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Veeco Reports Second Quarter 2023 Financial Results With Record Semiconductor Revenue

Published

11 months ago

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Second Quarter 2023 Highlights:

  • Revenue of $161.6 million, compared with $164.0 million in the same period last year
  • GAAP net loss of $85.3 million, or $1.61 loss per diluted share, included a $97.1 million loss related to debt refinancing, compared with net income of $9.7 million, or $0.18 earnings per diluted share in the same period last year
  • Non-GAAP net income of $20.6 million, or $0.36 per diluted share, compared with $20.0 million, or $0.35 per diluted share in the same period last year

PLAINVIEW, N.Y., Aug. 07, 2023 (GLOBE NEWSWIRE) — Veeco Instruments Inc. (Nasdaq: VECO) today announced financial results for its second quarter ended June 30, 2023. Results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and are also reported adjusting for certain items (“Non-GAAP”). A reconciliation between GAAP and Non-GAAP operating results is provided at the end of this press release.

 
U.S. Dollars in millions, except per share data
GAAP Results   Q2 ’23   Q2 ’22
Revenue   $ 161.6     $ 164.0  
Net income (loss)   $ (85.3 )   $ 9.7  
Diluted earnings (loss) per share   $ (1.61 )   $ 0.18  
                 
Non-GAAP Results   Q2 ’23   Q2 ’22
Operating income   $ 24.3     $ 23.0  
Net income   $ 20.6     $ 20.0  
Diluted earnings per share   $ 0.36     $ 0.35  
                 

“Veeco had another solid quarter with strong top and bottom-line Non-GAAP results driven by record Semiconductor revenue,” commented Bill Miller, Ph.D., Veeco’s Chief Executive Officer. “We continue to execute our Laser Annealing growth strategy in advanced node logic and memory by winning new customers and applications.”

“Veeco is uniquely positioned with differentiated technologies in secular growth markets. Looking ahead, we expect opportunities for our technologies to grow as customers continue to adopt our products for their most advanced node devices used for high-performance computing and artificial intelligence.”
Guidance and Outlook

The following guidance is provided for Veeco’s third quarter 2023:

  • Revenue is expected in the range of $155 million to $175 million
  • GAAP diluted earnings per share are expected in the range of $0.16 to $0.27
  • Non-GAAP diluted earnings per share are expected in the range of $0.30 to $0.40

Conference Call Information

A conference call reviewing these results has been scheduled for today, August 7, 2023 starting at 5:00pm ET. To join the call, dial 1-877-407-8029 (toll-free) or 1-201-689-8029. Participants may also access a live webcast of the call by visiting the investor relations section of Veeco’s website at ir.veeco.com. A replay of the webcast will be made available on the Veeco website that evening. We will post an accompanying slide presentation to our website prior to the beginning of the call.

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About Veeco

Veeco (NASDAQ: VECO) is an innovative manufacturer of semiconductor process equipment. Our laser annealing, ion beam, chemical vapor deposition (CVD), metal organic chemical vapor deposition (MOCVD), single wafer etch & clean and lithography technologies play an integral role in the fabrication and packaging of advanced semiconductor devices. With equipment designed to optimize performance, yield and cost of ownership, Veeco holds leading technology positions in the markets we serve. To learn more about Veeco’s systems and service offerings, visit www.veeco.com.

Forward-looking Statements

This press release contains “forward-looking statements”, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended, that are based on management’s expectations, estimates, projections and assumptions. Words such as “expects,” “anticipates,” “plans,” “believes,” “scheduled,” “estimates” and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, those regarding anticipated growth and trends in our businesses and markets, industry outlooks and demand drivers, our investment and growth strategies, our development of new products and technologies, our business outlook for current and future periods, our ongoing transformation initiative and the effects thereof on our operations and financial results; and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products; global economic and industry conditions; global trade issues, including the ongoing trade disputes between the U.S. and China, and changes in trade and export license policies; our dependency on third-party suppliers and outsourcing partners; the timing of customer orders; our ability to develop, deliver and support new products and technologies; our ability to expand our current markets, increase market share and develop new markets; the concentrated nature of our customer base; our ability to obtain and protect intellectual property rights in key technologies; the effects of regional or global health epidemics, including the effects of the COVID-19 pandemic on the Company’s operations and on those of our customers and suppliers; our ability to achieve the objectives of operational and strategic initiatives and attract, motivate and retain key employees; the variability of results among products and end-markets, and our ability to accurately forecast future results, market conditions, and customer requirements; the impact of our indebtedness, including our convertible senior notes and our capped call transactions; and other risks and uncertainties described in our SEC filings on Forms 10-K, 10-Q and 8-K, and from time-to-time in our other SEC reports. All forward-looking statements speak only to management’s expectations, estimates, projections and assumptions as of the date of this press release or, in the case of any document referenced herein or incorporated by reference, the date of that document. The Company does not undertake any obligation to update or publicly revise any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.

