Artificial Intelligence
Sarcos Technology and Robotics Corporation Announces Second Quarter 2023 Financial Results
SALT LAKE CITY, Aug. 09, 2023 (GLOBE NEWSWIRE) — Sarcos Technology and Robotics Corporation (“Sarcos”) (NASDAQ: STRC and STRCW), a leader in the design, development, and manufacture of advanced robotic systems, solutions and software that redefine human possibilities, today announced financial results for the quarter ended June 30, 2023.
Second Quarter and Recent Highlights
- Optimized ongoing operations, taking steps to improve efficiency and reduce cash spend
- Formed new Advanced Technologies software business division to drive emerging artificial intelligence (AI) SaaS revenue opportunities; bolstered by an expanded contract from the Air Force Research Laboratory (AFRL) for continued development of AI driven technologies
- Announced an agreement with Blattner Company to develop an autonomous robotic solar construction system
“As we announced on July 12, 2023, we are realigning the business and focusing our operations to capitalize on our most promising revenue opportunities, including Guardian® Sea Class, aviation and solar solutions, and our newly announced Advanced Technologies division,” said Laura Peterson, Interim President and Chief Executive Officer at Sarcos. “Additionally, we made the difficult, but strategic decision to reduce our workforce by approximately 25% and optimize our manufacturing facilities by consolidating our Pittsburgh manufacturing into our Salt Lake City location.
“I am confident these strategic decisions are right for Sarcos at this point in its growth as evidenced by recent milestones including our agreement with Blattner Company to develop an autonomous robotic solar construction system, our extended agreement with the Air Force Research Laboratory to continue to develop AI and software and services, and our agreement with VideoRay to develop underwater robotic systems.
“In addition, we have taken steps to significantly reduce our future cash usage and ended the quarter with $75 million in cash. We believe we have sufficient liquidity to operate into 2025 without additional financing.”
Financial results
Second quarter 2023 total revenue was $1.3 million, compared to $3.0 million during the second quarter of 2022.
Total operating expenses for the second quarter of 2023 were $31.2 million, compared to operating expenses of $32.0 million during the second quarter of 2022. In connection with the July 12, 2023, announced restructuring, the Company incurred charges of $5.1 million in the second quarter of 2023, including $4.4 million due to the write-down of inventory and $0.7 million related to the impairment of certain fixed assets. Cost of revenue decreased to $0.9 million in Q2 2023 as compared to $3.1 million in Q2 2022, mainly due to decreased labor and material expenses charged to product development contracts. Second quarter 2023 gross margin was 26%, compared to negative 4% in the second quarter of 2022.
Research and development expenses increased to $11.7 million as compared to $7.6 million in the second quarter of 2022, due to increased labor and overhead expense as a result of increased headcount (due in part to the RE2 acquisition) and increased direct materials charges. General and administrative expenses decreased to $8.3 million in Q2 2023 as compared to $18.1 million in Q2 2022, primarily due to decreased stock-based compensation.
Second quarter 2023 net loss was $28.7 million or $1.12 per share, compared to a net loss of $23.1 million or $0.95 per share in the second quarter of the prior year.
Second quarter 2023 non-GAAP net loss was $21.9 million or $0.86 per diluted share. Reconciliation of net loss to non-GAAP net loss is included at the end of this release.
Please note, on July 5, 2023, Sarcos effected a 1-for-6 reverse stock of the Company’s outstanding shares of common stock. All share and per share amounts have been retroactively adjusted for all periods presented to reflect the reverse stock split.
Sarcos ended the quarter with $75.1 million in unrestricted cash, cash equivalents, and marketable securities.
Financial guidance
Sarcos believes that its third quarter 2023 total revenue will range between $1.1 and $1.4 million. The Company anticipates incurring additional restructuring expense related to the reduction of headcount of approximately $6.0 million, net, during the third quarter of 2023, which includes approximately $1.5 million in cash severance and benefit payments. The restructuring is expected to reduce personnel related cash usage by approximately $14.6 million annually beginning in 2024.
The Company estimates cash used in operating activities to average approximately $5.5 million per month during the third quarter of 2023. Sarcos intends to manage its average monthly cash usage to approximately $3.0 million in 2024.
