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Trip.com Group Limited Reports Unaudited Fourth Quarter and Full Year of 2023 Financial Results

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SHANGHAI, Feb. 21, 2024 /PRNewswire/ — Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) (“Trip.com Group” or the “Company”), a leading one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management, today announced its unaudited financial results for the fourth quarter and full year of 2023.

Key Highlights for the Fourth Quarter and Full Year of 2023

Domestic and international businesses continued to show robust recovery in the fourth quarter of 2023 Domestic hotel reservations grew by over 130% year over year.Outbound hotel and air reservations both recovered to over 80% of the pre-COVID level for the same period in 2019, compared to a 60% industry recovery in terms of international air passenger volume for the same period.Total bookings on the Company’s global OTA platform have increased by over 70% year over year.The Company delivered strong financial results in the fourth quarter of 2023 Net revenue for the fourth quarter grew by 105% compared to the same period in 2022. Net income for the fourth quarter was RMB1.3 billion (US$189 million).Adjusted EBITDA for the fourth quarter was RMB2.9 billion (US$401 million). Adjusted EBITDA margin was 28%, improved from 6% for the same period in 2022.

“In 2023, China embarked on a significant journey of reconnecting with the world driven by the rising travel sentiment. Our global business also experienced substantial growth fueled by our expanded market presence,” said James Liang, Executive Chairman. “With a continued focus on globalization and AI innovations, we are confident to build upon the success of 2023 and further explore the opportunities that lie ahead.”

“We are pleased with the strong results achieved across our business segments in the past year,” said Jane Sun, Chief Executive Officer. “The global travel industry has shown remarkable resilience and is poised to sustain its growth trajectory. To capitalize on this trend and unlock new opportunities, we remain committed to investing in technology and product innovation, enhancing customer services, and promoting sustainable development of the travel industry.”

Fourth Quarter and Full Year of 2023 Financial Results and Business Updates

The Company’s business has recovered significantly due to the resilient travel demand, leading to a surge in travel bookings year over year.

For the fourth quarter of 2023, Trip.com Group reported net revenue of RMB10.3 billion (US$1.5 billion), representing a 105% increase from the same period in 2022 primarily due to substantial recovery of travel market. Net revenue for the fourth quarter of 2023 decreased by 25% from the previous quarter, primarily due to seasonality.

For the full year of 2023, net revenue was RMB44.5 billion (US$6.3 billion), representing a 122% increase from 2022.

Accommodation reservation revenue for the fourth quarter of 2023 was RMB3.9 billion (US$550 million), representing a 131% increase from the same period in 2022 primarily due to substantial recovery of travel market. Accommodation reservation revenue for the fourth quarter of 2023 decreased by 30% from the previous quarter, primarily due to seasonality.

For the full year of 2023, accommodation reservation revenue was RMB17.3 billion (US$2.4 billion), representing a 133% increase from 2022. The accommodation reservation revenue accounted for 39% of the total revenue in 2023 and 37% of the total revenue in 2022.

Transportation ticketing revenue for the fourth quarter of 2023 was RMB4.1 billion (US$578 million), representing an 86% increase from the same period in 2022 primarily due to substantial recovery of travel market. Transportation ticketing revenue for the fourth quarter of 2023 decreased by 23% from the previous quarter, primarily due to seasonality.

For the full year of 2023, transportation ticketing revenue was RMB18.4 billion (US$2.6 billion), representing a 123% increase from 2022. The transportation ticketing revenue accounted for 41% of the total revenue both in 2023 and 2022.

Packaged-tour revenue for the fourth quarter of 2023 was RMB704 million (US$99 million), representing a 329% increase from the same period in 2022 primarily due to substantial recovery of travel market. Packaged-tour revenue for the fourth quarter of 2023 decreased by 47% from the previous quarter, primarily due to seasonality.

For the full year of 2023, packaged-tour revenue was RMB3.1 billion (US$442 million), representing a 294% increase from 2022. The packaged-tour revenue accounted for 7% of the total revenue in 2023 and 4% of the total revenue in 2022.

Corporate travel revenue for the fourth quarter of 2023 was RMB634 million (US$89 million), representing a 129% increase from the same period in 2022 and a 7% increase from the previous quarter, primarily due to substantial recovery of travel market.

For the full year of 2023, corporate travel revenue was RMB2.3 billion (US$317 million), representing a 109% increase from 2022. The corporate travel revenue accounted for 5% of the total revenue both in 2023 and 2022.

Cost of revenue for the fourth quarter of 2023 increased by 68% to RMB2.0 billion (US$283 million) from the same period in 2022 and decreased by 19% from the previous quarter, which was in line with the increase in net revenue. Cost of revenue as a percentage of net revenue was 19% for the fourth quarter of 2023.

For the full year of 2023, cost of revenue increased by 80% to RMB8.1 billion (US$1.1 billion), compared to that for 2022, which accounted for 18% of net revenue in 2023.

Product development expenses for the fourth quarter of 2023 increased by 39% to RMB2.9 billion (US$411 million) from the same period in 2022 and decreased by 18% from the previous quarter, primarily due to the fluctuations in product development personnel related expenses. Product development expenses as a percentage of net revenue was 28% for the fourth quarter of 2023.

For the full year of 2023, product development expenses increased by 45% to RMB12.1 billion (US$1.7 billion) from 2022, which accounted for 27% of net revenue in 2023.

Sales and marketing expenses for the fourth quarter of 2023 increased by 103% to RMB2.3 billion (US$329 million) from the same period in 2022 and decreased by 15% from the previous quarter, primarily due to the fluctuations in expenses relating to sales and marketing promotion activities. Sales and marketing expenses as a percentage of net revenue was 23% for the fourth quarter of 2023.

For the full year of 2023, sales and marketing expenses increased by 117% to RMB9.2 billion (US$1.3 billion) from 2022, which accounted for 21% of net revenue in 2023.

