Technology

Wix Reports Fourth Quarter and Full Year 2023 Results

Published

9 months ago

February 21, 2024

Outperformance of 2023 targets as well as anticipated acceleration of top-line growth and overachievement of 2024 targets in three-year plan underpin expectation to significantly surpass the Rule of 40 in 2025

Capped off a year of strong growth with total revenue of $404 million in the fourth quarter, up 14% y/y driven by continued growth acceleration in the Partners businessPartners1 revenue totaled $130.1 million in Q4, up 38% y/y, as more Partners joined Wix, monetization continued to increase and Studio uptake exceeded expectationsRobust growth paired with solid operating leverage drove Wix to outperform the 2023 targets outlined in three-year planAchieved positive full year GAAP net income two years earlier than anticipatedQ4 FCF2 margin was a record 22% and full year FCF2 margin was 16%, meaningfully above 13% margin targetStrong bookings and revenue growth anticipated for 2024 driven by momentum from milestone product launches of 2023, solid business fundamentals and stable and positively-trending macro environmentExpect 2024 bookings growth of 12-14% y/y with acceleration through the year to 15% y/y growth in 2H24; expect full year revenue growth of 11-13% y/yExpect FCF2 margin of 21-23% in 2024, driven by growth and continued operational efficiency benefitsCompleted $300 million share repurchase plan in February and in the process of pursuing the necessary approvals for $225 million in additional share repurchases

NEW YORK, Feb. 21, 2024 /PRNewswire/ — Wix.com Ltd. (Nasdaq: WIX), the leading SaaS website builder platform globally,3 today reported financial results for the fourth quarter and full year of 2023. In addition, the Company provided its initial outlook for the first quarter and full year 2024. Please visit the Wix Investor Relations website at https://investors.wix.com/ to view the Q4’23 Shareholder Update and other materials.

“We wrapped up an outstanding year of accelerating growth and record profitability with a strong fourth quarter underpinned by robust business fundamentals and anchored by incredible momentum in our Partners business,” said Avishai Abrahami, Wix Co-founder and CEO. “Additionally, 2023 was a milestone year for innovation at Wix. Wix Studio has proven to be our highest-performing product release in recent history. In just six months, more than 500,000 agencies and freelancers have created Studio accounts, driving the number of Studio premium subscriptions to be ahead of plan. Most excitingly, nearly half of these Studio accounts were created by new Partners – a powerful indication that Studio is successfully winning a new market of large agencies who had not built on Wix before. AI was another major focus of innovation in 2023, building on nearly a decade of leading AI research and development at Wix. We introduced a suite of new genAI and AI tools, including AI Chat Experience for Business, AI Code Assistant and, most recently, AI Site Generator, which has been in the hands of many of our users for a couple of months and is already generating fantastic feedback. Both Self Creators and Partners have shown excellent engagement with our AI products over the past year, with the majority of new users today using or interacting with at least one AI tool on their web creation journey. We expect continued momentum and ramping benefits from these milestone products coupled with our upcoming product pipeline to propel accelerating growth in 2024.”

“Q4 capped off an incredibly strong year of sustained profitable growth with revenue in the fourth quarter increasing 14% y/y, driven by incredible Partners revenue growth of 38% y/y,” added Lior Shemesh, CFO at Wix. “On top of this outperformance in 2023, I am extremely confident in our ability to comfortably beat our three-year plan – let me walk you through my reasoning:

“First, we expect to drive accelerating profitable growth in 2024 and see a number of indicators of growth momentum today, including (1) improved visibility from a stable and positively-trending macro environment; (2) continued strong cohort behavior, particularly in our Partners business; and (3) ramping benefits from Studio and the milestone AI initiatives launched in 2023. Because of this visibility and confidence, we are reintroducing bookings guidance, which we expect to accelerate to 12-14% y/y growth in 2024 with 15% y/y growth in 2H.

“Second, this bookings acceleration in 2024, which we expect will primarily be driven by improved Creative Subscriptions performance, will position us for revenue acceleration in 2025. Higher revenue growth coupled with continued efficient business operations will, we anticipate, allow us to exceed the 2024 targets we shared in our August 2023 Analyst Day.

“Finally, outperformance of our 2023 targets as well as this anticipated top-line acceleration and overachievement of our profitability targets in 2024 gives us confidence that we will not just reach, but actually exceed our three-year plan and significantly surpass the Rule of 40 in 2025.”

