Artificial Intelligence
Cigna Reports Fourth Quarter and Full Year 2021 Results, Expects Continued Revenue and Attractive Earnings Per Share Growth in 2022
Global health services company Cigna Corporation (NYSE: CI) today reported 2021 results reflecting continued strong business growth aided by the Company’s diversified portfolio.
“We performed well in 2021 as we supported the growing needs of our clients, customers and patients,” said David M. Cordani, chairman and chief executive officer. “2022 will be a year of growth across our franchise as we continue innovating and advancing our work to make health care more affordable, predictable, and simple.”
Total revenues for 2021 were $174.1 billion. Adjusted revenues1 were $174.1 billion and reflect strong contributions from each of Cigna’s ongoing businesses.
Shareholders’ net income for 2021 was $5.4 billion, or $15.73 per share, compared with $8.5 billion, or $22.96 per share, for 2020. Shareholders’ net income in 2020 included an after tax gain of $3.2 billion, or $8.73 per share, from the sale of the Group Disability and Life business.
Cigna’s adjusted income from operations2 for 2021 was $7.0 billion, or $20.47 per share, compared with $6.8 billion, or $18.45 per share, for 2020 reflecting strong earnings contributions across the Company’s businesses, led by Evernorth.
Reconciliations of total revenues to adjusted revenues1 and of shareholders’ net income to adjusted income from operations2 are provided on the following page and on Exhibit 1 of this earnings release.
CONSOLIDATED HIGHLIGHTS
The following table includes highlights of results and reconciliations of total revenues to adjusted revenues1 and shareholders’ net income to adjusted income from operations2:
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Consolidated Financial Results (dollars in millions): |
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|
Three Months Ended |
Year Ended |
|||
|
December 31, |
September 30, |
December 31, |
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|
2021 |
2020 |
2021 |
2021 |
|
|
Total Revenues |
$ 45,688 |
$ 41,712 |
$ 44,288 |
$ 174,078 |
|
Net Realized Investment (Gains) Losses from |
(12) |
(43) |
22 |
— |
|
Adjusted Revenues1 |
$ 45,676 |
$ 41,669 |
$ 44,310 |
$ 174,078 |
|
Consolidated Earnings, net of taxes |
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|
Shareholders’ Net Income |
$ 1,116 |
$ 4,135 |
$ 1,621 |
$ 5,365 |
|
Net Realized Investment (Gains) Losses2 |
(59) |
(169) |
(42) |
(158) |
|
Amortization of Acquired Intangible Assets2 |
326 |
370 |
392 |
1,494 |
|
Special Items2 |
189 |
(3,069) |
(35) |
279 |
|
Adjusted Income from Operations2 |
$ 1,572 |
$ 1,267 |
$ 1,936 |
$ 6,980 |
|
Shareholders’ Net Income, per share |
$ 3.39 |
$ 11.45 |
$ 4.80 |
$ 15.73 |
|
Adjusted Income from Operations2, per share |
$ 4.77 |
$ 3.51 |
$ 5.73 |
$ 20.47 |
- In 2021, the Company repurchased 35.2 million shares of common stock for $7.7 billion. Year to date through February 2, 2022, the Company repurchased 2.5 million shares of common stock for approximately $580 million.
- In 2021, the Company initiated a quarterly cash dividend and declared quarterly cash dividends of $1.00 per share of Cigna common stock. On February 3, 2022, the Company’s Board of Directors declared a cash dividend of $1.12 per share of Cigna common stock to be paid on March 24, 2022 to shareholders of record as of the close of trading on March 9, 2022.
- The debt-to-capitalization ratio was 41.7% at December 31, 2021, reflecting higher commercial paper balances and the impact of share repurchases on shareholders equity.
- The SG&A expense ratio4 was 7.3% for full year 2021 compared to 8.5% for full year 2020, driven by revenue growth, the repeal of the health insurance industry tax, and continued expense efficiency.
- Fourth quarter 2021 special items include an after-tax charge of $119 million, or $0.36 per share, related to a strategic plan to further leverage the Company’s ongoing growth to drive operational efficiency through enhancements to organizational structure and increased use of automation and shared services.
CUSTOMER RELATIONSHIPS
The following table summarizes Cigna’s medical customers and overall customer relationships:
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Customer Relationships (in thousands): |
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|
As of the Periods Ended |
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|
December 31, |
September 30, |
||
|
2021 |
2020 |
2021 |
|
|
Total Customer Relationships5 |
185,672 |
173,241 |
181,339 |
|
Total Pharmacy Customers5 |
107,298 |
98,850 |
103,612 |
|
U.S. Commercial |
13,854 |
13,626 |
13,788 |
|
U.S. Government |
1,510 |
1,387 |
1,517 |
|
International Health |
1,717 |
1,637 |
1,701 |
|
Total Medical Customers5,6 |
17,081 |
16,650 |
17,006 |
|
Behavioral Care |
40,380 |
36,908 |
39,784 |
|
Dental |
17,731 |
17,542 |
17,753 |
|
Medicare Part D |
3,182 |
3,291 |
3,184 |
- The pharmacy customer base5 at the end of 2021 grew to 107.3 million, an organic increase of 8.4 million year to date, driven by strong ongoing retention and new sales.
- The total medical customer base5,6 at the end of 2021 grew to 17.1 million, an increase of 431,000 customers year to date, driven by net growth across each business within the Cigna Healthcare segment.
HIGHLIGHTS OF SEGMENT RESULTS
See Exhibit 1 for a reconciliation of adjusted income (loss) from operations2 to shareholders’ net income.
Evernorth
This segment includes a broad range of coordinated and point solution health services and capabilities, including pharmacy solutions, benefits management solutions, care delivery and care management solutions, and intelligence solutions, which are provided to health plans, employers, government organizations, and health care providers.
|
Financial Results (dollars in millions): |
||||
|
Three Months Ended |
Year Ended |
|||
|
December 31, |
September 30, |
December 31, |
||
|
2021 |
2020 |
2021 |
2021 |
|
|
Adjusted Revenues1 |
$ 35,086 |
$ 30,533 |
$ 33,614 |
$ 131,912 |
|
Adjusted Income from Operations, Pre-Tax2 |
$ 1,634 |
$ 1,589 |
$ 1,548 |
$ 5,818 |
|
Adjusted Margin, Pre-Tax7 |
4.7% |
5.2% |
4.6% |
4.4% |
- Fourth quarter 2021 adjusted revenues1 increased 15% relative to fourth quarter 2020 reflecting strong organic growth in specialty pharmacy services and increased retail network volumes, including the impact of COVID-19 vaccines.
