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Tecsys Reports Record Revenue for the Fourth Quarter and Full Year Fiscal 2024

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5 months ago

on

SaaS subscription bookings set new record in fourth quarter, SaaS RPO climbs 43%

MONTREAL, June 27, 2024 /CNW/ — Tecsys Inc. (TSX: TCS), an industry-leading supply chain management SaaS company, today announced its results for the fourth quarter and full year of fiscal 2024, ended April 30, 2024. All dollar amounts are expressed in Canadian currency and are prepared in accordance with International Financial Reporting Standards (IFRS).

“Fiscal 2024 has been a landmark year for Tecsys in which we have demonstrated our ability to drive continued growth and expand market opportunity,” said Peter Brereton, president and CEO at Tecsys. “Our SaaS revenue surged by 39% in fiscal 2024 and we achieved record-breaking SaaS bookings in our fourth quarter as well as for the full year. We head into fiscal 2025 with confidence that we are delivering exceptional value to our customers and are well-positioned to capitalize on our market momentum.”

Mark Bentler, chief financial officer of Tecsys Inc., added, “Our financial performance in fiscal 2024 underscores the strength of our business model. With a 43% increase in SaaS RPO in fiscal 2024 and positive evolution in our gross margin profiles, we continue to see the path for AEBITDA margin expansion to 8-9% in fiscal 2025 and 10-11% in fiscal 2026.”

Fourth Quarter Highlights:

SaaS revenue increased by 27% to $14.2 million, up from $11.1 million in Q4 2023.SaaS subscription bookingsi (measured on an ARRi basis) increased by 108% to a record $8.0 million, compared to $3.9 million in the fourth quarter of fiscal 2023.SaaS Remaining Performance Obligation (RPOi) increased by 43% to $196.9 million at April 30, 2024, up from $137.7 million at the same time last year.Annual Recurring Revenue (ARRi) at April 30, 2024 was up 21% to $94.7 million compared to $78.3 million at April 30, 2023.Total revenue increased 7% to a record $44.0 million compared to $41.2 million in Q4 2023. Professional services revenue decreased by 2% to $14.4 million compared to $14.6 million in Q4 2023.Gross margin was 47% for the fourth quarter of fiscal 2024 compared to 45% for the same period in fiscal 2023.Total gross profit increased to $20.6 million, up 12% from $18.4 million in Q4 2023.Operating expenses increased to $21.3 million, higher by $4.3 million or 25% compared to $17.0 million in Q4 last year. Q4 2024 operating expenses included $2.1 million of restructuring costs.Loss from operations (including the impact of restructuring costs) was $0.6 million in Q4 2024, compared to a profit from operations of $1.4 million in Q4 2023.Net profit was $0.3 million or $0.02 per share on a fully diluted basis in Q4 2024, compared to $0.4 million or $0.03 per share for the same period in fiscal 2023.Adjusted EBITDAii was $2.8 million, up 14% compared to $2.4 million reported in Q4 last year.In the fourth quarter of fiscal 2024, Tecsys acquired 128,300 of its outstanding common shares for approximately $5.0 million as part of its ongoing normal course issuer bid.

Fiscal 2024 Highlights:

SaaS revenue increased by 39% to $51.9 million, up from $37.5 million in fiscal 2023.SaaS subscription bookingsi (measured on an ARRi basis) increased to $18.6 million, up 13% from $16.4 million in fiscal 2023.Total revenue increased 12% to $171.2 million compared to $152.4 million in fiscal 2023.Professional services revenue was $55.2 million, down slightly compared to $55.4 million in fiscal 2023.Gross margin was 46% for fiscal 2024 compared to 44% for fiscal 2023.Total gross profit increased to $78.4 million, up 17% from $66.8 million in the same period of fiscal 2023.Operating expenses increased to $76.5 million, higher by $13.2 million or 21% compared to $63.2 million in fiscal 2023.Profit from operations (including the impact of restructuring) was $1.9 million, down from $3.6 million in fiscal 2023.Net profit was $1.8 million, or $0.13 per diluted share in fiscal 2024, compared to a net profit of $2.1 million, or $0.14 per diluted share, for fiscal 2023.Adjusted EBITDAii was $9.6 million, up slightly compared to $9.5 million in fiscal 2023.

