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Matterport Announces Second Quarter 2023 Financial Results

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  • Q2 total revenue of $39.6 million, up 39% year-over-year, at high end of guidance range
  • Q2 subscription revenue reached record $20.9 million, at high end of guidance range
  • Q2 GAAP loss per share of $0.19 and Non-GAAP loss per share of $0.07, at high end of guidance range
  • Company raises 2023 Non-GAAP loss per share guidance
  • Accelerates operational cash flow profitability target to 2024

SUNNYVALE, Calif., Aug. 08, 2023 (GLOBE NEWSWIRE) — Matterport, Inc. (Nasdaq: MTTR) (“Matterport” or the “Company”), the leading spatial data company driving the digital transformation of the built world, today announced financial results for the quarter ended June 30, 2023.

“The second quarter execution was pivotal for the company this year. We delivered record subscription and services revenue while doubling-down on our efficiency initiatives to deliver step function productivity gains in the second half of 2023. Total revenue for the quarter grew to nearly $40 million, fueled by strong enterprise adoption and steady improvements with our small and medium-sized businesses,” said RJ Pittman, Chairman and Chief Executive Officer of Matterport. “Our strategic partnerships continue to drive pipeline, connect us to large industry ecosystems, open new technology distribution channels, and critically enhance our platform’s functionality for customers. Our unmatched digital twin platform equips customers with crucial tools for managing and marketing their properties and facilities. By harnessing our extensive spatial data library, we expect our new AI solutions will generate breakthrough customer value and bolster our subscription revenue per account,” Pittman added.

“Our continued growth in total and subscription revenue as well as commitment to streamlining operations have propelled us to another quarter of exceptional bottom-line outperformance, delivering Non-GAAP loss per share toward the top end of guidance,” said JD Fay, Chief Financial Officer of Matterport. “Looking forward, our recent restructuring aims to fast-track our path to operational cash flow profitability to 2024, a full year ahead of our previous plan. These difficult and decisive steps reflect our dedication to constructing a sustainable business emphasizing long-term growth and profitability.”

Second Quarter 2023 Financial Highlights

  • Total subscribers increased to 827,000, up 34% year-over-year
  • Spaces under management increased to 10.5 million, up 31% year-over-year
  • Total revenue of $39.6 million, up 39% year-over-year
  • Subscription revenue of $20.9 million, up 13% year-over-year
  • Annualized Recurring Revenue (ARR) exiting the second quarter was $83.5 million
  • Services revenue of $10.7 million, up 113% year-over-year
  • Net loss of $0.19 per share
  • Non-GAAP net loss of $0.07 per share, a 42% improvement year-over-year
  • Cash used in operating activities was $12.4 million, and improvement of 62% year-over-year