- Fourth quarter 2021 adjusted income from operations, pre-tax2 increased 3% relative to fourth quarter 2020, reflecting continued affordability improvements for the benefit of our clients, customers and patients and business growth, partially offset by strategic investments in expanding partnerships, new businesses and solutions, and technology.
- Evernorth fulfilled 424 million adjusted pharmacy scripts8 in fourth quarter 2021, an increase of 9% over fourth quarter 2020 driven by strong organic growth and COVID-19 vaccine volumes.
Cigna Healthcare6
This segment includes Cigna’s U.S. Commercial, U.S. Government, and International Health businesses that provide comprehensive medical and coordinated solutions to clients and customers. U.S. Commercial products and services include medical, pharmacy, behavioral health, dental, vision, health advocacy programs and other products and services for insured and self-insured customers. U.S. Government solutions include Medicare Advantage, Medicare Supplement, and Medicare Part D plans for seniors, and individual health insurance plans both on and off the public exchanges. International Health solutions include health care coverage in our international markets, as well as health care benefits for globally mobile individuals and employees of multinational organizations.
|
Financial Results (dollars in millions): |
||||
|
Three Months Ended |
Year Ended |
|||
|
December 31, |
September 30, |
December 31, |
||
|
2021 |
2020 |
2021 |
2021 |
|
|
Adjusted Revenues1,9 |
$ 11,214 |
$ 10,413 |
$ 11,222 |
$ 44,652 |
|
Adjusted Income from Operations, Pre-Tax2 |
$ 472 |
$ 285 |
$ 1,046 |
$ 3,609 |
|
Adjusted Margin, Pre-Tax7 |
4.2% |
2.7% |
9.3% |
8.1% |
- Fourth quarter 2021 adjusted revenues1,9 grew 8% over fourth quarter 2020, reflecting customer growth, premium increases, increased specialty contributions, and favorable net investment income.
- Fourth quarter 2021 adjusted income from operations, pre-tax² and adjusted margin, pre-tax7 increased relative to fourth quarter 2020 primarily due to increased specialty contributions, increased contributions from our International Health business, the repeal of the health insurance industry tax, and favorable net investment income, partially offset by higher medical costs in our U.S. Commercial and U.S. Government businesses.
- The Cigna Healthcare medical care ratio4 (“MCR”) of 87.0% for fourth quarter 2021 compares to 84.8% for fourth quarter 2020, reflecting higher medical costs in our stop loss and U.S. Commercial insured businesses, including net unfavorable COVID-19 related impacts, and the pricing effect of the repeal of the health insurance industry tax. These impacts were partially offset by favorable contributions from behavioral products.
- The Cigna Healthcare MCR4 of 84.0% for full year 2021 compares to 78.3% for full year 2020, reflecting the impact of higher medical costs in our U.S. Commercial and U.S. Government businesses, including net unfavorable COVID-19 related impacts, lower Medicare Advantage risk adjustment revenues, and the pricing effect of the repeal of the health insurance industry tax. These impacts were partially offset by the absence of 2020 premium relief programs in response to the COVID-19 pandemic.
- Full year 2021 adjusted income from operations, pre-tax2 for Cigna’s U.S. Commercial and U.S. Government businesses combined, which were previously reported as U.S. Medical, was $3.43 billion13. The combined MCR4 for these two businesses was 84.9% for full year 2021.
- Cigna Healthcare net medical costs payable10 was $4.00 billion at December 31, 2021, $4.05 billion at September 30, 2021, and $3.46 billion at December 31, 2020. Favorable prior year reserve development on a gross pre-tax basis was $219 million and $144 million through full year 2021 and 2020, respectively.
Corporate and Other Operations6, 11
Corporate reflects interest expense, as well as amounts not allocated to operating segments and includes intersegment eliminations. Additionally, this discussion includes items reported in our Other Operations segment which is comprised of the international life, accident, and supplemental benefits businesses held for sale pending divestiture6, Corporate Owned Life Insurance (“COLI”), the Company’s run-off operations, and the Group Disability and Life business prior to the divestiture on December 31, 2020.
|
Financial Results (dollars in millions): |
||||
|
Three Months Ended |
Year Ended |
|||
|
December 31, |
September 30, |
December 31, |
||
|
2021 |
2020 |
2021 |
2021 |
|
|
Adjusted (Loss) from Operations, Pre-Tax2 |
$ (115) |
$ (236) |
$ (83) |
$ (450) |
- Fourth quarter 2021 adjusted loss from operations, pre-tax2 was favorable to fourth quarter 2020 reflecting higher contributions from our international life, accident, and supplemental benefits businesses, lower interest expense, and lower corporate operating expenses.
2022 OUTLOOK
Cigna’s outlook for full year 2022 adjusted revenues1,3 is projected to be at least $177 billion. Cigna’s outlook for full year 2022 consolidated adjusted income from operations2,3 is projected to be at least $6.95 billion, or at least $22.40 per share3. Additionally, this outlook includes the impact of expected future share repurchases, anticipated 2022 dividends, and assumes that the previously announced divestiture of our international life, accident, and supplemental benefits businesses6 will close in the second quarter of 2022.