–financial tables attached-

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Veeco Instruments Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
                       
  Three months ended June 30,   Six months ended June 30,
  2023      2022      2023      2022
Net sales $ 161,641     $ 163,999     $ 315,145     $ 320,425  
Cost of sales   94,131       99,732       185,618       190,146  
Gross profit   67,510       64,267       129,527       130,279  
Operating expenses, net:                      
Research and development   27,384       26,016       54,945       50,133  
Selling, general, and administrative   23,822       22,950       46,449       45,844  
Amortization of intangible assets   2,123       2,505       4,235       5,009  
Other operating expense (income), net   493       (27 )     404       (47 )
Total operating expenses, net   53,822       51,444       106,033       100,939  
Operating income   13,688       12,823       23,494       29,340  
Interest expense, net   (632 )     (2,635 )     (1,434 )     (5,438 )
Other income (expense), net   (97,091 )     —       (97,091 )     —  
Income (loss) before income taxes   (84,035 )     10,188       (75,031 )     23,902  
Income tax expense (benefit)   1,285       533       1,548       917  
Net income (loss) $ (85,320 )   $ 9,655     $ (76,579 )   $ 22,985  
                       
Income (loss) per common share:                      
Basic $ (1.61 )   $ 0.19     $ (1.48 )   $ 0.46  
Diluted $ (1.61 )   $ 0.18     $ (1.48 )   $ 0.43  
                       
Weighted average number of shares:                      
Basic   52,861       49,697       51,764       49,702  
Diluted   52,861       59,455       51,764       59,521  
                               
Veeco Instruments Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)
 
  June 30,   December 31,
  2023      2022
  (unaudited)        
Assets              
Current assets:              
Cash and cash equivalents $ 180,524     $ 154,925  
Restricted cash   437       547  
Short-term investments   105,875       147,488  
Accounts receivable, net   130,140       124,221  
Contract assets   20,490       16,507  
Inventories   244,470       206,908  
Prepaid expenses and other current assets   27,218       18,305  
Total current assets   709,154       668,901  
Property, plant and equipment, net   111,993       107,281  
Operating lease right-of-use assets   25,611       26,467  
Intangible assets, net   48,192       23,887  
Goodwill   214,964       181,943  
Deferred income taxes   115,314       116,349  
Other assets   3,219       3,355  
Total assets $ 1,228,447     $ 1,128,183  
               
Liabilities and stockholders’ equity              
Current liabilities:              
Accounts payable $ 63,212     $ 52,049  
Accrued expenses and other current liabilities   61,823       56,031  
Customer deposits and deferred revenue   156,700       127,223  
Income taxes payable   563       2,432  
Current portion of long-term debt   —       20,169  
Total current liabilities   282,298       257,904  
Deferred income taxes   6,878       1,285  
Long-term debt   274,335       254,491  
Long-term operating lease liabilities   32,838       33,581  
Other liabilities   19,498       3,098  
Total liabilities   615,847       550,359  
               
Total stockholders’ equity   612,600       577,824  
Total liabilities and stockholders’ equity $ 1,228,447     $ 1,128,183  
               

Note on Reconciliation Tables

The below tables include financial measures adjusted for the impact of certain items; these financial measures are therefore not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). These Non-GAAP financial measures exclude items such as: share-based compensation expense; charges relating to restructuring initiatives; non-cash asset impairments; certain other non-operating gains and losses; and acquisition-related items such as transaction costs, non-cash amortization of acquired intangible assets, and certain integration costs.

