Technology
Iridium Announces 2023 Results; Company Issues 2024 Outlook
Published
7 months agoon
By
Extends estimate of useful life of satellites by five years
MCLEAN, Va., Feb. 15, 2024 /PRNewswire/ — Iridium Communications Inc. (Nasdaq:IRDM) (“Iridium”) today reported financial results for the fourth quarter and full-year 2023 and issued its full-year 2024 guidance. Net income was $38.0 million, or $0.30 per diluted share, for the fourth quarter of 2023, as compared to net loss of $0.8 million, or $0.01 per diluted share, for the fourth quarter of 2022. Operational EBITDA (“OEBITDA”)(1) for the fourth quarter was $114.1 million, as compared to $107.0 million for the prior-year period, representing a year-over-year increase of 7%. Net income benefitted from a year-over-year decrease in depreciation expense resulting from a change in the estimated useful lives of the Company’s satellites, an increase in tax benefit and continued growth in total commercial services revenue.
Iridium reported fourth-quarter total revenue of $194.7 million, which consisted of $148.0 million of service revenue and $46.7 million of revenue related to equipment sales and engineering and support projects. Total revenue was in line with last year’s comparable period and included an 8% increase in service revenue. Service revenue, which represents primarily recurring revenue from Iridium’s growing subscriber base, was 76% of total revenue for the fourth quarter of 2023.
The Company ended the quarter with 2,279,000 total billable subscribers, which compares to 1,999,000 for the year-ago period and is up from 2,236,000 for the quarter ended September 30, 2023. Total billable subscribers grew 14% year-over-year, driven by growth in commercial IoT.
Full-Year 2023 Iridium Business Highlights
For the full year, Iridium reported net income of $15.4 million, or $0.12 per diluted share, as compared to net income of $8.7 million, or $0.07 per diluted share, for 2022. The change primarily resulted from an increase in income tax benefit offset in part by an increase in interest expense related to the fees paid for the refinancing of our Term Loan and the increase in the Secured Overnight Financing Rate (SOFR), which is the benchmark interest rate of the Term Loan. The Company reported record total revenue in 2023 of $790.7 million, which was up 10% from the year-ago period. Total revenue included $584.5 million of service revenue and $206.2 million of revenue related to equipment sales and engineering and support services. OEBITDA for 2023 was $463.1 million, a 9% increase from $424.0 million in the prior year. Capital expenditures were $73.5 million for the full-year 2023.
“Iridium executed well in 2023, delivering another solid year of commercial services growth. Strength was broad based with subscriber growth across all commercial service lines,” said Matt Desch, CEO, Iridium. Desch added, “Our strong cash flow supported ongoing return of more than $310 million of capital to shareholders, including dividend payments of about $65 million in 2023.”
In the fourth quarter of 2023, Iridium conducted its annual evaluation of asset useful lives. The analysis considered the health of Iridium’s constellation, satellite performance and the successful launch of five in-orbit spares in 2023. As a result of this assessment, the satellites’ estimated useful lives have been extended by five years from 12.5 years to 17.5 years. The change will affect the timing of certain revenue and expense items.
Commenting on the change in estimated useful life of Iridium’s satellites, Desch said, “This action is a validation of our expectations for Iridium’s extended capex holiday.”
Fourth-Quarter Iridium Business Highlights
Service – Commercial
Commercial service remained the largest part of Iridium’s business, representing 62% of the Company’s total revenue during the fourth quarter. The Company’s commercial customer base is diverse and includes markets such as maritime, aviation, oil and gas, mining, recreation, forestry, construction, transportation and emergency services. These customers rely on Iridium’s products and services as critical to their daily operations and integral to their communications and business infrastructure.
Commercial service revenue was $121.5 million, up 10% from last year’s comparable period due to broad-based growth across all revenue lines.Commercial voice and data: Revenue was $55.6 million, up 12% from the year-ago period. Subscribers grew 3% from the year-ago period to 408,000. Average revenue per user (“ARPU”) was $45 during the fourth quarter, compared to $41 in last year’s comparable period, with the increase due primarily to higher access fees.Commercial IoT data: Revenue was $36.1 million, up 12% from the year-ago period. Subscribers grew 18% from the year-ago period to 1,709,000 customers, driven by continued growth in consumer personal communications devices. ARPU was $7.12 in the fourth quarter, compared to $7.50 in last year’s comparable period. The decrease in ARPU resulted primarily from customer mix, including the effect of the growing proportion of personal communications subscribers, who typically utilize lower ARPU plans.Commercial broadband: Revenue was $14.6 million, up 5% from $13.9 million in the year-ago period. ARPU was $294 during the fourth quarter, compared to $313 in last year’s comparable period, reflecting the increased prevalence of Iridium’s use as a companion service rather than primary.Hosted payload and other data service: Revenue was $15.2 million, up 3% from $14.7 million in the year-ago period. There was a year-over-year decrease in hosted payload revenue related to the change in the estimated useful lives of Iridium’s satellites described above that went into effect in the fourth quarter of 2023. This decrease was more than offset by higher precision location service revenues of which $2 million was non-recurring and resulted from an updated estimate on a customer contract.Iridium’s commercial business ended the quarter with 2,134,000 billable subscribers, which compares to 1,860,000 for the prior-year quarter and is up from 2,094,000 for the quarter ended September 30, 2023. IoT data subscribers represented 80% of billable commercial subscribers at the end of the quarter, an increase from 78% at the end of the prior-year period.
