal second quarter 2023 was $1.8 million compared with $1.8 million in the prior year period. For the first six months of fiscal 2023, total operating expenses were $6.8 million, compared with $5.8 million in the same period of the prior fiscal year. R&D expense in the first six months of fiscal 2023 was $3.3 million compared with $2.3 million in the same period of fiscal 2022. SG&A expense in the first six months of fiscal 2023 was $3.5 million compared with $3.6 million in the prior year period.
Net loss was $3.5 million for the fiscal second quarter 2023, compared to a net loss of $3.1 million in the prior year period. Net loss for the first six months of fiscal 2023 was $5.3 million compared with $5.9 million in the same period of fiscal 2022.
As of March 31, 2023, the Company had cash, cash equivalents, and short-term investments of $4.6 million, compared to $11.1 million as of September 30, 2022. The Company had working capital of $4.8 million as of March 31, 2023, compared to working capital of $9.1 million as of September 30, 2022.
The Company had no debt outstanding as of March 31, 2023.
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About NeuroOne
NeuroOne Medical Technologies Corporation is a developmental stage company committed to providing minimally invasive and hi-definition solutions for EEG recording, brain stimulation and ablation solutions for patients suffering from epilepsy, Parkinson’s disease, dystonia, essential tremors, chronic pain due to failed back surgeries and other related neurological disorders that may improve patient outcomes and reduce procedural costs. The Company may also pursue applications for other areas such as depression, mood disorders, pain, incontinence, high blood pressure, and artificial intelligence. For more information, visit nmtc1.com.
Forward Looking Statements
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Except for statements of historical fact, any information contained in this presentation may be a forward–looking statement that reflects NeuroOne’s current views about future events and are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. In some cases, you can identify forward–looking statements by the words or phrases “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “objective,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “target,” “seek,” “contemplate,” “continue, “focused on,” “committed to” and “ongoing,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. Forward–looking statements may include statements regarding the development of the Company’s electrode technology program, applications for, or receipt of, regulatory clearance, the timing and extent of product launch and commercialization of our technology, receipt of revenues from sale of the sEEG electrodes, timing and success of any clinical and pre-clinical testing, development of our OneRF, SCS and drug delivery programs, business strategy, market size, potential growth opportunities, future operations, future efficiencies, and other financial and operating information. Although NeuroOne believes that we have a reasonable basis for each forward-looking statement, we caution you that these statements are based on a combination of facts and factors currently known by us and our expectations of the future, about which we cannot be certain. Our actual future results may be materially different from what we expect due to factors largely outside our control, including risks that the partnership with Zimmer Biomet may not facilitate the commercialization or market acceptance of our technology; whether due to supply chain disruptions, labor shortages, the impact of COVID-19 or otherwise; risks that our technology will not perform as expected based on results of our pre-clinical and clinical trials; risks related to uncertainties associated with the Company’s capital requirements to achieve its business objectives and ability to raise additional funds: the risk that we may not be able to secure or retain coverage or adequate reimbursement for our technology; uncertainties inherent in the development process of our technology; risks related to changes in regulatory requirements or decisions of regulatory authorities; that we may not have accurately estimated the size and growth potential of the markets for our technology; risks relate to clinical trial patient enrollment and the results of clinical trials; that we may be unable to protect our intellectual property rights; and other risks, uncertainties and assumptions, including those described under the heading “Risk Factors” in our filings with the Securities and Exchange Commission. These forward–looking statements speak only as of the date of this press release and NeuroOne undertakes no obligation to revise or update any forward–looking statements for any reason, even if new information becomes available in the future.
Caution: Federal law restricts this device to sale by or on the order of a physician.