Recent Business Highlights

  • Announced Genesis, a new initiative that aims to deliver generative AI across the Company’s digital twin platform for customers looking to bolster efficiency and profitability of their property portfolios worldwide. Genesis combines deep learning and computer vision innovations including Cortex AI and Property Intelligence, with generative AI to deliver a new generation of digital twins. These will be dynamic with interiors easily removed, redesigned, and presented in dimensionally accurate 3D. New design concepts, operational layouts, and other space utilization requirements can be quickly evaluated and customized for buildings of any size, residential or commercial. The project builds upon the Company’s decade-long expertise in artificial intelligence and its market-leading 3D spatial data library of more than 30 billion square feet of digitized physical space, to help customers market, manage, and reimagine every type of property across the built world– automatically.
  • Announced changes to subscription plans and pricing. The Company implemented price increases ranging from 7% to 11% across its subscription plans, representing its first pricing change since 2019. New subscription plans offer increased flexibility alongside the rich features and functionality added to the Company’s digital twin platform each every year. The Company updated plans so customers can find the right subscription that fits their needs and budget while recognizing the value these plans offer customers.
  • Announced a reorganization to streamline business operations in July. As part of ongoing efforts to optimize our global workforce and improve operating efficiency, the Company eliminated certain roles, and started the process to evaluate possible redundancies in Europe. The Company’s ability to adapt to rapidly changing global market conditions has been vital to its continued success. The health and strength of the business is critical to ensuring the Company continues to serve its customers with world-class products and services.
  • Announced the general availability of new integrations with AWS IoT TwinMaker, enabling enterprise customers to seamlessly connect real-time factory data into a Matterport digital twin. This new offering from Matterport supports enterprise digital transformation efforts by providing customers with an efficient and cost-effective solution to remotely optimize building operations, increase production output, improve equipment performance, and increase environmental health and safety at their facilities.
  • Announced its partnership with Equinox Technologies, a distributor of global technologies and Managed Security Services to offer Matterport’s digital twin platform to Government, Enterprise and Small-to-Medium sized customers out of its offices in the United Arab Emirates, India, Oman, Saudi Arabia, and South Africa. The Company also announced that it is significantly expanding its presence in Latin America, partnering with CompuSoluciones, one of the largest value-added distributors of technology in the region, as a key distributor of Matterport’s digital twin technologies in Mexico and Colombia.
  • Announced that Tenzan Sake Brewery Co., one of the world’s oldest sake brewers, has selected Matterport’s digital twin platform and 3D capture technology to digitally recreate its historic facility. The Company also entered its third year of collaboration with the global forum for collectible design, Design Miami/, to create an immersive digital twin of the iconic Swiss event, Design Miami/ Basel.

Third Quarter and Full Year 2023 Outlook
The Company is providing the following financial guidance for the third quarter and full year 2023. The Company is raising its full year guidance for Non-GAAP loss per share driven by the Company’s continued focus on operating efficiency. This guidance will be discussed in greater detail on today’s conference call.

  Q3 2023
Guidance
FY 2023
Guidance
Total revenue (in millions) $38 — $40 $155 — $159
Year-over-year growth 0% – 5% 14% – 17%
Subscription revenue (in millions) $21.8 — $22.0 $85 — $86
Year-over-year growth 15% – 16% 15% – 17%
Non-GAAP loss per share $(0.07) – $(0.05) $(0.28) – $(0.24)
Weighted average fully diluted shares outstanding (in millions) 303 300

Matterport is not able to provide a reconciliation of non-GAAP loss per share to GAAP loss per share because Matterport does not provide specific guidance for the various exclusions adjusted from net loss. These items have not yet occurred, are out of Matterport’s control and/or cannot be reasonably predicted. As a result, reconciliation of the non-GAAP guidance measures to GAAP is not available without unreasonable effort, and Matterport is unable to address the probable significance of the unavailable information.

Non-GAAP Financial Information
Matterport has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). We believe that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to Matterport’s financial condition and results of operations.

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The presentation of these non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP. For further information regarding these non-GAAP measures, including the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, please refer to the financial tables below.

Non-GAAP Net Loss and Non-GAAP Net Loss Per Share, Basic and Diluted. Matterport defines non-GAAP net loss as net loss, adjusted to exclude stock-based compensation-related charges (including share-based payroll tax expense), fair value change of warrants liability, fair value change of earn-out liabilities, payroll tax related to contingent earn-out share issuance, acquisition-related costs, and amortization of acquired intangible assets, in order to provide investors and management with greater visibility to the underlying performance of Matterport’s recurring core business operations. We define non-GAAP net loss per share, as non-GAAP net loss divided by the weighted-average shares outstanding, which includes the dilutive effect of potentially diluted common stock equivalents outstanding during the period if any.

Conference Call Information
Matterport will host a conference call for analysts and investors to discuss its financial results for the second quarter 2023 today, August 8, 2023, at 1:30 p.m. Pacific time (4:30 p.m. Eastern time). A recorded webcast of the event will also be available following the call for one year on Matterport’s Investor Relations website at investors.matterport.com. The dial-in number will be (412) 902-4209, conference ID: 10176797.

The financial results press release and a live webcast of the conference call will be accessible from the Matterport website at investors.matterport.com. An audio webcast replay of the conference call will also be available for one year at investors.matterport.com.