Financial Guidance:

Tecsys is providing financial guidance as follows:

FY25 Guidance

FY26 Guidance

Total Revenue Growth

7-9%

n.a.

SaaS Revenue Growth

30-32%

n.a.

Adjusted EBITDAii Margin

8-9%

10-11%

 

On June 27, 2024, the Company declared a quarterly dividend of $0.08 per share to be paid on August 2, 2024 to shareholders of record on July 12, 2024.

Pursuant to the Canadian Income Tax Act, dividends paid by the Company to Canadian residents are considered to be “eligible” dividends.

Q4 and FY2024 Financial Results Conference Call
Date: June 28, 2024
Time: 8:30 a.m. ET
Phone number: 800-836-8184 or 646-357-8785
The call can be replayed until July 5, 2024, by calling:
888-660-6345 or 646-517-4150 (access code: 46999#)

i See Key Performance Indicators in Management’s Discussion and Analysis of the 2024 Financial Statements.

ii See Non-IFRS Performance Measures in Management’s Discussion and Analysis of the 2024 Financial Statements.

About Tecsys

Tecsys is a global provider of advanced supply chain solutions. With a commitment to innovation and customer success, the company equips organizations with the essential software, technology and expertise needed for operational excellence and competitive advantage. Its cloud solutions serve a diverse range of industries, including healthcare, distribution and converging commerce, across multiple complex, regulated and high-volume markets. Built on the Itopia® low-code application platform, Tecsys’ offerings include enterprise resource planning, warehouse management, consolidated service management, distribution and transportation management, supply management at the point of use and order management solutions. Tecsys provides critical data insights and control across the supply chain, ensuring that organizations are agile, responsive and scalable. Tecsys is publicly traded on the Toronto Stock Exchange under the ticker symbol TCS. For more about Tecsys and its solutions, please visit www.tecsys.com.

Forward Looking Statements
The statements in this news release relating to matters that are not historical fact are forward-looking statements that are based on management’s beliefs and assumptions. Such statements are not guarantees of future performance and are subject to a number of uncertainties, including but not limited to future economic conditions, the markets that Tecsys Inc. serves, the actions of competitors, major new technological trends, and other factors beyond the control of Tecsys Inc., which could cause actual results to differ materially from such statements. More information about the risks and uncertainties associated with Tecsys Inc.’s business can be found in the MD&A section of the Company’s annual report and the most recently filed annual information form. These documents have been filed with the Canadian securities commissions and are available on our website (www.tecsys.com) and on SEDAR+ (www.sedarplus.ca).

Copyright © Tecsys Inc. 2024. All names, trademarks, products, and services mentioned are registered or unregistered trademarks of their respective owners.

Non-IFRS Measures

Reconciliation of EBITDA and Adjusted EBITDA

EBITDA is calculated as earnings before interest expense, interest income, income taxes, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA before stock-based compensation, gain on remeasurement of lease liability, recognition of tax credits generated in prior periods and restructuring costs. The exclusion of interest expense, interest income, income taxes and restructuring costs eliminates the impact on earnings derived from non-operational activities and non-recurring items, and the exclusion of depreciation, amortization, stock-based compensation, gain on remeasurement of lease liability and recognition of tax credits generated in prior periods eliminates the non-cash impact of these items. 

