SAN FRANCISCO, June 06, 2023 (GLOBE NEWSWIRE) — Stitch Fix, Inc. (NASDAQ:SFIX), the trusted online personal stylist, today announced its financial results for the third quarter of fiscal year 2023 ended April 29, 2023.

Stitch Fix Interim CEO Katrina Lake said, “We continue to focus on delivering profitability and preserving cash flow, and I’m proud of how far we’ve come. This quarter we delivered adjusted EBITDA of $10.1 million, exceeding our guidance range and significantly expanding our free cash flow. We continue to focus on ways to drive efficiencies across our business, while at the same time invest in the core capabilities that have set Stitch Fix apart from the beginning – personalization powered by our industry-leading data science and AI. Looking forward, we’re confident that we have the right strategy in place to return us to profitable growth while realizing our mission to help our clients look and feel their best.”

Third Quarter Key Metrics and Financial Highlights

• Net revenue of $394.9 million, a decrease of 20% year over year
• Active clients of 3,476,000, a decrease of 431,000 or 11% year over year
• Net revenue per active client (RPAC) of $502, a decrease of 9% year over year
• Net loss of $21.8 million and diluted loss per share of $0.19
• Adjusted EBITDA of $10.1 million

Key Business Updates

• Fiscal Q3 results exceeded expectations: Delivered revenue of approximately $395 million, which is at the high end of our guidance range.
• Continuing to realize the benefits of tight cost controls: Adjusted EBITDA of $10.1 million, exceeding our guidance range.
• Further balance sheet strengthening: Once again we generated positive free cash flow this quarter, delivering $21.9 million and ended the quarter with $244 million of cash and investments, and no bank debt.

Strategic Business Review

In Q3 we undertook a review of our operations and processes with a view to improving efficiencies, maintaining profitability and cash flow as well as identifying opportunities to enhance the client experience.

• First, with our renewed focus on our styling first model we have identified an opportunity to optimize our operations while enhancing the client experience. By moving to a three distribution center network, from our current five distribution center network, we will have greater depth and breadth of inventory available for our stylists to serve clients. Therefore, we will not be renewing the lease on our Bethlehem distribution center when it expires later this year and also plan to close our Dallas distribution center next calendar year.
• Second, since we entered the UK market four years ago, the macroeconomic environment and our business have changed. In addition to a strategic refocusing on our styling first business in the US, and despite ongoing efforts to control costs and increase efficiencies across the company, we have concluded the need to explore exiting the UK market in FY24.

Financial Outlook

Our financial outlook for the fourth quarter of fiscal 2023, which ends on July 29, 2023, is as follows:

Stitch Fix has not reconciled its adjusted EBITDA outlook to GAAP net income (loss) because it does not provide an outlook for GAAP net income (loss) due to the uncertainty and potential variability of other income (expense), net, provision for income taxes, and stock-based compensation expense, which are reconciling items between adjusted EBITDA and GAAP net income (loss). Because Stitch Fix cannot reasonably predict such items, a reconciliation of the non-GAAP financial measure outlook to the corresponding GAAP measure is not available without unreasonable effort. We caution, however, that such items could have a significant impact on the calculation of GAAP net income (loss). For more information regarding the non-GAAP financial measures discussed in this release, please see “Non-GAAP Financial Measures” below.

Conference Call and Webcast Information

Katrina Lake, Interim Chief Executive Officer of Stitch Fix, and David Aufderhaar, Chief Financial Officer of Stitch Fix, will host a conference call at 2:00 p.m. Pacific Time today to discuss the Company’s financial results and outlook. A live webcast of the call will be accessible on the investor relations section of the Stitch Fix website at https://investors.stitchfix.com. 

To access the call by phone, please register at the following link:

Dial-In Registration: https://register.vevent.com/register/BIa7204e4c7858409e9d0fca86e1b180fc 

Upon registration, telephone participants will receive the dial-in number along with a unique PIN number that can be used to access the call. A replay of the webcast will also be available for a limited time, at https://investors.stitchfix.com. 

About Stitch Fix, Inc.

Stitch Fix combines the human touch of expert stylists with the precision of advanced data science to make online personal styling accessible to everyone. Stitch Fix helps millions of clients across the United States and United Kingdom find clothing and accessories they love through a unique model that can extend far beyond the closet to define the future of shopping. For more, visit https://www.stitchfix.com. 

Forward-Looking Statements

This press release, the related conference call, and webcast contain forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact could be deemed forward looking, including but not limited to statements regarding our expectations for future financial performance, including our profitability and long-term targets; guidance on financial results and metrics for the fourth quarter and full fiscal year of 2023; our ability to achieve our goals of liquidity and profitability; that our investments in personalization and artificial intelligence will maximize our long-term potential; that our inventory will be better optimized across a three fulfillment center network in the U.S. and will allow us to more optimally service the entire country, showcase the greatest breadth and depth of inventory to our clients and stylists, allow us to deliver a better client experience, and allow us to operate with lower, more cash-efficient, inventory levels; that three fulfillment centers in Atlanta, Indianapolis, and Phoenix will be optimal even with a larger client base in the future; that the phased approach to closures will allow us to maintain high levels of client service; that we will achieve our expected annualized cost savings once our three fulfillment center strategy is complete; that proposed initiatives will drive $50 million in annualized expense savings; that we are focused on the right metrics to allow us to navigate through a wide range of macroeconomic scenarios and set us up to be in a position for eventual growth; that input from clients will drive more proactive and efficient inventory decisions and drive increases in success rates, keep rates, and average order value; our personalization will allow us to effectively tailor our buying decisions and allow us to buy the right inventory at the right time; that investing in our areas of differentiation will improve the customer experience and prioritize profitability in the short term; our expectations regarding gross margin and our ability to improve gross margin over time; that we will be able to successfully optimize inventory levels and revise our assortment strategy to better align with our core experience; and our expectations regarding advertising spend in the fourth quarter. These statements involve substantial risks and uncertainties, including risks and uncertainties related to the current macroeconomic environment; our ability to generate sufficient net revenue to offset our costs; consumer behavior; our ability to acquire, engage, and retain clients; our ability to provide offerings and services that achieve market acceptance; our data science and technology, stylists, operations, marketing initiatives, and other key strategic areas; risks related to our inventory levels and management; risks related to our supply chain, sourcing of materials and shipping of merchandise; risks related to international operations; our ability to forecast our future operating results; and other risks described in the filings we make with the SEC. Further information on these and other factors that could cause our financial results, performance, and achievements to differ materially from any results, performance, or achievements anticipated, expressed, or implied by these forward-looking statements is included in filings we make with the SEC from time to time, including in the section titled “Risk Factors” in our Quarterly Report on Form 10-Q for the fiscal quarter ended January 28, 2023. These documents are available on the SEC Filings section of the Investor Relations section of our website at: https://investors.stitchfix.com. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. The achievement or success of the matters covered by such forward-looking statements involves known and unknown risks, uncertainties, and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make. You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent our management’s beliefs and assumptions only as of the date such statements are made.