About Matterport
Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial data platform turns buildings into data to make nearly every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at matterport.com and browse a gallery of digital twins.

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©2023 Matterport, Inc. All rights reserved. Matterport is a registered trademark and the Matterport logo is a trademark of Matterport, Inc. All other marks are the property of their respective owners.

Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the services offered by Matterport, Inc. and the markets in which Matterport operates, business strategies, debt levels, industry environment including relating to the global supply chain, potential growth opportunities, the effects of regulations and Matterport’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “forecast,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions).

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including our ability to grow market share in our existing markets or any new markets we may enter; our ability to respond to general economic conditions; supply chain disruptions; our ability to manage our growth effectively; our success in retaining or recruiting our officers, key employees or directors, or changes required in the retention or recruitment of our officers, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; our ability to remediate our material weaknesses; factors relating to our business, operations and financial performance, including: the impact of the ongoing COVID-19 public health emergency or other infectious diseases, health epidemics and pandemics; our ability to maintain an effective system of internal controls over financial reporting; our ability to achieve and maintain profitability in the future; our ability to access sources of capital; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform; the success of our strategic relationships with third parties; our history of losses and whether we will continue to incur continuing losses for the foreseeable future; our ability to protect and enforce our intellectual property rights; our ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities; our ability to attract and retain new subscribers; the size of the total addressable market for our products and services; the continued adoption of spatial data; any inability to complete acquisitions and integrate acquired businesses; general economic uncertainty and the effect of general economic conditions in our industry; environmental uncertainties and risks related to adverse weather conditions and natural disasters; the volatility of the market price and liquidity of our Class A common stock and other securities; the increasingly competitive environment in which we operate; and other factors detailed under the section entitled “Risk Factors” in our Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in documents filed by Matterport from time to time with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Matterport assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Matterport does not give any assurance that it will achieve its expectations.

Investor Contact:

Mike Knapp
[email protected]

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Media Contact:

Steve Lombardi
[email protected]

 
MATTERPORT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
 
  Three Months Ended June 30,   Six Months Ended June 30,
    2023       2022       2023       2022  
Revenue:              
Subscription $ 20,868     $ 18,386     $ 40,715     $ 35,527  
License   27       26       54       49  
Services   10,684       5,013       19,388       8,986  
Product   7,988       5,056       17,404       12,429  
Total revenue   39,567       28,481       77,561       56,991  
Cost of revenue:              
Subscription   7,235       6,109       14,197       11,371  
License                      
Services   8,009       3,169       14,253       6,152  
Product   8,360       7,490       16,736       15,846  
Total cost of revenue   23,604       16,768       45,186       33,369  
Gross profit   15,963       11,713       32,375       23,622  
Operating expenses:              
Research and development   18,861       21,518       37,134       47,520  
Selling, general, and administrative   56,008       59,385       110,941       130,234  
Total operating expenses   74,869       80,903       148,075       177,754  
Loss from operations   (58,906 )     (69,190 )     (115,700 )     (154,132 )
Other income (expense):              
Interest income   1,481       1,484       2,952       2,779  
Change in fair value of warrants liability   (171 )     4,714       51       26,147  
Change in fair value of contingent earn-out liability                     136,043  
Other income (expense), net   1,223       (1,353 )     2,406       (2,674 )
Total other income   2,533       4,845       5,409       162,295  
Income (loss) before provision for income taxes   (56,373 )     (64,345 )     (110,291 )     8,163  
Provision for income taxes   163       289       87       893  
Net income (loss) $ (56,536 )   $ (64,634 )   $ (110,378 )   $ 7,270  
Net income (loss) per share attributable to common stockholders:              
Basic $ (0.19 )   $ (0.23 )   $ (0.37 )   $ 0.03  
Diluted $ (0.19 )   $ (0.23 )   $ (0.37 )   $ 0.02  
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders:              
Basic   298,096       283,405       295,599       279,289  
Diluted   298,096       283,405       295,599       313,834  
 