Q4 2023 Financial Results

Total revenue in the fourth quarter of 2023 was $403.8 million, up 14% y/yCreative Subscriptions revenue in the fourth quarter of 2023 was $296.2 million, up 12% y/yCreative Subscriptions ARR increased to $1.19 billion as of the end of the quarter, up 10% y/yBusiness Solutions revenue in the fourth quarter of 2023 was $107.6 million, up 20% y/yTransaction revenue4 was $46.6 million, up 20% y/yPartners revenue1 in the fourth quarter of 2023 was $130.1 million, up 38% y/yTotal bookings in the fourth quarter of 2023 were $395.0 million, up 6% y/y; excluding long-term bookings associated with B2B partnership agreements, total bookings grew 10% y/yCreative Subscriptions bookings in the fourth quarter of 2023 were $283.5 million, up 1% y/y; excluding long-term bookings associated with B2B partnership agreements, Creative Subscriptions bookings grew 5% y/yBusiness Solutions bookings in the fourth quarter of 2023 were $111.5 million, up 24% y/yTotal gross margin on a GAAP basis in the fourth quarter of 2023 was 69%Creative Subscriptions gross margin on a GAAP basis was 82%Business Solutions gross margin on a GAAP basis was 32%Total non-GAAP gross margin in the fourth quarter of 2023 was 70%Creative Subscriptions gross margin on a non-GAAP basis was 83%Business Solutions gross margin on a non-GAAP basis was 33%GAAP net income in the fourth quarter of 2023 was $3.0 million, or $0.05 per basic and diluted shareNon-GAAP net income in the fourth quarter of 2023 was $74.0 million, or $1.29 per basic share or $1.22 per diluted shareNet cash provided by operating activities for the fourth quarter of 2023 was $90.4 million, while capital expenditures totaled $10.0 million, leading to free cash flow of $80.4 millionExcluding one-time cash restructuring charges and the capital expenditures and other expenses associated with the build out of our new corporate headquarters free cash flow for the fourth quarter of 2023 would have been $90.1 million, or 22% of revenueExecuted $59 million in repurchases of ordinary shares

FY 2023 Financial Results

Total revenue for the full year 2023 was $1.56 billion, up 13% y/yCreative Subscriptions revenue for the full year 2023 was $1.15 billion, up 11% y/yBusiness Solutions revenue for the full year 2023 was $409.7 million, up 18% y/yTransaction4 revenue for the full year was $177.5 million, up 20% y/yPartners1 revenue for the full year 2023 was $468.5 million, up 35% y/yTotal bookings for the full year 2023 were $1.60 billion, up 9% y/y; excluding long-term bookings associated with B2B partnership agreements, total bookings grew 11% y/yCreative Subscriptions bookings for the full year 2023 were $1.17 billion, up 5% y/y; excluding long-term bookings associated with B2B partnership agreements, Creative Subscriptions bookings grew 8% y/yBusiness Solutions bookings for the full year 2023 were $422.7 million, up 21% y/yTotal gross margin on a GAAP basis for the full year 2023 was 67%Creative Subscriptions gross margin on a GAAP basis was 81%Business Solutions gross margin on a GAAP basis was 27%Total non-GAAP gross margin for the full year 2023 was 68%Creative Subscriptions gross margin on a non-GAAP basis was 82%Business Solutions gross margin on a non-GAAP basis was 29%GAAP net income for the full year 2023 was $33.1 million, or $0.58 per basic share or $0.57 per diluted shareNon-GAAP net income for the full year 2023 was $268.3 million, or $4.72 per basic share or $4.39 per diluted shareNet cash provided by operating activities for the full year 2023 was $248.2 million, while capital expenditures totaled $66.0 million, leading to free cash flow of $182.2 millionExcluding the capex investment associated with our new headquarters office build out, free cash flow for the full year 2023 would have been $246.1 million, or 16% of revenueExecuted $127 million in repurchases of ordinary shares as we remained committed to share count management and returning value to shareholdersAdded 189 thousand net premium subscriptions in full year 2023 to reach nearly 6.3 million total premium subscriptions as of December 31, 2023Registered users as of December 31, 2023 were 263 million, representing an 8% increase compared to December 31, 2022Total employee headcount as of December 31, 2023 of 5,302, down 4% from the end of 2022

____________________

Partners revenue is defined as revenue generated through agencies and freelancers that build sites or applications for other users as well as revenue generated through B2B partnerships, such as LegalZoom or Vistaprint, and enterprise partners. We identify agencies and freelancers building sites or applications for others using multiple criteria, including but not limited to, the number of sites built, participation in the Wix Partner Program and/or the Wix Marketplace or Wix products used (incl. Wix Studio). Partners revenue includes revenue from both the Creative Subscriptions and Business Solutions businesses.

Free cash flow excluding one-time cash restructuring charges, if applicable, and expenses associated with the buildout of our new corporate headquarters.

Based on number of active live sites as reported by competitors’ figures, independent third-party-data and internal data as of Q2 2023.

Transaction revenue is a portion of Business Solutions revenue, and we define transaction revenue as all revenue generated through transaction facilitation, primarily from Wix Payments as well as Wix POS, shipping solutions and multi-channel commerce and gift card solutions.

Financial Outlook

Coming off of a strong year of significant product launches and strengthening fundamentals, we believe our business will experience strong top line growth of bookings in 2024 and more significantly in the second half of the year. This positive trend in bookings growth is expected to translate into y/y revenue growth acceleration in 2025.