|
(dollars in millions, except where noted and per share amounts) |
|
|
2022 Consolidated Metrics |
Projection for Full Year Ending December 31, 2022 |
|
Adjusted Revenues1,3 |
at least $177,000 |
|
Adjusted Income from Operations2,3 |
at least $6,950 |
|
Adjusted Income from Operations, per share2,3 |
at least $22.40 |
|
SG&A Expense Ratio3,4 |
6.9% to 7.3% |
|
Adjusted Tax Rate3,12 |
22.0% to 22.5% |
|
Adjusted Margin, After-Tax3,7 |
~3.9% |
|
Cash Flow from Operations3 |
at least $8,250 |
|
Capital Expenditures3 |
~$1,250 |
|
Shareholder Dividends3 |
~$1,400 |
|
Weighted Average Shares Outstanding (millions)3 |
308 to 312 |
|
2022 Evernorth Metrics |
|
|
Adjusted Income from Operations, Pre-Tax2,3 |
~$6,100 |
|
2022 Cigna Healthcare Metrics |
|
|
Adjusted Income from Operations, Pre-Tax2,3 |
~$3,900 |
|
Medical Care Ratio3,4 |
82.0% to 83.5% |
|
Total Medical Customer Growth (lives)3,5 |
at least 575,000 |
The foregoing statements represent the Company’s current estimates of Cigna’s 2022 consolidated and segment adjusted income from operations2,3 and other key metrics as of the date of this release. Actual results may differ materially depending on a number of factors. Investors are urged to read the Cautionary Note Regarding Forward-Looking Statements included in this release. Management does not assume any obligation to update these estimates.
This quarterly earnings release and the Quarterly Financial Supplement are available on Cigna’s website in the Investor Relations section (https://investors.cigna.com/home/default.aspx). Management will be hosting a conference call to review full year 2021 results and discuss full year 2022 outlook beginning today at 8:30 a.m. ET. A link to the conference call is available in the Investor Relations section of Cigna’s website located at https://investors.cigna.com/events-and-presentations/default.aspx.
The call-in numbers for the conference call are as follows:
Live Call
(888) 566-1253 (Domestic)
(773) 799-3825 (International)
Passcode: 232022
Replay
(866) 359-3779 (Domestic)
(203) 369-0147 (International)
It is strongly suggested you dial in to the conference call by 8:15 a.m. ET.
About Cigna
Cigna Corporation (NYSE: CI) is a global health services company dedicated to improving the health, well-being and peace of mind of those we serve. Cigna delivers choice, predictability, affordability and access to quality care through integrated capabilities and connected, personalized solutions that advance whole person health. All products and services are provided exclusively by or through operating subsidiaries of Cigna Corporation, including Cigna Health and Life Insurance Company, Connecticut General Life Insurance Company, Evernorth companies or their affiliates, and Express Scripts companies or their affiliates. Such products and services include an integrated suite of health services, such as medical, dental, behavioral health, pharmacy, vision, supplemental benefits, and other related products.
Cigna maintains sales capability in over 30 countries and jurisdictions, and has over 185 million customer relationships throughout the world. To learn more about Cigna®, including links to follow us on Facebook or Twitter, visit www.cigna.com.
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Notes: |
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1. |
Adjusted revenues is used by Cigna’s management because it permits analysis of trends in underlying revenue. The Company defines adjusted revenues as total revenues excluding the following adjustments: special items and Cigna’s share of certain realized investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting. Special items are matters that management believes are not representative of the underlying results of operations due to their nature or size. We exclude these items from this measure because management believes they are not indicative of past or future underlying performance of the business. Adjusted revenues is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, total revenues. See Exhibit 1 for a reconciliation of consolidated adjusted revenues to total revenues. |
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2. |
Adjusted income (loss) from operations is a principal financial measure of profitability used by Cigna’s management because it presents the underlying results of operations of Cigna’s businesses and permits analysis of trends in underlying revenue, expenses and shareholders’ net income. Adjusted income from operations is defined as shareholders’ net income (or income before income taxes for the segment metric) excluding net realized investment results, amortization of acquired intangible assets and special items. Cigna’s share of certain realized investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting are also excluded. Special items are matters that management believes are not representative of the underlying results of operations due to their nature or size. Adjusted income (loss) from operations is measured on an after-tax basis for consolidated results and on a pre-tax basis for segment results. Consolidated adjusted income (loss) from operations is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, shareholders’ net income. See Exhibit 1 for a reconciliation of consolidated adjusted income from operations to shareholders’ net income. |
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3. |
Management is not able to provide a reconciliation of adjusted income from operations to shareholders’ net income (loss) or adjusted revenues to total revenues on a forward-looking basis because it is unable to predict, without unreasonable effort, certain components thereof including (i) future net realized investment results (from equity method investments with respect to adjusted revenues) and (ii) future special items. These items are inherently uncertain and depend on various factors, many of which are beyond Cigna’s control. As such, any associated estimate and its impact on shareholders’ net income and total revenues could vary materially. |
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4. |
Operating ratios are defined as follows: |
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• |
The Cigna Healthcare medical care ratio represents medical costs as a percentage of premiums for all U.S. Commercial risk products, including medical, pharmacy, dental, stop loss and behavioral products provided through guaranteed cost or experience-rated funding arrangements, as well as Medicare Advantage, Medicare Part D, Medicare Supplement, individual on and off-exchange products, and healthcare products within our International Health business, within the Cigna Healthcare segment. |
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• |
The medical care ratio for Cigna’s U.S. Commercial and U.S. Government businesses combined, which were previously reported as U.S. Medical, includes the same items outlined above for the Cigna Healthcare segment, but excludes healthcare products within our International Health business. |
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• |
SG&A expense ratio represents enterprise selling, general and administrative expenses excluding special items as a percentage of adjusted revenue at a consolidated level. |
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5. |
Customer relationships are defined as follows: |
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• |
Total medical customers includes individuals in the Cigna Healthcare segment who meet any one of the following criteria: are covered under a medical insurance policy, managed care arrangement, or service agreement issued by Cigna; have access to Cigna’s provider network for covered services under their medical plan; or have medical claims and services that are administered by Cigna. |
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• |
International Health medical customers excludes medical customers served by less than 100% owned subsidiaries and customers that are part of the businesses to be sold pursuant to the previously announced divestiture of the international life, accident, and supplemental benefits businesses6. Prior year lives have been restated to conform to this presentation. |