General and administrative expenses for the fourth quarter of 2023 increased by 6% to RMB869 million (US$122 million) from the same period in 2022. General and administrative expenses for the fourth quarter of 2023 decreased by 15% from the previous quarter primarily due to a decrease in general and administrative personnel related expenses. General and administrative expenses as a percentage of net revenue was 8% for the fourth quarter of 2023.

For the full year of 2023, general and administrative expenses increased by 31% to RMB3.7 billion (US$527 million) from 2022, which accounted for 8% of net revenue in 2023.

Income tax expense for the fourth quarter of 2023 was RMB399 million (US$56 million), compared to RMB246 million for the same period in 2022 and RMB448 million for the previous quarter. The change in Trip.com Group’s effective tax rate was primarily due to the combined impacts of changes in respective profitability of its subsidiaries with different tax rates, changes in deferred tax liabilities relating to withholding tax, certain non-taxable income or loss resulting from the fair value changes in equity securities investments and exchangeable senior notes recorded in other income/(expense), and changes in valuation allowance provided for deferred tax assets.

For the full year of 2023, income tax expense was RMB1.8 billion (US$246 million), compared to RMB682 million in 2022.

Net income for the fourth quarter of 2023 was RMB1.3 billion (US$189 million), compared to RMB2.1 billion for the same period in 2022 and RMB4.6 billion for the previous quarter. Adjusted EBITDA for the fourth quarter of 2023 was RMB2.9 billion (US$401 million), compared to RMB286 million for the same period in 2022 and RMB4.6 billion for the previous quarter. Adjusted EBITDA margin was 28% for the fourth quarter of 2023, compared to 6% for the same period in 2022 and 34% for the previous quarter.

For the full year of 2023, net income was RMB10.0 billion (US$1.4 billion), compared to RMB1.4 billion in 2022.

Net income attributable to Trip.com Group’s shareholders for the fourth quarter of 2023 was RMB1.3 billion (US$183 million), compared to RMB2.1 billion for the same period in 2022 and RMB4.6 billion for the previous quarter. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects, non-GAAP net income attributable to Trip.com Group’s shareholders for the fourth quarter of 2023 was RMB2.7 billion (US$376 million), compared to RMB498 million for the same period in 2022 and RMB4.9 billion for the previous quarter.

For the full year of 2023, net income attributable to Trip.com Group’s shareholders was RMB9.9 billion (US$1.4 billion), compared to RMB1.4 billion in 2022. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects, non-GAAP net income attributable to Trip.com Group’s shareholders was RMB13.1 billion (US$1.8 billion) in 2023, compared to RMB1.3 billion in 2022.

Diluted earnings per ordinary share and per ADS was RMB1.94 (US$0.27) for the fourth quarter of 2023. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects, non-GAAP diluted earnings per ordinary share and per ADS was RMB4.00 (US$0.56) for the fourth quarter of 2023. Each ADS currently represents one ordinary share of the Company.

For the full year of 2023, diluted earnings per share and per ADS was RMB14.78 (US$2.08). Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects, non-GAAP diluted earnings per share and per ADS was RMB19.48 (US$2.74).

As of December 31, 2023, the balance of cash and cash equivalents, restricted cash, short-term investment, and held to maturity time deposit and financial products was RMB77.3 billion (US$10.9 billion).

Recent Development

From September 2023 to the date of this press release, the Company purchased 6.8 million ADSs in aggregate with a total gross consideration of US$224 million pursuant to its existing share repurchase plan.

Pursuant to the regular capital return policy adopted by the Company’s board of directors in November 2023, in February 2024, the board of directors of the Company approved and authorized the Company to implement strategic capital return initiatives from time to time for an aggregate value up to US$300 million (the “2024 Capital Return Program”). The 2024 Capital Return Program permit discretionary annual share repurchases, discretionary annual cash dividends, or a combination of both.

Conference Call

Trip.com Group’s management team will host a conference call at 7:00 PM EST on February 21, 2024 (or 8:00 AM CST on February 22, 2024) following this announcement.

The conference call will be available live on Webcast and for replay at: https://investors.trip.com. The call will be archived for twelve months on our website.

All participants must pre-register to join this conference call using the Participant Registration link below:

https://register.vevent.com/register/BIe44158d2fc1245a3a7358621c0de47c7 

Upon registration, each participant will receive details for this conference call, including dial-in numbers and a unique access PIN. To join the conference, please dial the number provided, enter your PIN, and you will join the conference instantly.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe,” “estimate,” “is/are likely to,” “confident” or other similar statements. Among other things, quotations from management in this press release, as well as Trip.com Group’s strategic and operational plans, contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, severe or prolonged downturn in the global or Chinese economy, general declines or disruptions in the travel industry, volatility in the trading price of Trip.com Group’s ADSs or shares, Trip.com Group’s reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in the relevant jurisdictions where Trip.com Group operates, failure to successfully develop Trip.com Group’s existing or future business lines, damage to or failure of Trip.com Group’s infrastructure and technology, loss of services of Trip.com Group’s key executives, the impact of COVID-19 to Trip.com Group’s business operations, adverse changes in economic and political policies of the PRC government, inflation in China, risks and uncertainties associated with PRC laws and regulations with respect to the ownership structure of the variable interest entities and the contractual arrangements among Trip.com Group, the variable interest entities and their shareholders, and other risks outlined in Trip.com Group’s filings with the U.S. Securities and Exchange Commission or the Stock Exchange of Hong Kong Limited. All information provided in this press release and in the attachments is as of the date of the issuance, and Trip.com Group does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement Trip.com Group’s consolidated financial statements, which are prepared and presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Trip.com Group uses non-GAAP financial information related to adjusted net income attributable to Trip.com Group Limited, adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted earnings per ordinary share and per ADS, each of which is adjusted from the most comparable GAAP result to exclude the share-based compensation charges that are not tax deductible, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), net of tax, and other applicable items. Trip.com Group’s management believes the non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods.