Non-GAAP Financial Measures

We report our financial results in accordance with generally accepted accounting principles in the United States (“GAAP”). However, management believes that certain non-GAAP financial measures provide users of our financial information with additional useful information in evaluating our performance. We believe that adjusted EBITDA is frequently used by investors and securities analysts in their evaluations of companies, and that this supplemental measure facilitates comparisons between companies. We believe free cash flow is an important metric because it represents a measure of how much cash from operations we have available for discretionary and non-discretionary items after the deduction of capital expenditures. These non-GAAP financial measures may be different than similarly titled measures used by other companies.

Our non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with GAAP. There are several limitations related to the use of our non-GAAP financial measures as compared to the closest comparable GAAP measures. Some of these limitations include:

• adjusted EBITDA excludes interest income and other income (expense), net, as these items are not components of our core business;
• adjusted EBITDA does not reflect our provision for income taxes, which may increase or decrease cash available to us;
• adjusted EBITDA excludes the recurring, non-cash expenses of depreciation and amortization of property and equipment and, although these are non-cash expenses, the assets being depreciated and amortized may have to be replaced in the future;
• adjusted EBITDA excludes the non-cash expense of stock-based compensation, which has been, and will continue to be for the foreseeable future, an important part of how we attract and retain our employees and a significant recurring expense in our business; and
• adjusted EBITDA excludes costs incurred related to discrete restructuring plans and other one-time costs that are fundamentally different in strategic nature and frequency from ongoing initiatives. We believe exclusion of these items facilitates a more consistent comparison of operating performance over time, however these costs do include cash outflows;
• free cash flow does not represent the total residual cash flow available for discretionary purposes and does not reflect our future contractual commitments.

Adjusted EBITDA

We define adjusted EBITDA as net loss excluding interest income, other income (expense), net, provision for income taxes, depreciation and amortization, stock-based compensation expense, and restructuring and other one-time costs. The following table presents a reconciliation of net loss, the most comparable GAAP financial measure, to adjusted EBITDA for each of the periods presented:

⁽¹⁾ For the three months ended April 29, 2023, restructuring charges were $1.8 million described in “Note 11 – Restructuring” in the Notes to the Condensed Consolidated Financial Statements in Item 1. Financial Statements, and other one-time costs were $0.4 million. For the nine months ended April 29, 2023, restructuring charges were $37.3 million and other one-time costs were $5.8 million in retention bonuses for continuing employees.

Free Cash Flow

We define free cash flow as cash flows provided by (used in) operating activities reduced by purchases of property and equipment that are included in cash flows provided by (used in) investing activities. The following table presents a reconciliation of cash flows provided by (used in) operating activities, the most comparable GAAP financial measure, to free cash flow for each of the periods presented:

Operating Metrics

Active Clients

We define an active client as a client who checked out a Fix or was shipped an item via Freestyle in the preceding 52 weeks, measured as of the last day of that period. A client checks out a Fix when she indicates what items she is keeping through our mobile application or on our website. We consider each Women’s, Men’s, or Kids account as a client, even if they share the same household.

Net Revenue per Active Client

We calculate net revenue per active client based on net revenue over the preceding four fiscal quarters divided by the number of active clients, measured as of the last day of the period. Net revenue per active client was $502 and $553 as of April 29, 2023, and April 30, 2022, respectively.

The Mark Cuban Foundation’s Artificial Intelligence Bootcamp Initiative Teaches AI Concepts to Underserved High School Students through a 4-Saturday Bootcamp in the Fall

CHICAGO, June 06, 2023 (GLOBE NEWSWIRE) — For the 3^rd year in a row, the Mark Cuban Foundation Artificial Intelligence (AI) Bootcamp program for high school students will take place in Chicago. The No-Cost Fall 2023 AI Bootcamps will be targeted at underserved high school students (9th-12^th grade) and will introduce these high school students to basic AI concepts and skills.

Chicago is one of 28+ cities selected to host camps across the US in Fall 2023.

The Chicago Bootcamp will be held over four consecutive Saturdays starting on October 14^th and ending on November 4^th. The bootcamp will run each Saturday from 1-5pm CT and if accepted, high school students must commit to attending all 4 sessions.

The student and parent application are now open at markcubanai.org/chicagopr. Students do not need any prior experience with computer science, programming, or robotics to apply and attend.

With AI being a relevant topic on many news sources, students will learn what artificial intelligence is and is not, where they already interact with AI in their own lives, and the ethical implications of AI systems including but not limited to TikTok recommendations, smart home assistants, facial recognition, and self-driving cars to name a few. Participants will also learn how Large Language Models like ChatGPT are changing life as we know it by answering questions, telling original stories, and even writing computer code.

Students will benefit from volunteer corporate mentor instructors who are knowledgeable about AI, ML and data science and able to help students quickly understand material normally taught at a collegiate level. As part of the 4-hour curriculum, students will work with open source tools each day to build their own AI applications related to Computer Vision, Machine Learning, Natural Language Processing and Generative AI.