Conference call and webcast
A conference call and audio webcast with analysts and investors will be held today at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time to discuss the results and answer questions.
- To access the conference call, please pre-register using this link. Registrants will receive confirmation with dial-in details.
- Live and archived webcast will be available on Sarcos investor relations website at investor.sarcos.com.
About Sarcos Technology and Robotics Corporation
Sarcos Technology and Robotics Corporation (NASDAQ: STRC and STRCW) designs, develops, and manufactures a broad range of advanced mobile robotic systems, solutions, and software that redefine human possibilities and are designed to enable the safest most productive workforce in the world. Sarcos robotic solutions address the challenging, unstructured, industrial environments for markets that require a high degree of accuracy, efficiency and can benefit from task autonomy. For more information, please visit www.sarcos.com and connect with us on LinkedIn at www.linkedin.com/company/sarcos.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Sarcos’ product development, products to be commercialized, financial results and performance and cash use, market and revenue opportunities and customer demand. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning possible, intended, or assumed future actions, business strategies, events, business conditions or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “aim,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or “continue” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Sarcos’ management’s current expectations and beliefs, as well as a number of assumptions concerning future events. However, there can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Sarcos is not under any obligation and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
Readers should carefully review the statements set forth in the reports which Sarcos has filed or will file from time to time with the Securities and Exchange Commission (the “SEC”), in particular the risks and uncertainties set forth in the sections of those reports entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements,” for a description of risks facing Sarcos and that could cause actual events, results or performance to differ from those indicated in the forward-looking statements contained herein. The documents filed by Sarcos with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.
SARCOS TECHNOLOGY AND ROBOTICS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share data)
| As of | ||||||||
| June 30, 2023 | December 31, 2022 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 25,566 | $ | 35,159 | ||||
| Marketable securities | 49,579 | 79,337 | ||||||
| Accounts receivable | 1,280 | 1,866 | ||||||
| Unbilled receivables | 1,527 | 4,160 | ||||||
| Inventories, net | 3,723 | 3,562 | ||||||
| Prepaid expenses and other current assets | 3,594 | 5,015 | ||||||
| Total current assets | 85,269 | 129,099 | ||||||
| Property and equipment, net | 6,763 | 7,640 | ||||||
| Intangible assets, net | 17,479 | 19,116 | ||||||
| Operating lease assets | 10,692 | 11,283 | ||||||
| Other non-current assets | 463 | 487 | ||||||
| Total assets | $ | 120,666 | $ | 167,625 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 4,597 | $ | 3,620 | ||||
| Accrued liabilities | 4,049 | 6,025 | ||||||
| Current operating lease liabilities | 1,040 | 887 | ||||||
| Total current liabilities | 9,686 | 10,532 | ||||||
| Operating lease liabilities | 11,736 | 12,387 | ||||||
| Other non-current liabilities | 195 | 256 | ||||||
| Total liabilities | 21,617 | 23,175 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Common stock, $0.0001 par value, 165,000,000 shares authorized as of June 30, 2023, and December 31, 2022; 25,841,889 and 25,708,519 shares issued and outstanding as of June 30, 2023, and December 31, 2022, respectively | 3 | 3 | ||||||
| Additional paid-in capital | 451,815 | 447,085 | ||||||
| Accumulated other comprehensive loss | (12 | ) | (17 | ) | ||||
| Accumulated deficit | (352,757 | ) | (302,621 | ) | ||||
| Total stockholders’ equity | 99,049 | 144,450 | ||||||
| Total liabilities and stockholders’ equity | $ | 120,666 | $ | 167,625 | ||||
See Sarcos 10-Q filing dated August 9, 2023, for accompanying notes to the consolidated financial statements.