Service – U.S. Government
Iridium’s voice and data solutions improve situational awareness for military personnel and track critical assets in tough environments around the globe, providing a unique value proposition that is not easily duplicated.
Under Iridium’s Enhanced Mobile Satellite Services contract (the “EMSS Contract”), a seven-year, $738.5 million fixed-price airtime contract with the U.S. Space Force signed in September 2019, Iridium provides specified satellite airtime services, including unlimited global standard and secure voice, paging, fax, Short Burst Data®, Iridium Burst®, RUDICS and Distributed Tactical Communications System services for an unlimited number of Department of Defense and other federal government subscribers. Iridium also provides maintenance and support work for the U.S. government’s dedicated Iridium gateway under two other contracts with the U.S. Space Force. Iridium Certus® airtime services are not included under these contracts and may be procured separately for an additional fee.
Government service revenue remained flat at $26.5 million in the fourth quarter reflecting the contractual rate in the EMSS Contract.Iridium’s U.S. government business ended the quarter with 145,000 subscribers, which compares to 139,000 for the prior-year quarter and 142,000 for the quarter ended September 30, 2023. Government voice and data subscribers increased 3% from the year-ago period to 62,000 as of December 31, 2023. Government IoT data subscribers increased 5% year-over-year and represented 57% of government subscribers at year-end.
Equipment
Equipment revenue was $15.7 million in the fourth quarter compared to $39.3 million in the prior-year quarter.Equipment revenue totaled $105.1 million in 2023, compared to $134.7 million in 2022. In 2024, the Company expects equipment sales to be lower than 2023 and be more in line with periods prior to 2022 which experienced supply chain disruptions due to the pandemic.
Engineering & Support
Engineering and support revenue was $31.1 million during the fourth quarter, compared to $17.8 million in the prior-year quarter, primarily due to a rise in activity with the U.S. government.Engineering and Support revenue totaled $101.1 million in 2023, compared to $51.6 million in 2022. In 2024, the Company expects Engineering and Support revenue to increase from 2023 with ongoing work on the Space Development Agency contract.
Capital expenditures were $16.2 million for the fourth quarter, including $1.2 million in capitalized interest. The Company ended the fourth quarter with gross debt of $1.5 billion and a cash and cash equivalents balance of $71.9 million, for a net debt balance of $1.4 billion.
Iridium paid its fourth quarter dividend of $0.13 per common share on December 29, 2023. Total dividends paid to stockholders during 2023 totaled $64.8 million. The Board of Directors plans to increase the quarterly dividend to $0.14 per share starting with the second quarter 2024 dividend, which would result in a full-year dividend increase of 5.8%.
During the quarter ended December 31, 2023, the Company repurchased approximately 1.3 million shares of its common stock under its previously announced share repurchase program at a total purchase price of $51.6 million. As of December 31, 2023, $334.0 million remained available and authorized for repurchase under this program.
2024 and Longer-Term Outlook
The Company issued its full-year 2024 outlook and updated long-term guidance on cash taxes:
Total service revenue growth between 4% and 6% for full-year 2024. Total service revenue for 2023 was $584.5 million.Full-year 2024 OEBITDA between $460 million and $470 million. OEBITDA for 2023 was $463.1 million.Cash taxes of less than $10 million per year from 2024 through 2026. We now expect that the longer-term cash tax rate will move closer to the statutory rate in 2028.Net leverage below 2.5 times OEBITDA between 2026 and 2029 and falling below 2.0 times OEBITDA by the end of the decade, assuming the completion of the Company’s share repurchase authorization and the payment of quarterly dividends. Net leverage was 3.1 times OEBITDA at December 31, 2023.
(1) Non-GAAP Financial Measures & Definitions
In addition to disclosing financial results that are determined in accordance with U.S. GAAP, the Company provides Operational EBITDA, which is a non-GAAP financial measure, as a supplemental measure to help investors evaluate the Company’s fundamental operational performance. Operational EBITDA represents earnings before interest, income taxes, depreciation and amortization, income (loss) on equity method investments, net, and share-based compensation expenses. The Company considers the loss on early extinguishment of debt to be financing-related costs associated with interest expense or amortization of financing fees, which by definition are excluded from Operational EBITDA. Such charges are incidental to, but not reflective of, the Company’s day-to-day operating performance. Operational EBITDA does not represent, and should not be considered, an alternative to U.S. GAAP measurements such as net income or loss. In addition, there is no standardized measurement of Operational EBITDA, and the Company’s calculations thereof may not be comparable to similarly titled measures reported by other companies. The Company believes Operational EBITDA is a useful measure across time in evaluating its fundamental core operating performance. Management also uses Operational EBITDA to manage the business, including in preparing its annual operating budget, debt covenant compliance, financial projections and compensation plans. The Company believes that Operational EBITDA is also useful to investors because similar measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies in similar industries. As indicated, Operational EBITDA does not include interest expense on borrowed money, the payment of income taxes, amortization of the Company’s definite-lived intangible assets, or depreciation expense on the Company’s capital assets, which are necessary elements of the Company’s operations. Since Operational EBITDA does not account for these and other expenses, its utility as a measure of the Company’s operating performance has material limitations. Due to these limitations, the Company’s management does not view Operational EBITDA in isolation, but also uses other measurements, such as net income (loss), revenues and operating profit, to measure operating performance. Please refer to the schedule below for a reconciliation of consolidated GAAP net income (loss) to Operational EBITDA and Iridium’s Investor Relations webpage at www.iridium.com for a discussion and reconciliation of this and other non-GAAP financial measures. We do not provide a forward-looking reconciliation of expected full-year 2024 Operational EBITDA guidance as the amount and significance of special items required to develop meaningful comparable GAAP financial measures cannot be estimated at this time without unreasonable efforts.