The Mark Cuban Foundation provides the bootcamp’s curriculum materials, trains corporate volunteer mentors, and recruits and scores applications for local student selected to attend camp. In addition, the Mark Cuban Foundation and local Chicago partner work together to provide food, transportation, and access to laptops for students at no-cost throughout the duration of Bootcamp.

“It was a lot of fun, I learned things I didn’t even know were possible with A.I. and their real-world applications showed me just how much it will change our world.” – Brandon B., 10th Grade, 2022 AI Bootcamp Participant

Founded by Mark Cuban in 2019, the AI Bootcamp initiative has hosted no-cost AI bootcamps for students across several US cities, including Dallas, Chicago, Pittsburgh, Detroit, and Atlantic City to name a few. The Mark Cuban Foundation has impacted 900+ students to date and has a goal to increase that number year over year.

Students interested in applying to the Mark Cuban Foundation AI Bootcamp should do so before Friday, September 8th, 2023 at markcubanai.org/chicagopr. To see our 2023 camp locations and to learn more about the Mark Cuban Foundation AI Bootcamps, please visit markcubanai.org/faq .

Contact: Carli Lidiak, Mark Cuban Foundation

Phone: 309-840-0348

Email: [email protected]

SAN ANTONIO, Texas, June 06, 2023 (GLOBE NEWSWIRE) — For the 1st time the Mark Cuban Foundation Artificial Intelligence (AI) Bootcamp program for high school students will take place in San Antonio. The No-Cost Fall 2023 AI Bootcamps will be targeted at underserved high school students (9th-12th grade) and will introduce these high school students to basic AI concepts and skills.

San Antonio is one of 28+ cities selected to host camps across the US in Fall 2023.

The San Antonio Bootcamp will be held over four consecutive Saturdays starting on October 14th and ending on November 4th. The bootcamp will run each Saturday from 1-5pm CT and if accepted, high school students must commit to attending all 4 sessions.

The student and parent application are now open at markcubanai.org/sanantoniopr.org. Students do not need any prior experience with computer science, programming, or robotics to apply and attend.

With AI being a relevant topic on many news sources, students will learn what artificial intelligence is and is not, where they already interact with AI in their own lives, and the ethical implications of AI systems including but not limited to TikTok recommendations, smart home assistants, facial recognition, and self-driving cars to name a few. Participants will also learn how Large Language Models like ChatGPT are changing life as we know it by answering questions, telling original stories, and even writing computer code.

Students will benefit from volunteer corporate mentor instructors who are knowledgeable about AI, ML and data science and able to help students quickly understand material normally taught at a collegiate level. As part of the 4-hour curriculum, students will work with open source tools each day to build their own AI applications related to Computer Vision, Machine Learning, Natural Language Processing and Generative AI.

The Mark Cuban Foundation provides the bootcamp’s curriculum materials, trains corporate volunteer mentors, and recruits and scores applications for local student selected to attend camp. In addition, the Mark Cuban Foundation and local San Antonio partner will work together to provide food, transportation, and access to laptops for students at no-cost throughout the duration of Bootcamp.

“It was a lot of fun, I learned things I didn’t even know were possible with A.I. and their real-world applications showed me just how much it will change our world.” – Brandon B., 10th Grade, 2022 AI Bootcamp Participant

Founded by Mark Cuban in 2019, the AI Bootcamp initiative has hosted no-cost AI bootcamps for students across several US cities, including Dallas, Chicago, Pittsburgh, Detroit, and Atlantic City to name a few. The Mark Cuban Foundation has impacted 900+ students to date and has a goal to increase that number year over year.

Students interested in applying to the Mark Cuban Foundation AI Bootcamp should do so before Friday, September 8th, 2023 at markcubanai.org/sanantoniopr.org. To see our 2023 camp locations and to learn more about the Mark Cuban Foundation AI Bootcamps, please visit markcubanai.org/faq.

Contact: Carli Lidiak, Mark Cuban Foundation

Phone: 309-840-0348

Email: [email protected]

New York, June 06, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Heavy Construction Machinery Rental Global Market Report 2023” – https://www.reportlinker.com/p06464101/?utm_source=GNW
, Loxam S.A.S, Sarens, Sumitomo Corporation, Hyundai Heavy Industries Group, Hitachi Construction Machinery Group, Caterpillar Inc., Komatsu Ltd., and Volvo Construction Rental Equipment.

The global heavy construction machinery rental market is expected to grow from $49.79 billion in 2022 to $53.64 billion in 2023 at a compound annual growth rate (CAGR) of 7.7 %. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The heavy construction machinery rental market is expected to reach $70.54 billion in 2027 at a CAGR o f7.1%.

The heavy construction machinery rental market includes revenues earned by entities by providing bulldozers for rent, drilling machinery leasing, and crane hire services.The market value includes the value of related goods sold by the service provider or included within the service offering.

Only goods and services traded between entities or sold to end consumers are included.

Heavy construction machinery rental refers to the service of renting those equipment/types of machinery that are designed for executing large construction projects.This heavy machinery is used for a specific function that is necessary for a variety of construction tasks.

Renting heavy construction equipment saves construction contractors the cost of new equipment, labor costs, maintenance costs, and operational costs.

North America was the largest region in the heavy construction machinery rental market in 2022. The regions covered in the heavy construction machinery rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main equipment categories of heavy construction machinery rental are earthmoving equipment, material handling equipment, heavy construction vehicles, and others.Earthmoving equipment refers to heavy equipment or heavy vehicles that are specifically designed for construction operations and can move and grade soil and rock.

The various applications involved are excavation and demolition, heavy lifting, tunnelling, material handling, recycling, and waste management, which are used by infrastructure, construction, mining, oil and gas, manufacturing, and other end users.