This growth, paired with improved profitability targets due to a high degree of operating efficiency, leads to our expectation that our financial performance in 2024 and in 2025 will surpass the three-year plan we shared at our Analyst & Investor Day in August.

We now expect to significantly exceed the Rule of 40 in 2025.

We are reintroducing bookings guidance as we enter 2024 with improved visibility and a tremendous amount of confidence in our business as a result of a stable and positively-trending macro environment, strong cohort behavior, particularly in our Partners business, and most notably, ramping benefits from Studio and the milestone AI initiatives launched in 2023.

Our outlook for the full year 2024 is as follows:

We expect total bookings of $1.78 – $1.81 billion, up 12 – 14% y/y, an acceleration from 2023. We expect y/y growth of total bookings to accelerate in the second half of 2024 to 15% at the high end of the guidance range, positioning the business to achieve accelerating y/y revenue growth in 2025.

In particular, the acceleration is expected to be primarily in Creative Subscription bookings, bringing it to double digit y/y growth in the 2H24.

We expect total revenue to be $1.73 – $1.76 billion, up 11 – 13% y/y.

We expect total revenue in Q1 2024 of $415 – $419 million, up 11 – 12% y/y.

We continue to operate the business in an efficient manner as evidenced by the meaningful operating leverage — on both a GAAP and non-GAAP basis — generated throughout 2023 compared to 2022. We plan to operate with the same efficiency in 2024 and expect strong gross profit growth due to gross margin improvements on a y/y basis as well as minimal incremental operating expenses this year.

We expect non-GAAP total gross margin of 68 – 69% with non-GAAP business solutions gross margin to exceed 30% for the full year.

We expect non-GAAP operating expenses to be 51 – 52% of revenue for the full year, with non-GAAP sales and marketing to remain similar to 2023 at roughly 23 – 24% of revenue.

We believe we are ahead of our plan to achieve GAAP profitability. We expect GAAP operating profit in 2024 as well as a second consecutive year of GAAP net income.

We expect to generate free cash flow, excluding headquarters costs, of $370 – $400 million, or 21 – 23% of revenue in 2024.

As we continue to responsibly manage dilution, we expect stock-based compensation expenses to decline as a percent of revenue for the third consecutive year to approximately 13% of revenue in 2024, in line with our three-year plan.

We expect capital expenditures, excluding costs associated with our new headquarters build out, of approximately $7 – $10 million in 2024. We will incur the final costs for our new headquarters in the first half of the year and anticipate them to be roughly $8 – $10 million.

Conference Call and Webcast Information

Wix will host a conference call to discuss the results at 8:30 a.m. ET on Wednesday, February 21, 2024. To participate on the live call, analysts and investors should register and join at https://register.vevent.com/register/BIefc01e3fb58f409e9a256960e4651d01. A replay of the call will be available through February 20, 2025 via the registration link.

Wix will also offer a live and archived webcast of the conference call, accessible from the “Investor Relations” section of the Company’s website at https://investors.wix.com/.

About Wix.com Ltd.

Wix is the leading SaaS website builder platform globally3 to create, manage and grow a digital presence. What began as a website builder in 2006 is now a complete platform providing users with enterprise-grade performance, security and a reliable infrastructure. Offering a wide range of commerce and business solutions, advanced SEO and marketing tools, Wix enables users to take full ownership of their brand, their data and their relationships with their customers. With a focus on continuous innovation and delivery of new features and products, anyone can build a powerful digital presence to fulfill their dreams on Wix.

For more about Wix, please visit our Press Room

Investor Relations:

ir@wix.com

Media Relations:

pr@wix.com

Non-GAAP Financial Measures and Key Operating Metrics

To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, Wix uses the following non-GAAP financial measures: bookings, cumulative cohort bookings, bookings on a constant currency basis, revenue on a constant currency basis, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, free cash flow, free cash flow, as adjusted, free cash flow margins, free cash flow per share, non-GAAP R&D expenses, non-GAAP S&M expenses, non-GAAP G&A expenses, non-GAAP operating expenses, non-GAAP cost of revenue expense, non-GAAP financial expense, non-GAAP tax expense (collectively the “Non-GAAP financial measures”). Measures presented on a constant currency or foreign exchange neutral basis have been adjusted to exclude the effect of y/y changes in foreign currency exchange rate fluctuations. Bookings is a non-GAAP financial measure calculated by adding the change in deferred revenues and the change in unbilled contractual obligations for a particular period to revenues for the same period. Bookings include cash receipts for premium subscriptions purchased by users as well as cash we collect from business solutions, as well as payments due to us under the terms of contractual agreements for which we may have not yet received payment. Cash receipts for premium subscriptions are deferred and recognized as revenues over the terms of the subscriptions. Cash receipts for payments and the majority of the additional products and services (other than Google Workspace) are recognized as revenues upon receipt. Committed payments are recognized as revenue as we fulfill our obligation under the terms of the contractual agreement. Bookings and Creative Subscriptions Bookings are also presented on a further non-GAAP basis by excluding, in each case, bookings associated with long term B2B partnership agreements. Non-GAAP gross margin represents gross profit calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization, divided by revenue. Non-GAAP operating income (loss) represents operating income (loss) calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, amortization, acquisition-related expenses and sales tax expense accrual and other G&A expenses (income). Non-GAAP net income (loss) represents net loss calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, amortization, sales tax expense accrual and other G&A expenses (income), amortization of debt discount and debt issuance costs and acquisition-related expenses and non-operating foreign exchange expenses (income). Non-GAAP net income (loss) per share represents non-GAAP net income (loss) divided by the weighted average number of shares used in computing GAAP loss per share. Free cash flow represents net cash provided by (used in) operating activities less capital expenditures. Free cash flow, as adjusted, represents free cash flow further adjusted to exclude one-time cash restructuring charges and the capital expenditures and other expenses associated with the buildout of our new corporate headquarters. Free cash flow margins represent free cash flow divided by revenue. Free cash flow per share represents free cash flow, as adjusted, divided by total outstanding shares on a fully diluted basis. Non-GAAP cost of revenue represents cost of revenue calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP R&D expenses represent R&D expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP S&M expenses represent S&M expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP G&A expenses represent G&A expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP operating expenses represent operating expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP financial expense represents financial expense calculated in accordance with GAAP as adjusted for unrealized gains of equity investments, amortization of debt discount and debt issuance costs and non-operating foreign exchange expenses. Non-GAAP tax expense represents tax expense calculated in accordance with GAAP as adjusted for provisions for income tax effects related to non-GAAP adjustments.

The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company uses these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. The Company believes that these measures provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making.

For more information on the non-GAAP financial measures, please see the reconciliation tables provided below. The accompanying tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures. The Company is unable to provide reconciliations of free cash flow, free cash flow, as adjusted, cumulative cohort bookings, non-GAAP gross margin, and non-GAAP tax expense to their most directly comparable GAAP financial measures on a forward-looking basis without unreasonable effort because items that impact those GAAP financial measures are out of the Company’s control and/or cannot be reasonably predicted. Such information may have a significant, and potentially unpredictable, impact on our future financial results.

Wix also uses Creative Subscriptions Annualized Recurring Revenue (ARR) as a key operating metric. Creative Subscriptions ARR is calculated as Creative Subscriptions Monthly Recurring Revenue (MRR) multiplied by 12. Creative Subscriptions MRR is calculated as the total of (i) all Creative Subscriptions in effect on the last day of the period, multiplied by the monthly revenue of such Creative Subscriptions, other than domain registrations; (ii) the average revenue per month from domain registrations in effect on the last day of the period; and (iii) monthly revenue from other partnership agreements and enterprise partners.

Forward-Looking Statements

This document contains forward-looking statements, within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such forward-looking statements may include projections regarding our future performance, including, but not limited to revenue, bookings and free cash flow, and may be identified by words like “anticipate,” “assume,” “believe,” “aim,” “forecast,” “indication,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “outlook,” “future,” “will,” “seek” and similar terms or phrases. The forward-looking statements contained in this document, including the quarterly and annual guidance, are based on management’s current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include, among others, our expectation that we will be able to attract and retain registered users and generate new premium subscriptions, in particular as we continuously adjust our marketing strategy and as the macro-economic environment continues to be turbulent; our expectation that we will be able to increase the average revenue we derive per premium subscription, including through our partners; our expectations related to our ability to develop relevant and required products using Artificial Intelligence (“AI”), the regulatory environment impacting AI-related activities including privacy and intellectual property aspects, and potential competition from third-party AI tools which may impact our business; our expectation that new products and developments, as well as third-party products we will offer in the future within our platform, will receive customer acceptance and satisfaction, including the growth in market adoption of our online commerce solutions; our assumption that historical user behavior can be extrapolated to predict future user behavior, in particular during the current turbulent macro-economic environment; our expectation regarding the successful impact of our previously announced Cost-Efficiency Plan and other cost saving measures we may take in the future; our prediction of the future revenues and/or bookings generated by our user cohorts and our ability to maintain and increase such revenue growth, as well as our ability to generate and maintain elevated levels of free cash flow and profitability; our expectation to maintain and enhance our brand and reputation; our expectation that we will effectively execute our initiatives to improve our user support function through our Customer Care team, and that our recent downsizing of our Customer Care team will not affect our ability to continue attracting registered users and increase user retention, user engagement and sales; our plans to successfully localize our products, including by making our product, support and communication channels available in additional languages and to expand our payment infrastructure to transact in additional local currencies and accept additional payment methods; our expectation regarding the impact of fluctuations in foreign currency exchange rates, interest rates, potential illiquidity of banking systems, and other recessionary trends on our business; our expectations relating to the repurchase of our ordinary shares and/or Convertible Notes pursuant to our repurchase program; our expectation that we will effectively manage our infrastructure; our expectations regarding the outcome of any regulatory investigation or litigation, including class actions; our expectations regarding future changes in our cost of revenues and our operating expenses on an absolute basis and as a percentage of our revenues, as well as our ability to achieve and maintain profitability; our expectations regarding changes in the global, national, regional or local economic, business, competitive, market, and regulatory landscape, including as a result of Israel-Hamas war and/or the Ukraine–Russia war and any escalations thereof; our planned level of capital expenditures and our belief that our existing cash and cash from operations will be sufficient to fund our operations for at least the next 12 months and for the foreseeable future; our expectations with respect to the integration and performance of acquisitions; our ability to attract and retain qualified employees and key personnel; and our expectations about entering into new markets and attracting new customer demographics, including our ability to successfully attract new partners large enterprise-level users and to grow our activities with these customer types as anticipated and other factors discussed under the heading “Risk Factors” in the Company’s annual report on Form 20-F for the year ended December 31, 2022 filed with the Securities and Exchange Commission on March 30, 2023. The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. Any forward-looking statement made by us in this press release speaks only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