Iridium Communications Inc.
Supplemental Reconciliation of GAAP Net Income (Loss) to Operational EBITDA
(In thousands)
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
GAAP net income (loss)
$ 38,023
$ (808)
$ 15,415
$ 8,722
Interest expense, net
19,114
18,100
90,387
65,089
Income tax (benefit) expense
(9,578)
(721)
(26,251)
292
Depreciation and amortization
52,787
75,745
320,000
303,484
Share-based compensation
11,955
12,102
57,455
43,729
Loss on extinguishment of debt
—
1,187
—
1,187
Loss on equity method investments
1,768
1,402
6,089
1,496
Operational EBITDA
$ 114,069
$ 107,007
$ 463,095
$ 423,999
Conference Call Information
As previously announced, the Company will host a conference call to discuss its results at 8:30 a.m. Eastern Time on Thursday, February 15, 2024. Callers should dial 1-412-902-6740 to access the call. The conference call will also be simultaneously webcast on Iridium’s Investor Relations webpage at www.iridium.com. An archive of the webcast will be available following the live conference call.
About Iridium Communications Inc.
Iridium® is the only mobile voice and data satellite communications network that spans the entire globe. Iridium enables connections between people, organizations and assets to and from anywhere, in real time. Together with its ecosystem of partner companies, Iridium delivers an innovative and rich portfolio of reliable solutions for markets that require truly global communications. In 2019, the company completed a generational upgrade of its satellite network and launched its specialty broadband service, Iridium Certus. Iridium Communications Inc. is headquartered in McLean, Va., U.S.A., and its common stock trades on the Nasdaq Global Select Market under the ticker symbol IRDM. For more information about Iridium products, services and partner solutions, visit www.iridium.com.
Forward-Looking Statements
Statements in this press release that are not purely historical facts may constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding Iridium’s expectations with respect to total service revenue growth, OEBITDA and cash taxes for 2024; net leverage and cash taxes over the longer-term; anticipated equipment sales and engineering and support service revenue for 2024; amount and timing of share repurchases and the payment of dividends, and expected revenues from its EMSS contract with the U.S. government. Forward-looking statements can be identified by the words “anticipates,” “may,” “can,” “believes,” “expects,” “projects,” “intends,” “likely,” “will,” “to be” and other expressions that are predictions or indicate future events, trends or prospects. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Iridium to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, uncertainties regarding customer demand for Iridium’s products and services, including demand from the U.S. government; Iridium’s ability to maintain the health, capacity and content of its satellite constellation, and the development of and market for Iridium’s products and services, as well as general industry and economic conditions, and competitive, legal, governmental and technological factors. Other factors that could cause actual results to differ materially from those indicated by the forward-looking statements include those factors listed under the caption “Risk Factors” in the Company’s Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on February 15, 2024, as well as other filings Iridium makes with the SEC from time to time. There is no assurance that Iridium’s expectations will be realized. If one or more of these risks or uncertainties materialize, or if Iridium’s underlying assumptions prove incorrect, actual results may vary materially from those expected, estimated or projected. Iridium’s forward-looking statements are based on information available to it as of the date of this press release and speak only as of the date of this press release, and Iridium undertakes no obligation to update forward-looking statements.
Iridium Communications Inc.
Condensed Consolidated Statements of Operations
(In thousands)
Three Months Ended December 31,
2023
2022
Revenue
Service revenue
Commercial
$ 121,513
$ 110,274
Government
26,500
26,500
Total service revenue
148,013
136,774
Subscriber equipment
15,662
39,252
Engineering and support service
31,065
17,810
Total revenue
194,740
193,836
Operating expenses
Cost of services (exclusive of depreciation and amortization)
45,279
31,341
Cost of subscriber equipment sales
10,335
25,630
Research and development
5,728
5,748
Selling, general and administrative
34,315
36,599
Depreciation and amortization
52,787
75,745
Total operating expenses
148,444
175,063
Operating income
46,296
18,773
Other expense, net
Interest expense, net
(19,114)
(18,100)
Loss on extinguishment of debt
—
(1,187)
Other income, net
3,031
387
Total other expense, net
(16,083)
(18,900)
Income (loss) before income taxes
30,213
(127)
Income tax benefit
9,578
721
Loss on equity method investments
(1,768)
(1,402)
Net income (loss)
$ 38,023
$ (808)
Operational EBITDA
$ 114,069
$ 107,007
Iridium Communications Inc.