These Non-GAAP financial measures may be different from Non-GAAP financial measures used by other companies. Non-GAAP financial measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. By excluding these items, Non-GAAP financial measures are intended to facilitate meaningful comparisons to historical operating results, competitors’ operating results, and estimates made by securities analysts. Management is evaluated on key performance metrics including Non-GAAP Operating income (loss), which is used to determine management incentive compensation as well as to forecast future periods. These Non-GAAP financial measures may be useful to investors in allowing for greater transparency of supplemental information used by management in its financial and operational decision-making. In addition, similar Non-GAAP financial measures have historically been reported to investors; the inclusion of comparable numbers provides consistency in financial reporting. Investors are encouraged to review the reconciliation of the Non-GAAP financial measures used in this news release to their most directly comparable GAAP financial measures.

 
Reconciliation of GAAP to Non-GAAP Financial Data (Q2 2023)
(in thousands)
(unaudited)
 
          Non-GAAP Adjustments        
          Share-Based                
Three months ended June 30, 2023      GAAP      Compensation      Amortization      Other      Non-GAAP 
Net sales   $ 161,641                 $ 161,641  
Gross profit     67,510     1,572         —       69,082  
Gross margin     41.8 %                 42.7 %
Operating expenses     53,822     (6,360 )   (2,123 )   (549 )     44,790  
Operating income     13,688     7,932     2,123     549 ^     24,292  
Net income (loss)     (85,320 )   7,932     2,123     95,868 ^     20,603  

 

_________________________
^   – See table below for additional details.

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Other Non-GAAP Adjustments (Q2 2023)
(in thousands)
(unaudited)
 
Three months ended June 30, 2023       
Changes in contingent consideration $ 350  
Acquisition related   199  
Subtotal   549  
Non-cash interest expense   288  
Other (income) expense, net   97,091  
Non-GAAP tax adjustment *   (2,060 )
Total Other $ 95,868  

 

_________________________
*   – The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.

Net Income per Common Share (Q2 2023)
(in thousands, except per share amounts)
(unaudited)
 
  Three months ended June 30, 2023
  GAAP   Non-GAAP
Numerator:            
Net income (loss) $ (85,320 )   $ 20,603  
Interest expense associated with 2025 and 2027 Convertible Senior Notes   —       1,482  
Net income (loss) available to common shareholders $ (85,320 )   $ 22,085  
             
Denominator:            
Basic weighted average shares outstanding   52,861       52,861  
Effect of potentially dilutive share-based awards   —       838  
Dilutive effect of 2025 Convertible Senior Notes (1)   —       3,385  
Dilutive effect of 2027 Convertible Senior Notes (1)(2)   —       4,152  
Diluted weighted average shares outstanding   52,861       61,236  
             
Net income (loss) per common share:            
Basic $ (1.61 )   $ 0.39  
Diluted $ (1.61 )   $ 0.36  

_________________________
(1)  – Weighted average based on number of days outstanding during the period, considering the debt refinancing transaction on May 19, 2023.

(2) – The non-GAAP incremental dilutive shares includes the impact of the Company’s capped call transaction issued concurrently with our 2027 Notes, and as such, an effective conversion price of $18.46 is used when determining incremental shares to add to the dilutive share count. The GAAP incremental dilutive shares does not include the impact of the Company’s capped call transaction, and as such, an effective conversion price of $13.98 is used when determining incremental shares to add to the dilutive share count.

Reconciliation of GAAP to Non-GAAP Financial Data (Q2 2022)
(in thousands, except per share amounts)
(unaudited)
 
            Non-GAAP Adjustments        
            Share-based              
Three months ended June 30, 2022      GAAP       Compensation      Amortization      Other      Non-GAAP
Net sales   $ 163,999                 $ 163,999  
Gross profit     64,267     1,251         654       66,172  
Gross margin     39.2 %                 40.3 %
Operating expenses     51,444     (5,027 )   (2,505 )   (719 )     43,193  
Operating income     12,823     6,278     2,505     1,373 ^     22,979  
Net income     9,655     6,278     2,505     1,537 ^     19,975  

_________________________
^   – See table below for additional details.

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Other Non-GAAP Adjustments (Q2 2022)
(in thousands)
(unaudited)
 
Three months ended June 30, 2022    
Transition expenses related to San Jose expansion project $ 1,313  
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting   60  
Subtotal   1,373  
Non-cash interest expense   239  
Non-GAAP tax adjustment *   (75 )
Total Other $ 1,537  