Wix.com Ltd.

CONSOLIDATED STATEMENTS OF OPERATIONS – GAAP

(In thousands, except loss per share data)

Three Months Ended

Year Ended

December 31,

2023

2022

2023

2022

(unaudited)

Revenues

Creative Subscriptions

$ 296,154

$ 265,268

$ 1,152,007

$ 1,039,479

Business Solutions

107,617

89,772

409,658

348,187

403,771

355,040

1,561,665

1,387,666

Cost of Revenues

Creative Subscriptions

52,794

58,427

215,515

251,587

Business Solutions

73,319

70,337

297,013

274,640

126,113

128,764

512,528

526,227

Gross Profit

277,658

226,276

1,049,137

861,439

Operating expenses:

Research and development

125,743

120,994

481,293

482,861

Selling and marketing

103,642

97,944

399,577

492,886

General and administrative

43,401

39,941

160,033

171,045

Impairment, restructuring and other costs

3,103

–

32,614

–

Total operating expenses

275,889

258,879

1,073,517

1,146,792

Operating income (loss)

1,769

(32,603)

(24,380)

(285,353)

Financial income (expenses), net

6,461

(13,256)

62,474

(183,513)

Other income (expenses)

788

(255)

1,023

Income (loss) before taxes on income

8,274

(45,071)

37,839

(467,843)

Income tax expenses (benefit)

5,320

(6,096)

4,702

(42,980)

Net income (loss)

$ 2,954

$ (38,975)

$ 33,137

$ (424,863)

Basic net income (loss) per share

$ 0.05

$ (0.67)

$ 0.58

$ (7.33)

Basic weighted-average shares used to compute net income (loss) per share

57,317,815

58,189,246

56,829,962

57,993,364

Diluted net income (loss) per share

$ 0.05

$ (0.67)

$ 0.57

$ (7.33)

Diluted weighted-average shares used to compute net income (loss) per share

59,085,757

58,189,246

58,408,331

57,993,364

Wix.com Ltd.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

Period ended

December 31,

2023

2022

Assets

(unaudited)

(audited)

Current Assets:

Cash and cash equivalents

$ 609,622

$ 244,686

Short-term deposits

212,709

526,328

Restricted deposits

2,125

13,669

Marketable securities

140,563

292,449

Trade receivables

57,394

42,086

Prepaid expenses and other current assets

57,423

28,519

Total current assets

1,079,836

1,147,737

Long-Term Assets:

Prepaid expenses and other long-term assets

25,809

23,027

Property and equipment, net

136,928

108,738

Marketable securities

64,806

194,964

Intangible assets and goodwill, net

77,339

83,293

Operating lease right-of-use assets

420,562

200,608

Total long-term assets

725,444

610,630

Total assets

$ 1,805,280

$ 1,758,367

Liabilities and Shareholders’ Deficiency

Current Liabilities:

Trade payables

$ 39,449

$ 96,071

Employees and payroll accruals

56,581

86,113

Deferred revenues

592,608

529,205

Current portion of convertible notes, net

–

361,621

Accrued expenses and other current liabilities

76,556

88,194

Operating lease liabilities

24,981

29,268

Total current liabilities

790,175

1,190,472

Long Term Liabilities:

Long-term deferred revenues

83,384

70,594

Long-term deferred tax liability

7,167

14,902

Convertible notes, net

569,714

566,566

Other long-term liabilities

7,699

6,093

Long-term operating lease liabilities

401,626

172,982

Total long-term liabilities

1,069,590

831,137

Total liabilities

1,859,765

2,021,609

Shareholders’ Deficiency

Ordinary shares

106

108

Additional paid-in capital

1,539,952

1,274,968

Treasury Stock

(558,871)