Non-GAAP information is not prepared in accordance with GAAP, does not have a standardized meaning under GAAP, and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using non-GAAP financial measures is that non-GAAP measures exclude share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects that have been and will continue to be significant recurring expenses in Trip.com Group’s business for the foreseeable future.

Reconciliations of Trip.com Group’s non-GAAP financial data to the most comparable GAAP data included in the consolidated statement of operations are included at the end of this press release.

About Trip.com Group Limited

Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) is a leading global one-stop travel platform, integrating a comprehensive suite of travel products and services and differentiated travel content. It is the go-to destination for travelers in China, and increasingly for travelers around the world, to explore travel, get inspired, make informed and cost-effective travel bookings, enjoy hassle-free on-the-go support, and share travel experience. Founded in 1999 and listed on Nasdaq in 2003 and HKEX in 2021, the Company currently operates under a portfolio of brands, including Ctrip, Qunar, Trip.com, and Skyscanner, with the mission “to pursue the perfect trip for a better world.”

For further information, please contact:

Investor Relations
Trip.com Group Limited
Tel: +86 (21) 3406-4880 X 12229
Email: iremail@trip.com

 

 

Trip.com Group Limited

Unaudited Consolidated Balance Sheets

(In millions, except share and per share data)

December 31, 2022

December 31, 2023

December 31, 2023

RMB (million)

RMB (million)

USD (million)

ASSETS

Current assets:

Cash, cash equivalents and restricted cash

18,487

43,983

6,195

Short-term investments

25,545

17,748

2,500

Accounts receivable, net

5,486

11,410

1,607

Prepayments and other current assets

11,917

15,591

2,196

Total current assets

61,435

88,732

12,498

Property, equipment and software

5,204

5,142

724

Intangible assets and land use rights

12,825

12,644

1,781

Right-of-use asset

819

641

90

Investments (Includes held to maturity time deposit and
financial products of RMB15,527 million and RMB15,530
million as of December 31,2022 and December 31,
2023, respectively)

50,177

49,342

6,950

Goodwill

59,337

59,372

8,362

Other long-term assets

570

688

97

Deferred tax asset

1,324

2,576

363

Total assets

191,691

219,137

30,865

LIABILITIES

Current liabilities:

Short-term debt and current portion of long-term debt

32,674

25,857

3,642

Accounts payable

7,569

16,459

2,318

Advances from customers

8,278

13,380

1,885

Other current liabilities

12,718

16,715

2,354

Total current liabilities

61,239

72,411

10,199

Deferred tax liability

3,487

3,825

539

Long-term debt

13,177

19,099

2,690

Long-term lease liability

534

477

67

Other long-term liabilities

235

319

45

Total liabilities

78,672

96,131

13,540

SHAREHOLDERS’ EQUITY

Total Trip.com Group Limited shareholders’ equity

112,283

122,184

17,209

Non-controlling interests

736

822

116

Total shareholders’ equity

113,019

123,006

17,325

Total liabilities and shareholders’ equity

191,691

219,137

30,865

 

 

Trip.com Group Limited

Unaudited Consolidated Statements of Income/(Loss)

(In millions, except share and per share data)

Three Months Ended

Year Ended

December 31, 2022

September 30, 2023

December 31, 2023

December 31, 2023

December 31, 2022

December 31, 2023

December 31, 2023

RMB (million)

RMB (million)

RMB (million)

USD (million)

RMB (million)

RMB (million)

USD (million)

Revenue:

Accommodation reservation 

1,689

5,589

3,903

550

7,400

17,257

2,431

Transportation ticketing 

2,204

5,367

4,106

578

8,253

18,443

2,598

Packaged-tour 

164

1,328

704

99

797

3,140

442

Corporate travel

277

591

634

89

1,079

2,254

317

Others

697

876

991

140

2,526

3,468

488

Total revenue

5,031

13,751

10,338

1,456

20,055

44,562

6,276

Less: Sales tax and surcharges

(4)

(11)

(13)

(2)

(16)

(52)

(7)

Net revenue

5,027

13,740

10,325

1,454

20,039

44,510

6,269

Cost of revenue

(1,199)

(2,467)

(2,010)

(283)

(4,513)

(8,121)

(1,144)

Gross profit

3,828

11,273

8,315

1,171

15,526

36,389

5,125

Operating expenses:

Product development *

(2,104)

(3,577)

(2,916)

(411)

(8,341)

(12,120)

(1,707)

Sales and marketing *

(1,148)

(2,759)

(2,333)

(329)

(4,250)

(9,202)

(1,296)

General and administrative *

(816)

(1,028)

(869)

(122)

(2,847)

(3,743)

(527)

Total operating expenses

(4,068)

(7,364)

(6,118)

(862)

(15,438)

(25,065)

(3,530)

(Loss)/income from operations

(240)

3,909

2,197

309

88

11,324

1,595

Interest income 

458

543

593

84

2,046

2,090

294

Interest expense

(427)

(529)

(497)

(70)

(1,514)

(2,067)

(291)

Other income/(expense)

2,745

545

(903)

(127)

2,015

(667)

(94)

Income before income tax
expense and equity in
(loss)/income of affiliates

2,536

4,468

1,390

196

2,635

10,680

1,504

Income tax expense

(246)

(448)

(399)

(56)

(682)

(1,750)

(246)

Equity in (loss)/gain of affiliates

(210)

618

351

49

(586)

1,072

151

Net income

2,080

4,638

1,342

189

1,367

10,002

1,409

Net (income)/loss attributable to non-
controlling interests

(23)

(23)

(45)

(6)

36

(84)

(12)

