Artificial Intelligence
MarketWise Reports Financial Results for Second Quarter 2023
~ Total Subscribers of 16.7 Million, Including 750 Thousand Paid Subscribers ~
~ Revenues of $103.6 Million ~
~ Billings of $96.2 Million ~
~ Net Income of $9.7 Million ~
~ CFFO and Adjusted CFFO of $29.0 Million ~
BALTIMORE, Aug. 10, 2023 (GLOBE NEWSWIRE) — MarketWise, Inc. (NASDAQ: MKTW) (“MarketWise” or the “Company”), a leading multi-brand digital subscription services platform that provides premium financial research, software, education, and tools for self-directed investors, today reported financial results for second quarter 2023.
| Second Quarter 2023 Key Performance Highlights | ||||||||||||||||||
| YTD | YTD | YTD | ||||||||||||||||
| (Unaudited) | 2Q 2023 | 2Q 2022 | % Change | 2Q 2023 | 2Q 2022 | % Change | ||||||||||||
| Total Subscribers (in thousands) | 16,699 | 15,871 | 5.2 | % | ||||||||||||||
| Paid Subscribers (in thousands) | 750 | 898 | (16.5 | )% | ||||||||||||||
| Total net revenue (in millions) | $ | 103.6 | $ | 128.0 | (19.1 | )% | $ | 229.9 | $ | 264.8 | (13.2 | )% | ||||||
| Billings (in millions) | $ | 96.2 | $ | 117.5 | (18.1 | )% | $ | 193.3 | $ | 253.5 | (23.7 | )% | ||||||
| ARPU | $ | 490 | $ | 580 | (15.5 | )% | ||||||||||||
| Net income (in millions) | $ | 9.7 | $ | 34.0 | (71.5 | )% | $ | 40.3 | $ | 57.1 | (29.4 | )% | ||||||
| CFFO (in millions) | $ | 29.0 | $ | 26.8 | 8.2 | % | $ | 32.8 | $ | 27.9 | 17.6 | % | ||||||
| Adjusted CFFO (in millions) | $ | 29.0 | $ | 26.8 | 8.2 | % | $ | 32.8 | $ | 27.9 | 17.6 | % | ||||||
Second Quarter 2023 Highlights(1)
- Total net revenue was $103.6 million in second quarter 2023 compared to $128.0 million in second quarter 2022
- Total Billings was $96.2 million in second quarter 2023 compared to $117.5 million in second quarter 2022
- Net income was $9.7 million in second quarter 2023 compared to $34.0 million in second quarter 2022
- Cash flow from operations (“CFFO”) was $29.0 million in second quarter 2023 compared to $26.8 million in second quarter 2022
- Adjusted CFFO, a non-GAAP measure, was $29.0 million in second quarter 2023 compared to $26.8 million in second quarter 2022
- CFFO margin was 28.0% in second quarter 2023 compared to 20.9% in second quarter 2022
- Adjusted CFFO margin, a non-GAAP measure, was 30.1% in second quarter 2023 compared to 22.8% in second quarter 2022
- Deferred revenue was $628.4 million as of June 30, 2023 compared to $701.1 million as of June 30, 2022
- Paid Subscribers were 750 thousand as of June 30, 2023 compared to 898 thousand as of June 30, 2022
- Free Subscribers were 15.9 million as of June 30, 2023 compared to 15.0 million as of June 30, 2022. Active Free Subscribers were 3.9 million as of June 30, 2023 compared to 4.3 million as of June 30, 2022
(1) See “Key Business Metrics and Non-GAAP Financial Measures” below. For a reconciliation of Adjusted CFFO and Adjusted CFFO margin, see “Non-GAAP Measures” below.
Amber Lee Mason, Chief Executive Officer of MarketWise, commented, “We have seen recent signs of stabilization in many of our operating metrics. Subscriber engagement and conversion rates are beginning to improve. However, market volatility and economic uncertainty continued to affect our business throughout the quarter.”
Ms. Mason continued, “Our publishers and editors are bringing new product to market, focused on artificial intelligence, global-macro themes, and their impact on the future of financial markets. Our disciplined approach to overhead and direct marketing expense has positioned us to capitalize on new opportunities and grow our community as self-direct investors return the market.”