The Company believes that these measures are useful measures of financial performance without the variation caused by the impacts of the items described above and that could potentially distort the analysis of trends in our operating performance. In addition, they are commonly used by investors and analysts to measure a company’s performance, its ability to service debt and to meet other payment obligations, or as a common valuation measurement. Excluding these items does not imply that they are necessarily non-recurring. Management believes these non-IFRS financial measures, in addition to conventional measures prepared in accordance with IFRS, enable investors to evaluate the Company’s operating results, underlying performance and future prospects in a manner similar to management. Although EBITDA and Adjusted EBITDA are frequently used by securities analysts, lenders and others in their evaluation of companies, they have limitations as an analytical tool, and should not be considered in isolation, or as a substitute for analysis of the Company’s results as reported under IFRS.

The reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable IFRS measure is provided below.

Year ended April 30,

(in thousands of CAD)

2024

2023

2022

Net profit for the period

$

1,849

$

2,089

$

4,478

Adjustments for:

Depreciation of property and equipment and right-of-use assets

1,477

1,775

2,162

Amortization of deferred development costs

583

496

290

Amortization of other intangible assets

1,493

1,603

1,612

Interest expense

163

406

622

Interest income

(1,015)

(686)

(474)

Income taxes

641

1,624

946

EBITDA

$

5,191

$

7,307

$

9,636

Adjustments for:

Stock based compensation

2,301

2,177

1,684

Gain on remeasurement of lease liability

–

–

(573)

Recognition of tax credits generated in prior periods

–

–

(617)

Restructuring costs

2,122

–

–

Adjusted EBITDAii

$

9,614

$

9,484

$

10,130

 

Consolidated Statements of Financial Position
(In thousands of Canadian dollars)

April 30, 2024

April 30, 2023

Assets

Current assets

Cash and cash equivalents

$

18,856

$

21,235

Short-term investments

16,713

15,835

Accounts receivable

22,090

22,900

Work in progress

4,248

1,734

Other receivables

134

523

Tax credits

6,422

5,338

Inventory

1,359

1,034

Prepaid expenses and other

9,143

8,193

Total current assets

78,965

76,792

 

Non-current assets

Other long-term receivables and assets

421

363

Tax credits

4,737

5,368

Property and equipment

1,372

1,802

Right-of-use assets

1,251

1,708

Contract acquisition costs

4,478

3,738

Deferred development costs

2,683

2,254

Other intangible assets

7,703

9,287

Goodwill

17,363

17,467

Deferred tax assets

9,073

8,137

Total non-current assets

49,081

50,124

Total assets

$

128,046

$

126,916

Liabilities

Current liabilities

Accounts payable and accrued liabilities

20,030

21,669

Deferred revenue

36,211

30,388

Lease obligations

812

793

Total current liabilities

57,053

52,850

 

Non-current liabilities

Other long-term accrued liabilities

496

253

Deferred tax liabilities

826

1,255

Lease obligations

1,302

2,120

Total non-current liabilities

2,624

3,628

Total liabilities

$

59,677

$

56,478

 

Equity

Share capital

$

52,256

$

44,338

Contributed surplus

9,417

15,285

Retained earnings

8,121

10,832

Accumulated other comprehensive loss

(1,425)

(17)

Total equity attributable to the owners of the Company

68,369

70,438

Total liabilities and equity

$

128,046

$

126,916

 

Consolidated Statements of Income and Comprehensive (loss) Income 
(In thousands of Canadian dollars, except per share data)

Three Months Ended

Twelve Months Ended

April 30,

April 30,

2024

2023

2024

2023

Revenue:

SaaS

$

14,191

$

11,133

$

51,918

$

37,476

Maintenance and Support

8,140

7,992

33,957

32,714

Professional Services

14,390

14,614

55,188

55,353

License

282

529

1,386

3,116

Hardware

6,952

6,924

28,793

23,765

Total revenue

43,955

41,192

171,242

152,424

Cost of revenue

23,341

22,828

92,853

85,615

Gross profit

20,614

18,364

78,389

66,809

Operating expenses:

Sales and marketing

8,437

7,778

32,976

28,080

General and administration

3,264

2,599

11,844

11,218

Research and development, net of tax credits

7,435

6,597

29,514

23,943

Restructuring costs

2,122

–

2,122

–

Total operating expenses

21,258

16,974

76,456

63,241

(Loss) profit from operations

(644)