SARCOS TECHNOLOGY AND ROBOTICS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except share and per share data)
| Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| | | 2023 | 2022 | | 2023 | 2022 | ||||||||||
| Revenue, net | | $ | 1,277 | $ | 3,038 | | $ | 3,573 | $ | 3,781 | ||||||
| Operating expenses: | | | ||||||||||||||
| Cost of revenue (exclusive of items shown separately below) | 943 | 3,146 | 2,729 | 3,634 | ||||||||||||
| Research and development | | 11,706 | 7,569 | | 21,109 | 13,450 | ||||||||||
| General and administrative | | 8,252 | 18,146 | | 17,987 | 35,938 | ||||||||||
| Sales and marketing | | 4,410 | 2,586 | | 8,151 | 4,797 | ||||||||||
| Intangible amortization expense | 819 | 574 | 1,638 | 574 | ||||||||||||
| Asset write-down and restructuring | 5,106 | — | 5,106 | — | ||||||||||||
| Total operating expenses | | 31,236 | 32,021 | | 56,720 | 58,393 | ||||||||||
| Loss from operations | (29,959 | ) | (28,983 | ) | (53,147 | ) | (54,612 | ) | ||||||||
| Interest income, net | 874 | 148 | 1,973 | 159 | ||||||||||||
| Gain on warrant liability | 439 | 4,113 | 3 | 10,527 | ||||||||||||
| Other (loss) income, net | (11 | ) | (2 | ) | 1,038 | — | ||||||||||
| Loss before income tax (expense) benefit | (28,657 | ) | (24,724 | ) | (50,133 | ) | (43,926 | ) | ||||||||
| Income tax (expense) benefit | (3 | ) | 1,606 | (3 | ) | 1,606 | ||||||||||
| Net loss | $ | (28,660 | ) | $ | (23,118 | ) | $ | (50,136 | ) | $ | (42,320 | ) | ||||
| Net loss per share | | | ||||||||||||||
| Basic and diluted | | $ | (1.12 | ) | $ | (0.95 | ) | | $ | (1.97 | ) | $ | (1.79 | ) | ||
| Weighted-average shares used in computing net loss per share | | | ||||||||||||||
| Basic and diluted | | 25,512,057 | 24,379,549 | | 25,491,654 | 23,685,766 | ||||||||||
See Sarcos 10-Q filing dated August 9, 2023, for accompanying notes to the consolidated financial statements.
SARCOS TECHNOLOGY AND ROBOTICS CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
(in thousands)
| Six Months Ended June 30, | ||||||||
| 2023 | 2022 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (50,136 | ) | $ | (42,320 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Stock-based compensation | 4,734 | 21,120 | ||||||
| Depreciation of property and equipment | 843 | 594 | ||||||
| Amortization of intangible assets | 1,638 | 574 | ||||||
| Change in fair value of warrant liability | (3 | ) | (10,527 | ) | ||||
| Amortization of investment discount | (1,365 | ) | — | |||||
| Asset write-down and restructuring | 5,106 | — | ||||||
| Changes in operating assets and liabilities | ||||||||
| Accounts receivable | 586 | 463 | ||||||
| Unbilled receivable | 2,634 | (635 | ) | |||||
| Inventories | (4,588 | ) | (424 | ) | ||||
| Prepaid expenses and other current assets | 1,420 | 3,941 | ||||||
| Other non-current assets | 615 | 356 | ||||||
| Accounts payable | 1,005 | (401 | ) | |||||
| Accrued liabilities | (1,823 | ) | 1,242 | |||||
| Other non-current liabilities | (651 | ) | (1,907 | ) | ||||
| Net cash used in operating activities | (39,985 | ) | (27,924 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment | (673 | ) | (690 | ) | ||||
| Acquisition of a business, net of cash acquired | — | (29,687 | ) | |||||
| Purchases of marketable securities | (48,872 | ) | (79,507 | ) | ||||
| Maturities of marketable securities | 80,000 | — | ||||||
| Net cash provided by (used in) investing activities | 30,455 | (109,884 | ) | |||||
| Cash flows from financing activities: | ||||||||
| Proceeds from exercise of stock options | — | 551 | ||||||
| Shares repurchased for payment of tax withholdings | (61 | ) | (6,596 | ) | ||||
| Payment of obligations under capital leases | (2 | ) | (2 | ) | ||||
| Net cash used in financing activities | (63 | ) | (6,047 | ) | ||||
| Net decrease in cash, cash equivalents | (9,593 | ) | (143,855 | ) | ||||
| Cash, cash equivalents at beginning of period | 35,159 | 217,114 | ||||||
| Cash, cash equivalents at end of period | $ | 25,566 | $ | 73,259 | ||||
| Supplemental disclosure of cash flow information: | ||||||||
| Cash paid for income taxes | $ | 3 | $ | — | ||||
| Supplemental disclosure of non-cash activities: | ||||||||
| Common stock and assumed equity awards in connection with a business acquisition | $ | — | $ | 59,556 | ||||
| Purchases of property and equipment included in accounts payable at period-end | $ | 12 | $ | — | ||||
See Sarcos 10-Q filing dated August 9, 2023, for accompanying notes to the consolidated financial statements.