Condensed Consolidated Statements of Operations
(In thousands)
Year Ended December 31,
2023
2022
Revenue
Service revenue
Commercial
$ 478,454
$ 428,721
Government
106,000
106,000
Total service revenue
584,454
534,721
Subscriber equipment
105,136
134,714
Engineering and support service
101,133
51,599
Total revenue
790,723
721,034
Operating expenses
Cost of services (exclusive of depreciation and amortization)
158,710
115,137
Cost of subscriber equipment sales
66,410
86,012
Research and development
20,269
16,218
Selling, general and administrative
143,706
123,504
Depreciation and amortization
320,000
303,484
Total operating expenses
709,095
644,355
Operating income
81,628
76,679
Other expense, net
Interest expense, net
(90,387)
(65,089)
Loss on extinguishment of debt
—
(1,187)
Other income, net
4,012
107
Total other expense, net
(86,375)
(66,169)
Income (loss) before income taxes
(4,747)
10,510
Income tax benefit (expense)
26,251
(292)
Loss on equity method investments
(6,089)
(1,496)
Net income
$ 15,415
$ 8,722
Operational EBITDA
$ 463,095
$ 423,999
Iridium Communications Inc.
Summary Revenue and OEBITDA Highlights
(In thousands)
Three Months Ended December 31,
Year Ended December 31,
2023
2022
% Change
2023
2022
% Change
Revenue
Service revenue(1)
Commercial service revenue
Voice and data
$ 55,649
$ 49,491
12 %
$ 219,242
$ 193,112
14 %
IoT data(2)
36,065
32,158
12 %
141,036
125,015
13 %
Broadband(3)
14,620
13,942
5 %
57,878
51,143
13 %
Hosted payload and other data service(4)
15,179
14,683
3 %
60,298
59,451
1 %
Total commercial service revenue
121,513
110,274
10 %
478,454
428,721
12 %
Government service revenue(5)
26,500
26,500
0 %
106,000
106,000
0 %
Total service revenue
148,013
136,774
8 %
584,454
534,721
9 %
Subscriber equipment
15,662
39,252
-60 %
105,136
134,714
-22 %
Engineering and support(6)
Commercial
1,746
3,553
-51 %
11,050
7,833
41 %
Government
29,319
14,257
106 %
90,083
43,766
106 %
Total engineering and support
31,065
17,810
74 %
101,133
51,599
96 %
Total revenue
$ 194,740
$ 193,836
0 %
$ 790,723
$ 721,034
10 %
Operational EBITDA
Operational EBITDA
$ 114,069
$ 107,007
7 %
$ 463,095
$ 423,999
9 %
Other
Capital expenditures(7)
$ 16,202
$ 26,511
$ 73,487
$ 71,267
Net debt(8)
$ 1,428,130
$ 1,335,855
Cash and cash equivalents
$ 71,870
$ 168,770
Term Loan
$ 1,500,000
$ 1,504,625
Deferred financing costs
(17,510)
(17,440)
Term Loan, net
$ 1,482,490
$ 1,487,185
(1)
Service revenue consists of primarily subscription-based services which often generate a long-term recurring revenue stream from subscribers.
(2)
IoT data service provides a two-way short burst data transmission between Iridium Communications Inc.’s network and a telemetry unit, which may be located, for example, on a container in transit or a buoy monitoring oceanographic conditions.
(3)
Broadband is comprised of Iridium OpenPort® and Iridium Certus.
(4)
Hosted payload and other services consist primarily of services that do not have traditional billable subscribers. Hosted payload services consist of hosting and data services to our payload customers, Aireon and Harris. Other services include primarily Iridium Communications Inc.’s one-way satellite timing, location, and authentication services (STL) which provides position, navigation and timing technology.
(5)
Government service revenue consists of voice and IoT data subscription-based services provided to agencies of the U.S. government through prime contracts.
(6)
Engineering and support includes maintenance services to the U.S. government’s dedicated gateway and engineering services to assist customers in developing new technologies for use on Iridium Communications Inc.’s satellite system.
(7)
Capital expenditures based on cash spent in the respective period.
(8)
Net debt is calculated by taking the sum of the gross Term Loan B and gross drawn Revolving Facility, less cash and cash equivalents.
Iridium Communications Inc.