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• |
Pharmacy customer relationships. Effective January 1, 2021, Pharmacy lives have been updated to reflect actual eligibility data for benefits provided to Prime Therapeutics. Previously these lives had been estimated based on prescriptions filled during the period. Pharmacy lives for prior periods have been restated to reflect this change. |
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• |
Policies issued by the businesses subject to the definitive agreement to sell certain of our international life, accident, and supplemental benefits businesses6 have been excluded from customer relationships. |
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6. |
We entered into a definitive agreement in October 2021 to sell our life, accident, and supplemental benefits businesses in Hong Kong, Indonesia, New Zealand, South Korea, Taiwan, Thailand and our interest in a joint venture in Turkey to Chubb INA Holdings, Inc. (the “Chubb Transaction”). Subject to applicable regulatory approvals and customary closing conditions, we expect to complete this transaction in the second quarter of 2022. In connection with the pending Chubb Transaction, we revised our business reporting structure and, effective in the fourth quarter of 2021, we adjusted our segment reporting so that the results previously reported in the International Markets segment are now reported as follows: |
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• |
The businesses to be retained by Cigna are reported in the newly created International Health operating segment that will be aggregated with our existing U.S. Commercial and U.S. Government operating segments in the renamed Cigna Healthcare reporting segment (previously named U.S. Medical). |
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• |
The businesses to be sold pursuant to the Chubb Transaction are reported in Other Operations, which is included in “Corporate and Other Operations” in our earnings release and quarterly financial supplement. |
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Segment results for the periods presented have been restated to conform to the new segment presentation. See Cigna’s Current Report on Form 8-K filed on January 24, 2022 for additional information. |
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7. |
Adjusted margin, pre-tax, is calculated by dividing adjusted income (loss) from operations, pre-tax by adjusted revenues for each segment. |
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8. |
For Evernorth adjusted pharmacy scripts, non-specialty network scripts filled through 90-day programs and home delivery scripts are multiplied by three. All other network and specialty scripts are counted as one script. |
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9. |
Cigna owns a 50% non-controlling interest in its China joint venture. As such, the adjusted revenues for the Cigna Healthcare segment only include Cigna’s 50% share of the joint venture’s earnings reported in Fees and Other Revenues using the equity method of accounting under GAAP. |
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10. |
Medical costs payable within the Cigna Healthcare segment are presented net of reinsurance and other recoverables. The gross medical costs payable balance was $4.26 billion as of December 31, 2021, $4.33 billion as of September 30, 2021, and $3.70 billion as of December 31, 2020. |
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11. |
Beginning first quarter 2021, in our earnings release and quarterly financial supplement, “Corporate and Other Operations” combines the results previously reported as “Corporate” and the segment previously reported as “Group Disability and Other”, which is now reported as “Other Operations” in our securities filings. This change to simplify reporting was enabled by the sale of the Group Disability and Life business. |
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12. |
The measure “adjusted tax rate” is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, “consolidated effective tax rate”. We define adjusted tax rate as the consolidated income tax rate applicable to the Company’s pre-tax income excluding net realized investment results, amortization of acquired intangible assets, and special items. Cigna’s share of certain realized investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting are also excluded. Management is not able to provide a reconciliation to the consolidated effective tax rate on a forward-looking basis because we are unable to predict, without unreasonable effort, certain components thereof include (i) future net realized investment results and (ii) future special items. |
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13. |
The aggregation of adjusted income from operations, pre-tax for Cigna’s U.S. Commercial and U.S. Government businesses is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, income before income taxes. See footnote 2 for a definition of adjusted income from operations, pre-tax. The reconciliation of income before income taxes to adjusted income from operations, pre-tax for Cigna’s U.S. Commercial and U.S. Government businesses combined, which were previously reported as U.S. Medical, for the year-ended December 31, 2021 is as follows: |
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Financial Results (dollars in millions): |
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Year Ended |
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|
December 31, |
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|
2021 |
||
|
Income before income taxes |
$ 3,646 |
|
|
Pre-tax adjustments required to reconcile to adjusted income from |
||
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Net realized investment (gains) losses |
(239) |
|
|
Amortization of acquired intangible assets |
25 |
|
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Adjusted income from operations, pre-tax |
$ 3,432 |
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release, and oral statements made in connection with this release, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on Cigna’s current expectations and projections about future trends, events and uncertainties. These statements are not historical facts. Forward-looking statements may include, among others, statements concerning our projected adjusted income from operations outlook for 2022 on a consolidated, per share, and segment basis; projected adjusted revenue outlook for 2022; projected total medical customer growth over year end 2021; projected medical care and SG&A expense ratios; projected consolidated adjusted tax rate; projected adjusted margin; projected cash flow from operations; projected capital expenditures; future dividends; projected weighted average shares outstanding; future financial or operating performance, including our ability to deliver affordable, personalized and innovative solutions for our customers and clients, including in light of the challenges presented by the COVID-19 pandemic; future growth, business strategy, strategic or operational initiatives; economic, regulatory or competitive environments, particularly with respect to the pace and extent of change in these areas; financing or capital deployment plans and amounts available for future deployment; our prospects for growth in the coming years; strategic transactions, including the sale of our international life, accident and supplemental benefits business; and other statements regarding Cigna’s future beliefs, expectations, plans, intentions, liquidity, cash flows, financial condition or performance. You may identify forward-looking statements by the use of words such as “believe,” “expect,” “project,” “plan,” “intend,” “anticipate,” “estimate,” “predict,” “potential,” “may,” “should,” “will” or other words or expressions of similar meaning, although not all forward-looking statements contain such terms.
