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Jianpu Technology Inc. Reports Third Quarter 2023 Unaudited Financial Results

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Jianpu Technology Inc. (“Jianpu,” or the “Company”) (NYSE: JT), a leading independent open platform for the discovery and recommendation of financial products in China, today announced its unaudited financial results for the third quarter ended September 30, 2023.

Third Quarter 2023 Operational and Financial Highlights:

  • Revenues from recommendation services for the third quarter of 2023 decreased by 9.6% to RMB191.2 million (US$26.2 million) from RMB211.6 million in the same period of 2022. Revenues from recommendation services for loans increased by 25.3% to RMB102.9 million (US$14.1 million) in the third quarter of 2023 from RMB82.1 million in the same period of 2022, primarily due to the increase in the number of loan applications. Revenues from recommendation services for credit cards decreased by 31.8% to RMB88.3 million (US$12.1 million) in the third quarter of 2023 from RMB129.5 million in the same period of 2022, primarily due to the decrease in the credit card volume.
  • Revenues from big data and system-based risk management services decreased by 24.4% to RMB18.9 million (US$2.6 million) in the third quarter of 2023 from RMB25.0 million in the same period of 2022, primarily due to the deconsolidation of Newsky Wisdom Treasure (Beijing) Co., Ltd (“Newsky Wisdom”) in the second quarter of 2023. The decline was also caused by a gradual shift of our business model of data-based risk management services towards the cooperation with the licensed credit reporting agencies.
  • Revenues from marketing and other services[1] increased by 41.3% to RMB45.5 million (US$6.2 million) in the third quarter of 2023 from RMB32.2 million in the same period of 2022. The increase was mainly attributable to the growth of insurance brokerage services and other new businesses.
  • Loss from operations was RMB8.7 million (US$1.2 million) in the third quarter of 2023, compared with RMB31.9 million in the same period of 2022. Operating loss margin was 3.4% in the third quarter of 2023, compared with 11.9% in the same period of 2022. The improvement of loss from operations was mainly attributable to the decrease in costs and expenses resulting from efficiency improvement and cost optimization.
  • Net loss was RMB6.4 million (US$0.9 million) in the third quarter of 2023, compared with RMB25.1 million in the same period of 2022. Net loss margin was 2.5% in the third quarter of 2023, compared with 9.3% in the same period of 2022.
  • Non-GAAP adjusted net loss[2] was RMB5.6 million (US$0.8 million) in the third quarter of 2023, compared with RMB9.4 million in the same period of 2022. Non-GAAP adjusted net loss margin[2] was 2.2% in the third quarter of 2023, compared with 3.5% in the same period of 2022.

First Nine Months 2023 Operational and Financial Highlights:

  • Revenues from recommendation services was RMB566.4 million (US$77.6 million) in the first nine months of 2023, compared with RMB560.4 million in the same period of 2022. Revenues from recommendation services for loans increased by 27.3% to RMB248.4 million (US$34.0 million) in the first nine months of 2023 from RMB195.2 million in the same period of 2022, primarily due to the increase in the number of loan applications. Revenues from recommendation services for credit cards decreased by 12.9% to RMB318.0 million (US$43.6 million) in the first nine months of 2023 from RMB365.2 million in the same period of 2022, primarily due to the decrease in the credit card volume.
  • Revenues from big data and system-based risk management services was RMB69.6 million (US$9.5 million) in the first nine months of 2023, compared with RMB68.0 million in the same period of 2022.
  • Revenues from marketing and other services[1] increased by 72.1% to RMB194.5 million (US$26.7 million) in the first nine months of 2023 from RMB113.0 million in the same period of 2022. The increase was mainly attributable to the growth of insurance brokerage services and other new businesses.
  • Loss from operations was RMB42.9 million (US$5.9 million) in the first nine months of 2023, compared with RMB122.4 million in the same period of 2022. Operating loss margin was 5.2% in the first nine months of 2023, compared with 16.5% in the same period of 2022. The improvement of loss from operations was mainly attributable to the increase in revenues and the decrease in operating expenses resulting from efficiency improvement and cost optimization.
  • Net loss was RMB28.1 million (US$3.9 million) in the first nine months of 2023, compared with RMB114.1 million in the same period of 2022. Net loss margin was 3.4% in the first nine months of 2023, compared with 15.4% in the same period of 2022.
  • Non-GAAP adjusted net loss[2] was RMB32.3 million (US$4.4 million) in the first nine months of 2023, compared with RMB92.2 million in the same period of 2022. Non-GAAP adjusted net loss margin[2] was 3.9% in the first nine months of 2023, compared with 12.4% in the same period of 2022.