Subscriber Highlights
(In thousands, except ARPU)
As of December 31,
2023
2022
% Change
Billable Subscribers (1) (2)
Commercial
Voice and data, IoT data and Broadband service
Voice and data
408
397
3 %
IoT data
1,709
1,448
18 %
Broadband (4)
16.7
15.0
11 %
Total commercial voice and data, IoT data
and Broadband service
2,134
1,860
15 %
Government
Voice and data and IoT data service
Voice and data
62
60
3 %
IoT data
83
79
5 %
Total government voice and data and IoT
data service
145
139
4 %
Total billable subscribers
2,279
1,999
14 %
Three Months Ended December 31,
Year Ended December 31,
2023
2022
% Change
2023
2022
% Change
Net Billable Subscriber Additions
Commercial
Voice and data. IoT data and Broadband service
Voice and data
(2)
(4)
50 %
11
27
-59 %
IoT data
42
36
17 %
261
255
2 %
Broadband
0.2
0.3
-33 %
1.7
1.8
-6 %
Total commercial voice and data, IoT data
and Broadband service
40
32
24 %
274
284
-4 %
Government
Voice and data and IoT data service
Voice and data
1
(2)
150 %
2
(5)
140 %
IoT data
2
(4)
150 %
4
(3)
233 %
Total government voice and data and IoT
data service
3
(6)
150 %
6
(8)
175 %
Total net billable subscriber additions
43
26
64 %
280
276
2 %
Three Months Ended December 31,
Year Ended December 31,
2023
2022
% Change
2023
2022
% Change
ARPU (2) (3)
Commercial
Voice and data
$ 45
$ 41
10 %
$ 45
$ 42
7 %
IoT data
$ 7.12
$ 7.50
(5) %
$ 7.45
$ 7.89
(6) %
Broadband
$ 294
$ 313
(6) %
$ 305
$ 302
1 %
(1)
Subscribers as of the end of the respective period.
(2)
Billable subscriber and ARPU data is not applicable for Hosted payload and other data service revenue items and is excluded from presentation above.
(3)
Average monthly revenue per unit, or ARPU, is calculated by dividing revenue in the respective period by the average of the number of billable subscribers at the beginning of the period and the number of billable subscribers at the end of the period and then dividing the result by the number of months in the period.
(4)
Broadband is comprised of Iridium OpenPort® and Iridium Certus.
Investor Contact:
Press Contact:
Kenneth Levy
Jordan Hassin
Iridium Communications Inc.
Iridium Communications Inc.
+1 (703) 287-7570
+1 (703) 287-7421
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SOURCE Iridium Communications Inc.
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e-Sono, a division of 3B Scientific, specializes in advanced simulation technologies for medical education. With a focus on providing high-quality, interactive learning experiences, e-Sono supports the development of essential clinical skills through its extensive library of case-based ultrasound simulations and educational tools.
Contact:
Dr. Kevin Bergman, Co-Founder, co-CEO, Global Ultrasound Institute
Dr. Mena Ramos, Co-Founder, co-CEO, Global Ultrasound Institute
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SOURCE GLOBAL ULTRASOUND INSTITUTE
Technology
Technical Support Outsourcing Market to Grow by USD 17.3 Billion (2024-2028) as Demand for Cost-Efficient Solutions Rises, AI Drives Market Transformation- Technavio
Published
7 mins agoon
September 20, 2024By
NEW YORK, Sept. 20, 2024 /PRNewswire/ — Report with the AI impact on market trends- The global technical support outsourcing market size is estimated to grow by USD 17.3 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 7.99% during the forecast period. Increasing need for cost-effective solutions to improve efficiency is driving market growth, with a trend towards emergence of chatbots. However, outsourcing can compromise quality of technical support poses a challenge. Key market players include Aress Software and Education Technologies P Ltd., Computer Generated Solutions Inc., CSS Corp., Essentiel Outsourcing S.L., Flatworld Solutions Pvt. Ltd., Genpact Ltd., Global response Corp., HCL Technologies Ltd., IBN Technologies Ltd., Infosys Ltd., International Business Machines Corp., Invensis Technologies Pvt. Ltd., ISPL Support Services, Qcom Outsourcing Ltd., StarTek Inc., Suma Soft Pvt. Ltd., Tata Consultancy Services Ltd., Telegenisys Inc., Wipro Ltd., and Worldwide Call Centers Inc..
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report
Technical Support Outsourcing Market Scope
Report Coverage
Details
Base year
2023
Historic period
2018 – 2022
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 7.99%
Market growth 2024-2028
USD 17.3 billion
Market structure
Fragmented
YoY growth 2022-2023 (%)
7.32
Regional analysis
APAC, South America, Europe, North America, and Middle East and Africa
Performing market contribution
APAC at 58%
Key countries
China, Brazil, India, Germany, and Argentina
Key companies profiled
Aress Software and Education Technologies P Ltd., Computer Generated Solutions Inc., CSS Corp., Essentiel Outsourcing S.L., Flatworld Solutions Pvt. Ltd., Genpact Ltd., Global response Corp., HCL Technologies Ltd., IBN Technologies Ltd., Infosys Ltd., International Business Machines Corp., Invensis Technologies Pvt. Ltd., ISPL Support Services, Qcom Outsourcing Ltd., StarTek Inc., Suma Soft Pvt. Ltd., Tata Consultancy Services Ltd., Telegenisys Inc., Wipro Ltd., and Worldwide Call Centers Inc.
Market Driver
The technical support outsourcing market is experiencing growth due to the rising adoption of chatbots in various industries. These AI-powered tools offer a quick and efficient way for businesses to communicate with their customers, providing instant responses and reducing the need for on-site repair personnel. Machine Learning as a Service (MLaaS) is a key technology driving this trend, enabling chatbots to understand customer situations and generate appropriate responses in real time. Additionally, MLaaS can predict demand for services, providing enterprises with valuable insights and improving customer experience. Sectors such as retail, BFSI, and healthcare, which generate large amounts of data, are particularly benefiting from this integration. As a result, the global technical support outsourcing market is expected to expand significantly during the forecast period.