The increase in construction and mining activity is expected to propel the growth of the heavy construction machinery rental market going forward.Construction activities refer to the construction of large industrial structures such as buildings, railways, houses, power plants, and others whereas mining refers to the process of extracting useful substances from the earth.

In construction and mining activities, renting heavy construction machinery helps reduce operational and financial risks by reducing the cost of new equipment, and maintenance costs.Hence, the increase in construction and mining activities will increase demand in the market.

For instance, in December 2022, according to the World Steel Association (WSA), a Belgium-based association, global crude steel production through mining accounted for 1,951 million metric tons in 2021, an increase of 3.8% in crude steel production as compared to 2020. Furthermore, in 2021, according to the Office for National Statistics (ONS), a UK-based producer of official statistics, the total output of construction activities rose by 12.7% in volume terms. Therefore, the increase in construction and mining activity is driving the growth of the heavy construction machinery rental market going forward.

The introduction of artificial intelligence (AI) has emerged as a key trend gaining popularity in the heavy construction machinery rental market.Artificial intelligence refers to the combination of datasets and computer science that enables problem-solving.

Artificial intelligence is used to track performance data by attaching sensors to construction equipment.Major companies operating in the heavy construction machinery rental market are adopting new technologies such as artificial intelligence (AI) and machine learning to sustain their position in the market.

For instance, in August 2022, Caption, an Israel-based start-up launched ‘MineCept’ an AI-based system for heavy equipment.This system is installed on heavy construction equipment and provides real-time information to site managers, operators, and safety managers.

This artificial intelligence-based system helps to reduce accidents and improve the safety and productivity of heavy construction equipment at industrial plants, mines, or construction sites.

In February 2023, Cooper Equipment Rentals Limited, a Canada-based construction equipment rental company acquired Hub Equipment for an undisclosed amount.This acquisition advances Cooper Equipment Rentals’ goal of being the sole Canadian-owned, nationwide rental company, which is consistent with the company’s growth strategy.

Hub Equipment is a Canada-based provider of specialized heavy equipment that focuses on the sales and rental services of heavy machinery construction equipment.

The countries covered in the heavy construction machinery rental market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The heavy construction machinery rental market research report is one of a series of new reports that provides heavy construction machinery rental market statistics, including heavy construction machinery rental industry global market size, regional shares, competitors with heavy construction machinery rental market share, detailed heavy construction machinery rental market segments, market trends, and opportunities, and any further data you may need to thrive in the heavy construction machinery rental industry. This heavy construction machinery rental market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06464101/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.

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Newark, June 06, 2023 (GLOBE NEWSWIRE) — The global self-checkout systems market is expected to grow from USD 4.01 billion in 2021 to USD 13.54 billion by 2030, at a CAGR of 14.48% during the forecast period 2022-2030. Self-checkouts are automated devices that help customers order and pay for their purchases without help from retail, grocery, and hotel staff members. Early self-checkout systems had distinct, commercially available parts and needed much storage space. On the other hand, in response to demand, the current self-checkout systems are being modified and built to match the store’s layout and improve their usefulness, reliability, affordability, and compact size. If there were more hypermarkets, supermarkets, department stores, and other sorts of businesses nearby, the market for self-checkout systems would be way more valuable. Knowledgeable consumers and rising personal disposable money are other indirect market development drivers. However, a critical barrier to the growth of this industry will be the low acceptance rate caused by customers’ unwillingness to utilize self-checkout devices. The high probability of inventory theft and shoplifting will further restrain the expansion of this market. Self-checkout system market growth may be further slowed by high start-up and recurring costs.

Get a sample of the report from: https://www.thebrainyinsights.com/enquiry/sample-request/12867

The self-checkout systems market refers to the industry involved in the development, production, and deployment of automated systems that allow customers to scan and pay for their purchases without the assistance of a cashier or store employee. Self-checkout systems typically consist of a combination of hardware, such as barcode scanners, payment terminals, and bagging areas, along with software that facilitates the scanning, payment, and transaction processes.

The self-checkout systems market has witnessed significant growth in recent years, driven by several factors:

Improved Customer Experience: Self-checkout systems offer convenience and speed to customers by reducing waiting times and providing a more streamlined checkout process. Customers can scan and pay for their items at their own pace, enhancing the overall shopping experience.

Cost Reduction for Retailers: Self-checkout systems can help retailers reduce labor costs by requiring fewer cashiers. With these systems, stores can operate with a smaller workforce or redeploy employees to focus on other areas of the store, such as customer service.

Increased Efficiency: Self-checkout systems can enhance operational efficiency by reducing queues at traditional checkout lanes, especially during peak hours. They can handle a higher volume of transactions, allowing retailers to process more customers quickly.

Empowering Consumer Control: Self-checkout systems provide customers with a sense of control over their shopping experience. They can independently scan and bag their items, ensuring accuracy and reducing potential errors made by cashiers.

Integration with Mobile Payments: Many self-checkout systems are compatible with mobile payment platforms, enabling customers to make payments using their smartphones or mobile wallets. This aligns with the growing trend of mobile payment adoption and offers customers additional payment options.

Expansion in Various Retail Sectors: Self-checkout systems are being adopted across a wide range of retail sectors, including supermarkets, department stores, convenience stores, and specialty stores. The versatility of these systems allows retailers of different sizes and formats to benefit from their implementation.

For more information in the analysis of this report, visit: https://www.thebrainyinsights.com/report/self-checkout-systems-market-12867

The self-checkout systems market comprises established companies that specialize in retail technology, as well as newer entrants and startups offering innovative solutions. These systems continue to evolve with advancements in technology, incorporating features such as touchscreen interfaces, advanced barcode scanning capabilities, integration with loyalty programs, and integration with inventory management systems.

While self-checkout systems offer numerous benefits, challenges exist as well. These include potential theft or fraud concerns, the need for effective user interfaces to ensure ease of use, and occasional difficulties with item scanning and bagging.