Mr. David Ye, Co-founder, Chairman and Chief Executive Officer of Jianpu, commented, “We have made progress in navigating the challenging environment and executing our diversification strategy since earlier this year, resulting in an increase of 12.0% year-over-year of our total revenue to RMB830.5 million (US$113.8 million) during the first nine months. Through our continued efforts to enhance operational efficiency and to optimize cost structure, our ROI[3] experienced a remarkable 5.9 percentage points increase year-over-year, reaching 141.2%, and our net loss was RMB6.4 million (US$0.9 million) in the third quarter of 2023.”

“Moreover, we are cognizant of the immense opportunities coming with the advancement of AI, and will target to develop flexible and low-coupling AI solutions with coverage in AI product architecture, and will continue to empower our ecosystem partners in their digital transformation with digital technology and artificial intelligence,” concluded Mr. Ye.

“During the third quarter of 2023, we persistently focused on achieving a diversified revenue structure, improving operating efficiency and executing cost optimization initiatives. In this quarter, our loan recommendation services and marketing and other services[1] continued to grow, leading to a more balanced revenue structure. Driven by our improved productivity and continued efficiency improvement, we trimmed our Non-GAAP adjusted net loss[2] significantly by 40.4% year-over-year to RMB5.6 million (US$0.8 million) in the third quarter of 2023,” said Oscar Chen, Chief Financial Officer of Jianpu.

Third Quarter 2023 Financial Results

Total revenues for the third quarter of 2023 decreased by 4.9% to RMB255.6 million (US$35.0 million) from RMB268.8 million in the same period of 2022. The decrease was mainly attributable to the decrease in revenues from recommendation services, partially offset by the increase of revenues from marketing and other services[1].

Revenues from recommendation services decreased by 9.6% to RMB191.2 million (US$26.2 million) in the third quarter of 2023 from RMB211.6 million in the same period of 2022.

Revenues from recommendation services for credit cards decreased by 31.8% to RMB88.3 million (US$12.1 million) in the third quarter of 2023 from RMB129.5 million in the same period of 2022. As certain credit card issuers lowered their marketing budget from the second quarter of 2023, credit card volume decreased by 27.3% to approximately 0.8 million in the third quarter of 2023 from 1.1 million in the same period of 2022. The average fee per credit card was RMB115.2 (US$15.8) and RMB116.4 in the third quarters of 2023 and 2022, respectively.

Revenues from recommendation services for loans increased by 25.3% to RMB102.9 million (US$14.1 million) in the third quarter of 2023 from RMB82.1 million in the same period of 2022, primarily due to an increase in the number of loan applications. The number of loan applications was approximately 7.4 million in the third quarter of 2023, representing a 48.0% increase from that in the same period of 2022. The average fee per loan application was RMB14.0 (US$1.9) and RMB16.5 in the third quarters of 2023 and 2022, respectively.

Revenues from big data and system-based risk management services decreased by 24.4% to RMB18.9 million (US$2.6 million) in the third quarter of 2023 from RMB25.0 million in the same period of 2022, primarily due to the deconsolidation of Newsky Wisdom in the second quarter of 2023. The decline was also caused by a gradual shift of our business model of data-based risk management services towards the cooperation with the licensed credit reporting agencies. Through the cooperation, which is mandated by the relevant PRC regulation, we, together with the licensed credit reporting agencies, provide data-based risk management services to the financial institutions and share the economic interests accordingly.

Revenues from marketing and other services[1] increased by 41.3% to RMB45.5 million (US$6.2 million) in the third quarter of 2023 from RMB32.2 million in the same period of 2022, primarily due to the growth of the Company’s insurance brokerage services and other new businesses.