The Technical Support Outsourcing market is thriving, with trends like chat boxes and virtual help desks revolutionizing customer interactions. Independent software vendors and SMEs are outsourcing technical support to cut operating expenses and access qualified personnel. The help desk system is becoming more sophisticated, with a tiered staffing structure including Tier 1 staff for basic queries. In the retail, BFSI, hospitality, and eCommerce industries, customer databases are driving the need for efficient technical support. Emerging technologies like quantum computing, electronic billing, and digital payment systems require specialized expertise. Call volume management is crucial, with CRM systems helping to streamline processes. Personnel training and system upgrades are ongoing priorities. In-house resources may not always have the technical skills needed for complex issues, making outsourcing an attractive option. The market is dynamic, with trends like user-friendly services and office space requirements shaping the landscape. Broken servers and other IT issues can cause significant downtime, making quick First Call Resolution essential. Overall, Technical Support Outsourcing is an essential strategy for businesses looking to stay competitive in today’s digital world.
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Market Challenges
Technical support outsourcing allows enterprises to delegate their customer service needs to third-party companies. However, this arrangement comes with challenges. Quality issues may arise due to the lack of direct control over the services provided. Consumers’ expectations may not always be met, leading to dissatisfaction. Moreover, hidden costs and inefficiencies can increase the overall expense. These factors impact the quality of services delivered to end-users, posing a significant challenge for service providers in the technical support outsourcing market. Despite these hurdles, the market is expected to grow due to factors such as cost savings and access to specialized expertise. However, addressing the aforementioned challenges is crucial for ensuring customer satisfaction and market success.Technical support outsourcing has become a popular solution for various industries including retail, BFSI, hospitality, eCommerce, and more. Outsourcing technical support allows businesses to focus on their core competencies while experts handle IT issues. However, challenges persist. In industries like retail and BFSI, managing customer databases and ensuring data security are crucial. Emerging technologies like quantum computing, electronic billing, and digital payment systems require technical expertise. User-friendly services, office space, and system upgrades also demand attention. Training, broken servers, and outsourcing maintenance are common challenges. Global SMEs and independent software vendors seek cost-effective ways to provide quality technical support. Policies, strategies, and initiatives are essential for addressing data breaches and financial harm. Internal IT teams face employee capability limitations, accessibility issues, and business plan alignment. Consumer technical support requires digital technology proficiency, social media savvy, and online platform expertise. Smart computing devices, cost-effective ways, and global digital transformation call for automation and technical expertise.
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Segment Overview
This technical support outsourcing market report extensively covers market segmentation by
Type 1.1 Help desk1.2 Call centerBusiness Segment2.1 Large enterprises2.2 SMEsGeography 3.1 APAC3.2 South America3.3 Europe3.4 North America3.5 Middle East and Africa
1.1 Help desk- The Technical Support Outsourcing Market continues to grow, with businesses increasingly turning to external providers for cost savings and expertise. Outsourcing allows companies to focus on their core competencies while receiving reliable and efficient technical support services. Service providers offer 24/7 support, multilingual capabilities, and advanced technology solutions. This partnership results in improved customer satisfaction and operational efficiency for businesses.
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Research Analysis
Technical support outsourcing refers to the practice of companies contracting third-party providers to manage and resolve their customers’ technology-related issues. In various industries like retail, BFSI, hospitality, eCommerce, and more, outsourcing technical support has become a cost-effective way to improve customer experience and focus on core business functions. With the rise of digital technology, emerging technologies such as quantum computing, electronic billing, and digital payment systems are increasingly being adopted. This creates a need for user-friendly services and efficient technical support. Outsourcing technical support allows companies to access skilled professionals and keep up with system upgrades and training. Broken servers, internet service, smart computing devices, and software projects require constant attention. Social media and online platforms add another layer of complexity. Technical support outsourcing providers offer maintenance and helpdesk services, ensuring that businesses can provide uninterrupted services to their customers. The global digital transformation trend drives the demand for outsourcing technical support. Companies can save on office space and costs while ensuring that their customers’ queries are addressed promptly and efficiently. Consumer technical support is a crucial aspect of any business, and outsourcing allows companies to provide round-the-clock support, enabling them to stay competitive in the digital age.