Forward-looking statements are subject to risks and uncertainties, both known and unknown, that could cause actual results to differ materially from those expressed or implied in forward-looking statements. Such risks and uncertainties include, but are not limited to: our ability to achieve our strategic and operational initiatives; our ability to adapt to changes in an evolving and rapidly changing industry; the scale, scope and duration of the COVID-19 pandemic and its potential impact on our business, operating results, cash flows or financial condition; our ability to compete effectively, differentiate our products and services from those of our competitors and maintain or increase market share; price competition and other pressures that could compress our margins or result in premiums that are insufficient to cover the cost of services delivered to our customers; the potential for actual claims to exceed our estimates related to expected medical claims; our ability to develop and maintain satisfactory relationships with physicians, hospitals, other health service providers and with producers and consultants; our ability to maintain relationships with one or more key pharmaceutical manufacturers or if payments made or discounts provided decline; changes in the pharmacy provider marketplace or pharmacy networks; changes in drug pricing or industry pricing benchmarks; political, legal, operational, regulatory, economic and other risks that could affect our multinational operations; risks related to strategic transactions and realization of the expected benefits of such transactions, including with respect to the sale of our international life, accident and supplemental benefits business, as well as integration difficulties or underperformance relative to expectations; dependence on success of relationships with third parties; risk of significant disruption within our operations or among key suppliers or third parties; our ability to invest in and properly maintain our information technology and other business systems; our ability to prevent or contain effects of a potential cyberattack or other privacy or data security incident; potential liability in connection with managing medical practices and operating pharmacies, onsite clinics and other types of medical facilities; the substantial level of government regulation over our business and the potential effects of new laws or regulations or changes in existing laws or regulations; uncertainties surrounding participation in government-sponsored programs such as Medicare; the outcome of litigation, regulatory audits, investigations; compliance with applicable privacy, security and data laws, regulations and standards; potential failure of our prevention, detection and control systems; unfavorable economic and market conditions, stock market or interest rate declines, risks related to a downgrade in financial strength ratings of our insurance subsidiaries; the impact of our significant indebtedness and the potential for further indebtedness in the future; unfavorable industry, economic or political conditions; credit risk related to our reinsurers; as well as more specific risks and uncertainties discussed in our most recent report on Form 10-K and subsequent reports on Forms 10-K, 10-Q and 8-K available through the Investor Relations section of www.cigna.com. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made, are not guarantees of future performance or results, and are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Cigna undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by law.
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CIGNA CORPORATION |
Exhibit 1 |
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COMPARATIVE SUMMARY OF FINANCIAL RESULTS (unaudited) |
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|
(Dollars in millions, except per share amounts) |
|||||
|
Three Months Ended |
Years Ended |
Three Months |
|||
|
December 31, |
December 31, |
September 30, |
|||
|
2021 |
2020 |
2021 |
2020 |
2021 |
|
|
REVENUES |
|||||
|
Pharmacy revenues |
$ 32,328 |
$ 28,305 |
$ 121,413 |
$ 107,769 |
$ 31,013 |
|
Premiums |
10,342 |
10,699 |
41,154 |
42,627 |
10,275 |
|
Fees and other revenues |
2,638 |
2,337 |
9,962 |
8,761 |
2,532 |
|
Net investment income |
380 |
371 |
1,549 |
1,244 |
468 |
|
Total Revenues |
45,688 |
41,712 |
174,078 |
160,401 |
44,288 |
|
Net realized investment results from certain equity method investments |
(12) |
(43) |
— |
(130) |
22 |
|
Special item related to contractual adjustment for a former client |
— |
— |
— |
(204) |
— |
|
Adjusted revenues (1) |
$ 45,676 |
$ 41,669 |
$ 174,078 |
$ 160,067 |
$ 44,310 |
|
SHAREHOLDERS’ NET INCOME |
|||||
|
Shareholders’ net income |
$ 1,116 |
$ 4,135 |
$ 5,365 |
$ 8,458 |
$ 1,621 |
|
After-tax adjustments to reconcile adjusted income from operations |
|||||
|
Net realized investment (gains) losses (2) |
(59) |
(169) |
(158) |
(244) |
(42) |
|
Amortization of acquired intangible assets |
326 |
370 |
1,494 |
1,431 |
392 |
|
Special Items |
|||||
|
Charge for organizational efficiency plan |
119 |
— |
119 |
24 |
— |
|
Debt extinguishment costs |
— |
— |
110 |
151 |
— |
|
Integration and transaction-related (benefits) costs |
70 |
148 |
71 |
404 |
(35) |
|
(Benefits) charges associated with litigation matters |
— |
— |
(21) |
19 |
— |
|
Risk corridors recovery |
— |
— |
— |
(76) |
— |
|
Contractual adjustment for a former client |
— |
— |
— |
(155) |
— |
|
(Gain) on sale of business |
— |
(3,217) |
— |
(3,217) |
— |
|
Adjusted income from operations |
$ 1,572 |
$ 1,267 |
$ 6,980 |
$ 6,795 |
$ 1,936 |
|
Pre-tax adjusted income (loss) from operations by segment |
|||||
|
Evernorth |
$ 1,634 |
$ 1,589 |
$ 5,818 |
$ 5,363 |
$ 1,548 |
|
Cigna Healthcare |
472 |
285 |
3,609 |
4,031 |
1,046 |
|
Corporate and Other Operations |
(115) |
(236) |
(450) |
(586) |
(83) |
|
Consolidated pre-tax adjusted income from operations |
1,991 |
1,638 |
8,977 |
8,808 |
2,511 |
|
Adjusted income tax expense |
(419) |
(371) |
(1,997) |
(2,013) |
(575) |
|
Consolidated after-tax adjusted income from operations |
$ 1,572 |
$ 1,267 |
$ 6,980 |
$ 6,795 |
$ 1,936 |
|
DILUTED EARNINGS PER SHARE |
|||||
|
Shareholders’ net income |
$ 3.39 |
$ 11.45 |
$ 15.73 |
$ 22.96 |
$ 4.80 |
|
After-tax adjustments to reconcile to adjusted income from operations |
|||||
|
Net realized investment (gains) losses (2) |
(0.18) |
(0.47) |
(0.46) |
(0.66) |
(0.12) |
|
Amortization of acquired intangible assets |
0.99 |
1.03 |
4.38 |
3.88 |
1.15 |
|
Special items |
|||||
|
Charge for organizational efficiency plan |
0.36 |
— |
0.35 |
0.07 |
— |
|
Debt extinguishment costs |
— |
— |
0.32 |
0.41 |
— |
|
Integration and transaction-related (benefits) costs |
0.21 |
0.41 |
0.21 |
1.10 |
(0.10) |
|
(Benefits) charges associated with litigation matters |
— |
— |
(0.06) |
0.05 |
— |
|
Risk corridors recovery |
— |
— |
— |
(0.21) |
— |
|
Contractual adjustment for a former client |
— |
— |
— |
(0.42) |
— |
|
(Gain) on sale of business |
— |
(8.91) |
— |
(8.73) |
— |
|
Adjusted income from operations (3) |
$ 4.77 |
$ 3.51 |
$ 20.47 |
$ 18.45 |
$ 5.73 |
|
Weighted average shares (in thousands) |
329,641 |
361,115 |
340,966 |
368,389 |
337,579 |
|
Common shares outstanding (in thousands) |
322,948 |
354,771 |
331,400 |
||
|
SHAREHOLDERS’ EQUITY at December 31, |
$ 47,112 |
$ 50,321 |
|||
|
SHAREHOLDERS’ EQUITY PER SHARE at December 31, |
$ 145.88 |
$ 141.84 |
|||
|
(1) Adjusted revenues is defined as total revenues excluding the following adjustments: special items and Cigna’s share of certain realized investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting. These items are excluded because they are not indicative of past or future underlying performance of our businesses. |
|||||
|
(2) Includes the Company’s share of certain realized investments results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting. |
|||||
|
(3) Adjusted income (loss) from operations is defined as shareholders’ net income (or income before income taxes for the segment metric) excluding the following adjustments: net realized investment results, amortization of acquired intangible assets and special items. Cigna’s share of certain realized investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting are also excluded. |
Artificial Intelligence
SimSpace Welcomes Matt Knutsen as New Chief Revenue Officer to Spearhead Expansion Plan
SimSpace strengthens their leadership team, appointing Knutsen to drive revenue growth for the company as it expands further into the public sector
BOSTON, May 2, 2024 /PRNewswire/ — SimSpace, the US-based industry leader in AI-Powered cyber ranges, announced today the appointment of Matt Knutsen as its new Chief Revenue Officer (CRO). Matt will champion SimSpace’s global sales and revenue growth strategy. He will drive expansion initiatives and foster strategic partnerships to stress test businesses’ and state agencies’ people, processes and technologies against the most advanced adversaries.