(431,862)

Accumulated other comprehensive loss

4,192

(33,455)

Accumulated deficit

(1,039,864)

(1,073,001)

Total shareholders’ deficiency

(54,485)

(263,242)

Total liabilities and shareholders’ deficiency

$ 1,805,280

$ 1,758,367

Wix.com Ltd.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Three Months Ended

Year Ended

December 31,

2023

2022

2023

2022

(unaudited)

OPERATING ACTIVITIES:

Net income (loss)

2,954

$ (38,975)

33,137

$ (424,863)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation

6,725

5,209

20,492

16,611

Amortization

1,489

1,511

5,955

6,246

Share based compensation expenses

58,195

59,917

224,625

236,836

Amortization of debt discount and debt issuance costs

789

1,305

4,194

5,213

Changes in accrued interest and exchange rate on short term and long term deposits

(586)

(93)

(2,415)

(86)

Non-cash impairment, restructuring and other costs

3,567

–

26,699

–

Amortization of premium and discount and accrued interest on marketable securities, net

4,237

2,447

8,346

6,252

Remeasurement loss (gain) on Marketable equity

(10,296)

3,955

(30,608)

200,338

Changes in deferred income taxes, net

(2,035)

(11,997)

(8,784)

(57,865)

Changes in operating lease right-of-use assets

1,492

18,724

21,549

45,440

Changes in operating lease liabilities

11,517

(11,204)

(36,517)

(45,051)

Increase in trade receivables

(2,794)

(6,290)

(15,308)

(11,719)

Decrease (increase) in prepaid expenses and other current and long-term assets

(1,123)

26,713

(10,383)

(5,912)

Increase (decrease) in trade payables

16,263

(22,667)

(51,312)

(18,514)

Increase (decrease) in employees and payroll accruals

(8,307)

17,506

(29,532)

2,862

Increase in short term and long term deferred revenues

2,788

4,081

76,193

55,387

Increase in accrued expenses and other current liabilities

5,505

3,092

11,915

25,977

Net cash provided by operating activities

90,380

53,234

248,246

37,152

INVESTING ACTIVITIES:

Proceeds from short-term deposits and restricted deposits

131,754

308,379

625,495

644,809

Investment in short-term deposits and restricted deposits

(99,725)

(317,869)

(297,917)

(766,021)

Investment in marketable securities

(837)

–

(4,962)

(202,611)

Proceeds from marketable securities

31,920

98,244

249,190

290,113

Purchase of property and equipment and lease prepayment

(9,582)

(14,434)

(63,021)

(68,554)

Capitalization of internal use of software

(408)

(215)

(3,028)

(2,110)

Investment in other assets

–

(111)

(580)

Proceeds from sale of equity securities

19,203

48,403

68,671

51,596

Payment for Businesses acquired, net of acquired cash

–

Purchases of investments in privately held companies

(76)

(40)

(7,603)

(1,300)

Net cash provided by (used in) investing activities

72,249

122,468

566,714

(54,658)

FINANCING ACTIVITIES:

Proceeds from exercise of options and ESPP shares

898

917

39,660

42,710

Purchase of treasury stock

(58,698)

(231,873)

(127,017)

(231,873)

Proceeds from issuance of convertible senior notes

–

Repayment of convertible notes

–

(362,667)

–

Payments of debt issuance costs

–

Purchase of capped call

–

Net cash used in financing activities

– 57,800

(230,956)

(450,024)

(189,163)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

104,829

(55,254)

364,936

(206,669)

CASH AND CASH EQUIVALENTS—Beginning of period

504,793

299,940

244,686

451,355

CASH AND CASH EQUIVALENTS—End of period

609,622

$ 244,686

$ 609,622

$ 244,686

Wix.com Ltd.

KEY PERFORMANCE METRICS

(In thousands)

Three Months Ended

Year Ended

December 31,

2023

2022

2023

2022

(unaudited)

Creative Subscriptions

296,154

265,268

1,152,007

1,039,479

Business Solutions

107,617

89,772

409,658

348,187

Total Revenues

$ 403,771

$ 355,040

$ 1,561,665

$ 1,387,666

Creative Subscriptions

283,501

281,766

1,174,776

1,121,411

Business Solutions

111,503

90,047

422,727

350,708

Total Bookings

$ 395,004

$ 371,813

$ 1,597,503

$ 1,472,119

Free Cash Flow

$ 80,390

$ 38,585

$ 182,197

$ (33,512)

Free Cash Flow excluding HQ build out and restructuring costs

$ 90,125

$ 51,990

$ 246,058

$ 32,408

Creative Subscriptions ARR

$ 1,192,814

$ 1,080,824

$ 1,192,814

$ 1,080,824

Wix.com Ltd.