MATTERPORT INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 
  June 30,   December 31,
    2023       2022  
ASSETS      
Current assets:      
Cash and cash equivalents $ 82,316     $ 117,128  
Short-term investments   363,295       355,815  
Accounts receivable, net   18,649       20,844  
Inventories   12,198       11,061  
Prepaid expenses and other current assets   7,236       13,084  
Total current assets   483,694       517,932  
Property and equipment, net   32,684       30,559  
Operating lease right-of-use assets   1,933       2,515  
Long-term investments         3,959  
Goodwill   69,593       69,593  
Intangible assets, net   10,005       10,890  
Other assets   6,819       4,947  
Total assets $ 604,728     $ 640,395  
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Current liabilities      
Accounts payable $ 8,162     $ 8,331  
Deferred revenue   21,037       16,731  
Accrued expenses and other current liabilities   20,636       23,916  
Total current liabilities   49,835       48,978  
Warrants liability   752       803  
Deferred revenue, non-current   1,820       1,201  
Other long-term liabilities   819       5,502  
Total liabilities   53,226       56,484  
Commitments and contingencies      
Redeemable convertible preferred stock $     $  
Stockholders’ equity:      
Common stock   30       29  
Additional paid-in capital   1,242,360       1,168,313  
Accumulated other comprehensive loss   (1,113 )     (5,034 )
Accumulated deficit   (689,775 )     (579,397 )
Total stockholders’ equity   551,502       583,911  
Total liabilities and stockholders’ equity $ 604,728     $ 640,395  
 
MATTERPORT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)
 
  Six Months Ended June 30,
    2023       2022  
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ (110,378 )   $ 7,270  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization   9,102       5,563  
Amortization of investment premiums, net of accretion of discounts   (2,319 )     1,829  
Stock-based compensation, net of amounts capitalized   63,253       87,233  
Change in fair value of warrants liability   (51 )     (26,147 )
Change in fair value of contingent earn-out liability         (136,043 )
Deferred income taxes   (185 )     69  
Allowance for doubtful accounts   49       195  
Loss of excess inventory and purchase obligation   1,592        
Other   (225 )     316  
Changes in operating assets and liabilities, net of effects of businesses acquired:      
Accounts receivable   2,146       (3,426 )
Inventories   (5,787 )     (881 )
Prepaid expenses and other assets   4,252       (2,946 )
Accounts payable   (169 )     2,367  
Deferred revenue   4,925       2,641  
Accrued expenses and other liabilities   956       3,682  
Net cash used in operating activities   (32,839 )     (58,278 )
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment   (101 )     (866 )
Capitalized software and development costs   (5,248 )     (7,086 )
Purchase of investments   (251,603 )     (87,997 )
Maturities of investments   254,601       160,124  
Business acquisitions, net of cash acquired   (1,676 )     (30,020 )
Net cash provided by (used in) investing activities   (4,027 )     34,155  
CASH FLOW FROM FINANCING ACTIVITIES:      
Proceeds from sales of shares through employee equity incentive plans   2,195       4,892  
Payments for taxes related to net settlement of equity awards   (329 )     (34,424 )
Proceeds from exercise of warrants         27,844  
Other         76  
Net cash provided by (used in) financing activities   1,866       (1,612 )
Net change in cash, cash equivalents, and restricted cash   (35,000 )     (25,735 )
Effect of exchange rate changes on cash   188       (329 )
Cash, cash equivalents, and restricted cash at beginning of year   117,128       139,987  
Cash, cash equivalents, and restricted cash at end of period $ 82,316     $ 113,923  
 
MATTERPORT, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share amounts)
(unaudited)
 
    Three Months Ended June 30,   Six Months Ended June 30,
      2023       2022       2023       2022  
GAAP net income (loss)   $ (56,536 )   $ (64,634 )   $ (110,378 )   $ 7,270  
Stock-based compensation related charges (1)     34,449       32,889       67,560       88,977  
Acquisition-related costs (2)           900             1,072  
Amortization expense of acquired intangible assets     443       265       886       525  
Change in fair value of warrants liability (3)     171       (4,714 )     (51 )     (26,147 )
Change in fair value of contingent earn-out liability (4)                       (136,043 )
Payroll tax related to contingent earn-out share issuance (5)                       1,164  
Non-GAAP net loss   $ (21,473 )   $ (35,294 )   $ (41,983 )   $ (63,182 )
                 