Cost of promotion and acquisition decreased by 7.0% to RMB167.6 million (US$23.0 million) in the third quarter of 2023 from RMB180.2 million in the same period of 2022. The decrease was primarily due to the efficiency improvements and, to a lesser extent, the decrease in revenues from recommendation services.

Cost of operation decreased by 30.5% to RMB14.6 million (US$2.0 million) in the third quarter of 2023 from RMB21.0 million in the same period of 2022. The decrease was primarily attributable to the decrease in data acquisition costs, as well as the decrease in software development and maintenance costs related to the big data and system-based risk management services, which partially resulted from the deconsolidation of Newsky Wisdom.

Sales and marketing expenses was RMB33.2 million (US$4.6 million) in the third quarter of 2023, compared with RMB34.5 million in the same period of 2022. The decrease was primarily due to the decreases in payroll expenses, rental expenses, and travel and entertainment expenses, partially offset by an increase in client service-related expenses.

Research and development expenses decreased by 8.4% to RMB26.2 million (US$3.6 million) in the third quarter of 2023 from RMB28.6 million in the same period of 2022, primarily due to the decreases in payroll expenses and rental expenses resulting from the Company’s continued efforts in cost optimization.

General and administrative expenses was RMB22.6 million (US$3.1 million) in the third quarter of 2023, compared with RMB23.0 million in the same period of 2022. The change was primarily due to the decreases in rental expenses and travel and entertainment expenses, partially offset by the increases in allowance for credit losses and payroll expenses.

Impairment of goodwill and intangible assets was RMB13.3 million in the third quarter of 2022 related to the impairment of the goodwill and intangible assets of Newsky Wisdom, which experienced a decline in revenue due to the impact of COVID-19 prevention and control measures. There was no such impairment loss in the same period of 2023.

Loss from operations was RMB8.7 million (US$1.2 million) in the third quarter of 2023, compared with RMB31.9 million in the same period of 2022. Operating loss margin was 3.4% in the third quarter of 2023, compared with 11.9% in the same period of 2022. The decrease in operating loss was mainly attributable to the decrease in costs and expenses resulting from efficiency improvement and cost optimization.

Others, net decreased by 97.3% to RMB0.2 million (US$0.0 million) in the third quarter of 2023 from RMB7.5 million in the same period of 2022. The decrease was mainly attributable to the decrease in tax benefits for value-added tax.

Net loss was RMB6.4 million (US$0.9 million) in the third quarter of 2023 compared with RMB25.1 million in the same period of 2022. Net loss margin was 2.5% in the third quarter of 2023, compared with 9.3% in the same period of 2022.

Non-GAAP adjusted net loss[2], which excluded share-based compensation expenses, investment impairment loss, impairment of goodwill and intangible assets, investment gain of deconsolidation of subsidiaries and tax effects of above Non-GAAP adjustments, was RMB5.6 million (US$0.8 million) in the third quarter of 2023, compared with RMB9.4 million in the same period of 2022. Non-GAAP adjusted net loss margin[2] was 2.2% in the third quarter of 2023 compared with 3.5% in the same period of 2022.

Non-GAAP adjusted EBITDA[5], which excluded share-based compensation expenses, investment impairment loss, impairment of goodwill and intangible assets, investment gain of deconsolidation of subsidiaries, depreciation and amortization, interest income and expenses, and income tax benefits from net loss, for the third quarter of 2023 was a loss of RMB6.6 million (US$0.9 million), compared with a loss of RMB7.2 million in the same period of 2022.

As of September 30, 2023, the Company had cash and cash equivalents, time deposits and restricted cash and time deposits of RMB687.3 million (US$94.2 million) and working capital of approximately RMB350.0 million (US$48.0 million). Compared to those as of December 31, 2022, cash and cash equivalents, time deposits and restricted cash and time deposits increased by RMB3.1 million.

First Nine Months 2023 Financial Results

Total revenues for the first nine months of 2023 increased by 12.0% to RMB830.5 million (US$113.8 million) from RMB741.4 million in the same period of 2022. The increase was mainly attributable to the increase in revenues from marketing and other services[1].