SARCOS TECHNOLOGY AND ROBOTICS CORPORATION
REVENUE BY TYPE
(Unaudited)
(in thousands)
| Three Months Ended June 30, | ||||||||
| 2023 | 2022 | |||||||
| Product Development Contract Revenue | $ | 1,274 | $ | 2,982 | ||||
| Product Revenue | 3 | 56 | ||||||
| Revenue, net | $ | 1,277 | $ | 3,038 | ||||
SARCOS TECHNOLOGY AND ROBOTICS CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)
To supplement our financial statements presented in accordance with GAAP and to provide investors with additional information regarding our financial results, we have presented in this release non-GAAP net loss and non-GAAP net loss per share, each of which are non-GAAP financial measures. Non-GAAP net loss and non-GAAP net loss per share are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly titled measures presented by other companies.
We define non-GAAP net loss as our GAAP measured net loss excluding the impacts of stock-based compensation expense, gain on forgiveness of notes payable, gain or loss on change in fair value of derivative instruments and warrant liabilities, expenses related to a business combination, asset write-down and restructuring, goodwill impairment and other non-recurring non-operating expenses. We define non-GAAP net loss per share as non-GAAP net loss divided by weighted average outstanding shares.
The most directly comparable GAAP measure to non-GAAP net loss is net loss. The most directly comparable GAAP measure to non-GAAP net loss per share is net loss per share. We believe excluding the impact of the previously listed items in calculating non-GAAP net loss and non-GAAP net loss per share can provide a useful measure for period-to-period comparisons of our core operating performance. We monitor, and have presented in this release, non-GAAP net loss and non-GAAP net loss per share because they are each a key measure used by our management and board of directors to understand and evaluate our operating performance and to establish budgets. We believe non-GAAP net loss and non-GAAP net loss per share help identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we include in net loss but not in non-GAAP net loss. Accordingly, we believe non-GAAP net loss and non-GAAP net loss per share provide useful information to investors, analysts and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance.
Non-GAAP net loss and non-GAAP net loss per share are not prepared in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of non-GAAP net loss and non-GAAP net loss per share rather than net loss and net loss per share, which is for each the most directly comparable financial measure calculated and presented in accordance with GAAP. In addition, the expenses and other items that we exclude in our calculations of non-GAAP net loss and non-GAAP net loss per share may differ from the expenses and other items, if any, that other companies may exclude from non-GAAP net loss and non-GAAP net loss per share when they report their operating results, limiting the usefulness of non-GAAP net loss and non-GAAP net loss per share for comparative purposes.
In addition, other companies may use other measures to evaluate their performance, all of which could reduce the usefulness of non-GAAP net loss and non-GAAP net loss per share as tools for comparison.
The following table reconciles non-GAAP net loss to net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP (in thousands, except share and per share data):
| Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| | | 2023 | 2022 | | 2023 | 2022 | ||||||||||
| Net loss | $ | (28,660 | ) | $ | (23,118 | ) | $ | (50,136 | ) | $ | (42,320 | ) | ||||
| Non-GAAP adjustments: | ||||||||||||||||
| Stock-based compensation expense | 2,070 | 10,270 | 4,734 | 21,120 | ||||||||||||
| Gain on warrant liability | (439 | ) | (4,113 | ) | (3 | ) | (10,527 | ) | ||||||||
| Asset write-down and restructuring (1) | 5,106 | — | 5,106 | — | ||||||||||||
| Employee Retention Credit | — | — | (1,019 | ) | — | |||||||||||
| Expenses related to business combinations (2) | — | 1,053 | — | 2,526 | ||||||||||||
| Income tax benefit related to business combinations | — | (1,606 | ) | — | (1,606 | ) | ||||||||||
| Non-GAAP net loss | $ | (21,923 | ) | $ | (17,514 | ) | $ | (41,318 | ) | $ | (30,807 | ) | ||||
| Net loss per share | ||||||||||||||||
| Basic and diluted | $ | (1.12 | ) | $ | (0.95 | ) | $ | (1.97 | ) | $ | (1.79 | ) | ||||
| Non-GAAP net loss per share | ||||||||||||||||
| Basic and diluted | $ | (0.86 | ) | $ | (0.72 | ) | $ | (1.62 | ) | $ | (1.30 | ) | ||||
| Weighted-average shares used in computing net loss per share | ||||||||||||||||
| Basic and diluted | 25,512,057 | 24,379,549 | 25,491,654 | 23,685,766 | ||||||||||||
- Expenses related to our asset write-down and restructuring activities included $4.4 million due to the write-down of inventory and $0.7 million related to the impairment of certain fixed assets.