Net income attributable to
Trip.com Group Limited

2,057

4,615

1,297

183

1,403

9,918

1,397

Earnings per ordinary share 

– Basic

3.17

7.05

1.99

0.28

2.17

15.19

2.14

– Diluted

3.12

6.84

1.94

0.27

2.14

14.78

2.08

Earnings per ADS 

– Basic

3.17

7.05

1.99

0.28

2.17

15.19

2.14

– Diluted

3.12

6.84

1.94

0.27

2.14

14.78

2.08

Weighted average ordinary shares
outstanding 

– Basic

649,893,734

654,146,029

652,033,082

652,033,082

648,380,590

652,859,211

652,859,211

– Diluted

658,660,803

674,134,652

668,332,395

668,332,395

657,092,826

671,062,240

671,062,240

* Share-based compensation included in Operating expenses above is as follows:

  Product development 

147

242

215

30

567

870

123

  Sales and marketing 

37

44

39

5

115

158

22

  General and administrative 

126

223

196

28

506

806

113

 

 

Trip.com Group Limited

Unaudited Reconciliation of  GAAP and Non-GAAP Results

(In millions, except %, share and per share data)

Three Months Ended

Year Ended

December 31, 2022

September 30, 2023

December 31, 2023

December 31, 2023

December 31, 2022

December 31, 2023

December 31, 2023

RMB (million)

RMB (million)

RMB (million)

USD (million)

RMB (million)

RMB (million)

USD (million)

Net income

2,080

4,638

1,342

189

1,367

10,002

1,409

Less: Interest income

(458)

(543)

(593)

(84)

(2,046)

(2,090)

(294)

Add: Interest expense

427

529

497

70

1,514

2,067

291

Add: Other (income)/expense

(2,745)

(545)

903

127

(2,015)

667

94

Add: Income tax expense

246

448

399

56

682

1,750

246

Add: Equity in loss/(income) of affiliates

210

(618)

(351)

(49)

586

(1,072)

(151)

(Loss)/income from operations

(240)

3,909

2,197

309

88

11,324

1,595

Add: Share-based compensation

310

509

450

63

1,188

1,834

258

Add: Depreciation and amortization

216

204

208

29

875

817

115

Adjusted EBITDA

286

4,622

2,855

401

2,151

13,975

1,968

Adjusted EBITDA margin

6 %

34 %

28 %

28 %

11 %

31 %

31 %

Net income attributable to Trip.com Group Limited

2,057

4,615

1,297

183

1,403

9,918

1,397

Add: Share-based compensation

310

509

450

63

1,188

1,834

258

Add: (Gain)/loss from fair value changes of equity securities investments
and exchangeable senior notes

(1,945)

(185)

989

139

(1,338)

1,507

212

Add: Tax effects on fair value changes of equity securities investments and
exchangeable senior notes

76

(42)

(61)

(9)

41

(188)

(26)

Non-GAAP net income attributable to Trip.com Group Limited

498

4,897

2,675

376

1,294

13,071

1,841

Weighted average ordinary shares outstanding-
 Diluted-non GAAP 

658,571,739

674,134,652

668,332,395

668,332,395

657,092,826

671,062,240

671,062,240

Non-GAAP Diluted income per share 

0.76

7.26

4.00

0.56

1.97

19.48

2.74

Non-GAAP Diluted income per ADS 

0.76

7.26

4.00

0.56

1.97

19.48

2.74

Notes for all the condensed consolidated financial schedules presented:

Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB7.0999 on December 29, 2023 published by the Federal Reserve Board.

 

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SOURCE Trip.com Group Limited

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Technology

Near Autonomous Passenger Car Market to Grow by USD 962.1 Billion (2024-2028), Rising Popularity of Semi-Autonomous Vehicles Drives Growth, AI Redefines Landscape – Technavio

Published

42 minutes ago

on

November 14, 2024

By

NEW YORK, Nov. 14, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global near autonomous passenger car market size is estimated to grow by USD 962.1 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  60.29%  during the forecast period. Increasing popularity of semi-autonomous vehicles is driving market growth, with a trend towards increased funding for research and development of autonomous vehicles. However, concerns related to cybersecurity  poses a challenge.Key market players include Amazon.com Inc., Bayerische Motoren Werke AG, Chery Automobile Co. Ltd., Chongqing Changan Automobile Co. Ltd., Ford Motor Co., Geely Auto Group, General Motors Co., Honda Motor Co. Ltd., Hyundai Motor Co., Mazda Motor Corp., Mercedes Benz Group AG, NIO Ltd., Nissan Motor Co. Ltd., Tata Motors Ltd., Tesla Inc., Toyota Motor Corp., and Volkswagen AG.

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF

Near Autonomous Passenger Car Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 60.29%

Market growth 2024-2028

USD 962.1 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

42.73

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 37%

Key countries

US, Germany, China, Japan, and France

Key companies profiled

Amazon.com Inc., Bayerische Motoren Werke AG, Chery Automobile Co. Ltd., Chongqing Changan Automobile Co. Ltd., Ford Motor Co., Geely Auto Group, General Motors Co., Honda Motor Co. Ltd., Hyundai Motor Co., Mazda Motor Corp., Mercedes Benz Group AG, NIO Ltd., Nissan Motor Co. Ltd., Tata Motors Ltd., Tesla Inc., Toyota Motor Corp., and Volkswagen AG

Market Driver

The Near Autonomous Passenger Car Market is experiencing significant growth due to the development and implementation of advanced technologies such as autonomous, driverless, and self-driving cars. These vehicles utilize sensors, cameras, radar, LiDAR, GPS, and software algorithms for navigation and safety. V2V and V2I communication, semiconductor chips, and automated driving systems are also key components. Battery management systems, energy-efficient and emission-free vehicles like battery electric vehicles, are gaining popularity due to fossil fuel price fluctuations and automotive safety concerns. Advanced safety technologies like parking assistance systems, blind spot detection, and adaptive cruise control are essential. Semi-autonomous and fully autonomous vehicles are the future of passenger cars and commercial vehicles. Mobility services like ride hailing and deep neural networks enhance transportation efficiency. Infrastructural developments and investment opportunities are crucial for the growth of autonomous vehicle technology. However, safety concerns, human error, cybersecurity threats, and technological challenges remain significant hurdles. Level 3 systems offer a balance between human control and automation, while consumer acceptance and traffic accidents are ongoing considerations. 