GAAP net income (loss) per share attributable to common stockholders:                
Basic   $ (0.19 )   $ (0.23 )   $ (0.37 )   $ 0.03  
Diluted   $ (0.19 )   $ (0.23 )   $ (0.37 )   $ 0.02  
Non-GAAP net loss per share attributable to common stockholders, basic and diluted   $ (0.07 )   $ (0.12 )   $ (0.14 )   $ (0.23 )
                 
Weighted-average shares used to compute GAAP net income (loss) per share, basic     298,096       283,405       295,599       279,289  
Weighted-average effect of potentially dilutive securities (6)                       34,545  
Weighted-average shares used to compute GAAP net income (loss) per share, diluted     298,096       283,405       295,599       313,834  
Excluded anti-dilutive weighted-average potential shares of common stock in calculating non-GAAP loss per share                       (34,545 )
Weighted-average shares used to compute non-GAAP net loss per share, basic and diluted     298,096       283,405       295,599       279,289  

(1) Consists primarily of non-cash share-based compensation expense related to our stock incentive plans and earn-out arrangement, and the employer payroll taxes related to our stock options and restricted stock units.

(2) Consists of acquisition transaction costs.

(3) Consists of the non-cash fair value measurement change for public and private warrants.

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(4) Represents the non-cash fair-value measurement change related to our earn-out liability.

(5) Represents the payroll tax related to earn-out shares issuance and release in the three months ended March 31, 2022.

(6) Consists of the potentially dilutive effect of employee equity incentive plan awards.

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

Industrial Robotics Market is Slated to Transcend USD 44.87 Billion Valuation by 2031-end, Automation of Industrial Operations to Promote Market Expansion | SkyQuest Technology

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WESTFORD, Mass., July 12, 2024 /PRNewswire/ — According to SkyQuest, the global Industrial Robotics Market size was valued at USD 14.7 Billion in 2022 and is poised to grow from USD 16.6 Billion in 2023 to USD 44.87 Billion by 2031, at a CAGR of 13.2% during the forecast period (2024-2031).