Revenues from recommendation services was RMB566.4 million (US$77.6 million) in the first nine months of 2023, compared with RMB560.4 million in the same period of 2022.

Revenues from recommendation services for credit cards decreased by 12.9% to RMB318.0 million (US$43.6 million) in the first nine months of 2023 from RMB365.2 million in the same period of 2022. As certain credit card issuers lowered their marketing budget from the second quarter of 2023, credit card volume in the first nine months of 2023 decreased by 12.5% to approximately 2.8 million from 3.2 million in the same period of 2022. The average fee per credit card were RMB114.3 (US$15.7) and RMB113.4 in the first nine months of 2023 and 2022, respectively.

Revenues from recommendation services for loans increased by 27.3% to RMB248.4 million (US$34.0 million) in the first nine months of 2023 from RMB195.2 million in the same period of 2022, primarily due to the increase in the number of loan applications. The number of loan applications was approximately 17.1 million in the first nine months of 2023, representing a 29.5% increase from that in the same period of 2022. The average fee per loan application was RMB14.6 (US$2.0) and RMB14.8 in the first nine months of 2023 and 2022, respectively.

Revenues from big data and system-based risk management services was RMB69.6 million (US$9.5 million) in the first nine months of 2023, compared with RMB68.0 million in the same period of 2022.

Revenues from marketing and other services[1] increased by 72.1% to RMB194.5 million (US$26.7 million) in the first nine months of 2023 from RMB113.0 million in the same period of 2022, primarily due to the growth of the Company’s insurance brokerage services and other new businesses.

Cost of promotion and acquisition increased by 9.1% to RMB569.1 million (US$78.0 million) in the first nine months of 2023 from RMB521.5 million in the same period of 2022, primarily due to the growth of the Company’s revenues from marketing and other services[1].

Cost of operation decreased by 11.5% to RMB53.0 million (US$7.3 million) in the first nine months of 2023 from RMB59.9 million in the same period of 2022. The decrease was primarily attributable to the decreases in data acquisition costs, as well as the decrease in software development and maintenance costs related to the big data and system-based risk management services, which partially resulted from the deconsolidation of Newsky Wisdom.

Sales and marketing expenses was RMB97.9 million (US$13.4 million) in the first nine months of 2023, compared with RMB101.6 million in the same period of 2022. The decrease was primarily due to the decreases in payroll expenses, rental expenses and marketing and advertising expenses, partially offset by an increase in client service-related expenses.

Research and development expenses decreased by 13.5% to RMB75.9 million (US$10.4 million) in the first nine months of 2023 from RMB87.7 million in the same period of 2022, primarily due to the decreases in payroll expenses, rental expenses and share-based compensation expenses resulting from our continued efforts in cost optimization.

General and administrative expenses was RMB77.5 million (US$10.6 million) in the first nine months of 2023 from RMB79.9 million in the same period of 2022, the change was primarily due to the decreases in rental expenses, share-based compensation expenses and travel and entertainment expenses, partially offset by an increase in professional fees.

Impairment of goodwill and intangible assets was RMB13.3 million in the first nine months of 2022 related to the impairment of the goodwill and intangible assets of Newsky Wisdom. There was no such impairment loss in the same period of 2023.

Loss from operations was RMB42.9 million (US$5.9 million) in the first nine months of 2023, compared with RMB122.4 million in the same period of 2022. Operating loss margin was 5.2% in the first nine months of 2023, compared with 16.5% in the same period of 2022. The decrease in operating loss was mainly attributable to the increase in revenues and the decrease in operating expenses resulting from efficiency improvement and cost optimization.

Others, net decreased by 9.5% to RMB10.5 million (US$1.4 million) in the first nine months of 2023 from RMB11.6 million in the same period of 2022. The decrease was mainly attributable to the decrease in tax benefits of value-added tax, partially offset by the investment gain from the deconsolidation of Newsky Wisdom[4] in the first nine months of 2023.