- Expenses related to our business combination with RE2, Inc., which are included within general and administrative expenses within the condensed consolidated statements of operations.
Investor Contact:
Moriah Shilton
310.622.8251
[email protected]
Press Contact
[email protected]
Artificial Intelligence
Hohem Shines at IFA and IBC Exhibitions with Innovative AI Tracking Stabilizers
SHENZHEN, China, Sept. 30, 2023 /PRNewswire/ — Recently, Hohem, a trailblazer in the gimbal market, showcased its innovation at two renowned international exhibitions – the IFA exhibition in Berlin from September 3 to September 5, and the IBC exhibition in Amsterdam from September 15 to September 18. These exhibitions are significant platforms for industry players to present their latest innovations and connect with enthusiasts.
The IFA exhibition, a global hub for consumer electronics, saw Hohem presenting a range of sought-after smartphone gimbal and camera stabilizers, such as iSteady M6 and iSteady MT2. The magnetic AI tracker is much to the delight of photography enthusiasts. With this sensor, users can enjoy a smooth AI tracking experience without the need for an app or Bluetooth connection. By simply facing the AI sensor and making gestures, iSteady MT2 and iSteady M6 swiftly and accurately tracks the subject, capturing facial and body movements even in challenging scenarios.
At IFA, Hohem shared the stage with industry giants like DJI, Zhiyun, Huawei and Apple, underlining its position amidst renowned brands in the smart imaging arena. The booth design, characterized by a blend of deep black and vibrant orange, was a visual treat, adding a touch of sophistication and modernity.
Following IFA, Hohem participated in the IBC exhibition, a prestigious event in the broadcasting industry. The booth, mirroring the design theme from IFA, presented Hohem’s innovative applications of smart imaging technology in broadcasting. This event also featured industry stalwarts like Canon, Sony and Nikon, further enriching the discourse on broadcasting technology and imaging. Furthermore, the Hohem MIC-01 Wireless Microphone has received recognition and acknowledgment from industry competitors, establishing Hohem as a key player in the gimbal market.
In the coming days, Hohem will continue to uphold its brand mission of “Create a more straightforward way of recording memorable moments with tech” and introduce more user-friendly and efficient smart imaging devices. Hohem aspires to earn the trust and admiration of consumers globally, emerging as a go-to brand in the smart imaging landscape.
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Artificial Intelligence
Digital Twin Market size worth USD 133.7 Billion, Globally, by 2030 at 38.1% CAGR: Verified Market Research®
The “Global Digital Twin Market Size By Type, By Technology, By Industry, By Geographic Scope And Forecast” report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Digital Twin Market, including its growth prospects, market trends, and market challenges.
JERSEY CITY, N.J., Sept. 29, 2023 /PRNewswire/ — The Global Digital Twin Market is projected to grow at a CAGR of 38.1% from 2023 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 7.2 Billion in 2022 and is expected to reach USD 133.7 Billion by the end of the forecast period.
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The global Digital Twin Market is experiencing remarkable growth, transforming industries and revolutionizing decision-making processes across the board. A Digital Twin, a virtual replication of physical entities or systems, is driving innovation and operational efficiency across healthcare, pharmaceuticals, automotive, transportation, and aerospace sectors.