Second Quarter 2023 Financial & Operational Results
Net revenue decreased by $24.4 million, or 19.0%, to $103.6 million in second quarter 2023 compared to $128.0 million in second quarter 2022. The decrease in net revenue was primarily driven by a $15.6 million decrease in term subscription revenue and a $8.4 million decrease in membership subscription revenue.
Term subscription revenue decreased during the three months ended June 30, 2023 primarily due to lower Billings as compared to the 2022 period, which was driven by reduced engagement of prospective and existing subscribers in the 2022 period. Membership subscription revenue, which is initially deferred and recognized over a five-year period, decreased during the three months ended June 30, 2023 as a result of lower volume of membership subscriptions in current and prior years.
Billings decreased by $21.3 million, or 18.2%, to $96.2 million for the quarter ended June 30, 2023 as compared to $117.5 million for the quarter ended June 30, 2022. We believe the decrease is due in large part to reduced engagement of prospective and existing subscribers. Levels of engagement had plateaued during the second half of 2021 and first half of 2022. The second half of 2022 saw further declines with uncertainty stemming from external factors such as 40-year high inflation, volatility across asset classes, federal reserve tightening, and the war in Ukraine, which we believe further contributed to prospective and existing subscribers delaying their purchases through second quarter 2023.
Billings decreased by $1.0 million, or 1.0%, to $96.2 million for second quarter 2023 as compared to $97.2 million for first quarter 2023. With overall consumer engagement, as measured by landing pages, slightly up versus first quarter 2023, we attribute the decline in Billings to lower overall conversion rates on our various marketing campaigns within the quarter.
Net income decreased by $24.3 million, or 71.4%, to $9.7 million for second quarter 2023 as compared to $34.0 million for second quarter 2022.
CFFO increased by $2.2 million, or 8.2%, from $26.8 million in second quarter 2022 to $29.0 million in second quarter 2023. CFFO for second quarter 2023 improved primarily due to net income of $9.7 million, adjusted for net non-cash items which increased cash by $5.3 million, and net changes in our operating assets and liabilities which increased cash by $13.9 million
Adjusted CFFO increased by $2.2 million, or 8.2%, from $26.8 million in second quarter 2022 to $29.0 million in second quarter 2023, primarily driven by a decrease in operating expenses as a result of cost reduction initiatives.
Total Paid Subscribers decreased by 148 thousand, or 16.4%, to 750 thousand as of June 30, 2023 as compared to 898 thousand at June 30, 2022, driven by softening consumer engagement that began in third quarter 2022 as well as a significant decrease in direct marketing spend as we focus on maintenance of profitability.
Total Paid Subscribers decreased by 27 thousand, or 3.5%, to 750 thousand as of June 30, 2023 as compared to 777 thousand as of March 31, 2023. Gross new subscribers increased 11% compared to first quarter 2023. However, this level of acquisition is still below historical levels and was not able to offset a normalized quarter of subscriber churn.
Free Subscribers increased by 1.0 million, or 6.5%, to 15.9 million at June 30, 2023 compared to 15.0 million at June 30, 2022. As of June 30, 2023, Active Free Subscribers decreased by 0.4 million, or 9.5%, to 3.9 million, compared to 4.3 million as of June 30, 2022. The year over year decline in Active Free Subscribers is a result of decreased engagement with our Free Subscriber community as consumer engagement continues to be soft.
Free Subscribers increased by 0.3 million, or 1.7%, to 15.9 million as of June 30, 2023 as compared to 15.7 million as of March 31, 2023. As of June 30, 2023, Active Free Subscribers decreased by 0.1 million, or 2.9% to 3.9 million, compared to 4.0 million as of March 31, 2023.