Increasing use of advanced digital technologies in industries to improve the productivity of industrial operations is slated to bolster the demand for industrial robotics. The development of novel industrial robots and the rising acceptance of the same in different industry verticals will also favor industrial robotics market development in the future. The global industrial robotics market is segmented into type, payload, component, application, end use, and region.
Download a detailed overview:https://www.skyquestt.com/sample-request/industrial-robotics-market
Industrial Robotics Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 16.6 billion
Estimated Value by 2031
$ 44.87 billion
Growth Rate
Poised to grow at a CAGR of 13.2%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Type, Payload, Component, Application and End Use,
Geographies Covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Rising adoption of automation in industrial applications
Key Market Drivers
Advancements in robotics technologies and increasing acceptance of robots in industrial settings
Segments covered in Industrial Robotics Market are as follows:
TypeTraditional Robots (Articulated Robots, Cartesian Robots, SCARA Robots, Parallel Robots, Cylindrical Robots, Others), and Collaborative RobotsPayloadUp to 16.00 kg, 16.01–60.00 kg, 60.01–225.00 kg, and More than 225.00 kgComponentRobot Arm, Robot Accessories, Additional Robotic Hardware, System Engineering, and Software & ProgrammingApplicationHandlings, Assembling & Disassembling, Welding & Soldering, Clean Room, Dispensing, Processing, and OthersEnd-UseAutomotive, Electrical & Electronics, Metals & Machinery, Plastics, Rubbers, & Chemicals, Food & Beverages, Precision Engineering & Optics, Pharmaceuticals & Cosmetics, Oil & Gas, and OthersRequest Free Customization of this report:https://www.skyquestt.com/speak-with-analyst/industrial-robotics-market
Efficient Material Handling Demands are Estimated to Govern the Global Sales of Industrial Robotics
Increasing demand for better productivity and operational efficiency in industries has resulted in the adoption of better material handling technologies. Industrial robots are highly efficient and adaptable to multiple handling operations, which is why they are being extensively used for this application. Any company investing in this segment is projected to get lucrative returns on their investments in the long run.
Demand for Better Human-Machine Interactions to Drive Use of Collaborative Industrial Robots
Collaborative robots have been gaining massive popularity around the world owing to their better human-machine interaction capabilities. Industrial robotics providers should focus on utilizing artificial intelligence and machine learning technologies to maximize the efficiency of their offerings. Growing emphasis on worker safety is also a key factor that is projected to bolster the demand for collaborative industrial robotics across the forecast period.
View report summary and Table of Contents (TOC):https://www.skyquestt.com/report/industrial-robotics-market
Industrial Robots are Highly Popular Among Electronics and Electrical Industry for Multiple Operations
Rapidly surging demand for electronics and electrical components around the world owing to the adoption of digital technologies is driving the demand for industrial robotics. Almost all aspects of electronics manufacturing are being automated, which is why industrial robotics is projected to shine bright in the electronics and electrical industry.
Industries dealing with plastics, chemicals, and rubber are also projected to witness a robust hike in demand for industrial robotics. The automotive industry is also a key end user of industrial robotics and will be a key segment that most companies target in the future.  The use of industrial robots to perform hazardous and dangerous tasks is projected to increase as emphasis on worker safety rises.
Increasing digital transformation of multiple industry verticals will also create a highly opportune setting for industrial robotics companies no matter what industry they choose to target. Industry 4.0 trend and growing preference for automation are also estimated to uplift the sales of industrial robotics over the coming years.
Related Report:
Robotics Market
Service Robotics Market
Delivery Robots Market
Warehouse Robotics Market
Smart Robots 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
 

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Artificial Intelligence

Artificial Intelligence (AI) in Manufacturing Market Valued at USD 64.63 Billion by 2031 | SkyQuest Technology

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artificial-intelligence-(ai)-in-manufacturing-market-valued-at-usd-64.63-billion-by-2031-|-skyquest-technology

WESTFORD, Mass., July 12, 2024 /PRNewswire/ — According to SkyQuest, the global Artificial Intelligence (AI) in Manufacturing Market size was valued at USD 2.58 Billion in 2022 and is expected to grow from USD 3.20 Billion in 2023 to reach USD 64.63 Billion by 2031, at a CAGR of 45.6% during the forecast period (2024-2031).