With more than 20 years of experience in the field, Matt most recently held the position of CRO at cyber training provider Immersive Labs, where he increased revenue growth by over 4000% and attracted over $180M in investment. He also launched the company into new markets, expanding the team across Australia, Europe, the Middle East, New Zealand and the US. The combination of Matt’s wealth of experience and his in-depth industry knowledge make him well-equipped to lead SimSpace’s next phase of growth.
As nation-state attacks rise in frequency, and AI drives a new wave of severe cyberattacks, companies also have to navigate uncertain economic conditions. SimSpace empowers organizations to cut unnecessary spending through stack optimization, allowing CISOs to maximize their ROI and effectiveness of their technology stack. Knutsen’s influence in the field will propel the SimSpace Platform to new heights, advancing access for companies and governments that need to optimize their cybersecurity defenses and safeguard their critical infrastructure from an increasingly volatile threat landscape.
Matt Knutsen is the most recent addition to SimSpace’s Executive Leadership Team, following Clint Sand’s appointment as Chief Product Officer in February 2024. His appointment underscores SimSpace’s continued growth trajectory, headed by the $45M they secured in funding from L2 Point Management, bringing the total capital raised over the past year to $70M. The company has also bolstered their presence in the public sector, marked by their recent partnership with Carahsoft and their multi-year contract with Florida to enhance the state’s cybersecurity preparedness. SimSpace’s high fidelity cyber ranges and simulations will enable state agencies and programs like Cyber Florida to rehearse and respond to cyberattacks.
Commenting on Matt’s arrival, SimSpace CEO William Hutchison said, “Matt is a seasoned executive, who has accumulated years of knowledge on cybersecurity best practices and established himself as a leading authority in cyber range exercises. His industry influence, strategic vision and conviction in the importance of cybersecurity preparedness will shape the future success of the company at this crucial time of expansion. With Matt leading our revenue organization, we have full confidence in our capacity to deepen our valued partnerships and build strong, new connections which will further elevate SimSpace’s position as a trusted cybersecurity partner.”
Matt Knutsen, Chief Revenue Officer commented, “I’m looking forward to bringing a proactive approach to cybersecurity risk management to even more private and public sector organizations. I’ve already been impressed by SimSpace’s high-fidelity cyber range simulations, both on and off premise. It’s a great time to be joining the company and I’m excited to build upon SimSpace’s recent rapid growth with even more partnerships.”
About SimSpace
SimSpace is the global leader in AI-Powered cyber ranges, founded by experts from U.S. Cyber Command and MIT’s Lincoln Laboratory to respond to a new era of unprecedented cyber threats. Having raised nearly $70 million in funding over the past year, the company’s Platform enables the most sophisticated enterprises, governments, and critical national infrastructure organizations to find intelligence-driven answers to the most vexing security, governance, training, and cyber readiness questions. SimSpace provides high-fidelity cybersecurity simulations, training, and safe live-fire exercises to Fortune 2000 financial, retail, insurance, and other commercial markets. SimSpace’s Platform results in an average reduction in cyber operational costs of 30% and a 40% reduction in breaches.
For more information, please visit: www.SimSpace.com.
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Artificial Intelligence
Enterprise AI Market to Be Worth $171.2 Billion by 2031–Exclusive Report by Meticulous Research®
REDDING, Calif., May 2, 2024 /PRNewswire/ — According to a new market research report titled, ‘Enterprise AI Market by Offering (Solutions, Services), Deployment Mode, Organization Size, Technology (ML, NLP), End-use Industry (IT & Telecom, Healthcare, Retail & E-commerce, Media & Advertisement) and Geography—Global Forecast to 2031,’ the global enterprise AI market is projected to reach $171.2 billion by 2031, at a CAGR of 32.9% from 2024 to 2031.
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Enterprise artificial intelligence (AI) is the integration of advanced AI-enabled technologies and techniques within large organizations to enhance business functions. Enterprise AI encompasses routine tasks of an organization such as data collection and analysis, supply chain management, finance, marketing, customer service, human resources and cybersecurity, and risk management. Enterprise AI is an integration of AI-enabled technologies such as machine learning, natural language processing, image processing, and speech recognition. Enterprise AI is used in various industries such as media & advertising, healthcare, retail & e-commerce, BFSI, government, automotive, and IT & telecom.