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Artificial Intelligence
Public Key Infrastructure (PKI) Market worth $13.8 billion by 2028 – Exclusive Report by MarketsandMarkets™
PKI will continue to be used by organisations for secure digital communications, identity management, and data protection in an increasingly linked and digitised world because to its flexibility to adapt to new technologies and security issues
CHICAGO, Sept. 29, 2023 /PRNewswire/ — The global Public Key Infrastructure Market is estimated to be worth USD 5.5 billion in 2023 and is projected to reach USD 13.8 billion by 2028, at a CAGR of 20.2% during the forecast period, according to a new report by MarketsandMarkets™.
Browse in-depth TOC on “Public Key Infrastructure (PKI) Market”
358 – Tables 56 – Figures300 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2017-2028
Base year considered
2022
Forecast period
2023-2028
Forecast units
Value (USD) Million/Billion
Segments Covered
By offering, deployment mode, organization size, application, and vertical
Region covered
North America, Europe, Asia Pacific, Middle East and Africa, and Latin America
Companies covered
Thales (France), Entrust Datacard (US), DigiCert (US), ManageEngine (US), Microsoft (US), HID Global (US), Google (US), AWS (US), AppViewX (US), Venafi (US), Nexus (Sweden), Sectigo (US), Futurex (US), GlobalSign (US), WISeKey (Switzerland), Cygnacom Solutions (US), Keyfactor (US), SECARDEO GmbH (Germany), Blue Ridge Networks (US), Softlock (Egypt), SSL.com (US), LAWtrust (South Africa), SecureMetric (Malaysia), Stormshield (France), and Enigma Information Security Systems (US)
The PKI market is being propelled by a convergence of factors in today’s digitally connected world. The escalating volume and complexity of cyberattacks have made robust security a paramount concern for organizations, prompting increased demand for PKI’s encryption, authentication, and digital signature capabilities. Secondly, regulatory compliance requirements, such as GDPR and HIPAA, mandate secure data handling and encryption, compelling organizations to adopt PKI solutions. The rise of digital transformation initiatives, remote work, and the Internet of Things further fuel the need for PKI to safeguard digital interactions, protect sensitive data, and establish trust in online transactions. As the digital landscape continues to expand and evolve, PKI remains the linchpin for ensuring cybersecurity, making it a pivotal driver in the cybersecurity market.
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By offering, the services segment to register the highest growth rate during the forecast period
The services segment of the PKI market is poised to register the highest growth rate during the forecast period, underlining the critical role of expert services in enabling organizations to harness the full potential of PKI solutions. Implementing and managing PKI can be complex, involving intricate cryptographic processes and security considerations. As cybersecurity threats evolve, organizations recognize the need for specialized expertise in securing digital identities and data. PKI service providers offer invaluable support, consultation, and implementation services to ensure a seamless and secure PKI deployment. Their role extends to customizing PKI solutions to align with the unique infrastructure of each organization, integrating PKI seamlessly into existing systems, and providing managed PKI services to streamline certificate management. Furthermore, PKI service providers play a vital role in ensuring compliance with stringent regulatory standards and industry best practices. Their training and support services empower organizations to maximize the benefits of PKI while maintaining the highest levels of security.
Based on vertical, the healthcare segment is to grow at the highest CAGR during the forecast period
The healthcare sector is poised to experience the highest compound annual growth rate within the PKI market during the forecast period, signaling a significant shift towards robust security and digital trust solutions. Several key factors contribute to this remarkable growth trajectory. The healthcare sector deals with highly sensitive patient data, making data security and patient privacy paramount concerns. PKI’s encryption and authentication capabilities provide a robust framework for safeguarding electronic health records, ensuring the integrity of medical data, and enabling secure sharing of patient information among healthcare providers. The COVID-19 pandemic has accelerated the adoption of telemedicine and remote healthcare services. The need for secure and trusted digital identities and communications has surged as the healthcare industry increasingly relies on digital platforms for remote consultations, diagnosis, and patient monitoring. PKI plays a pivotal role in enabling secure telehealth services, ensuring that patient data remains confidential and unaltered during remote interactions.
North America to hold the largest market share during the forecast period.