RECONCILIATION OF REVENUES TO BOOKINGS

(In thousands)

Three Months Ended

Year Ended

December 31,

2023

2022

2023

2022

(unaudited)

Revenues

$ 403,771

$ 355,040

$ 1,561,665

$ 1,387,666

Change in deferred revenues

2,788

4,081

76,193

55,387

Change in unbilled contractual obligations

(11,555)

12,692

(40,355)

29,066

Bookings

$ 395,004

$ 371,813

$ 1,597,503

$ 1,472,119

B2B Partnership long-term bookings

–

(12,094)

–

(37,926)

Bookings excluding B2B Partnership long-term bookings

$ 395,004

$ 359,719

$ 1,597,503

$ 1,434,193

10 %

11 %

Three Months Ended

Year Ended

December 31,

2023

2022

2023

2022

(unaudited)

Creative Subscriptions Revenues

$ 296,154

$ 265,268

$ 1,152,007

$ 1,039,479

Change in deferred revenues

(1,098)

3,806

63,124

52,866

Change in unbilled contractual obligations

(11,555)

12,692

(40,355)

29,066

Creative Subscriptions Bookings

$ 283,501

$ 281,766

$ 1,174,776

$ 1,121,411

B2B Partnership long-term bookings

–

(12,094)

–

(37,926)

Creative Subscriptions Bookings excluding B2B Partnership long-term bookings

$ 283,501

$ 269,672

$ 1,174,776

$ 1,083,485

5 %

8 %

Three Months Ended

Year Ended

December 31,

2023

2022

2023

2022

(unaudited)

Business Solutions Revenues

$ 107,617

$ 89,772

$ 409,658

$ 348,187

Change in deferred revenues

3,886

275

13,069

2,521

Business Solutions Bookings

$ 111,503

$ 90,047

$ 422,727

$ 350,708

Wix.com Ltd.

RECONCILIATION OF COHORT BOOKINGS

(In millions)

Year Ended

December 31,

2023

2022

(unaudited)

Q1 Cohort revenues

$ 45

$ 41

Q1 Change in deferred revenues

Q1 Cohort Bookings

$ 60

$ 56

Wix.com Ltd.

RECONCILIATION OF REVENUES AND BOOKINGS EXCLUDING FX IMPACT

(In thousands)

Three Months Ended

December 31,

2023

2022

(unaudited)

Revenues

$ 403,771

$ 355,040

FX impact on Q4/23 using Y/Y rates

(1,732)

–

Revenues excluding FX impact

$ 402,039

$ 355,040

Y/Y growth

13 %

Three Months Ended

December 31,

2023

2022

(unaudited)

Bookings

$ 395,004

$ 371,813

FX impact on Q4/23 using Y/Y rates

(4,325)

–

Bookings excluding FX impact

$ 390,679

$ 371,813

Y/Y growth

5 %

Wix.com Ltd.

TOTAL ADJUSTMENTS GAAP TO NON-GAAP

(In thousands)

Three Months Ended

Year Ended

December 31,

2023

2022

2023

2022

(1) Share based compensation expenses:

(unaudited)

Cost of revenues

$ 3,675

$ 4,607

$ 15,013

$ 17,811

Research and development

$ 31,982

32,335

119,482

120,580

Selling and marketing

$ 11,232

9,559

41,277

38,714

General and administrative

$ 11,306

13,416

48,853

59,731

Total share based compensation expenses

58,195

59,917

224,625

236,836

(2) Amortization

1,489

1,511

5,955

6,246

(3) Acquisition related expenses

1,656

472

5,127

(4) Amortization of debt discount and debt issuance costs

789

1,305

4,194

5,213

(5) Impairment, restructuring and other costs

3,103

–

32,614

–

(6) Sales tax accrual and other G&A expenses (income)

137

219

748

763

(7) Unrealized loss (gain) on equity and other investments

(10,296)

3,955

(30,608)

200,338

(8) Non-operating foreign exchange expenses (income)

15,287

6,220

1,499

6,403

(9) Provision for income tax effects related to non-GAAP adjustments

2,368

(176)

(4,337)

(46,078)

Total adjustments of GAAP to Non GAAP

$ 71,081

$ 74,607

$ 235,162

$ 414,848

Wix.com Ltd.

RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT

(In thousands)

Three Months Ended

Year Ended

December 31,

2023

2022

2023

2022

(unaudited)

Gross Profit

$ 277,658

$ 226,276

$ 1,049,137

$ 861,439

Share based compensation expenses

3,675

4,607

15,013

17,811

Acquisition related expenses

–

229

140

Amortization

667

689

2,669

2,968

Non GAAP Gross Profit

282,005

231,572

1,067,048

882,358

Non GAAP Gross margin

70 %

65 %

68 %

64 %

Three Months Ended

Year Ended

December 31,

2023

2022

2023

2022

(unaudited)

Gross Profit – Creative Subscriptions

$ 243,360

$ 206,841

$ 936,492

$ 787,892

Share based compensation expenses

2,695

3,437

11,081

13,933

Non GAAP Gross Profit – Creative Subscriptions

246,055

210,278

947,573

801,825

Non GAAP Gross margin – Creative Subscriptions

83 %

79 %

82 %

77 %

Three Months Ended

Year Ended

December 31,

2023

2022

2023

2022

(unaudited)

Gross Profit – Business Solutions

$ 34,298

$ 19,435

$ 112,645

$ 73,547

Share based compensation expenses

980

1,170

3,932

3,878

Acquisition related expenses

–

229

140

Amortization

667

689

2,669

2,968

Non GAAP Gross Profit – Business Solutions

35,950

21,294

119,475

80,533

Non GAAP Gross margin – Business Solutions

33 %

24 %

29 %

23 %

Wix.com Ltd.