The growth of the enterprise AI market is driven by enterprises’ increasing need to enhance customer satisfaction and the growing implementation of enterprise AI solutions in the IT & telecom sectors. However, the high costs of enterprise AI solutions restrain the growth of this market. Furthermore, the increasing need for conversational AI solutions for optimized sales & marketing management and the growing need to automate business processes are expected to generate growth opportunities for the players operating in this market. However, data privacy & security concerns are a major challenge impacting market growth. Additionally, the growing adoption of AI chatbots for customer interaction and the increasing integration of Machine Learning (ML) technology into enterprise AI solutions are prominent trends in this market.
The global enterprise AI market is segmented by offering (solutions and services [professional services and managed services]), deployment mode (cloud-based deployment and on-premise deployment), organization size (large enterprises and small & medium-sized enterprises), technology (machine learning, image processing, natural language processing, and speech recognition), end-use industry (media & advertising, healthcare, retail & e-commerce, BFSI, government, automotive, IT & telecom, and other end-use industries), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.
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Based on offering, in 2024, the solutions segment is expected to account for the larger share of 63% of the enterprise AI market. The segment’s large market share is attributed to the growing adoption of enterprise AI solutions to solve specific business challenges or streamline business processes and the growing implementation of these solutions to automate tasks, analyze data, and provide insights.
However, the services segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by the growing need for AI consulting, data analysis, and enterprise-grade AI solution development, maintenance, and support and the rising adoption of services to automate tasks and help improve business operations efficiently.
Based on deployment mode, in 2024, the on-premise deployment segment is expected to account for the largest share of the enterprise AI market, with a revenue contribution of around USD 13 billion. The segment’s large market share is attributed to the increasing on-premise deployment of enterprise AI solutions by large enterprises and the growing demand for service flexibility, enhanced customer experience, and efficiency in managing risks and compliance.
However, the cloud-based deployment segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by benefits associated with cloud-based deployment, including easy maintenance of customer data, cost-effectiveness, and scalability, and the increasing demand for enterprise AI solutions that support multi-cloud deployments.
Based on organization size, in 2024, the large enterprises segment is expected to account for the larger share of the enterprise AI market. The segment’s large market share is attributed to the growing emphasis on developing strategic IT initiatives among large enterprises, the increasing need to manage large volumes of customer-level data, and the early adoption of advanced technologies across various sectors such as retail, manufacturing, healthcare, and automotive.
However, the small & medium-sized enterprises segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by the increasing need for chatbots and digital assistants among small & medium-sized enterprises and the increasing need to improve performance, quality management, and customer satisfaction in call centers.
Based on technology, in 2024, the machine learning segment is expected to account for the largest share of the enterprise AI market. The segment’s large market share is attributed to the growing adoption of enterprise AI solutions with machine learning capabilities to analyze historical data and identify patterns and the increasing use of these solutions in e-commerce, streaming platforms, and content websites.
However, the natural language processing segment is expected to register the highest CAGR of 37.4% during the forecast period. The growth of this segment is driven by the growing need to understand, interpret, and generate human language data and the rising adoption of NLP to analyze user preferences, behaviors, and interactions to deliver personalized content.
Based on end-use industry, in 2024, the IT & telecom segment is expected to account for the largest share of 26% of the enterprise AI market. The segment’s large market share is attributed to the increasing demand for personalized customer experiences enabled by AI technologies, the rising adoption of AI for analyzing data from network sensors to optimize operations, and the growing utilization of AI to enhance network performance and deliver customized services. Also, this segment is expected to register the highest CAGR during the forecast period.
Based on geography, in 2024, North America is expected to dominate the global enterprise AI market. North America enterprise AI market is estimated to be worth USD 9 billion in 2024. North America’s significant market share can be attributed to the growing adoption of enterprise AI solutions in the retail, healthcare, and finance sectors, the rising implementation of AI to enhance customer engagement, inventory management, and personalized shopping experience, and the increasing use of chatbots on websites, social media platforms, and messaging apps to respond customer inquiries.
However, Asia-Pacific is expected to register the highest CAGR of 34.3% during the forecast period. The growth of this regional market is driven by the growing emphasis by companies to launch chatbots and virtual assistants in the Asia-Pacific region, growing demand for chatbots and voice assistant solutions, and increasing demand for AI-powered customer support services.
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The key players operating in the enterprise AI market are NVIDIA Corporation (U.S.), Google LLC (A subsidiary of Alphabet Inc.) (U.S.), Amazon Web Services, Inc. (A Subsidiary of Amazon.com, Inc.) (U.S.), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Verint Systems Inc. (U.S.), SAP SE (Germany), Pegasystems Inc. (U.S.), Wipro Limited (India), Intel Corporation (U.S.), Oracle Corporation (U.S.), Hewlett Packard Enterprise (U.S.), MicroStrategy Incorporated (U.S.), Amelia US LLC (U.S.), Sentient.io (Singapore).