Overall, the self-checkout systems market is expected to continue growing as retailers seek ways to enhance the customer experience, streamline operations, and adapt to changing consumer preferences. The integration of technologies such as computer vision, artificial intelligence, and machine learning is expected to further enhance the capabilities and efficiency of self-checkout systems in the future.

Key Findings of Self-Checkout Systems Market:

The systems segment dominated the market with market revenue of 2.33 billion in 2021

The component segment is divided into services and systems. The systems segment dominated the market with market revenue of 2.33 billion in 2021. Self-checkout systems’ growing dependence on cutting-edge technology, such as computer vision, voice interface, and artificial intelligence, accounts for a large percentage. Retailers prefer modern hardware systems over older checkout procedures. The newest hybrid self-checkout systems have advanced security-based features, extensive coin dispenser systems, an easy user interface, multi-item scanning, and cashless transactions. Consumer demand for cash and cashless purchases also influences the retailers’ decision to deploy new, more advanced systems.

The cash-based systems segment dominated the market with market revenue of 2.26 billion in 2021

The type segment is divided into cashless-based systems and cash-based systems. The cash-based systems segment dominated the market with market revenue of 2.26 billion in 2021. Growing preferences for paper-based transactions among small, medium, and large retailers drive the market. Customers who have a few items in their bags prefer to use self-service kiosks in stores to complete their checkout. These customers also enjoy making purchases with cash or a credit card. The market for cash-based systems is growing as a result of the fact that they provide clients with additional alternatives for both cash and cashless transactions. Additionally, the industry is increasing due to the U.S. government’s support of cash-based transactions at small shops.

To purchase research report: https://www.thebrainyinsights.com/buy-now/12867/single

Regional Segmentation Analysis:

The market is analyzed based on five regions: North America, Europe, Asia Pacific, South America, the Middle East, and Africa. North America dominated the market in 2021 with a share of 36.82%. Regional markets are rising due to the establishment of several foods and grocery chains and growing retail in-store transformation. Supermarkets and hypermarkets are employing self-checkout systems more often, which has helped the regional segment grow in Canada and the United States.

Competitive Analysis:

The major players in the market include MishiPay Ltd., 365 Retail Markets, Mashgin, Inc., Jump The Q Limited, Standard Cognition, Ladon Labs, ECR Software Corporation, SLABB INC., Diebold Nixdorf, Incorporated, Toshiba Corporation, IBM Corporation, rapitag GmbH, Wheelys Café Incorporated, Scansation GmbH, NCR Corporation, Caper Inc., Imagr, FUJITSU, AIMAGNIFI, PCMS Group Ltd, among others.

About the report:

The global self-checkout systems market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

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About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.

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New York, June 06, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Restaurant Buildings Global Market Report 2023” – https://www.reportlinker.com/p06464106/?utm_source=GNW
, Shingobee Builders Inc., The Beam Team Inc., GCM Construction, Prodigy Construction, BnK Construction, Woodbine Construction, Power Construction Inc., and China Pacific Inc.

The global restaurant buildings market is expected to grow from $223.90 billion in 2022 to $240.50 billion in 2023 at a compound annual growth rate (CAGR) of 7.4%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many every markets across the globe. The restaurant buildings market is expected to reach $300.55 billion in 2027 at a CAGR of 5.7%.

The restaurant building market includes revenues earned by entities by constructing building for casual dining restaurants, fast casual restaurants, contemporary casual restaurants, and pop-up restaurants.The market includes new construction, modifications, and repair of buildings.

The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

A restaurant building is a commercial property that prepares and serves food and beverages to customers. In general, restaurant building involves the preparation, serving and consumption of food within the confines of a building.

Asia-Pacific was the largest region in the restaurant buildings market in 2022. The regions covered in the restaurant buildings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of restaurant buildings are limited-service restaurants, cafeterias, buffets, full-service restaurants, and ghost restaurants.Limited-service Restaurants refer to a place where interaction between patrons and staff is minimal and ends when the patron gets their food.

The equipment used are earthmoving equipment, material handling equipment, heavy construction vehicles, and others for building constructions including new construction, reconstruction and renovation.

Increasing demand for restaurants is expected to propel the growth of the restaurant buildings market going forward.The restaurant building market is steadily expanding due to increased demand for family food parties, convenience foods, ready meals, and cold cuts.

The hectic lives of millennials and the global expansion of working populations influenced food consumption in restaurants.This is likely to aid the restaurant building sector’s global expansion.

For instance, according to the report published by the Office for National Statistics, a UK-based executive office of the statistics authority, in the UK, the total number of restaurants available in 2022 was 101,785 compared to 95,060 in 2021. Therefore, increasing demand for restaurants is driving the growth of the restaurant buildings market.

New product innovations are the key trend gaining popularity in the restaurant buildings market.Major companies operating in the restaurant buildings market are focused on developing innovative and latest technologies in the building construction to strengthen their position in the market.

For instance, in October 2022, Luyten 3D, an Australia-based commercial building and construction company that offers 3D printing technology in building construction, introduced the Platypus X12 concrete printer, an AI-powered mobile concrete 3D printer designed for use in the commercial building and construction industry.It is one of the world’s largest printers and can be transformed into a 12 x 6 mobile crane in 20 minutes, allowing it to print large-scale structures.

It incorporates optical and acoustic-based artificial intelligence for data-driven concrete printing.

In July 2021, HGC Construction, a US-based construction company, acquired Luken Construction for an undisclosed amount.The acquisition of Luken Construction offers immediate values to HGC’s clients by increasing its self-perform capabilities.

Luken Construction is a US-based construction company involving in commercial buildings construction and restaurant buildings architectural works.

The countries covered in the restaurant buildings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The restaurant buildings market research report is one of a series of new reports that provides restaurant buildings market statistics, including restaurant buildings industry global market size, regional shares, competitors with a restaurant buildings market share, detailed restaurant buildings market segments, market trends, and opportunities, and any further data you may need to thrive in the restaurant buildings industry. This restaurant buildings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.