Non-GAAP Measures
The following table provides a reconciliation of net cash provided by operating activities to Adjusted CFFO, and net cash provided by operating activities margin as a percentage of total net revenue to Adjusted CFFO Margin, in each case, the most directly comparable financial measure calculated in accordance with generally accepted accounting principles in the United States (“GAAP”):
| (In thousands) | Second Quarter | Year to Date June 30, | ||||||||||||||||||
| 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||
| Net cash provided by operating activities | $ | 28,978 | $ | 26,794 | 8.2% | $ | 32,846 | $ | 27,862 | 17.9% | ||||||||||
| Non-recurring expenses | — | — | NM | — | — | NM | ||||||||||||||
| Adjusted CFFO | $ | 28,978 | $ | 26,794 | 8.2% | $ | 32,846 | $ | 27,862 | 17.9% | ||||||||||
| Net cash provided by operating activities | $ | 28,978 | $ | 26,794 | 8.2% | $ | 32,846 | $ | 27,862 | 17.9% | ||||||||||
| Total net revenue | 103,644 | 128,014 | (19.0)% | 229,877 | 264,812 | (13.2)% | ||||||||||||||
| Net cash provided by operating activities margin | 28.0 | % | 20.9 | % | 14.3 | % | 10.5 | % | ||||||||||||
| Adjusted CFFO | $ | 28,978 | $ | 26,794 | 8.2% | $ | 32,846 | $ | 27,862 | 17.9% | ||||||||||
| Billings | 96,170 | 117,507 | (18.2)% | 193,341 | 253,502 | (23.7)% | ||||||||||||||
| Adjusted CFFO margin | 30.1 | % | 22.8 | % | 17.0 | % | 11.0 | % | ||||||||||||
| NM: Not meaningful | ||||||||||||||||||||
Dividends
On July 20, 2023, the Company paid a cash dividend to its Class A common stockholders in the amount of $0.01 per share, totaling $0.3 million, and a cash distribution to holders of common units of MarketWise, LLC (“LLC Units”) in the amount of $0.01 per unit, totaling $2.9 million.
On August 3, 2023, the Company’s Board declared a cash dividend to its Class A common stockholders in the amount of $0.01 per share and a cash distribution to holders of LLC Units in the amount of $0.01 per unit. The dividend and distribution will be paid on October 26, 2023, to stockholders and unitholders of record as of the close of business on September 5, 2023. The total amount of the dividend to Class A common stockholders is expected to be approximately $0.5 million and the total amount of the distribution to unitholders is expected to be approximately $2.9 million.
MarketWise Inc.’s Class A common stock trades on the NASDAQ Global Market under the symbol “MKTW.” As of June 30, 2023, the Company had 32,073,995 Class A common shares and 289,842,303 Class B common shares issued and outstanding. The Company’s common stock market capitalization was approximately $595.5 million, based on the closing price of publicly traded Class A common shares of $1.85 on August 9, 2023.
About MarketWise
Founded with a mission to level the playing field for self-directed investors, today MarketWise is a leading multi-brand subscription services platform providing premium financial research, software, education, and tools for investors.
With more than 20 years of operating history, MarketWise is currently comprised of 13 primary customer facing brands, offering more than 200 products, and serving a community of Free and Paid Subscribers. MarketWise’s products are a trusted source for high-value financial research, education, actionable investment ideas, and investment software. MarketWise is a 100% digital, direct-to-customer company offering its research across a variety of platforms including mobile, desktops, and tablets. MarketWise has a proven, agile, and scalable platform and our vision is to become the leading financial solutions platform for self-directed investors.
Conference Call Details
As previously announced, the Company will hold a live video webcast of the earnings conference call to discuss its Second Quarter 2023 results on Thursday, August 10, 2023 at 11:00 a.m. Eastern Time. Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company’s website at investors.marketwise.com. The online replay of the webcast will remain available for a limited time following the call.
Key Business Metrics and Non-GAAP Financial Measures
In this release we discuss certain key business metrics, which we believe provide useful information about the Company’s business and the operational factors underlying the Company’s financial performance. We are not aware of any uniform standards for calculating these key metrics, which may hinder comparability with other companies who may calculate similarly titled metrics in a different way.
Billings is defined as amounts invoiced to customers.
Free Subscribers are defined as unique subscribers who have subscribed to one of our free investment publications via a valid email address and continue to remain directly opted in, excluding any Paid Subscribers who also have free subscriptions. Active Free Subscribers are those Free Subscribers with whom we have engaged during the most recent quarter and represent those individuals who have received and/or consumed our content on a regular basis during that same quarter.
Paid Subscribers are defined as the total number of unique subscribers with at least one paid subscription at the end of the period.
Average revenue per user or ARPU is defined as the trailing four quarters of net Billings divided by the average number of quarterly total Paid Subscribers over that period.
In addition to our results determined in accordance with GAAP, we believe that the below non-GAAP financial measures are useful in evaluating our ability to generate cash. We use the below non-GAAP financial measures, collectively, to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. This non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation is provided above for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures.