North America holds the largest market share during the forecast period in the PKI market, underscoring the region’s strong emphasis on cybersecurity, digital innovation, and regulatory compliance. North America is home to many enterprises, financial institutions, healthcare organizations, and government agencies, all of which rely heavily on robust cybersecurity solutions like PKI to protect sensitive data and ensure secure online transactions. The region’s recognition of PKI as a fundamental element of cybersecurity strategy drives its substantial market share. The United States, in particular, has a highly developed cybersecurity ecosystem, with numerous cybersecurity companies, research institutions, and government initiatives focused on enhancing digital security. This environment fosters innovation and adoption of advanced PKI solutions to address emerging threats.
Top Key Companies in Public Key Infrastructure (PKI) Market:
The major players in the Public Key Infrastructure Market are Thales (France), Entrust Datacard (US), DigiCert (US), ManageEngine (US), Microsoft (US), HID Global (US), Google (US), AWS (US), AppViewX (US), Venafi (US), Nexus (Sweden), Sectigo (US), Futurex (US), GlobalSign (US), WISeKey (Switzerland), Cygnacom Solutions (US), Keyfactor (US), SECARDEO GmbH (Germany), Blue Ridge Networks (US), Softlock (Egypt), SSL.com (US), LAWtrust (South Africa), SecureMetric (Malaysia), Stormshield (France), and Enigma Information Security Systems (US).
Recent Developments
April 2023 – Thales adds new phishing-resistant hybrid authenticators to its Passwordless Authentication for Microsoft Azure Active Directory Customers offering.April 2023 – Entrust Introduces Zero Trust Ready Solutions for Multi-Cloud Key Compliance, Next-Generation HSM, and Passwordless AuthenticationJanuary 2023 – A comprehensive digital trust system that combines public key infrastructure (PKI), certificate management, and certificate authority (CA) services was introduced by DigiCert. A significant product launch is Trust Lifecycle Manager, which is currently accessible as a component of the DigiCert ONE platform.February 2022 – To increase public trust in the cloud, Thales announced the continuation of its cooperation with Google Cloud. Organizations can confidently use the Google Cloud Platform (GCP) if the connection is stronger. The technique known as ubiquitous data encryption, which combines Thales’ Cypher Trust Cloud Key Manager and Google Cloud’s Confidential Computing, is activated. Customers can create and manage the encryption keys for data sent to Google Confidential Cloud Computing using the Thales Cypher Trust Data Security Gateway.Inquire Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=145372975
Public Key Infrastructure (PKI) Market Advantages:
Using cryptographic techniques to shield data from unauthorised access and manipulation, PKI offers a solid framework for protecting digital communications and transactions.Sensitive data is kept private and secure during transmission and storage because to PKI’s data encryption capabilities.Organisations are able to confirm the identity of users and devices before authorising access to sensitive resources thanks to PKI, which enables secure user and device authentication.Digital signatures can be created and verified with PKI, protecting the integrity and legitimacy of electronic documents and transactions.PKI offers non-repudiation, which makes it impossible for participants to claim they were not involved in a transaction because digital signatures serve as evidence of validity.Through techniques like S/MIME (encrypt/Multipurpose Internet Mail Extensions), PKI can encrypt email connections and protect the confidentiality and integrity of email information.Organisations can authorise access to systems and data based on certificate validation using PKI-based access controls, which provides an additional layer of protection.By issuing and managing digital certificates, PKI facilitates identity management by streamlining user access and account management.PKI offers a secure framework for data protection and identity verification, assisting organisations in adhering to legal and compliance standards.Report Objectives:
To define, describe, and forecast the Public Key Infrastructure Market based on segments based on offering, deployment mode, organization size, application, and vertical with regions covered.To forecast the size of the market segments with respect to five regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.To provide detailed information on the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the Public Key Infrastructure Market.To analyze each submarket with respect to individual growth trends, prospects, and contributions to the global Public Key Infrastructure Market.To analyze opportunities in the market for stakeholders by identifying high-growth segments of the global Public Key Infrastructure Market.To profile the key market players, such as top and emerging vendors; provide a comparative analysis based on their business overviews, product offerings, and business strategies; and illustrate the market’s competitive landscape.To track and analyze competitive developments in the market, such as new product launches, product enhancements, partnerships, acquisitions, and agreements and collaborations.Browse Adjacent Market: Information Security Market Research Reports & Consulting
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Emotion Detection and Recognition Market – Global Forecast to 2027
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