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LOS ANGELES, June 06, 2023 (GLOBE NEWSWIRE) — ALCHERA X’s AI technology FireScout revolutionizes the fight against wildfires and curbs greenhouse gases.

Artificial Intelligence (AI) has emerged as a groundbreaking technology, promising tremendous advancements across various sectors. However, it can also spark concerns and fear. While some are concerned with the possibility of job displacement or a fictional Skynet taking over the world, AI technology also offers many advantages. Big data analysis, video surveillance, medical diagnosis, and even creative industries like content production have already been transformed by AI. With ALCHERA X, AI goes much further and makes significant contributions to wildfire control.

As a result of continuing climate change, wildfires are becoming more devastating than ever before. Over 60,000 wildfires per year burn, on average, over eight million acres annually. In 2017, over $24 billion was lost. While this is certainly the case globally, California in particular has witnessed some of the most destructive wildfire seasons in its history lately. For instance, the Camp Fire destroyed 11,000 houses in 2018 and evacuated roughly 50,000 people at one point. In California alone, in 2018, the overall economic impact from business, property, and other expenses was $148.5 billion. The climate problem is transforming into a financial disaster. Because of the increased danger of wildfires, insurance firms are removing homeowners from their rosters. State Farm, California’s largest homeowner insurance business, said last month that it would no longer sell coverage to homeowners. This is true not only in wildfire areas, but also throughout the state.

ALCHERA X is combating climate change by preventing wildfires with FireScout AI. “FireScout enables smoke detection at early stages through a network of fire watch cameras that work round the clock,” writes Prableen Bajpai in her recent article for NASDAQ. “In November 2021, Pacific Gas and Electric Company (PG&E) (PCG) collaborated to install new HD cameras across high fire-threat districts, which are included in the new AI testing program in partnership with ALCHERA and ALERT Wildfire.”

Michael Plaksin, Vice President of Marketing for ALCHERA X, adds: “Just a little over a year later, ALCHERA X has been able to assist in the expansion of its program with accounts in California, Nevada, and several other states, in addition to customer support in Australia and Korea,” said Michael Plaksin, Vice President of Marketing for ALCHERA X. “It’s the commitment of the company and all of our dedicated employees to help fight this critical issue on a global basis.” FireScout, which boasts 99% accuracy, employs its algorithm to identify wildfires within the early “golden time” of 10 to 20 minutes, allowing for response before small ignitions become big wildfires. AI continually learns smoke identification methods and improves its capabilities from photographs in the database and previously discovered fire images using deep learning.

FireScout’s early identification of wildfires saves property, people, and the environment. There is only one Earth, and FireScout aims to protect it.

About ALCHERA X

Founded in 2016, ALCHERA X is an artificial intelligence software as a service (SaaS) company that has developed award-winning proprietary technology in the areas of wildfire detection and SMART-Viewing. FireScout, the leader in wildfire detection SaaS, utilizes AI to provide wildfire detection in real time on a 24/7/365 basis. FireScout seamlessly integrates into existing camera/monitor systems. We offer the market’s most informative, effective, and supportive user interface system today. FireScout is presently being used on over 1,000 cameras throughout the western United States and is considered to be the de facto standard in AI for disaster prevention in wildfire management.

https://firescout.ai/

Michael Plaksin, VP of Marketing
Alchera X
+1 310-503-9901
[email protected]

OZOP Plus Develops AI-Powered Chatbot to Streamline EV Vehicle Service Contracts with Battery Coverage

Warwick, NY, June 06, 2023 (GLOBE NEWSWIRE) — EV Insurance Company, Inc. dba Ozop Plus, a wholly owned subsidiary of Ozop Energy Solutions, Inc. (OZSC or the “Company”), announces the development and pending launch of its innovative AI-powered chatbot (EVAI) that is designed to be the first point of contact for potential customers, providing comprehensive information about OZOP Plus’s unique Vehicle Service Contract (VSC), as well as collecting crucial vehicle details. Beta testing will be complete by the end of this week.

This ground-breaking technology development supports OZOP Plus’s ongoing commitment to providing seamless and efficient solutions for Electric Vehicle (EV) battery coverage. In today’s digital-centric world, providing immediate and accurate information to potential customers is critical. The OZOP Plus AI chatbot (EVAI) aims to address this need, simplifying the process of purchasing VSCs by answering customer inquiries and gathering necessary vehicle information before escalating to a sales representative. This strategic integration of technology into the customer service and sales process not only enhances the customer experience but also enables cost savings and scalability for the organization.

Stephen Keahon, the Director of Sales and Marketing for OZOP Plus, commented on the development, “This AI-powered chatbot, or “EVAI” aligns with our commitment to forward-thinking innovation. From a business perspective, it presents a significant opportunity for cost savings. Moreover, this technology allows us to effectively scale our services, catering to the increasing demand for EV battery coverage while maintaining high-quality customer service.”

“This chatbot represents our dedication to innovating in the EV space. It goes beyond being just a tool – it embodies our mission to simplify and enhance the customer journey, particularly when it comes to understanding and opting for our VSC. The AI-powered chatbot brings a new dynamic to our services, driving convenience and efficiency for our customers.” said Brian Conway, CEO of Ozop Plus.

The OZOP Plus chatbot represents a significant leap in the integration of advanced technology in the EV industry. By providing immediate assistance and capturing essential information, it optimizes the process of purchasing OZOP Plus’s unique VSC, further strengthening the company’s position as a leading provider of EV battery coverage solutions. We anticipate a full launch on the Ozop Plus website within the next two weeks.

For more information about Ozop Plus and its offerings, please visit http://ozopplus.com/

About Ozop Energy Solutions.

Ozop Energy Solutions (Ozop Energy Solutions (http://ozopenergy.com/) is the flagship company that oversees a wide variety of products in various stages of development in the renewable energy sector. Our strategy focuses on capturing a significant share of the rapidly growing renewable energy market as a provider of assets and infrastructure needed to store energy.