_________________________
*   – The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.

Net Income per Common Share (Q2 2022)
(in thousands, except per share amounts)
(unaudited)
 
  Three months ended June 30, 2022
  GAAP   Non-GAAP
Numerator:              
Net income $ 9,655     $ 19,975  
Interest expense associated with convertible notes   1,273       2,467  
Net income available to common shareholders $ 10,928     $ 22,442  
               
Denominator:              
Basic weighted average shares outstanding   49,697       49,697  
Effect of potentially dilutive share-based awards   816       816  
Dilutive effect of 2023 Convertible Senior Notes   —       504  
Dilutive effect of 2025 Convertible Senior Notes   —       5,521  
Dilutive effect of 2027 Convertible Senior Notes (1)   8,942       6,771  
Diluted weighted average shares outstanding   59,455       63,309  
               
Net income per common share:              
Basic $ 0.19     $ 0.40  
Diluted $ 0.18     $ 0.35  

_________________________
(1)  – The non-GAAP incremental dilutive shares includes the impact of the Company’s capped call transaction issued concurrently with our 2027 Notes, and as such, an effective conversion price of $18.46 is used when determining incremental shares to add to the dilutive share count. The GAAP incremental dilutive shares does not include the impact of the Company’s capped call transaction, and as such, an effective conversion price of $13.98 is used when determining incremental shares to add to the dilutive share count.

Reconciliation of GAAP Net Income to Non-GAAP Operating Income (Q2 2023 and 2022)
(in thousands)
(unaudited)
 
  Three months ended      Three months ended
  June 30, 2023   June 30, 2022
GAAP Net income (loss) $ (85,320 )   $ 9,655  
Share-based compensation   7,932       6,278  
Amortization   2,123       2,505  
Transition expenses related to San Jose expansion project   —       1,313  
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting   —       60  
Changes in contingent consideration   350       —  
Acquisition related   199       —  
Interest (income) expense, net   632       2,635  
Other (income) expense, net   97,091       —  
Income tax expense (benefit)   1,285       533  
Non-GAAP Operating income $ 24,292     $ 22,979  
               
Reconciliation of GAAP to Non-GAAP Financial Data (Q3 2023)
(in millions, except per share amounts)
(unaudited)
 
                Non-GAAP Adjustments            
Guidance for the three months ending               Share-based                    
September 30, 2023   GAAP   Compensation   Amortization      Other       Non-GAAP
Net sales   $ 155   – $ 175                 $ 155   – $ 175  
Gross profit     63   –   73     2     —     —       65   –   75  
Gross margin     41 % –   42 %                 42 % –   43 %
Operating expenses     53   –   55     (6 )   (2 )   —       45   –   47  
Operating income (loss)     10   –   17     8     2     —       20   –   27  
Net income (loss)   $ 9   – $ 15     8     2     (2 )   $ 17   – $ 23  
                                     
Income (loss) per diluted common share   $ 0.16   – $ 0.27                 $ 0.30   – $ 0.40  
                                             
Income per Diluted Common Share (Q3 2023) 
(in millions, except per share amounts)
(unaudited)
 
Guidance for the three months ending September 30, 2023   GAAP   Non-GAAP
Numerator:                        
Net income (loss)   $ 9 – $ 15   $ 17 – $ 23
Interest expense associated with convertible notes     —     1     1     1
Net income (loss) available to common shareholders   $ 9 – $ 16   $ 18 – $ 24
                         
Denominator:                        
Basic weighted average shares outstanding     55     55     55     55
Effect of potentially dilutive share-based awards     1     1     1     1
Dilutive effect of 2025 Convertible Senior Notes     —     1     1     1
Dilutive effect of 2027 Convertible Senior Notes (1)     2     2     2     2
Diluted weighted average shares outstanding     58     59     59     59
                         
Net income (loss) per common share:                        
Income (loss) per diluted common share   $ 0.16 – $ 0.27   $ 0.30 – $ 0.40

_________________________

(1)    – The non-GAAP incremental dilutive shares includes the impact of the Company’s capped call transaction issued concurrently with our 2027 Notes, and as such, an effective conversion price of $18.46 is used when determining incremental shares to add to the dilutive share count. The GAAP incremental dilutive shares does not include the impact of the Company’s capped call transaction, and as such, an effective conversion price of $13.98 is used when determining incremental shares to add to the dilutive share count.