The near autonomous passenger car market is witnessing substantial investment from key players, including automotive manufacturers, Tier-1 suppliers, and technology providers. Companies like Mercedes Benz and Ford Motor are leading the charge, collectively investing approximately USD50 billion in autonomous vehicle technology development. Automakers have primarily focused their investments on specialized technological firms. For instance, General Motors committed USD35 billion towards EV and AV technology from 2020 to 2025. These investments aim to position companies at the forefront of the autonomous vehicle market. 

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 Market Challenges

•  The Near Autonomous Passenger Car Market is experiencing significant growth with the development of advanced technologies such as sensors, cameras, radar, LiDAR, GPS, and software algorithms. Autonomous, driverless, and self-driving cars are revolutionizing the transportation industry. However, challenges remain, including the integration of V2V and V2I communication, semiconductor chips, automated driving systems, battery management systems, and energy-efficient and emission-free vehicles. Factors like fossil fuel prices, automotive safety, and road accidents push the demand for advanced safety technologies like parking assistance systems, blind spot detection, and adaptive cruise control. Semi-autonomous and fully autonomous vehicles are the future of mobility services, with ride hailing services leading the way. Deep Neural Networks and AI systems are essential for transportation efficiency and infrastructural developments. Safety concerns, human error, and cybersecurity threats are significant challenges. Level 3 systems are gaining consumer acceptance, but technological challenges remain. Investment opportunities lie in the development of autonomous vehicle technology and self-driving technologies. The market is vast, with applications in passenger cars, commercial vehicles, and mobility services.

•  Modern near autonomous passenger cars incorporate numerous electronic control units (ECUs) and connectivity features, increasing the risk of security breaches. Hackers have successfully infiltrated the operations of connected vehicles, posing a significant threat to autonomous cars. Unlike traditional vehicles where a driver maintains full control, autonomous vehicles rely solely on machine intelligence and sensors. This shift in control heightens the vulnerability to cyber-attacks, making it crucial for automakers to prioritize security measures to safeguard these advanced vehicles.

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Segment Overview 

This near autonomous passenger car market report extensively covers market segmentation by 

Technology 1.1 ADAS level 11.2 ADAS level 2Geography 2.1 North America2.2 Europe2.3 APAC2.4 South America2.5 Middle East and Africa

1.1 ADAS level 1-  Advanced Driver-Assistance Systems (ADAS) are technological innovations that enhance driving and parking capabilities for vehicles. These systems promote safety by utilizing secure human-machine interaction and employing sensors, cameras, and automated technology to detect and respond to environmental impediments or driver errors. ADAS enables varying levels of autonomous driving, with level 1 allowing vehicles to steer, accelerate, and brake independently under most conditions. This technology is crucial for understanding other vehicles’ behavior and navigating roads safely, either independently or in conjunction with other vehicles. ADAS level 1 acts as a foundational technology for future autonomous vehicles, fueling the growth of the global near autonomous passenger car market during the forecast period.

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Research Analysis

The Near Autonomous Passenger Car Market refers to the rapidly evolving sector of self-driving cars, also known as autonomous or driverless vehicles. These advanced technologies utilize sensors, cameras, radar, LiDAR, GPS, and software algorithms to enable vehicles to navigate roads with minimal human intervention. V2V and V2I communication systems facilitate vehicle-to-vehicle and vehicle-to-infrastructure communication, enhancing safety and efficiency. Semiconductor chips and automated driving systems power these advanced features, while battery management systems ensure energy efficiency and the potential for emission-free vehicles. Self-driving technologies offer mobility and accessibility benefits, particularly for independent transport. However, safety concerns persist due to human error and the need for cyber security measures. Level 3 systems represent a significant step towards full autonomy, but technological challenges remain.

Market Research Overview

The Near Autonomous Passenger Car Market is a rapidly evolving sector, driven by advanced technologies such as sensors, cameras, radar, LiDAR, GPS, and software algorithms. These technologies enable vehicles to perceive their environment and make real-time driving decisions. Autonomous cars, also known as driverless or self-driving cars, use V2V and V2I communication to share data with other vehicles and infrastructure. Semiconductor chips and automated driving systems are essential components, while battery management systems ensure the efficiency and longevity of energy-efficient and emission-free vehicles, such as battery electric vehicles. Fossil fuel prices and automotive safety are significant factors influencing the market. Advanced safety technologies, including parking assistance systems, blind spot detection, and adaptive cruise control, are becoming standard features. Semi-autonomous and fully autonomous vehicles are transforming transportation, offering mobility services and independent transport. However, safety concerns, human error, cyber security threats, and technological challenges remain. Infrastructural developments and investment opportunities in autonomous vehicle technology and self-driving technologies are crucial for the market’s growth. Ride hailing services and deep neural networks are also playing a role in transportation efficiency. Despite these advancements, consumer acceptance and regulatory frameworks are essential for widespread adoption. The market for near autonomous passenger cars is poised for significant growth, offering numerous opportunities for innovation and progress.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TechnologyADAS Level 1ADAS Level 2GeographyNorth AmericaEuropeAPACSouth 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/

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Technology

Facial Recognition Market to Grow by USD 11.82 Billion (2024-2028), Rising Identity Threats Drive Growth, AI’s Impact on Market Trends – Technavio

Published

42 minutes ago

on

November 14, 2024

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NEW YORK, Nov. 14, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The global facial recognition market size is estimated to grow by USD 11.82 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 22.2%  during the forecast period. Increasing instances of identity threats is driving market growth, with a trend towards technological advances and emergence of facial analytics. However, high cost of deployment  poses a challenge.Key market players include Amazon.com Inc., ASSA ABLOY AB, Aware Inc., Ayonix Pty Ltd., Cognitec Systems GmbH, Daon Inc., Facebanx, FaceFirst Inc., Fujitsu Ltd., IDEMIA France SAS, Ipsidy Inc., Luxand Inc., Microsoft Corp., NEC Corp., Precise Biometrics AB, Safran SA, Suprema Inc., Synaptics Inc., Thales Group, and Veridium IP Ltd..