1,390

1,933

3,568

Other income (costs)

122

(189)

557

145

(Loss) profit before income taxes

(522)

1,201

2,490

3,713

Income tax (benefit) expense

(781)

755

641

1,624

Net profit

$

259

$

446

$

1,849

$

2,089

Other comprehensive income (loss):

Effective portion of changes in fair value on designated revenue hedges

(2,187)

(521)

(1,086)

(6)

Exchange differences on translation of foreign operations

102

489

(322)

1,423

Comprehensive (loss) income

$

(1,826)

$

414

$

441

$

3,506

Basic and diluted earnings per common share

$

0.02

$

0.03

$

0.13

$

0.14

 

Consolidated Statements of Cash Flows
(In thousands of Canadian dollars)

Three Months Ended

Twelve Months Ended

April 30,

April 30,

2024

2023

2024

2023

Cash flows from operating activities:

Net profit

$

259

$

446

$

1,849

$

2,089

Adjustments for:

Depreciation of property and equipment and right-of-use-assets

361

440

1,477

1,775

Amortization of deferred development costs

147

145

583

496

Amortization of other intangible assets

347

402

1,493

1,603

Interest (income) expense and foreign exchange (gain) loss

(122)

189

(557)

(145)

Unrealized foreign exchange and other

481

1,336

(569)

1,754

Non-refundable tax credits

(596)

(429)

(1,961)

(2,095)

Stock-based compensation

531

455

2,301

2,177

Income taxes

65

124

519

554

Net cash from operating activities excluding changes in non-cash
   working capital items related to operations

1,473

3,108

5,135

8,208

Accounts receivable

2,714

955

764

(5,915)

Work in progress

(856)

208

(2,518)

(151)

Other receivables and assets

(135)

163

1

(58)

Tax credits

(728)

3,239

113

(114)

Inventory

544

268

(327)

(226)

Prepaid expenses

299

21

(646)

(1,452)

Contract acquisition costs

(784)

(190)

(1,045)

(908)

Accounts payable and accrued liabilities

(3,052)

1,645

(2,455)

3,259

Deferred revenue

5,506

1,258

5,833

5,713

Changes in non-cash working capital items related to operations

3,508

7,567

(280)

148

Net cash provided by operating activities

4,981

10,675

4,855

8,356

Cash flows from financing activities:

Repayment of long-term debt

–

–

–

(8,400)

Proceeds from short-term investments

–

–

–

5,000

Payment of lease obligations

(193)

(119)

(786)

(689)

Payment of dividends

(1,175)

(1,094)

(4,560)

(4,225)

Interest paid

(27)

(17)

(163)

(406)

Issuance of common shares on exercise of stock options

3,897

185

6,964

297

Shares repurchased and cancelled

(5,010)

–

(7,215)

–

Net cash used in financing activities

(2,508)

(1,045)

(5,760)

(8,423)

Cash flows from investing activities:

Interest received

6

27

97

90

Transfers from short-term investments

–

–

40

–

Acquisitions of property and equipment

(144)

(340)

(599)

(850)

Acquisitions of other intangible assets

–

–

–

(62)

Deferred development costs

(203)

(283)

(1,012)

(880)

Net cash used in investing activities

(341)

(596)

(1,474)

(1,702)

Net Increase (decrease) in cash and cash equivalents during the period

2,132

9,034

(2,379)

(1,769)

Cash and cash equivalents – beginning of period

16,724

12,201

21,235

23,004

Cash and cash equivalents – end of period

$

18,856

$

21,235

$

18,856

$

21,235

 

Consolidated Statements of Changes in Equity
(In thousands of Canadian dollars, except number of shares)

Share capital

Number

Amount

Contributed
Surplus

Accumulated
other
comprehensive
income (loss)