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Scope of the Report:
Global Enterprise AI Market Assessment—by Offering
SolutionsServicesProfessional ServicesManaged ServicesGlobal Enterprise AI Market Assessment—by Deployment Mode
On-premise DeploymentCloud-based DeploymentGlobal Enterprise AI Market Assessment—by Organization Size
Large EnterprisesSmall & Medium-sized EnterprisesGlobal Enterprise AI Market Assessment—by Technology
Machine LearningNatural Language ProcessingImage ProcessingSpeech RecognitionGlobal Enterprise AI Market Assessment—by End-use Industry
IT & TelecomNetwork OptimizationCustomer Service Automation and Virtual AssistantsHuman Resource ManagementCustomer AnalyticsCybersecurityOther IT & Telecom Applications BFSISecurity and Risk ManagementStreamlining Regulatory ComplianceCustomer Relationship ManagementReal-Time Transaction MonitoringData Analytics & PredictionOther BFSI Applications HealthcareHospital Workflow ManagementLifestyle ManagementPatient Data & Risk AnalyticsMedical Imaging & DiagnosisPrecision MedicineRemote Patient MonitoringRobot-assisted SurgeryDrug Discovery Retail & E-commerceSearch and RecommendationsCustomer Relationship ManagementInventory ManagementSupply Chain OptimizationIn-store Visual Monitoring & SurveillancePredictive AnalyticsDemand ForecastingChatbots Media & AdvertisementChatbots and Virtual AssistantsPredictive AnalyticsSales & Marketing AutomationAdvertising RecommendationContent GenerationTalent IdentificationProduction Planning & Management AutomotiveAdvanced Driver Assistance SystemsHuman-Machine InterfaceVehicle PersonalizationDesigning and Production ManagementSupply Chain ManagementOther Automotive Applications GovernmentFraud Detection and PreventionAdministrative ProcessesDisaster Management and ResponsePersonalized User SupportOther Government Applications Other End-use IndustriesGlobal Enterprise AI Market Assessment —by Geography
North AmericaU.S.CanadaEuropeGermanyU.K.FranceItalySpainRest of EuropeAsia-PacificChinaJapanIndiaSouth KoreaSingaporeRest of Asia-PacificLatin AmericaMiddle East & AfricaRelated Reports:
Conversational AI Market by Offering, Application, Organization Size, Deployment Mode, Sector (IT & Telecommunications, BFSI, Retail & E-commerce, Healthcare & Life Sciences, Travel & Hospitality, Education, Manufacturing) – Global Forecast to 2030
Speech and Voice Recognition Market by Function (Speech, Voice Recognition), Technology (AI and Non-AI), Deployment Mode (Cloud, On-premise), End User (Consumer Electronics, Automotive, BFSI, Other End Users), and Geography – Global Forecast to 2030
AI in Manufacturing Market by Component, Technology (ML, NLP, Computer Vision), Application (Predictive Maintenance & Machinery Inspection, Quality Management, Supply Chain Optimization), End-use Industry – Global Forecast to 2030
AI in E-commerce Market by Technology (ML, NLP, Computer Vision), Business Model, Deployment Mode, Product Offering (Beauty & Fashion, Pharmaceutical, Electronic), End User (B2B, B2C), and Geography – Global Forecast to 2031
Healthcare Artificial Intelligence Market by Offering (Software, Services), Technology (ML, NLP), Application (Hospital Workflow Management, Patient Management), End User (Hospitals & Diagnostic Centers), and Geography – Global Forecast to 2031
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
Contact:
Mr. Khushal BombeMeticulous Market Research Inc.1267 Willis St, Ste 200 Redding,California, 96001, U.S.USA: +1-646-781-8004Europe : +44-203-868-8738APAC: +91 744-7780008Email- [email protected] Visit Our Website: https://www.meticulousresearch.com/Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-researchContent Source: https://www.meticulousresearch.com/pressrelease/1041/enterprise-ai-market-2031
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Artificial Intelligence
Virtual Assistant Market Size to Grow USD 8613.5 Million by 2030 at a CAGR of 22.3% | Valuates Reports
BANGALORE, India, May 2, 2024 /PRNewswire/ — Virtual Assistant Market is Segmented by Type (Fax, Media), by Application (Retail & Ecommerce, BFSI, Automotive, Healthcare).
The Global Virtual Assistant Market was valued at USD 2054.5 Million in 2023 and is anticipated to reach USD 8613.5 Million by 2030, witnessing a CAGR of 22.3% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Virtual Assistant Market:
Because of its advanced digital infrastructure and early acceptance of technology, North America is the leader in the virtual assistant business. With so many tech-savvy professionals in the US and Canada, virtual assistant jobs are becoming more and more appealing to them as flexible work options. This region’s virtual assistant platform industry is growing due in part to the presence of large technological corporations and startups. Furthermore, as companies look for affordable options for administrative help, the surge in remote work trends—particularly in the wake of the pandemic—has increased demand for virtual assistants.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL VIRTUAL ASSISTANT MARKET
The growing requirement for efficient administrative support services is driving the virtual assistant market in the BFSI sector. Virtual assistants, who manage administrative tasks including data entry, document preparation, and email correspondence, are a wonderful asset to financial firms. Their remote access to planning resources from a home office makes it easier for clients to cooperate and boosts output. Additionally, virtual assistants with specialised knowledge in banking, finance, and regulatory compliance improve customer service and operational performance in the BFSI sector.
Because they offer administrative help to companies in the retail and e-commerce sectors, virtual assistants are essential to this industry. Virtual assistants let retailers focus on their main business activities by streamlining their operations and performing tasks like inventory management, product listing updates, and customer questions and orders processing. Their remote access to common calendars and other planning materials guarantees smooth client collaboration and improves responsiveness to client requests. Because virtual assistants provide flexible support services that can adjust to changing demand levels, they can help retail and e-commerce enterprises scale.
Virtual assistants are fostering growth in the automotive industry by offering administrative support services to companies in this field. Virtual assistants help auto firms with a range of duties, such as addressing client questions, making appointment arrangements, and organising logistics for car delivery and maintenance. The flexibility and efficiency of the automotive supply chain are increased by their remote access to planning documents and capacity to work from home offices. Furthermore, virtual assistants enhance client satisfaction by offering prompt help and support during the whole lifespan of a vehicle.
The market for virtual assistants is expanding in the healthcare industry as providers look to enhance patient care and streamline administrative procedures. Virtual assistants help healthcare businesses by taking care of patient queries, organizing appointments, and helping with medical paperwork duties. They may collaborate with healthcare professionals more easily and efficiently since they can work from home offices and access shared calendars and patient information. By promptly responding to questions and concerns about healthcare, virtual assistants can help to increase patient satisfaction.
The demand for cost-cutting and operational efficiency, the emergence of software-defined networking (SDN) technologies, and the growing complexity of network infrastructures are the main drivers of the market for network automation. In response to expanding digital transformation projects and the growth of cloud-based services and apps, organisations across a wide range of sectors are adopting automation to increase agility, streamline network administration operations, and boost security posture.
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VIRTUAL ASSISTANT MARKET SHARE ANALYSIS
Due to the region’s early technological adoption and strong digital infrastructure, North America now dominates the virtual assistant industry. There is a sizable pool of tech-savvy workers in the US and Canada who are increasingly looking for flexible work options in virtual assistant professions. The existence of established tech firms and new ventures focused on virtual assistant platforms contributes to the expansion of this industry in this area. In addition, as companies look for affordable options for administrative help, the need for virtual assistants has increased due to the rise in remote work patterns, particularly in the wake of the pandemic.
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Key Companies:
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Damstra targets global growth as part of Ideagen