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Facial Recognition Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 22.2%

Market growth 2024-2028

USD 11819.9 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

17.9

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 37%

Key countries

US, China, UK, Germany, and Japan

Key companies profiled

Amazon.com Inc., ASSA ABLOY AB, Aware Inc., Ayonix Pty Ltd., Cognitec Systems GmbH, Daon Inc., Facebanx, FaceFirst Inc., Fujitsu Ltd., IDEMIA France SAS, Ipsidy Inc., Luxand Inc., Microsoft Corp., NEC Corp., Precise Biometrics AB, Safran SA, Suprema Inc., Synaptics Inc., Thales Group, and Veridium IP Ltd.

Market Driver

Facial recognition market is witnessing significant growth in various sectors including attendance tracking in educational institutions, patient identification in healthcare settings, and automating payment systems in retail. Operational efficiency is a key driver for organizations in education, healthcare, and retail sectors to adopt facial recognition technology. Security is another major factor, with surveillance systems being implemented in airports, critical infrastructure sectors, and public spaces to mitigate security threats and criminal activities. NEC, Microsoft, AWS, and other tech giants dominate the market with their KYC systems and digital wallets. Facial recognition is also used for authentication and security in mobile devices, mobile payments, app access, and identity verification. However, vulnerability to hacking, deep fakes, and cyber threats pose challenges to the market. Biases in facial recognition algorithms and privacy concerns are also areas of concern. The market includes companies like NEC Corporation, NtechLab, MorphoTrust, IDEMIA, Rekognition, FacePhi, Ayonix Corporation, Creditel, Salto Group, Cognitec Systems, and Secunet. Sectors like police enforcement, banking, law enforcement, forensic investigation, border control, access management, and consumer experiences are also impacted by this technology. Artificial intelligence, deep learning algorithms, computer vision, high-resolution cameras, and contactless authentication techniques are key technology trends. Data security, biases, and privacy are impacting factors. 

The facial recognition market is experiencing significant growth due to technological advancements. Vendors are integrating facial recognition technology into video surveillance systems, enabling easier and effective identification of intruders or attackers. This enhancement boosts security levels, addressing the increasing security concerns worldwide. Governments are increasing their spending on surveillance devices in response to heightened intruder threats. Vendors provide facial recognition capabilities as standalone or integrated software solutions with video surveillance systems. 

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 Market Challenges

•         Facial recognition technology is revolutionizing various sectors including attendance tracking in educational institutions, patient identification in healthcare settings, and automating payment systems in retail. Operational efficiency is a key driver for organizations in the education, healthcare, and retail sectors to adopt this technology. However, challenges persist. Security threats such as privacy concerns, illegal monitoring, and vulnerability to hacking are major issues. Sectors like law enforcement, banking, and border control rely on facial recognition for identification and verification. Technology leaders like NEC, Microsoft, AWS, and biometric experts such as NtechLab, MorphoTrust, IDEMIA, Rekognition, FacePhi, Ayonix Corporation, Creditel, Salto Group, and Cognitec Systems are at the forefront of this market. Biases, deep fakes, and cyber threats are also concerns. Facial recognition is used in physical security, public safety, and access control. It impacts consumer experiences through smartphone applications and contactless authentication techniques. Artificial intelligence, deep learning algorithms, and computer vision are essential for high-resolution cameras and 2D/3D facial analytics. Despite challenges, the future of facial recognition is promising, with applications in emotion recognition, security and surveillance, retail and e-commerce, media and entertainment, automobile and transportation, and IT and telecom.

•         Facial recognition technology offers significant benefits for security and identification in various industries, including government and transportation. However, the high cost of deployment is a major challenge. Large-scale implementation in departments and airports involves a lengthy sales cycle and significant investment. Costs extend beyond the facial recognition solution itself, with additional expenses for maintenance, middleware, and other associated costs. Budget constraints can result in substantial losses if implementation fails. Despite these challenges, the potential benefits of facial recognition make it a worthwhile investment for businesses seeking enhanced security and efficiency.

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Segment Overview 

This facial recognition market report extensively covers market segmentation by  

Application 1.1 Identification1.2 VerificationTechnology 2.1 3D2.2 2D2.3 Facial analyticsEnd-user 3.1 Media & entertainment3.2 BFSI3.3 Automobile & transportation3.4 OthersGeography 4.1 North America4.2 Europe4.3 APAC4.4 Middle East and Africa4.5 South America

1.1 Identification-  The facial recognition market for identification is experiencing significant growth due to its increasing adoption in sectors such as government and transportation. This technology enables the matching of an individual’s facial features with a database to retrieve their details, eliminating the need for human interaction. Its implementation in security purposes, particularly in public places and airports, is driving its growth. In the US, companies like Delta Airlines use facial recognition for passenger check-ins, and airports are adopting this technology for passenger identification. The integration of facial recognition with video surveillance systems is also supporting market growth. The security sector’s growing reliance on facial recognition is expected to boost the identification segment and the global market as a whole during the forecast period.