Adjusted CFFO is defined as cash flow from operations plus or minus any non-recurring items.
Adjusted CFFO Margin is defined as Adjusted CFFO as a percentage of Billings.
We believe that Adjusted CFFO and Adjusted CFFO Margin are useful indicators that provide information to management and investors about our ability to generate cash (without the effects of non-recurring items), and for internal planning and forecasting purposes.
We expect Adjusted CFFO and Adjusted CFFO Margin to fluctuate in future periods as we invest in our business to execute our growth strategy. These activities, along with any non-recurring items as described above, may result in fluctuations in Adjusted CFFO and Adjusted CFFO Margin in future periods.
Cautionary Statement Regarding 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 the financial position, business strategy, and the plans and objectives of management for future operations of MarketWise. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. 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 press release, including, but not limited to: our ability to attract new subscribers and to persuade existing subscribers to renew their subscription agreements with us and to purchase additional products and services from us; our ability to adequately market our products and services, and to develop additional products and product offerings; our ability to manage our growth effectively, including through acquisitions; failure to maintain and protect our reputation for trustworthiness and independence; our ability to attract, develop, and retain capable management, editors, and other key personnel; our ability to grow market share in our existing markets or any new markets we may enter; adverse or weakened conditions in the financial sector, global financial markets, and global economy; current macroeconomic events, including heightened inflation, rise in interest rates and the potential for an economic recession; failure to comply with laws and regulations or other regulatory action or investigations, including the Advisers Act; our ability to respond to and adapt to changes in technology and consumer behavior; failure to successfully identify and integrate acquisitions, or dispose of assets and businesses; our public securities’ potential liquidity and trading; the impact of the regulatory environment and complexities with compliance related to such environment; our future capital needs; our ability to maintain an effective system of internal control over financial reporting, and to address and remediate existing material weaknesses in our internal control over financial reporting; and other factors beyond our control.
The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of our filings with the U.S. Securities and Exchange Commission (the “SEC”). 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. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated.
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 we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. We do not give any assurance that we will achieve our expectations.
Table 1. Income Statement
| (Unaudited, in thousands) | Second Quarter | Year to Date June 30, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Net revenue | $ | 103,363 | $ | 127,466 | $ | 228,978 | $ | 264,086 | ||||||||
| Related party revenue | 281 | 548 | 899 | 726 | ||||||||||||
| Total net revenue | 103,644 | 128,014 | 229,877 | 264,812 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Cost of revenue(1) | 14,635 | 16,229 | 29,925 | 33,846 | ||||||||||||
| Sales and marketing(1) | 49,033 | 65,050 | 97,760 | 133,287 | ||||||||||||
| General and administrative(1) | 27,629 | 20,364 | 55,662 | 50,909 | ||||||||||||
| Research and development(1) | 2,230 | 2,289 | 4,693 | 4,567 | ||||||||||||
| Depreciation and amortization | 994 | 613 | 1,978 | 1,217 | ||||||||||||
| Related party expense | 204 | 97 | 332 | 194 | ||||||||||||
| Total operating expenses | 94,725 | 104,642 | 190,350 | 224,020 | ||||||||||||
| Income from operations | 8,919 | 23,372 | 39,527 | 40,792 | ||||||||||||
| Other income, net | 238 | 11,923 | 625 | 19,219 | ||||||||||||
| Interest income (expense), net | 1,013 | (218 | ) | 1,551 | (389 | ) | ||||||||||
| Income before income taxes | 10,170 | 35,077 | 41,703 | 59,622 | ||||||||||||
| Income tax expense | 427 | 1,040 | 1,355 | 2,562 | ||||||||||||
| Net income | 9,743 | 34,037 | 40,348 | 57,060 | ||||||||||||
| Net income attributable to noncontrolling interests | 9,707 | 22,156 | 38,845 | 39,354 | ||||||||||||