Net loss was RMB28.1 million (US$3.9 million) in the first nine months of 2023 compared with RMB114.1 million in the same period of 2022. Net loss margin was 3.4% in the first nine months of 2023 compared with 15.4% in the same period of 2022.

Non-GAAP adjusted net loss[2], which excluded share-based compensation expenses, investment impairment loss, impairment of goodwill and intangible assets, investment gain of deconsolidation of subsidiaries and tax effects of above Non-GAAP adjustments, was RMB32.3 million (US$4.4 million) in the first nine months of 2023, compared with RMB92.2 million in the same period of 2022. Non-GAAP adjusted net loss margin[2] was 3.9% in the first nine months of 2023 compared with 12.4% in the same period of 2022.

Non-GAAP adjusted EBITDA[5], which excluded share-based compensation expenses, investment impairment loss, impairment of goodwill and intangible assets, investment gain of deconsolidation of subsidiaries, depreciation and amortization, interest income and expenses, and income tax benefits from net loss, for the first nine months of 2023 was a loss of RMB33.3 million (US$4.6 million), compared with a loss of RMB84.7 million in the same period of 2022.

Subsequent Event

In August 2023, the Group entered into a share transfer agreement with a third-party buyer to sell its remaining 15% equity interests in Newsky Wisdom. The transaction was completed in late October 2023. The Group received all of the considerations and recognized the related investment gains in October 2023.

Conference Call 

The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on November 24, 2023 (9:00 PM Beijing/Hong Kong Time on November 24, 2023).

Dial-in details for the earnings conference call are as follows:

United States (toll free):  

1-888-346-8982  

International:  

1-412-902-4272  

Hong Kong, China (toll free):  

800-905-945  

Hong Kong, China:  

852-3018-4992  

Mainland China:  

400-120-1203  

Participants should dial-in at least 5 minutes before the scheduled start time and ask to be connected to the call for “Jianpu Technology Inc.”

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.jianpu.ai.

Artificial Intelligence

Two thirds of PR Pros can’t prove their work helps their business or client: CoverageBook

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Just 1 in 3 PRs track the commercial impact of their work – while 66% are focused on driving high volumes of coverage31% of PRs have seen budgets cut in the last year, but a staggering 50% of those respondents believe this would have been less likely if they could better prove commercial relevanceNew free tool ‘CoverageImpact’ helps PRs prove the value of their work and bridge this disconnectLONDON, Feb. 22, 2024 /PRNewswire/ — PR may talk the talk when it comes to boardroom relevance, but it’s failing to walk the walk. New research from CoverageBook, the leading PR industry reporting platform, shows that just one third of PR pros align their activity with commercial goals. The survey of over 350 senior PR and marketing professionals reveals a significant disconnect between how the PR industry measures and reports on activity and what senior leaders and budget holders expect to see. 