Contact:
800-631-4030
[email protected]
NeuroOne Medical Technologies Corporation
Condensed Balance Sheets
(unaudited)
| March 31, 2023 |
September 30, 2022 |
|||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 3,602,163 | $ | 8,160,329 | ||||
| Short-term investments | 995,432 | 2,981,010 | ||||||
| Accounts receivable | 213,952 | 33,237 | ||||||
| Inventory | 1,174,307 | 704,538 | ||||||
| Prepaids | 370,703 | 296,649 | ||||||
| Total current assets | 6,356,557 | 12,175,763 | ||||||
| Intangible assets, net | 100,734 | 111,892 | ||||||
| Right-of-use asset | 225,005 | 181,355 | ||||||
| Property and equipment, net | 522,810 | 353,599 | ||||||
| Total assets | $ | 7,205,106 | $ | 12,822,609 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 953,446 | $ | 927,662 | ||||
| Accrued expenses and other liabilities | 596,940 | 715,839 | ||||||
| Deferred revenue | — | 1,455,188 | ||||||
| Total current liabilities | 1,550,386 | 3,098,689 | ||||||
| Operating lease liability, long term | 121,896 | 119,556 | ||||||
| Total liabilities | 1,672,282 | 3,218,245 | ||||||
| Commitments and contingencies (Note 4) | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, $0.001 par value; 10,000,000 shares authorized as of March 31, 2023 and September 30, 2022; no shares issued or outstanding as of March 31, 2023 and September 30, 2022. | — | — | ||||||
| Common stock, $0.001 par value; 100,000,000 shares authorized as of March 31, 2023 and September 30, 2022; 16,887,738 and 16,216,540 shares issued and outstanding as of March 31, 2023 and September 30, 2022, respectively. | 16,888 | 16,217 | ||||||
| Additional paid–in capital | 61,598,345 | 60,414,959 | ||||||
| Accumulated deficit | (56,082,409 | ) | (50,826,812 | ) | ||||
| Total stockholders’ equity | 5,532,824 | 9,604,364 | ||||||
| Total liabilities and stockholders’ equity | $ | 7,205,106 | $ | 12,822,609 | ||||
See accompanying notes to condensed financial statements
NeuroOne Medical Technologies Corporation
Condensed Statements of Operations
(unaudited)
| For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
| March 31, | March 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Product revenue | $ | 466,176 | $ | 36,584 | $ | 580,755 | $ | 70,332 | ||||||||
| Cost of product revenue | 434,673 | 72,807 | 561,559 | 119,651 | ||||||||||||
| Product gross profit (loss) | 31,503 | (36,223 | ) | 19,196 | (49,319 | ) | ||||||||||
| Collaborations revenue | — | — | 1,455,188 | 6,374 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general and administrative | 1,821,108 | 1,818,207 | 3,484,845 | 3,560,348 | ||||||||||||
| Research and development | 1,706,314 | 1,205,380 | 3,269,810 | 2,265,842 | ||||||||||||
| Total operating expenses | 3,527,422 | 3,023,587 | 6,754,655 | 5,826,190 | ||||||||||||
| Loss from operations | (3,495,919 | ) | (3,059,810 | ) | (5,280,271 | ) | (5,869,135 | ) | ||||||||
| Other (expense) income, net | (26,909 | ) | 1,743 | 24,674 | 3,593 | |||||||||||
| Loss before income taxes | (3,522,828 | ) | (3,058,067 | ) | (5,255,597 | ) | (5,865,542 | ) | ||||||||
| Provision for income taxes | — | — | — | — | ||||||||||||
| Net loss | $ | (3,522,828 | ) | $ | (3,058,067 | ) | $ | (5,255,597 | ) | $ | (5,865,542 | ) | ||||
| Net loss per share: | ||||||||||||||||
| Basic and diluted | $ | (0.21 | ) | $ | (0.19 | ) | $ | (0.32 | ) | $ | (0.37 | ) | ||||
| Number of shares used in per share calculations: | ||||||||||||||||
| Basic and diluted | 16,414,795 | 16,189,867 | 16,321,891 | 15,794,880 | ||||||||||||
See accompanying notes to condensed financial statements
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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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.
Download a detailed overview:
https://www.skyquestt.com/sample-request/industry-4-0-market
Industry 4.0 Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 154.6 billion
Estimated Value by 2031
$ 513.89 billion
Growth Rate
Poised to grow at a CAGR of 16.2%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Technology, Industry and Region
Geographies Covered
North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Report Highlights
Internet of Things (IoT) technology takes centerstage for Industry 4.0 adoption
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:
https://www.skyquestt.com/speak-with-analyst/industry-4-0-market
Internet of Things (IoT) Technology to Remain Indispensable for Industry 4.0
Internet of Things (IoT) remains the most crucial technology in global Industry 4.0 market growth owing to its role in interconnectivity and automation across different verticals. Advancements in connectivity technologies and rising use of automation in different industry verticals are also estimated to help this sub-segment gain an impressive market share. Surging demand for predictive maintenance will also boost the adoption of IoT technology in the long run.
Advanced robotic technologies are also slated to gain traction in the Industry 4.0 market. Growing acceptance of robots and high investments in advancements of robotic technologies are also slated to create new opportunities for providers of advanced robotics in the Industry 4.0 market. The low margin of error and the immense scope of automation are key benefits of robotics that help this sub-segment flourish.
Artificial intelligence (AI) will be another popular technology in the Industry 4.0 world going forward. Increasing demand for continuous monitoring, real-time analytics, and predictive maintenance are slated to help the demand for artificial intelligence in the future. The rising use of IoT devices will also boost the demand for cloud computing technology in the long run.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/industry-4-0-market
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.
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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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