Retained
earnings

Total

Balance, May 1, 2023

14,582,837

$

44,338

$

15,285

$

(17)

$

10,832

$

70,438

Net profit

–

–

–

–

1,849

1,849

Other comprehensive (loss) income:

Effective portion of changes in fair value on designated revenue hedges

–

–

–

(1,086)

–

(1,086)

Exchange difference on translation of foreign operations

–

–

–

(322)

–

(322)

Total comprehensive (loss) income

–

–

–

(1,408)

1,849

441

Shares repurchased and cancelled

(204,500)

(684)

(6,531)

–

–

(7,215)

Stock-based compensation

–

–

2,301

–

–

2,301

Dividends to equity owners

–

–

–

–

(4,560)

(4,560)

Share options exercised

461,813

8,602

(1,638)

–

–

6,964

Total transactions with owners of the Company

257,313

$

7,918

(5,868)

$

–

$

(4,560)

$

(2,510)

Balance, April 30, 2024

14,840,150

$

52,256

9,417

$

(1,425)

$

8,121

$

68,369

–

Balance, May 1, 2022

14,562,895

$

43,973

13,176

$

(1,434)

$

12,968

$

68,683

Net profit

–

–

–

–

2,089

2,089

Other comprehensive income:

Effective portion of changes in fair value on designated revenue hedges

–

–

–

(6)

–

(6)

Exchange difference on translation of foreign operations

–

–

–

1,423

–

1,423

Total comprehensive income

–

–

–

1,417

2,089

3,506

Stock-based compensation

–

–

2,177

–

–

2,177

Dividends to equity owners

–

–

–

–

(4,225)

(4,225)

Share options exercised

19,942

365

(68)

–

–

297

Total transactions with owners of the Company

19,942

$

365

2,109

$

–

$

(4,225)

$

(1,751)

Balance, April 30, 2023

14,582,837

$

44,338

15,285

$

(17)

$

10,832

$

70,438

 

 

SOURCE Tecsys Inc.

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Amazon Special Deals: https://reurl.cc/vvyxmN Best Buy Special Deals: https://reurl.cc/A2E79jNewegg Special Deals: https://reurl.cc/oyN1vv Thermaltake Website Special Deals: https://thermaltakeusa.com/collections/sale

All Thermaltake pre-built gaming desktop PCs and PC DIY components are backed by the comprehensive Thermaltake USA warranty program, ensuring consumers with reliable performance and peace of mind through trusted warranty coverage. To learn more: https://support.thermaltake.com/csWarranty.aspx

About Thermaltake
Thermaltake Technology was established in 1999 and has been marketed worldwide under the Thermaltake brand name ever since. With the mission to “Deliver the perfect user experience,” Thermaltake has since become the leading brand in Gaming Computer Hardware: from chassis, power supply units, cooling systems, and memory modules to gaming PCs, gaming peripherals, and gaming furniture. Thermaltake is the leader in the PC DIY, Case Mod & Gaming Market and is the number one choice for Gamers, Modders & PC DIY Enthusiasts worldwide.

Official website: https://www.thermaltakeusa.com

Follow Thermaltake USA
Facebook: https://www.facebook.com/ThermaltakeNA
Instagram: https://www.instagram.com/thermaltake_NA/
Twitter: https://twitter.com/Thermaltake_NA
YouTube: https://www.youtube.com/c/ThermaltakeNorthAmerica
TikTok: https://www.tiktok.com/@thermaltakena

Media Contact

Andrew Ouyang, IDEE Creatives, 8182824968, andrewouyang@ideecreatives.com, www.ideecreatives.com

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SOURCE Thermaltake

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Technology

Agora Launches Smart Questionnaire to Simplify the Onboarding and Subscription Process For Real Estate Investors

Published

55 minutes ago

on

November 14, 2024

By

The new tool converts complex signature documents into personalized, interactive, and simple questionnaires.