This research comes at a time when clients are putting increased scrutiny on PR teams to demonstrate impact. While the industry is finally putting outdated metrics like AVE (used by just 7% of respondents) to bed – there’s no consensus on how to prove the value of PR and communications.
To help build that consensus and allow every PR to prove the value of their work, CoverageBook is launching CoverageImpact, a revolutionary free tool designed to simplify PR reporting and impact measurement. The tool aims to bridge the gap between PR professionals’ activities and their clients’ commercial goals, ensuring that there’s no disconnect between agency and client or within a business.
This is particularly important as less than half of PR professionals currently consider new biz and sales when measuring the impact of their work – just 41% of UK respondents and 34% of US respondents take the new business/sales pipeline into account. These numbers drop significantly when asked about investment generation – 14% of UK respondents and 13% of US respondents. 
So what are they measuring? Well unsurprisingly, the focus is on outputs and audience, with 96% citing target audience as a key measurement criteria and 66% high volumes of coverage. 
Lack of commercial proof has a financial impact
The result of all this lack of commercial certainty? Unfortunately, it’s budget cuts. When asked about their 2023 budgets, 31% of all respondents said they had seen cuts (33% agencies, and 22% in-house).
Unsurprisingly, 50% of those respondents believe this would have been less likely if they could better prove commercial relevance. Breaking that figure down clearly shows the correlation between impact proof and budget decisions, with 75% of agency respondents and 25% of in-house respondents in the UK agreeing with that statement, alongside 79% of agency respondents and 21% of in-house respondents in the USA. 
Commenting on the findings, Alastair McCapra, CIPR CEO said: “These findings show how PR practitioners are putting more time into measurement and evaluation, but the lack of a common approach is costing us credibility. With one in three PR budgets being cut and a sluggish economy, we need to be more effective than ever in telling our story, and communicating the impact and value of our work.” 
When asked about the biggest challenges they face in measurement, 54% of all respondents cited a lack of a universal measurement framework, while 52% mentioned a lack of measurement tools. These findings underscore the urgent need for tools that simplify measurement and reporting, making it easier for PR professionals to demonstrate the value of their work.
Introducing CoverageImpact
CoverageImpact, developed by the creators of CoverageBook and Answer The Public, offers a simple solution for turning coverage tracker spreadsheets into visually appealing ‘coverage over time’ graphics. With CoverageImpact, users can easily add impact data to their reports without the need for complex pivot tables or data visualisation skills. The tool is compatible with popular PR tools such as Excel, Google Sheets, Cision, MuckRack, TalkWalker, Meltwater, and CoverageBook, making it accessible to PR professionals worldwide.
“The truth is everybody needs to level up on telling the story of their impact; how their work correlates to organisational impact – the stuff leadership and boards actually care about. We know this is happening in small pockets, there are some case studies of PR measurement already,” said Gary Preston, CEO & Co Founder at CoverageBook. “But only a few can afford dedicated teams with Python, Excel & Data viz skills to do the job. Our aim is to democratise PR measurement for everyone to start having credible impact stories.”
In addition to simplifying reporting, the tool is designed to help PR practitioners start credible conversations with senior business leaders and budget holders, create graphs that support strategic decision-making, and save time in generating reports.
To try out CoverageImpact, visit – https://coverageimpact.com/ 

View original content:https://www.prnewswire.co.uk/news-releases/two-thirds-of-pr-pros-cant-prove-their-work-helps-their-business-or-client-coveragebook-302069345.html

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Artificial Intelligence

Travel and Expense Management Software Market Size to Grow USD 15.7 Billion by 2032 at a CAGR of 18.3% | Valuates Reports

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BANGALORE, India, Feb. 22, 2024 /PRNewswire/ — Travel and Expense Management Software Market Size, Share, Competitive Landscape and Trend Analysis Report by Deployment Type (On-premise, Cloud), by Organization Size (Large Enterprises, Small and Medium-sized Enterprises), by Industry Vertical (IT and Telecom, BFSI, Manufacturing, Public Sector, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.