Reconciliation of GAAP Net Income to Non-GAAP Operating Income (Q3 2023)
(in millions)
(unaudited)
 
Guidance for the three months ending September 30, 2023               
GAAP Net income (loss)   $ 9 – $ 15
Share-based compensation     8 –   8
Amortization     2 –   2
Income tax expense (benefit)     1 –   2
Non-GAAP Operating income   $ 20 – $ 27

Note: Amounts may not calculate precisely due to rounding.

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Artificial Intelligence

Securden Recognized as a Market Leader in GigaOm Radar Report for Enterprise Password Management

Published

14 hours ago

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July 4, 2024

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Securden has become a leader and an outperformer with cutting-edge features, rapid market advancements, and consistent customer value.
WILMINGTON, Del., July 4, 2024 /PRNewswire/ — Securden, Inc., a leading provider of privileged access and identity security solutions, today announced that it has been recognized as a leader and outperformer in GigaOm Radar Report for Enterprise Password Management.

GigaOm rigorously evaluates vendors in various solution segments and produces Radar reports with valuable insights to assist enterprise decision-makers in evaluating and investing in solutions.
The GigaOm Radar 2024 on Enterprise Password Management examined 13 enterprise password management solutions. “Securden is positioned in the innovation quadrant. It offers a strong solution, and its approach is to take its customers on a journey to broader PAM, with password management simply one focus area. It scored well across all of the decision criteria we evaluated, placing it as a leader, and its execution of the emerging features and rate of progress in the market classify it as an Outperformer,” states the report.
Securden has earned top ratings in key evaluation criteria, including platform security, security auditing, PAM capabilities, ease of management, ease of use, and scalability.
“We are proud to be recognized as a market leader in Enterprise Password Management by GigaOm Radar,” said Bala Venkatramani, CEO of Securden, Inc. “Protecting various identities used by humans and machines is a top priority for IT teams. Our platform offers a comprehensive privileged identity security solution, witnessing rapid adoption by SMBs and Enterprises globally. With innovation at the core, we are committed to offering simplicity and affordability in cybersecurity. This recognition affirms our strong market presence and our focus on providing powerful capabilities to strengthen our customers’ security posture.”
Securden offers robust protection for the vault with controls like access hardening, resilient deployment, and strong data protection approaches. It offers insights into password usage, identifies poor practices, flags failure to follow password standards, issues breach warnings identifying compromised passwords, and more. These measures significantly help reduce password-related risks.
Streak of Recognition
EMA Research, a top industry analyst firm, recently published an impact brief recognizing the Securden Unified PAM MSP platform as a groundbreaking development in privileged access management for MSPs. “By eliminating the need for disparate PAM solutions and providing comprehensive functionality within a single package, Securden empowers MSPs to deliver robust, scalable, and secure PAM services to their clients with unparalleled efficiency and confidence,” states the impact brief.
About Securden
Securden provides leading privileged access governance and identity security solutions that uniquely combine critical security principles to prevent cyberattacks, malware propagation and insider exploitation. With products designed for security and scalability (Password Vault for Enterprises, Unified PAM, Endpoint Privilege Manager, and Unified PAM MSP), Securden is trusted by organizations worldwide, including large financial institutions, government agencies, healthcare organizations, educational institutions, IT service providers, MSPs, and manufacturing companies. For more information, visit https://www.securden.com.
Media ContactJames [email protected]
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Artificial Intelligence

Managed Security Services Market Forecast to Exceed USD 101.86 Billion by 2031 Due to Escalating Security Concerns | SkyQuest Technology

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14 hours ago

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July 4, 2024

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WESTFORD, Mass., July 4, 2024 /PRNewswire/ — According to SkyQuest, the global Managed Security Services Market size was valued at USD 26.89 billion in 2022 and is poised to grow from USD 31.18 billion in 2023 to USD 101.86 billion by 2031, growing at a CAGR of 15.95% during the forecast period (2024-2031).