| Net income attributable to MarketWise, Inc. | $ | 36 | $ | 11,881 | $ | 1,503 | $ | 17,706 | ||||||||
| (1) Cost of revenue, sales and marketing, general and administrative, and research and development expenses are exclusive of depreciation and amortization shown as a separate line item | ||||||||||||||||
Table 2. Balance Sheet
| (Unaudited, in thousands, except share and per share data) | June 30, 2023 | December 31, 2022 | |||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 187,022 | $ | 158,575 | |||
| Accounts receivable | 3,138 | 4,040 | |||||
| Prepaid expenses | 10,416 | 11,725 | |||||
| Related party receivables | 1,008 | 1,512 | |||||
| Deferred contract acquisition costs | 99,854 | 99,960 | |||||
| Other current assets | 2,867 | 3,363 | |||||
| Total current assets | 304,305 | 279,175 | |||||
| Property and equipment, net | 799 | 892 | |||||
| Operating lease right-of-use assets | 8,459 | 9,468 | |||||
| Intangible assets, net | 15,180 | 16,047 | |||||
| Goodwill | 31,307 | 31,307 | |||||
| Deferred contract acquisition costs, noncurrent | 77,822 | 97,658 | |||||
| Deferred tax assets | 7,265 | 7,332 | |||||
| Other assets | 459 | 629 | |||||
| Total assets | $ | 445,596 | $ | 442,508 | |||
| Liabilities and stockholders’ deficit | |||||||
| Current liabilities: | |||||||
| Trade and other payables | $ | 3,127 | $ | 686 | |||
| Related party payables, net | 422 | 1,004 | |||||
| Accrued expenses | 38,358 | 45,976 | |||||
| Deferred revenue and other contract liabilities | 288,375 | 315,231 | |||||
| Operating lease liabilities | 1,507 | 1,484 | |||||
| Other current liabilities | 22,828 | 21,125 | |||||
| Total current liabilities | 354,617 | 385,506 | |||||
| Deferred revenue and other contract liabilities, noncurrent | 340,032 | 348,273 | |||||
| Derivative liabilities, noncurrent | 1,982 | 1,281 | |||||
| Tax receivable agreement liability, noncurrent | 1,095 | — | |||||
| Operating lease liabilities, noncurrent | 5,121 | 5,831 | |||||
| Total liabilities | 702,847 | 740,891 | |||||
| Commitments and Contingencies | — | — | |||||
| Stockholders’ deficit: | |||||||
| Common stock – Class A, par value of $0.0001 per share, 950,000,000 shares authorized; 32,073,995 and 29,039,655 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 3 | 3 | |||||
| Common stock – Class B, par value of $0.0001 per share, 300,000,000 shares authorized; 289,842,303 and 291,092,303 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 29 | 29 | |||||
| Preferred stock – par value of $0.0001 per share, 100,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | — | — | |||||
| Additional paid-in capital | 112,146 | 106,852 | |||||
| Accumulated other comprehensive loss | 30 | 44 | |||||
| Accumulated deficit | (126,622 | ) | (128,125 | ) | |||
| Total stockholders’ deficit attributable to MarketWise, Inc. | (14,414 | ) | (21,197 | ) | |||
| Noncontrolling interest | (242,837 | ) | (277,186 | ) | |||
| Total stockholders’ deficit | (257,251 | ) | (298,383 | ) | |||
| Total liabilities, noncontrolling interest, and stockholders’ deficit | $ | 445,596 | $ | 442,508 | |||
Table 3. Cash Flows
| (Unaudited, in thousands) | Year to Date June 30, | |||||||
| 2023 | 2022 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 40,348 | $ | 57,060 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 1,978 | 1,217 | ||||||
| Impairment of right-of-use assets | — | 287 | ||||||
| Stock-based compensation | 7,381 | 5,037 | ||||||
| Change in fair value of derivative liabilities – other | 701 | (19,654 | ) | |||||
| Deferred taxes | 1,356 | 2,454 | ||||||
| Unrealized gains on foreign currency | (26 | ) | (132 | ) | ||||
| Noncash lease expense | 1,053 | 906 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 902 | 4,495 | ||||||
| Related party receivables and payables, net | (78 | ) | (479 | ) | ||||
| Prepaid expenses | 1,309 | 3,802 | ||||||
| Other current assets and other assets | 666 | (615 | ) | |||||
| Deferred contract acquisition costs | 19,942 | (5,617 | ) | |||||
| Trade and other payables | 2,408 | (2,804 | ) | |||||
| Accrued expenses | (7,618 | ) | (2,586 | ) | ||||
| Deferred revenue | (35,097 | ) | (9,120 | ) | ||||
| Operating lease liabilities | (731 | ) | (981 | ) | ||||
| Other current and long-term liabilities | (1,648 | ) | (5,408 | ) | ||||
| Net cash provided by operating activities | 32,846 | 27,862 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment | (46 | ) | (26 | ) | ||||
| Capitalized software development costs | (913 | ) | (81 | ) | ||||
| Net cash used in investing activities | (959 | ) | (107 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from related party notes receivable, net | — | 294 | ||||||