RECONCILIATION OF OPERATING INCOME (LOSS) TO NON-GAAP OPERATING INCOME (LOSS)

(In thousands)

Three Months Ended

Year Ended

December 31,

2023

2022

2023

2022

(unaudited)

Operating income (loss)

$ 1,769

$ (32,603)

$ (24,380)

$ (285,353)

Adjustments:

Share based compensation expenses

58,195

59,917

224,625

236,836

Amortization

1,489

1,511

5,955

6,246

Impairment, restructuring and other charges

3,103

–

32,614

–

Sales tax accrual and other G&A expenses

137

219

748

763

Acquisition related expenses

1,656

472

5,127

Total adjustments

$ 62,933

$ 63,303

$ 264,414

$ 248,972

Non GAAP operating income (loss)

$ 64,702

$ 30,700

$ 240,034

$ (36,381)

Non GAAP operating margin

16 %

9 %

15 %

-3 %

Wix.com Ltd.

RECONCILIATION OF NET INCOME (LOSS) TO NON-GAAP NET INCOME (LOSS) AND NON-GAAP NET INCOME (LOSS) PER SHARE

(In thousands, except per share data)

Three Months Ended

Year Ended

December 31,

2023

2022

2023

2022

(unaudited)

Net income (loss)

$ 2,954

$ (38,975)

$ 33,137

$ (424,863)

Share based compensation expenses and other Non GAAP adjustments

71,081

74,607

235,162

414,848

Non-GAAP net income (loss)

$ 74,035

$ 35,632

$ 268,299

$ (10,015)

Basic Non GAAP net income (loss) per share

$ 1.29

$ 0.61

$ 4.72

$ (0.17)

Weighted average shares used in computing basic Non GAAP net income (loss) per share

57,317,815

58,189,246

56,829,962

57,993,364

Diluted Non GAAP net income (loss) per share

$ 1.22

$ 0.61

$ 4.39

$ (0.17)

Weighted average shares used in computing diluted Non GAAP net income (loss) per share

60,512,505

58,189,246

61,106,462

57,993,364

Wix.com Ltd.

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW

(In thousands)

Three Months Ended

Year Ended

December 31,

2023

2022

2023

2022

(unaudited)

Net cash provided by operating activities

$ 90,380

$ 53,234

$ 248,246

$ 37,152

Capital expenditures, net

(9,990)

(14,649)

(66,049)

(70,664)

Free Cash Flow

$ 80,390

$ 38,585

$ 182,197

$ (33,512)

Restructuring and other costs

1,411

–

5,915

–

Capex related to HQ build out

8,324

13,405

57,946

65,920

Free Cash Flow excluding HQ build out and restructuring costs

$ 90,125

$ 51,990

$ 246,058

$ 32,408

Wix.com Ltd.

RECONCILIATION OF BASIC WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING AND THE DILUTED
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING

Three Months Ended

Year Ended

December 31,

2023

2022

2023

2022

(unaudited)

Basic weighted-average shares used to compute net income (loss) per share

57,317,815

58,189,246

56,829,962

57,993,364

Effect of dilutive securities (included in the effect of dilutive securities is the assumed conversion of
employee stock options, employee RSUs and the Notes)

1,767,942

–

1,578,369

–

Diluted weighted-average shares used to compute net income (loss) per share

59,085,757

58,189,246

58,408,331

57,993,364

The following items have been excluded from the diluted weighted average number of shares outstanding
because they are anti-dilutive:

Stock options

2,245,872

4,332,022

2,245,872

4,332,022

Restricted share units

818,288

3,123,019

818,288

3,123,019

Convertible Notes (if-converted)

1,426,728

3,969,514

1,426,728

3,969,514

63,576,645

69,613,801

62,899,219

69,417,919

View original content to download multimedia:https://www.prnewswire.com/news-releases/wix-reports-fourth-quarter-and-full-year-2023-results-302066896.html

SOURCE Wix.com Ltd.

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

4 minutes ago

November 14, 2024

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.

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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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SOURCE Technavio

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

4 minutes ago

November 14, 2024

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

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

SOURCE Technavio

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

4 minutes ago

November 14, 2024

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

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

SOURCE Technavio

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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

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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

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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

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

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

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