The global travel and expense management software market was valued at USD 3 Billion in 2022, and is projected to reach USD 15.7 Billion by 2032, growing at a CAGR of 18.3% from 2023 to 2032.
Claim Your Free Sample Now: https://reports.valuates.com/request/sample/ALLI-Manu-0L95/Travel_and_Expense_Management_Software_Market 
Major Factors Driving the Growth of Travel and Expense Management Software Market
The market for travel and expenditure management software is expanding due in large part to companies’ growing use of digital solutions to automate and streamline their travel and expense management procedures, which boost productivity and cut expenses. Further propelling the market development are the growing requirement for real-time visibility and control over spending, the necessity of regulatory compliance, and the increasing globalization of companies. Additionally, the incorporation of cutting-edge technologies like artificial intelligence (AI), machine learning, and data analytics into these software programmes is propelling market expansion by providing improved user experiences, predictive capabilities, and insights.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL TRAVEL AND EXPENSE MANAGEMENT SOFTWARE MARKET:
The global increase in corporate travel activities is a major factor driving the growth of the travel and expense management software market. Businesses are sending more staff on business trips, conferences, and customer meetings as a result of globalization and growing corporate operations. Organizations are adopting travel and expenditure management software solutions to simplify procedures, track spending in real-time, and guarantee compliance with corporate regulations as a result of the spike in corporate travel, which makes effective administration of travel expenses necessary.
Businesses in a variety of sectors are looking for solutions to streamline and automate their spending and travel management procedures in order to increase productivity and cut expenses. Travel & Expense Management Software reduces mistakes and eliminates human data entry duties with features including automatic receipt scanning, automated expense report production, and connectivity with accounting systems.
Accurate tracking and reporting of travel costs is mandated by strict business rules and regulatory regulations. Through the use of travel and expense management software, businesses may make sure that workers follow company policy on spending limits, prompt approval of charges, and tax compliance. The capacity of these software solutions to uphold compliance requirements and enforce policy adherence is what propels their acceptance by companies of all sizes.
Having real-time insight into spending trends and travel expenditures is essential for efficient money management and budgetary selection. Travel and Expense Management Software gives businesses centralized platforms to manage expenditure, keep an eye on bills, and instantly analyze spending patterns. The demand is driven by this real-time insight, which enables firms to find cost-saving possibilities, make educated decisions, and reduce financial risks.
Travel and expense management software is starting to need integration capabilities with current business systems, such as ERP (business Resource Planning) and HR (Human Resources) systems. Processes are streamlined, data accuracy is improved, and data synchronization across various business operations is made possible through seamless integration. Adoption of software solutions with strong integration capabilities is fueled by organizations’ preference for integrated solutions that can combine travel and cost data with other financial and operational data.
The importance of data analytics and reporting tools in travel and expense management software is growing. Companies need to know about vendor performance, policy compliance, and travel expenditure trends in order to drive strategic decision-making and maximize costs. Organizations are able to get meaningful insights from travel and spending data by utilizing advanced analytics tools that are integrated into these software packages. These tools include predictive analytics, data visualization capabilities, and customisable reporting dashboards.
The increasing popularity of cloud-based travel and expense management software can be attributed to advantages including cost-effectiveness, scalability, and flexibility. By doing away with the requirement for on-premises infrastructure, cloud-based solutions enable businesses to access software from any place or device that has an internet connection. Small and medium-sized businesses (SMEs) find cloud-based solutions especially appealing due to their scalability and accessibility.
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TRAVEL AND EXPENSE MANAGEMENT SOFTWARE MARKET SHARE ANALYSIS
In 2022, the market was led by the cloud segment based on deployment mode. This may be ascribed to the rise in developments in cloud-based infrastructure, as cloud technology offers a number of advantages including easy access to diverse apps from far-off locations, virtual reservations, and other creative solutions.
In 2022, the travel and expenditure management software market was dominated by North America. This is explained by the region’s rapid adoption of cloud-based technology. On the other hand, the Asia-Pacific area is growing faster. This is explained by the rise in small-, medium-, and large-scale technological companies in the area.
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Key Players:
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Automating Efficiency: Saudi Arabia Warehouse Automation Market Gears Up for 14.2% CAGR, Driven by E-commerce Boom and Vision 2030: Ken Research

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GURUGRAM, India, Feb. 22, 2024 /PRNewswire/ — The Kingdom of Saudi Arabia’s warehouse automation market is on a trajectory for exponential growth, fueled by a surging e-commerce sector and ambitious national goals outlined in Vision 2030. Ken Research’s comprehensive report, Saudi Arabia Warehouse Automation Market Outlook to 2028: Automating the Path to Progress, sheds light on this dynamic market, poised for a remarkable 14.2% CAGR in the coming years. This press release summarizes the key findings and offers valuable insights for investors, logistics companies, and technology providers seeking to capitalize on this flourishing landscape. 