Artificial intelligence helps boost factory productivity and efficiency in manufacturing industry and is therefore getting adopted at a rapid pace. The objective of optimizing manufacturing processes and the increasing adoption of Industry 4.0 is driving the demand for AI in manufacturing. The global market for AI in manufacturing is categorized by components, technology, applications, end-users, and regions.
Download a detailed overview:https://www.skyquestt.com/sample-request/artificial-intelligence-in-manufacturing-market
Artificial Intelligence (AI) In Manufacturing Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 3.20 Billion
Estimated Value by 2031
$ 64.63 Billion
Growth Rate
Poised to grow at a CAGR of 45.6%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Component, Device Type and End User
Geographies Covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights
Development of new AI in manufacturing hardware and software solutions remains prime focus of companies
Key Market Opportunities
Demand for predictive maintenance slated to create new business scope
Key Market Drivers
Computer vision and machine learning technologies to improve automation capabilities drive market growth
Segments covered in Artificial Intelligence (AI) In Manufacturing Market are as follows:
ComponentNetwork, ModuleDevice TypeWearables, Tracker, Smart Lighting, Smart Parking, Alarm & Detector, OthersEnd-UserAutomotive Industry, Infrastructure, Healthcare, Manufacturing Industry, OthersRequest Free Customization of this report:https://www.skyquestt.com/speak-with-analyst/artificial-intelligence-in-manufacturing-market
Hardware Plays a Vital Role in Adoption of Artificial Intelligence (AI) in Manufacturing
Legacy infrastructure and systems of manufacturing facilities are not compatible with advanced artificial intelligence technology thereby driving the demand for novel hardware solutions. This sub-segment covers components such as sensors, devices, processors, integrated circuits, etc. designed especially for AI in manufacturing going forward. The need for better computing power and demand for faster hardware configurations will also help this segment bolster artificial intelligence (AI) in manufacturing market growth in the future.
Software plays a crucial role in incorporating advancements of AI technology in artificial intelligence (AI) in manufacturing applications. High investments in the development of novel AI software solutions and integration of edge and cloud computing are also creating new opportunities for artificial intelligence (AI) in manufacturing providers going forward. 
Machine Learning in AI Applications for Manufacturing will help Promote Growth
Machine learning algorithms help to examine extensive datasets for providing immediate insights into manufacturing equipment and processes. Such insights help players improve their market position by optimizing operations and utilizing resources. Predictive maintenance is also largely enabled by the deployment of machine learning algorithms. High investments in machine learning technology development are also expected to alter the global artificial intelligence (AI) in manufacturing market growth trajectory vastly in the future.
Computer vision technology is projected to witness robust demand over the coming years. The growing need for automation across all kinds of manufacturing facilities is slated to create an opportune setting for artificial intelligence (AI) in manufacturing companies going forward. This technology helps machines to interpret and process visual data to make informed decisions in real time that enhance the productivity of manufacturing operations.
View report summary and Table of Contents (TOC):https://www.skyquestt.com/report/artificial-intelligence-in-manufacturing-market
Predictive Maintenance Takes Crown When It Comes to AI Application in Manufacturing Space
Downtime is the worst nightmare of any manufacturing operation, and this is why predictive maintenance is the best companion for any manufacturing company. A growing number of manufacturing facilities deploying predictive maintenance solutions to reduce downtime allow this segment to lead global artificial intelligence (AI) in manufacturing adoption. Meanwhile, the use of AI for quality control and inspection of finished goods is also expected to rise at a robust CAGR over the coming years. Use of AI for production planning also offers lucrative opportunities for artificial intelligence (AI) in manufacturing providers in the long run.
Artificial intelligence (AI) in the manufacturing market is slated to largely benefit from the predictive maintenance sub-segment across the forecast period. Upcoming artificial intelligence (AI) in manufacturing companies should target the services sub-segment and established providers should focus on the hardware sub-segment to get the best returns in the long run. Context awareness and natural language processing technologies have a lot of untapped potential for artificial intelligence (AI) in manufacturing companies to experiment with.
Related Report:
AI Market 
Artificial Intelligence (AI) Robots Market
Artificial Intelligence (AI) in Healthcare Market
Mobile Artificial Intelligence (AI) Market
Artificial Intelligence (AI) Hardware 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/artificial-intelligence-ai-in-manufacturing-market-valued-at-usd-64-63-billion-by-2031–skyquest-technology-302195681.html

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Artificial Intelligence (AI) in Cybersecurity Market to Surpass USD 114.30 Billion Valuation in 2031 on the Back of Rapidly Evolving Threat Landscape | SkyQuest Technology

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artificial-intelligence-(ai)-in-cybersecurity-market-to-surpass-usd-114.30-billion-valuation-in-2031-on-the-back-of-rapidly-evolving-threat-landscape-|-skyquest-technology

WESTFORD, Mass., July 12, 2024 /PRNewswire/ — According to SkyQuest, the global Artificial Intelligence (AI) in Cybersecurity Market size was valued at USD 18.36 Billion in 2022 and is poised to grow from USD 22.49 Billion in 2023 to USD 114.30 Billion by 2031, at a CAGR of 22.53% during the forecast period (2024-2031).