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Research Analysis

The Facial Recognition market is a rapidly growing sector of Biometrics technology, which uses Face recognition, Image recognition technology, and other Authentication techniques to identify and verify individuals based on their unique facial characteristics. This technology is increasingly being adopted across various sectors, including educational institutions for attendance tracking, healthcare settings for patient identification, and retail for automating payment systems. It offers operational efficiency for organizations by streamlining access control and surveillance. Sectors such as law enforcement and banking are also leveraging this technology for identification and security purposes. Facial recognition systems analyze facial characteristics, including the jawline, to create a unique identifier. Companies like NEC Corporation and NtechLab are leading innovators in this field, offering smart hospitality services and advanced recognition algorithms. Speech and Fingerprint recognition are other forms of Biometrics technology that complement Facial Recognition in the market.

Market Research Overview

Facial recognition technology is a biometric identification method that uses artificial intelligence and machine learning algorithms to identify and verify individuals based on their facial features. This technology is gaining popularity in various sectors including attendance tracking in educational institutions, patient identification in healthcare settings, automating payment systems in retail, operational efficiency in organizations, and security in public spaces. Facial recognition systems can be used for authentication, monitoring, and surveillance in airports, critical infrastructure sectors, and transportation hubs to ensure security and prevent criminal activities. However, privacy concerns have arisen due to the potential for illegal monitoring and vulnerability to hacking, deep fakes, and cyber threats. The technology can also be used for fraud prevention in digital wallets and smartphone applications, identity verification for app access and device unlocking, and access control in smart hospitality services. The use of facial recognition is expanding to sectors such as police enforcement, banking, law enforcement, forensic investigation, criminal identification, border control, and access management. Facial recognition technology is powered by artificial intelligence, deep learning algorithms, computer vision, and high-resolution cameras. It can be used for 3D and 2D facial analytics, emotion recognition, and security and surveillance. The technology is impacted by factors such as biases, technology advancements, and regulatory policies.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationIdentificationVerificationTechnology3D2DFacial AnalyticsEnd-userMedia & EntertainmentBFSIAutomobile & TransportationOthersGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

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/facial-recognition-market-to-grow-by-usd-11-82-billion-2024-2028-rising-identity-threats-drive-growth-ais-impact-on-market-trends—technavio-302305422.html

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Technology

Internet of Things (IoT) Market to Expand by USD 1.55 trillion (2024-2028), Advancements in IoT Platforms Drive Growth, Report with AI-Powered Market Evolution – Technavio

Published

42 minutes ago

on

November 14, 2024

By

NEW YORK, Nov. 14, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global internet of things (IOT) market size is estimated to grow by USD 1.55 trillion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 18.52%  during the forecast period. Technological developments in different platforms is driving market growth, with a trend towards use of wearables to monitor human health and environment. However, lack of awareness of efficient management of iot initiatives and investments  poses a challenge.Key market players include Aeris Communications Inc., Alphabet Inc., Amazon.com Inc., AT and T Inc., Cisco Systems Inc., Fujitsu Ltd., General Electric Co., Hewlett Packard Enterprise Co., Honeywell International Inc., Intel Corp., International Business Machines Corp., Koninklijke Philips N.V., Microsoft Corp., Oracle Corp., PTC Inc., Robert Bosch GmbH, SAP SE, Siemens AG, Thales Group, and Wipro Ltd..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF

Internet Of Things (Iot) Market Scope

Report Coverage

Details

Base year

2023

Historic period

2017 – 2021

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 18.52%

Market growth 2024-2028

USD 1554.5 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

15.18

Regional analysis

APAC, North America, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 37%

Key countries

US, China, Germany, Norway, and France

Key companies profiled

Aeris Communications Inc., Alphabet Inc., Amazon.com Inc., AT and T Inc., Cisco Systems Inc., Fujitsu Ltd., General Electric Co., Hewlett Packard Enterprise Co., Honeywell International Inc., Intel Corp., International Business Machines Corp., Koninklijke Philips N.V., Microsoft Corp., Oracle Corp., PTC Inc., Robert Bosch GmbH, SAP SE, Siemens AG, Thales Group, and Wipro Ltd.

Market Driver

The Internet of Things (IoT) market is experiencing significant growth, with trends like Generative AI and Blockchain leading the way. The World Economic Forum predicts that by 2025, IoT will contribute USD11 trillion to the global economy. Enterprises and service providers in sectors such as Manufacturing, Healthcare, Logistics chain, and E-commerce are embracing IoT technology for smart factory automation, real-time marketing analysis, and operational efficiency. IoT technology is revolutionizing industries, with companies like Taiwan Mobile, SPHCC, VivaLNK, and Canadian firms exploring new revenue-generating opportunities. SAS Software, VMware, and VMware Tanzu are key players in IoT software development. Connectivity, cloud adoption, and data processing are crucial for IoT success. Bluetooth technology, NB-IoT networks, and 5G technology are driving the future of IoT. Smart city initiatives, such as those in Smart Wellington, are transforming urban areas with IoT sensors and autonomous systems. Revenue forecasts indicate continued growth, with ROI a key consideration for businesses. Telecom and networking infrastructure providers, including 4G technology, are essential for IoT implementation. Consumer behavior and public safety services, such as firefighter and emergency medical services, are also benefiting from IoT technology. IoT technology is transforming sectors like Energy and Transportation, with smart utilities and smart transportation becoming the norm. RFID and sensors are enabling real-time monitoring and analysis, while AI and autonomous systems are streamlining processes and providing a competitive edge in digitalization. 

In today’s digital age, mobile devices such as smartphones and tablets have become the hub of connectivity and computing. Equipped with sensors like GPS, microphones, accelerometers, cameras, ambient light sensors, gyroscopes, and digital compasses, these devices offer advanced functionalities. These features are transforming various sectors such as social networking, environmental monitoring, healthcare, and transportation. Moreover, mobile devices come with WIFI, 3G/4G/5G, and Bluetooth connectivity. IoT wearables, an extension of these devices, enable consumers to monitor their health and allow doctors to remotely monitor patients. This integration of technology and mobility is revolutionizing our daily lives and economic sectors. 