Market Overview: 
Several key factors are propelling the Saudi Arabian warehouse automation market towards a bright future: 
E-commerce Boom: The exponential growth of e-commerce is driving demand for efficient and high-throughput warehouse operations, necessitating automation solutions. Vision 2030: The government’s ambitious Vision 2030 plan emphasizes logistics sector development, creating a conducive environment for automation adoption. Rising Labor Costs: Increasing labor costs are prompting companies to seek automation solutions for cost-efficiency and productivity gains. Increased Demand for Storage: Growing population and economic diversification are leading to higher storage requirements, making automation crucial for efficient space utilization. Interested to Know More about this Report, Request a Free Sample Report
Segmentation Spotlight: 
Ken Research provides a detailed segmentation of the market, allowing you to pinpoint your target audience effectively: 
By Technology: Automated Storage and Retrieval Systems (ASRS) dominate the market, followed by Automated Guided Vehicles (AGVs) and robots. By Application: E-commerce and retail sectors are the primary adopters, followed by manufacturing, healthcare, and automotive industries. By Solution Provider: Global players like Honeywell, Siemens, and Vanderlande compete alongside regional players like Fawaz Refrigeration and Nesma & Partners Contracting Company. Competitive Landscape: 
The market features a mix of established players and emerging entrants: 
Global players: Honeywell, Siemens, Vanderlande, Swisslog, and Knapp. Regional players: Fawaz Refrigeration, Nesma & Partners Contracting Company, Abdullah Hashim Abunayyan Trading Company, and Al-Obeikan Group. Start-ups: Innovative start-ups are offering customized and cost-effective automation solutions. Recent Developments: 
Investment in automation: Major logistics companies and government entities are investing heavily in warehouse automation solutions. Focus on cloud-based solutions: Cloud-based warehouse management systems (WMS) are gaining traction for improved scalability and flexibility. Adoption of collaborative robots (cobots): Cobots are increasingly used for tasks requiring human-robot collaboration. Visit this Link :- Request for custom report
Future Outlook: 
The Saudi Arabian warehouse automation market is expected to witness exciting developments in the coming years: 
Growing demand for advanced technologies: Technologies like artificial intelligence (AI) and machine learning (ML) will be integrated for optimized operations. Rise of integrated solutions: Integrated automation solutions encompassing hardware, software, and services will gain popularity. Focus on sustainability: Environmentally friendly automation solutions will be increasingly sought after. Challenges to Address: 
Despite its promising future, the market faces some hurdles: 
High initial investment costs: The upfront costs of automation implementation can be a barrier for some companies. Lack of skilled workforce: Training and upskilling the workforce to operate and maintain automated systems is crucial. Data security concerns: Addressing data security concerns associated with connected automation systems is essential. Why This Report Matters: 
This report empowers various stakeholders to navigate the Saudi Arabian warehouse automation market: 
Investors: Identify lucrative investment opportunities across different technologies and segments. Logistics companies: Gain insights into emerging trends, optimize their operations, and improve efficiency. Technology providers: Tailor their offerings to meet specific market needs and expand their reach. Government entities: Formulate policies that support market growth and achieve Vision 2030 goals. Request free 30 minutes analyst call
Taxonomy
By Product Category
Semi-AutomatedFully AutomatedBy Product Component
Conveyor System/ Sortation SystemAutomated Storage & Retrieval SystemWarehouse Management SystemAMR/AGVOthers (Pick-to-Light and Put-to-Light Systems and automated packaging: wedging, volume reduction, personalization and more)Automatic Identification and Data Capture (AIDC)By Automated Technology
HardwareSoftwareBy End-User
E-CommerceRetail (Supermarkets, Hypermarket, Consumer Durables & More)3PL/LogisticsOthers (Health & Beauty, Pharma, Furnishing)For More Insights On Market Intelligence, Refer To The Link Below: –
Saudi Arabia Warehouse Automation Market
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Future market size for UAE Movers set for substantial growth from 2022 to 2028. Launch of over 10,000 new townhouses and villas in May 2022, with handover expected by 2025, indicating a surge in property developments and increased demand for moving services. Ongoing urban development projects, including new residential communities and commercial centers, anticipated to boost the demand for professional movers.
South Korea Warehouse Automation Market Outlook to 2027 Driven By increasing demand from end-user industries and factors such as increasing labor cost and labor shortage in the country
According to Ken Research estimates, the Market Size of South Korea Warehousing has shown increasing trend from 2019 to 2022. South Korea’s strategic location as a gateway between Europe, Asia, and Africa makes it an attractive hub for trade. The country has been actively promoting foreign trade and industrialization, attracting international companies to set up manufacturing facilities and distribution centers. This leads to an increased demand for warehousing services to support import, export, and local supply chains.
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