Artificial intelligence technology is being used in cybersecurity to improve the security of digital networks and solutions as the threat landscape evolves rapidly. The growing incidence of cyberattacks and the need for automation of cybersecurity are promoting the use of AI in cybersecurity. The global artificial intelligence (AI) in cybersecurity market is segmented into offering, security type, technology, application, vertical, and region.
Download a detailed overview:
https://www.skyquestt.com/sample-request/global-ai-in-cybersecurity-market
Artificial Intelligence (AI) In Cybersecurity Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 22.49 billion
Estimated Value by 2031
$ 114.30 billion
Growth Rate
Poised to grow at a CAGR of 22.53%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Security Type, Technology, Application and Vertical
Geographies Covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights
Emphasis on improving identity and access management to create better AI in cybersecurity solutions
Key Market Opportunities
Use of machine learning to identify potential threat patterns
Key Market Drivers
Deployment of novel AI-based cybersecurity solutions by enterprises driving market development
Segments covered in Artificial Intelligence (AI) In Cybersecurity Market are as follows:
Security TypeInfrastructure Security (Network Security, Endpoint Security, Cloud Security, and Others), Data Security, Application Security, and OthersTechnologyMachine Learning (ML), Natural Language Processing (NLP), Context-Aware ComputingApplicationIdentity & Access Management, Risk & Compliance Management, Data Loss Prevention, Unified Threat Management, Fraud Detection, and OthersVerticalBFSI, IT & Telecom, Government & Defense, Manufacturing, and OthersRequest Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/global-ai-in-cybersecurity-market
Services to Spearhead the Global Artificial Intelligence (AI) in Cybersecurity Market Growth
Artificial intelligence is a highly advanced technology, and organizations need assistance to deploy it in cybersecurity applications. From consulting to integration all kinds of services are highly vital in the global artificial intelligence (AI) in cybersecurity market growth over the coming years. Not all companies have the resources to deploy AI in cybersecurity by themselves, which is why the services sub-segment holds sway in the global market.
Rapid advancements in AI technology fuel the need for novel software solutions and updates for the same allowing the software sub-segment to boost market growth. Use of advanced machine learning algorithms and integration of other advanced technologies will also help amplify artificial intelligence (AI) in cybersecurity company’s business scope through this sub-segment. The increasing complexity of the regulatory environment and cyberattacks will always boost the demand for new software solutions.
Machine Learning is the Essence of AI in Cybersecurity Market
Machine learning algorithms go above and beyond when used for cybersecurity as they help in identifying patterns and analyzing huge volumes of data to provide better security suggestions. Preventive threat protection actions can be used by deploying predictive threat detection using machine learning, thereby favoring artificial intelligence (AI) in cybersecurity market growth too. Machine learning is becoming an integral part of all AI-based cybersecurity solutions and systems.
Text-based attacks have increased in prevalence and frequency around the world and this is why the need for natural language processing (NLP) technology is rising rapidly. Use of NLP in AI-based cybersecurity solutions Better communication and a simplified nature of AI-based security can be achieved by the extensive deployment of NLP technology.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/global-ai-in-cybersecurity-market
Identity and Access Management to Remain the Primary Wall in AI-based Cybersecurity Defense
The use of artificial intelligence in identity and access management is projected to take cybersecurity to a new level. Use of multi-factor authentication and single sign-on features can easily be enabled by using AI in identity and access management functions of cybersecurity. The increasing complexity of the regulatory environment to reduce the incidence of cyberattacks is promoting the demand for AI-based risk and compliance management solutions. In the age of information data is the currency and safeguarding this data is of utmost importance to all organizations. Data loss prevention application is also slated to provide attractive opportunities for artificial intelligence (AI) in cybersecurity companies in the long run.
Artificial intelligence (AI) in cybersecurity market players should take caution while investing in any of the segments of this market as this is a highly sensitive and regulated industry. Targeting the use of machine learning and natural language processing algorithms in this market could be highly rewarding for new as well as established artificial intelligence (AI) in cybersecurity companies in the near future.
Related Report:
AI Market 
Cyber Security Market
Artificial Intelligence (AI) in Computer Vision Market
Edge Artificial Intelligence (AI) Market
Artificial Intelligence (AI) Hardware 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/artificial-intelligence-ai-in-cybersecurity-market-to-surpass-usd-114-30-billion-valuation-in-2031-on-the-back-of-rapidly-evolving-threat-landscape–skyquest-technology-302195619.html

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