| Proceeds from issuance of common stock | 332 | 517 | ||||||
| Repurchases of stock | — | (13,054 | ) | |||||
| Restricted stock units withheld to pay taxes | (1,106 | ) | — | |||||
| Distributions to noncontrolling interests | (2,652 | ) | (3,799 | ) | ||||
| Net cash used in financing activities | (3,426 | ) | (16,042 | ) | ||||
| Effect of exchange rate changes on cash | (14 | ) | (106 | ) | ||||
| Net increase in cash, cash equivalents and restricted cash | 28,447 | 11,607 | ||||||
| Cash, cash equivalents and restricted cash — beginning of period | 158,575 | 139,578 | ||||||
| Cash, cash equivalents and restricted cash — end of period | $ | 187,022 | $ | 151,185 | ||||
MarketWise Investor Relations Contact
Jonathan Shanfield – MarketWise Investor Relations
Jamie Lillis – Solebury Strategic Communication
(800) 290-4113
Email: [email protected]
MarketWise Media Contact
Email: [email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/hohem-shines-at-ifa-and-ibc-exhibitions-with-innovative-ai-tracking-stabilizers-301941602.html
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37 – Figures
Global Digital Twin Market Sees Unprecedented Growth Amidst Pandemic Challenges
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.
Digital Twin Market Drivers and Industry Insights:
Amid the challenges posed by the COVID-19 pandemic, the healthcare and pharmaceutical sectors have embraced Digital Twin technology, leveraging its capabilities for drug experimentation, patient monitoring, and medication impact assessments. The energy & power sector is emerging as a significant driver of Digital Twin adoption, with the manufacturing industry optimizing operations through its integration.
Digital Twin Market Outlook and Future Prospects:
The global Digital Twin market’s outlook remains promising, driven by the imperative need for data-driven decision-making and enhanced operational efficiency. Through real-time data analysis and predictive modeling, Digital Twins enable organizations to anticipate and optimize the performance of products and processes throughout their lifecycle. The market’s growth is further propelled by ongoing advancements in technology, fostering a landscape of innovation and strategic collaborations.
North America stands at the forefront of the Digital Twin revolution, serving as a key innovation center and early adopter of Digital Twins and associated technologies. Major industry players, including General Electric (US), have significantly invested in the sector, underlining the region’s market leadership. Their contributions are shaping the industry’s future, driving research, and fostering advancements that will redefine how businesses operate in the digital age.
Digital Twin Market Key Players
The “Global Digital Twin Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Swim AI, Robert Bosch, Oracle, SAP, Ansys, Siemens AG, Microsoft Corporation, PTC, IBM, and General Electric.
The Digital Twin market represents a pivotal shift in how industries approach decision-making and operational efficiency. As we navigate the challenges brought forth by the pandemic, Digital Twins offer a beacon of innovation, enabling organizations to thrive in an increasingly digital world
To get market data, market insights, financial statements and a comprehensive analysis of the Global Digital Twin Market, please Contact Verified Market Research®.
Based on the research, Verified Market Research® has segmented the global Digital Twin Market into Type, Technology, Industry, And Geography.
Digital Twin Market, by Typeo System Digital Twin
o Process Digital twin
o Product Digital Twin
Digital Twin Market, by Technologyo Big Data Analytics
o 5G
o AR, VR, and MR
o AI and ML
o Blockchain
Digital Twin Market, by Industryo Retail
o Telecommunication
o Agriculture
o Healthcare
o Automotive and Transportation
o Others
Digital Twin Market, by Geographyo North America
U.SCanadaMexicoo Europe
GermanyFranceU.KRest of Europeo Asia Pacific
ChinaJapanIndiaRest of Asia Pacifico ROW
Middle East & AfricaLatin AmericaBrowse Related Reports:
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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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Zero-Trust Security Market – Global Forecast to 2028
AML Market – Global Forecast to 2028
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Managed Security Services Market – Global Forecast to 2027
Emotion Detection and Recognition Market – Global Forecast to 2027
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