The global managed security services market has been growing rapidly, over the last couple of years, due to the increasing security threats or risks and increasing challenges in managing security over IT networks. It’s impossible to ignore the fact that small businesses face relentless cyberattacks, including malware, ransomware, advanced threats, advanced persistent threats, and data breaches, leading to remote and hybrid operations systems.
Download a detailed overview:
https://www.skyquestt.com/sample-request/managed-security-services-market
Managed Security Services Market Overview:
Report Coverage
Details
Market Revenue in 2023
USD 31.18 billion
Estimated Value by 2031
USD 101.86 billion
Growth Rate
Poised to grow at a CAGR of 15.95%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Service Type, Type, Organization Size, Security, Type and Industry Vertical
Geographies Covered
North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Surge in Demand for Managed Detection and Response (MDR) Service
Key Market Drivers
Cyber Threats are Growing Complex 
Segments covered in Managed Security Services Market are as follows:
Service TypeManaged IAM, managed vulnerability management, managed risk and compliance, managed detection and response, managed firewall, and managed SIEM and log management, othersTypeFully managed, co-managedOrganization SizeSmall and medium-sized enterprises, Large enterprisesSecurity TypeNetwork security, cloud security, endpoint security, application security, othersIndustry VerticalBFSI, government, healthcare & life sciences, telecommunications, IT and ITeS, Retail and eCommerce, energy and utilities, manufacturing, and other verticalsRequest Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/managed-security-services-market
Rapid Responders: Incident Response Services
Managed detection and response are the large segment in the managed security services market. Managed detection-response services provide continuous improvement, threat detection, and response capabilities critical to today’s enterprises facing sophisticated cyber threats. This segment is characterized by the increasing prevalence and importance of cyberattacks advanced threat detection and response strategies beyond traditional security measures. The ability of the MDR service to provide comprehensive analysis of security incidents and take corrective action quickly is essential to minimize potential damage and ensure business continuity.
Managed identity and access management is the fastest growing segment in the market. The rising growth in this sector is driven by the need for robust stakeholder solutions in an era of digital transformation and remote collaboration. The rise of cyber threats and increasing regulatory requirements for data security and privacy and the main drivers of this segment.
Data Guardians: Data Protection Services
The global market recognizes the dominant position of the entire service management segment. This dominance is largely due to the scope of this role, in which companies assume full responsibility for an organization’s security programs from security providers, especially those without in-house security expertise or resources. These roles cover a wide range of security measures, including threat identification, incident response, compliance management and continuous monitoring. Adoption rates are also driven by the increasing complexity of cyber threats, which require a strong, 24/7 monitored security measure that only specialized providers can provide further strengthening its position as the largest market share.
In addition to the dominance of fully managed services, the advanced management segment is growing the fastest in the global market. This increase is driven by hybrid security models that offer a collaborative approach between internal IT teams and external security providers.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/managed-security-services-market
Safeguarding Tomorrow’s Digital Frontiers
As businesses and organizations take on the cyber panorama in terms of severe, MSS vendors remain vigilant guards, the use of advanced era and professional insights. Managed Security Services (MSS) have emerged as the cornerstone of present-day cybersecurity strategies, presenting strong protection in opposition to threats in a more and more digital international.
Related Report:
Cyber Security Market
Network Security Market
Endpoint Security Market
Cloud Security Market
Application Security 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/
Logo: https://mma.prnewswire.com/media/2446095/SkyQuest_Logo.jpg
 

View original content:https://www.prnewswire.co.uk/news-releases/managed-security-services-market-forecast-to-exceed-usd-101-86-billion-by-2031-due-to-escalating-security-concerns–skyquest-technology-302189493.html

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Industrial Internet of Things (IIoT) Market is Expected to Surpass USD 191.6 Billion Valuation by 2031, Rise of Automation in Manufacturing to Boost Expansion| SkyQuest Technology

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14 hours ago

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July 4, 2024

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industrial-internet-of-things-(iiot)-market-is-expected-to-surpass-usd-191.6-billion-valuation-by-2031,-rise-of-automation-in-manufacturing-to-boost-expansion|-skyquest-technology

WESTFORD, Mass., July 4, 2024 /PRNewswire/ — According to SkyQuest, the global Industrial Internet of Things (IIoT) Market was valued at USD 102.48 Billion in 2022 and is expected to rise from USD 109.86 Billion in 2023 to reach a value of USD 191.6 Billion by 2031, at a CAGR of 7.2% during the forecast period (2024-2031).