About Ozop Energy Systems, Inc.

Ozop Energy Systems is a manufacturer and distributor of Renewable Energy products in the Energy Storage, Solar, Microgrids, and EV charging Station space. We offer a broad portfolio of Renewable Energy products at competitive prices with a commitment to customer satisfaction from selection, to ordering, shipping, and delivery.

About Ozop Engineering and Design

Ozop Engineering and Design engineers energy efficient, easy to install and use, digital lighting controls solutions for commercial buildings, campuses, and sports complexes throughout North America. Products include relays panels, controllers, occupancy/vacancy sensors, daylight sensors and wall switch stations. Ozop has a dedicated design team that produces system drawings and a technical support group for product questions and onsite system commissioning. Our mission is to be recognized for our deep understanding of power management systems and ability to provide the right solution for each facility.

www.ozopengineering.com

About Ozop Capital Partners

Ozop Capital Partners, Inc. is a majority owned subsidiary of the Company, and wholly owns EV Insurance Company, Inc. (“EVIC”). EVIC, DBA Ozop Plus is licensed as a captive insurer that reinsures.

https://twitter.com/OzopEnergy

https://www.facebook.com/OzopEnergy/

About Royal Administration Services, Inc.

Royal Administration Services, Inc. is a provider and administrator of vehicle service contracts. The business’ products include automobile warranty plans, automobile warranty service, and automobile warranty service insurance. Royal has been in business for over 35 years, has written in excess of two million policies and has paid over $2 billion in claims.

Safe Harbor Statement

“This press release contains or may contain, among other things, certain forward-looking statements. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the company’s plans, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential” or similar expressions. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties, including those detailed in the company’s filings with the Securities and Exchange Commission. Actual results may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the company’s control). The company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.”

Investor Relations Contact – Ozop
The Waypoint Refinery, LLC
845-397-2956
www.thewaypointrefinery.com

Newark, June 06, 2023 (GLOBE NEWSWIRE) — The global automotive simulation market is anticipated to reach USD 5.4 billion by 2030, at a CAGR of 13.4% from 2022 to 2030. With the growing connectivity and digitalization, the manufacturers are specializing in improving cybersecurity over linked automobiles & gadgets, which is expected to fuel the automotive simulation market. With the growing demand for product design and development, the automobile industry will undergo a tremendous transformation in the upcoming years.

The automotive simulation market refers to the use of computer-based simulations and modeling techniques to replicate and analyze various aspects of the automotive industry. It encompasses a wide range of applications, including vehicle design, testing, virtual prototyping, driver training, and simulation-based optimization.

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In recent years, the automotive simulation market has experienced significant growth due to advancements in computer technology, software capabilities, and increased emphasis on safety and efficiency in the automotive industry. Simulation allows automotive manufacturers, suppliers, and researchers to simulate real-world scenarios and evaluate the performance of vehicles, components, and systems in a virtual environment, without the need for costly physical prototypes and testing.

Key factors driving the growth of the automotive simulation market include:

Vehicle Development and Design: Simulation enables automotive manufacturers to design and optimize vehicle components, systems, and overall vehicle performance before physical prototypes are built. This helps reduce development time, costs, and risks associated with traditional prototyping and testing.

Testing and Validation: Simulations allow for extensive testing and validation of vehicle systems, such as powertrain, chassis, and safety features, in various driving conditions and scenarios. This helps identify potential issues and improve performance, safety, and reliability.

Autonomous Vehicle Development: With the rise of autonomous vehicles, simulation plays a crucial role in testing and validating advanced driver assistance systems (ADAS) and autonomous driving algorithms. Simulations allow for the assessment of complex scenarios, edge cases, and rare events that are challenging to replicate in real-world testing.

Training and Education: Automotive simulation is used for driver training and education purposes, providing virtual environments for learners to practice driving skills, understand road rules, and experience different driving conditions without the risks associated with real-world training.

Environmental and Fuel Efficiency Analysis: Simulation tools enable automotive companies to analyze and optimize vehicle designs for improved fuel efficiency, reduced emissions, and compliance with environmental regulations.

For more information in the analysis of this report, visit: https://www.thebrainyinsights.com/report/automotive-simulation-market-12844

The automotive simulation market includes a variety of software tools and solutions offered by both established companies and startups. These tools range from general-purpose simulation software to specialized platforms designed for specific automotive applications.

Overall, the automotive simulation market is expected to continue growing as automotive manufacturers and suppliers increasingly adopt simulation-based approaches to enhance vehicle development, testing, and performance optimization. The integration of artificial intelligence (AI) and machine learning (ML) techniques into simulation tools is also expected to further drive advancements in this field.

Key Findings of Automotive Simulation Market:

The cloud segment is expected to register the highest CAGR in the forecast years.

The deployment segment is divided into cloud and on-premises. The cloud segment is expected to register the highest CAGR during the forecast timeline. The segment growth is mainly attributed because the cloud offers much faster and more efficient deployment of programs its features to their customers easily. Also the growing demand for the software-as-a-service (SaaS) models is likely to foster segment growth and its development.

The software segment held the largest market value of in 2021.

The component segment includes software and services. The software segment held the largest market share of around 59% in 2021. The automobile manufacturers are focused on developing new simulation software’s so as to provide a vivid customer experience. Additionally, the manufacturers are aiming to improve and optimize the cybersecurity solution within connected cars and automobiles. Thus this factor is contributing towards the segment growth.

The testing segment held the largest market share of around USD 0.97 billion in 2021.

The application segment includes testing and prototyping. The testing segment held the largest market share of around 56% and was valued at 0.97 billion in 2021. This is because the manufacturers are involved in developing various simulation sub-models and models (depending upon several parameters and functionalities), which require testing before finalization and implementation of the software solution. The testing step is considered to be the preliminary and crucial stage of simulation software development.