Market Research Overview
Technical support outsourcing refers to the practice of hiring third-party providers to manage and deliver customer technical assistance services. This approach is increasingly popular among various industries, including retail, BFSI, hospitality, eCommerce, and more, due to the benefits it offers in managing customer databases and handling emerging technologies such as quantum computing, electronic billing, digital payment systems, and user-friendly services. Outsourcing technical support can help businesses save on office space and system upgrades, while also providing access to trained personnel and quality control measures. However, it’s essential to consider policies, strategies, and initiatives to ensure technical expertise, automation, and First Call Resolution (FCR) rates. Independent software vendors and global SMEs can leverage outsourcing technical support to improve technology awareness and employee capability, while also addressing issues like broken servers, data breaches, and financial harm caused by internal IT teams. With the rise of digital technology, social media, online platforms, internet services, and smart computing devices, cost-effective ways to provide technical support are becoming increasingly important. Outsourcing maintenance, app development, and software projects can help businesses stay competitive in the global digital transformation landscape. Moreover, technical support outsourcing can help businesses manage call volume, implement help desk systems, and provide virtual help desks to offer 24/7 support. A tiered staffing structure with Tier 1 staff handling basic queries and CRM systems ensuring customer interactions can lead to improved technical skills, policies, and strategies.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
TypeHelp DeskCall CenterBusiness SegmentLarge EnterprisesSMEsGeographyAPACSouth AmericaEuropeNorth AmericaMiddle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/technical-support-outsourcing-market-to-grow-by-usd-17-3-billion-2024-2028-as-demand-for-cost-efficient-solutions-rises-ai-drives-market-transformation–technavio-302254195.html
SOURCE Technavio
Technology
EV Charging Adapter Market to Grow by USD19.29 Billion (2024-2028) as Tax Incentives and AI-Driven Innovations, Boost EV Sales and Charging Infrastructure Development – Technavio
Published
7 mins agoon
September 20, 2024By
NEW YORK, Sept. 20, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global EV charging adapter market size is estimated to grow by USD 19.29 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 42.77% during the forecast period. Increasing EV sales through tax incentives pushing demand for well-built EV charger infrastructure is driving market growth, with a trend towards focus on reducing charging time. However, increasing cost pressure adversely affecting sales of ac level 2 and dc fast chargers poses a challenge – Key market players include ABB Ltd., Aptiv Plc, ChargePoint Holdings Inc., CHONGQING SENKU MACHINERY IMP AND EXP Co. Ltd., Delta Electronics Inc., Eaton Corp. Plc, EDF Energy Holdings Ltd, Enel Spa, EV Safe Charge Inc., FLO Services USA Inc., Kempower Oy, Lectron EV, Leviton Manufacturing Co. Inc., Phihong USA Corp., Robert Bosch GmbH, Schneider Electric SE, Shanghai Mida EV Power Co. Ltd., Shanghai Zencar Industry Co Ltd, Siemens AG, and Webasto SE.
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report
Ev Charging Adapter Market Scope
Report Coverage
Details
Base year
2023
Historic period
2018 – 2022
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 42.77%
Market growth 2024-2028
USD 19292.2 million
Market structure
Fragmented
YoY growth 2022-2023 (%)
31.08
Regional analysis
APAC, Europe, North America, South America, and Middle East and Africa
Performing market contribution
APAC at 50%
Key countries
China, US, Norway, Japan, and Germany
Key companies profiled
ABB Ltd., Aptiv Plc, ChargePoint Holdings Inc., CHONGQING SENKU MACHINERY IMP AND EXP Co. Ltd., Delta Electronics Inc., Eaton Corp. Plc, EDF Energy Holdings Ltd, Enel Spa, EV Safe Charge Inc., FLO Services USA Inc., Kempower Oy, Lectron EV, Leviton Manufacturing Co. Inc., Phihong USA Corp., Robert Bosch GmbH, Schneider Electric SE, Shanghai Mida EV Power Co. Ltd., Shanghai Zencar Industry Co Ltd, Siemens AG, and Webasto SE
Market Driver
The Ev Charging Adapter Market is experiencing significant growth due to technological innovations in battery technology and charging infrastructure. Manufacturers are focusing on reducing charging time and cost, leading to advancements such as portable solar-powered charging stations and ultra-fast charging stations. For instance, Envision Solar’s EV ARC is a solar-powered parking structure that charges a 21.6-kilowatt-hour battery, while the China State Grid’s ultra-fast charging station in Beijing can charge buses to 100% in 10 minutes using Microvast’s ultra-fast charging battery and 31 chargers. GE’s multi-coil system enables efficient interoperability and charging while driving, and DC fast charging offers a range of 40 miles in 10 minutes. The use of solar energy for charging EVs is an emerging trend, which is expected to be encouraged by private and government bodies due to its low cost, driving the market’s growth during the forecast period.
The EV charging adapter market is experiencing rapid growth in the automobile sector due to the increasing popularity of electric vehicles (EVs). By 2027, the market is forecasted to expand significantly. EV charging adapters enable compatibility between charging stations and various EV models with different charging connector types such as CHAdeMO and CCS. Improvements in charging infrastructure networks, installation in public areas, workplaces, residential complexes, and highways, are driving the market. Innovation, efficiency, versatility, safety features, and user-friendly designs are key factors contributing to the popularity of EV charging adapters. Diverse charging standards, including those for battery-electric vehicles and plug-in hybrid vehicles like the Chevrolet Volt and Nissan Leaf, necessitate the use of EV charging adapters. Environmental concerns, government norms, raw material prices, and compatibility with various charging port types are influencing market trends. Brands like ConnectDER, with offerings like meter sockets and home EV chargers, are providing rebates and tax credits to boost consumer adoption.