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 Market Challenges

•  The IoT market is experiencing rapid growth, with enterprises and service providers in manufacturing, healthcare, logistics, and more embracing this technology. Challenges include integrating Generative AI and Blockchain, addressing Intelligent Disease and Smart City initiatives, and ensuring connectivity with 4G and 5G technology. IoT revenue forecasts are strong, driven by cloud adoption and data processing. Sensors, Bluetooth technology, and NB-IoT networks are key components. Companies like Taiwan Mobile, VivaLNK, and SPHCC are leading the way. SAS Software, VMware, and VMware Tanzu offer solutions. RoI is a major consideration, with operational efficiency and real-time marketing analysis driving value. Telecom and networking infrastructure providers, hardware vendors, and software vendors are essential partners. Canadian companies are also making strides in citizen services, public safety, and smart transportation. IoT presents significant revenue-generating opportunities and a competitive edge in digitalization.

•  The Industrial Internet of Things (IoT) market is experiencing significant growth as more enterprises integrate IoT into their industrial facilities. However, managing, securing, and optimizing these investments presents challenges. To fully leverage IoT’s capabilities, employee training is essential. The lack of skilled workers is a major hurdle for industries. Proper education on IoT platforms enables workers to adapt effectively and maximize system benefits. Investing in employee training is a crucial step towards successful IoT implementation.

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Segment Overview 

This internet of things (iot) market report extensively covers market segmentation by 

Application 1.1 Industrial1.2 Retail1.3 Healthcare1.4 ICT1.5 OthersTechnology 2.1 RFID2.2 Sensors2.3 NFC2.4 Cloud services2.5 OthersGeography 3.1 APAC3.2 North America3.3 Europe3.4 Middle East and Africa3.5 South America

1.1 Industrial-  The Industrial Internet of Things (IIoT) market is experiencing significant growth as businesses worldwide leverage this technology to enhance productivity and gain a competitive edge. Machines and devices are connected to the Internet through software, generating valuable data for predictive maintenance and performance optimization. However, challenges persist, including the need for increased investment, business model redesign, security concerns, lack of standardization, and interoperability issues. Favorable government policies and partnerships among industry players are crucial for addressing these challenges. The COVID-19 pandemic highlighted the importance of IIoT, particularly in the industrial sector. Manufacturing industries were significantly impacted, with many shutting down due to lockdowns. IIoT technology played a crucial role in enabling remote work and machine control, ensuring continuity of operations. The demand for IIoT solutions in the industrial sector has continued to grow post-pandemic, with vendors offering innovative solutions to drive market expansion during the forecast period.

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Research Analysis

The Internet of Things (IoT) market is experiencing exponential growth, driven by the integration of Generative AI and Blockchain technologies. According to the World Economic Forum, the global revenue for IoT is forecasted to reach USD1.1 trillion by 2026. In various sectors, IoT technology is revolutionizing industries such as Manufacturing, Healthcare, Logistics chain, and E-commerce. Intelligent Disease diagnosis and Smart Factory automation are two significant applications of IoT in Healthcare and Manufacturing, respectively. IoT is also transforming the way enterprises and service providers operate, enabling real-time data processing and connectivity through Bluetooth technology and Cloud adoption. Taiwan Mobile, SPHCC, VivaLNK, and others are leading the charge in IoT innovation. SAS Software, VMware, and VMware Tanzu are also making strides in IoT data processing and management. The integration of AI and IoT is expected to further accelerate growth in the market. The use of IoT in various sectors is revolutionizing business operations, improving efficiency, and creating new opportunities. The future of IoT is bright, with endless possibilities for innovation and growth.

Market Research Overview

The Internet of Things (IoT) market is experiencing exponential growth, driven by the integration of Generative AI and Blockchain technologies. The World Economic Forum estimates that by 2025, IoT will connect over 50 billion devices, revolutionizing industries from manufacturing to healthcare and logistics. IoT technology enables enterprises and service providers to optimize operational efficiency through smart factory automation, real-time marketing analysis, and autonomous systems. The energy and transportation sectors are major beneficiaries, with 5G technology and NB-IoT networks enabling smart utilities and smart transportation. Sensors and RFID technology are key components, providing connectivity and data processing capabilities. Cloud adoption and the use of IoT software are essential for managing and analyzing the vast amounts of data generated by these connected devices. IoT technology also offers revenue-generating opportunities for hardware, network, and software vendors, providing a competitive edge in digitalization. Smart city initiatives, such as those in Smart Wellington and Taiwan Mobile’s smart city projects, are transforming urban infrastructure, offering smart citizen services, public safety, and emergency medical services. IoT technology is also transforming consumer behavior, with e-commerce and physical events adopting IoT technology for improved connectivity and networking infrastructure. The IoT market is expected to reach significant revenue forecasts, with RoI being a major consideration for businesses adopting this technology. The use of AI, SAS Software, VMware, and VMware Tanzu is becoming increasingly common in IoT projects, enabling advanced data processing and analysis capabilities. Bluetooth technology and telecom infrastructure are also essential components of the IoT ecosystem. Overall, IoT technology is transforming industries and offering new opportunities for growth and innovation.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationIndustrialRetailHealthcareICTOthersTechnologyRFIDSensorsNFCCloud ServicesOthersGeographyAPACNorth AmericaEuropeMiddle East And AfricaSouth America

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/internet-of-things-iot-market-to-expand-by-usd-1-55-trillion-2024-2028-advancements-in-iot-platforms-drive-growth-report-with-ai-powered-market-evolution—technavio-302305415.html

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