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Regional Segmentation Analysis:

The regions evaluated for the automotive simulation market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. Asia Pacific region is anticipated to grow at the highest CAGR over the forecast timeline for the global automotive simulation market. The regional growth is mainly attributed owing to the increased stability in the economic and emerging countries such as India and China. Furthermore, the region has become an automobile manufacturing hub over the years. The automobile manufacturers have started to establish their base and production facility in this region owing to the cheap availability of labor and raw materials. The rising urbanization and industrial development are projected to provide a fruitful opportunity for regional market growth and development.

Competitive Analysis:

Major players in the global automotive simulation market are Altair Engineering Inc., Ansys, Inc., Applied Intuition, , Foretellix, Ascent Robotics, Autodesk, Inc., AVL, Synopsys, Inc., Cognata, Comsol, Dassault Systemes SE, Design Simulation Technologies Inc., Simscale, Dspace GmbH, ESI group, ESSSIPG Automotive GmbH, Siemens AG, SIMUL8 Corporation, The AnyLogic Company and The MathWorks, Inc. among others.

About the report:

The global automotive simulation market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis,The Brainy Insights is a market research company aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements, whether they are looking to expand or planning to launch a new product in the global market.

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Portland, OR, June 06, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Autonomous Mobile Robot Market by Type (Goods to Person Picking Robots, Self Driving Forklifts, Autonomous Inventory Robots, and Unmanned Aerial Vehicles), Application (Sorting, Pick and Place, Tugging, Warehouse Fleet Management, and Others), and End User (Warehouse or Distribution Center, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032”. According to the report, the global autonomous mobile robot industry generated $2.2 billion in 2021, and is anticipated to generate $18.9 billion by 2032, witnessing a CAGR of 21.8% from 2022 to 2032.

Download Sample Pages – https://www.alliedmarketresearch.com/request-sample/16587

Prime determinants of growth

Rise in demand for automation solutions from various industrial sectors, greater need for autonomous systems, and developments in e-commerce have supported the growth of the global autonomous mobile robot market. High efficiency offered by autonomous mobile robots results in improved industrial productivity, further supporting the growth of the market. Simultaneously, technological advancements associated with development of advanced autonomous mobile robots, increase in adoption of Industry 4.0 in logistics & warehousing, and rise in demand from developing economies are expected to create favorable growth opportunities for the autonomous mobile robot market.

Report coverage & details:

COVID-19 Scenario

• The pandemic led to a surge in demand for autonomous mobile robots in various sectors such as healthcare, e-commerce, and logistics due to their ability to operate autonomously and minimize human contact.
• Autonomous mobile robots have been vital in the fight against the pandemic, providing essential services including cleaning, medical supply delivery, and commodities transportation in quarantine zones. For example, disinfection robots have been widely utilized in hospitals and other healthcare institutions to disinfect surfaces and lower the danger of viral transmission.

The goods to person picking robots segment to maintain its leadership status during the forecast period

Based on type, the goods to person picking robots segment held the highest market share in 2021, accounting for more than half of the global autonomous mobile robot market revenue and is estimated to maintain its leadership status during the forecast period. This is owing to the fact that good-to-person picking robots increase labor utilization, throughput, and productivity by reducing fruitless walk and search time. However, the unmanned aerial vehicles segment is projected to manifest the highest CAGR of 24.8% from 2022 to 2032. This is attributed to the growing usage of unmanned aerial vehicles in warehouses has increased in recent years. Large warehouses are increasing their efficiency by spending more on automation and robotics, which boosts the growth of the market. UAV-driven automation in warehouses is made possible by new scanning technologies, QR codes, bar codes, artificial intelligence (AI), and radio frequency identification (RFID) technologies.

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The pick and place segment to maintain its leadership status during the forecast period

Based on application, the pick and place segment held the major market share in 2021, accounting for more than two-thirds of the global autonomous mobile robot market revenue and is estimated to maintain its leadership status during the forecast period. This is because pick and place robots enable companies to use automated solutions for lifting objects from one location and placing them at other locations. However, the warehouse fleet management segment is projected to manifest the highest CAGR of 24.8% from 2022 to 2032. The demand for solutions to optimize performance and fleet management grows in tandem with the growth of fleets of autonomous mobile robots. To address this demand many autonomous mobile robot providers release fleet management supportive solutions.  

The warehouse or distribution center segment to maintain its leadership status during the forecast period

Based on end user, the warehouse or distribution center segment held the highest market share in 2021, accounting for more than half of the global autonomous mobile robot market revenue and is estimated to maintain its leadership status during the forecast period. The same segment is also projected to manifest the highest CAGR of 22.4% from 2022 to 2032. Ongoing technological advancements to improve the efficiency of warehouses or distribution centers make way for lucrative growth opportunities for the autonomous mobile robots market.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in 2021, accounting for nearly half of the global autonomous mobile robot market revenue. China is a prominent market for autonomous mobile robots, due to its rapidly developing industrial sector. The increased demand for automation in logistics centers propel the growth of autonomous mobile robots market in the region. Moreover, several companies are deploying autonomous mobile robots in warehouses and distribution centers to enhance productivity and efficiency.  Europe is expected to witness the fastest CAGR of 23.5% from 2022 to 2032. Automation and robotics are becoming increasingly popular in industries such as manufacturing, e-commerce, and healthcare in the region.

Leading Market Players: –

• Boston Dynamics
• Clearpath Robotics Inc.
• Conveyco Technologies
• Geekplus Technology Co. Ltd.
• IAM Robotics
• KUKA AG
• Fortna Inc.
• Omron Group
• Teradyne Inc.
• Locus Robotics

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The report provides a detailed analysis of these key players in the global autonomous mobile robot market. These players have adopted strategies such as new product launches to increase their market share and maintain dominant shares in different regions.

Similar Reports We Have on Automotive Industry:

Delivery Robot Market Research Report 2023-2035

Automated Guided Vehicle Market Research Report 2023-2035

Autonomous Last Mile Delivery Market Research Report 2023-2035

Security and Law Enforcement Robot Market Research Report 2023-2035