The rapid adoption of smart manufacturing practices in multiple industries and growing demand for automation have set the tone for industrial internet of things (IIoT) market growth. IIoT devices and solutions are specifically designed to enhance industrial operations and promote operational efficiency and productivity as well. Advancements in IoT and IoT connectivity technologies are also slated to create new business scope for industrial internet of things (IIoT) companies in the future.  The global industrial internet of things (IIoT) market is segmented into component, technology, connectivity technology, software, vertical, and region.
Download a detailed overview:
https://www.skyquestt.com/sample-request/industrial-internet-of-things-iiot-market
Industrial Internet of Things (IIoT) Market Overview: 
Report Coverage
Details
Market Revenue in 2023
$ 109.86 billion
Estimated Value by 2031
$ 191.6 billion
Growth Rate
Poised to grow at a CAGR of 7.2%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Component, Technology, Connectivity Technology, Software and Vertical
Geographies Covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights
Development of novel blockchain AI solutions that give benefits of both technologies involved
Key Market Opportunities
Adoption of Smart Initiatives
Key Market Drivers
Implementation of IPV6
Segments covered in Industrial Internet of Things (IIoT) Market are as follows:
ComponentHardware, Platform, Solution, and ServicesTechnologySensor, Radio Frequency Identification (RFID), Industrial Robotics, Distributed Control System and OtherConnectivity TechnologyWired Technology and Wireless TechnologySoftwareVisualization Software, SCADA, Distribution Management System, Farm Management Systems and OtherVerticalManufacturing, Energy, Oil & Gas, HealthCare, Retail, Transportation, Metal & Mining, AgricultureRequest Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/industrial-internet-of-things-iiot-market
Hardware Components Slated to Bring in Most Revenue Owing to Development of IIoT Infrastructure
Industrial internet of things (IIoT) requires specialized connected devices made from dedicated sensors and controllers. Growing investments in the development of new IIoT infrastructure are projected to bolster the demand for hardware components and allow this segment to lead the market in terms of revenue generation. Advancements in connectivity technologies are also predicted to bolster the demand for novel IIoT hardware components across the forecast period and beyond.
Meanwhile, industrial internet of things (IIoT) companies can also invest in the development of novel platforms and services to strengthen their business potential. The need for IIoT platforms and services will only get stronger by the day as the adoption of IoT technology in industrial settings increases.
Manufacturing to Take the Crown for Industrial Internet of Things (IIoT) Sales Owing to the Rise of Smart Factories
The manufacturing industry vertical is estimated to take center stage when it comes to industrial internet of things (IIoT) adoption. High demand for better productivity and operational efficiency in manufacturing facilities is estimated to make this segment a highly lucrative one. From remote monitoring to predictive maintenance, all of these features can only be added to a manufacturing facility through the use of industrial internet of things (IIoT). Energy and oil & gas industry verticals are also forecasted to provide moneymaking opportunities for industrial internet of things (IIoT) companies in the future as digitization increases in them. Apart from these industry verticals, industrial internet of things (IIoT) providers can also explore retail, healthcare, agriculture, and transportation industry verticals to maximize their business scope and boost revenue generation going forward.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/industrial-internet-of-things-iiot-market
Wireless Connectivity to Gain Prominence with the Advent of 5G Technology
Advancements in technology have created novel wireless technologies used for connected devices. The need for the elimination of wires is projected to drive the demand for wireless connectivity in industrial internet of things (IIoT) devices. 5G is the key wireless connectivity technology that is projected to help the wireless segment become the most rewarding for market players over the coming years.
Industrial internet of things providers will need to choose their strategies carefully if they want to succeed in this business. Industrial internet of things (IIoT) companies can get good returns on their investments if they target the manufacturing industry as the trend of automation catches up. Developing new IIoT hardware devices and components will also help industrial internet of things (IIoT) companies expand their business potential on a global level. 
Related Reports:
Internet Of Things (IoT) Market
IoT Security Market 
Narrowband-IoT (NB-IoT) Market
Consumer IoT Market
Internet of Things (IoT) in Smart Cities 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/
Logo: https://mma.prnewswire.com/media/2446095/SkyQuest_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/industrial-internet-of-things-iiot-market-is-expected-to-surpass-usd-191-6-billion-valuation-by-2031–rise-of-automation-in-manufacturing-to-boost-expansion-skyquest-technology-302189485.html

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