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Market Challenges
The global EV charging adapter market is experiencing significant growth due to the increasing adoption of electric vehicles (EVs) and the development of charging infrastructure. Governments worldwide prioritize vehicle safety, leading to the integration of advanced safety systems like antilock braking systems, airbags, tire pressure monitoring systems, and advanced driver assistance systems in both premium and entry-level vehicles. In particular, the US and China have shown high adoption rates for advanced driver assistance systems. However, the added cost of these safety features and EV charging adapters is a concern for Original Equipment Manufacturers (OEMs). Price-sensitive buyers are unwilling to bear the extra cost, putting pressure on OEMs to absorb the expenses. This situation may negatively impact the growth of the EV charging adapter market during the forecast period. Moreover, the increasing number of EVs equipped with AC Level 2 chargers and the expansion of charging infrastructure in public places necessitate further investment from OEMs. To meet these demands, they must comply with standards such as the European New Car Assessment Programme (Euro NCAP) and other regional regulations. Despite the challenges, the long-term outlook for the EV charging adapter market remains positive due to the growing demand for electric vehicles and the need for reliable charging solutions.The Ev Charging Adapter Market is experiencing significant growth due to the increasing popularity of battery-electric and plug-in hybrid vehicles. However, challenges persist in improving charging infrastructure networks, particularly in public areas, workplaces, and residential complexes along highways. Innovation, efficiency, and versatility are key focus areas for manufacturers to meet diverse charging standards and user needs. Safety features and user-friendly designs are essential for gaining brand value and customer trust. Environmental concerns and government norms are driving the transition to zero emission vehicles, leading to the availability of rebates, tax credits, and incentives. Raw material prices and diverse charging standards pose challenges, but companies like ChargePoint, Sunrun, and ConnectDER are addressing these issues with Level 2 home chargers, WiFi capabilities, and various plug types (NEMA 14-50, NEMA 6-50). Brand value, convenience, and charging speed are crucial factors for consumers considering the Chevrolet Volt and Nissan Leaf. As the market evolves, the focus on efficiency, versatility, and safety features will continue to be essential for market success.
Discover how AI is revolutionizing market trends- Get your access now!
Segment Overview
This ev charging adapter market report extensively covers market segmentation by
Type 1.1 AC1.2 DCApplication 2.1 Public2.2 PrivateGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa
1.1 AC- The Ev Charging Adapter Market is experiencing significant growth due to the increasing adoption of electric vehicles. These adapters enable charging at home or on the go, providing convenience for consumers. Manufacturers are focusing on developing efficient and cost-effective solutions to meet the rising demand. Key players in the market include Aptiv, Bosch, and Schneider Electric, among others. Collaborations and partnerships are common strategies to expand market reach and enhance product offerings. The market is expected to continue growing, driven by government initiatives and consumer preferences for sustainable transportation.
Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics
Research Analysis
The Ev Charging Adapter Market is poised for significant growth in the Rapidly Automobile Sector, driven by the increasing popularity of electric vehicles (EVs). Charging adapters enable EVs to connect to various charging stations, with compatibility for different charging connector types such as CHAdeMO and CCS. The market forecast period projects continued expansion, fueled by the improvement of charging infrastructure networks. Individual charging stations, public areas, workplaces, residential complexes, highways, and other locations are installing charging ports to cater to the diverse charging standards of EVs. Safety features and user-friendly designs are key considerations for charging adapters, ensuring a seamless charging experience for users during the transition to electric vehicles. The diverse charging standards and the need for compatibility have led to the development of various connector types. CHAdeMO and CCS are currently the most common, but other standards may emerge. The convenience offered by EV charging adapters is a significant factor in the growth of the market, as they enable EV owners to charge their vehicles at a wider range of charging stations.
Market Research Overview
The Ev Charging Adapter Market is poised for significant growth in the Rapidly Automobile Sector, driven by the increasing popularity of electric vehicles (EVs). Charging adapters enable EVs to charge at various charging stations using different connector types such as CHAdeMO and CCS. The market is forecast to expand during the period due to the improvement of charging infrastructure networks, installation in public areas, workplaces, residential complexes, highways, and the transition to zero emission vehicles. The versatility, efficiency, safety features, and user-friendly designs of EV charging adapters are key factors driving their popularity. However, diverse charging standards and compatibility concerns may pose challenges. Environmental concerns, government norms, raw material prices, and the availability of rebates, tax credits, and incentives also influence market dynamics. Brands like ChargePoint, Sunrun, and ConnectDER offer Level 2 home chargers, meter sockets, and public charging ports. The market is expected to benefit from the increasing popularity of battery-electric vehicles and plug-in hybrid vehicles, including models like the Chevrolet Volt and Nissan Leaf.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
TypeACDCApplicationPublicPrivateGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/ev-charging-adapter-market-to-grow-by-usd19-29-billion-2024-2028-as-tax-incentives-and-ai-driven-innovations-boost-ev-sales-and-charging-infrastructure-development—technavio-302254478.html
SOURCE Technavio
Global Ultrasound Institute (GUSI) Unveils POCUS Essentials Plus Simulation: A Game-Changing Advancement in Point-of-Care Ultrasound Training
Technical Support Outsourcing Market to Grow by USD 17.3 Billion (2024-2028) as Demand for Cost-Efficient Solutions Rises, AI Drives Market Transformation- Technavio
EV Charging Adapter Market to Grow by USD19.29 Billion (2024-2028) as Tax Incentives and AI-Driven Innovations, Boost EV Sales and Charging Infrastructure Development – Technavio
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