NEW YORK, Nov. 14, 2024 /PRNewswire/ — Agora, a leading real estate investment management platform with offices in New York City and Tel Aviv, is announcing the launch of its Smart Questionnaire. This tool is designed to help real estate LPs complete subscription agreements, and ultimately empower GPs to raise capital faster. Agora’s Smart Questionnaire reduces the complexity of the subscription process, helping convert complex signature documents into simple, personalized interactive questionnaires.

What the Smart Questionnaire does:

Transforms Complex Documents: Converts subscription documents into simple, interactive questionnaires that investors can complete with ease.Personalizes Content for Investors: Allows GPs to create interactive, pre-filled questionnaires that are simple and efficient for LPs to complete.Facilitates Seamless Collaboration: Supports multi-user input, allowing LPs, GPs, family offices, and others to complete sections collaboratively.Supports Efficient Revisions: Allows investors to correct only the necessary fields without redoing the entire form, minimizing back-and-forth.Streamlines Key Processes: Simplifies creation and completion of subscription agreements, operating agreements, and limited partnership agreements, making onboarding faster and more user-friendly.

“Agora has cracked the code for investor onboarding with our Smart Questionnaire. The tool turns complex subscription agreements into digital, interactive questionnaires that investors can complete in a few clicks,” stated Lior Dolinski, Co-Founder and Chief Product Officer of Agora. “This solution not only simplifies the process for investors but also enhances collaboration between LPs and GPs, creating a smoother, more efficient experience for real estate investment firms.”

Agora’s Smart Questionnaire offers the opportunity to enhance investors’ experiences with personalized workflows, simplify and speed up onboarding and investor commitments, and make for easier collaboration – similar to many of its other tools designed specifically for real estate professionals. Further, the launch of the Smart Questionnaire comes shortly after the launch of Agora’s Report Builder, a first-of-its-kind tool that helps real estate professionals create custom reports for clients, such as distribution notices, quarterly reports, and more, and is similar to website-building tools such as Wix or Squarespace, incorporating drag-and-drop functionality and dynamic fields. Additionally, Agora also launched its Waterfall Tool, which helps professionals navigate waterfall distributions – a method of allocating capital gains or returns among investors.

Book a demo to learn more about Agora here: https://agorareal.com/

About Agora:
Agora, a fintech and SaaS company based in New York City and Tel Aviv, offers an innovative real estate investment management platform designed for modern real estate investment businesses. This comprehensive software solution combines technology, automation, and real estate expertise to streamline investment management. Agora transforms how firms raise and preserve capital, delivering a seamless, efficient experience for both managers and investors by automating back-office tasks, enhancing investor satisfaction, and providing advanced tools to optimize operational efficiency. Core services include investor portals, CRMs, data rooms, automated investor onboarding, and expert CPA for bookkeeping and tax management, giving clients comprehensive control over their financial operations. Additionally, Agora delivers powerful data insights, enabling clients to make informed, data-driven decisions across a wide range of asset classes, including multifamily, residential, industrial, office, agriculture, and debt and equity funds.

View original content to download multimedia:https://www.prnewswire.com/news-releases/agora-launches-smart-questionnaire-to-simplify-the-onboarding-and-subscription-process-for-real-estate-investors-302304705.html

SOURCE Agora Real Estate

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Technology

Millimeter Wave Technology Market is expected to generate a revenue of USD 14.8 Billion by 2031, Globally, at 9.5% CAGR: Verified Market Research®

Published

55 minutes ago

on

November 14, 2024

By

Verified Market Research® a leading provider of business intelligence and market analysis is thrilled to announce the release of its comprehensive and authoritative report on the, “Millimeter Wave Technology Market Size and Forecast.” This in-depth market research report is designed to provide industry leaders, decision-makers, and technology experts with critical insights into the expanding world of millimeter wave technology, emphasizing its pivotal role in future communication and industrial applications.

LEWES, Del., Nov. 14, 2024 /PRNewswire/ — The Global Millimeter Wave Technology Market Size is projected to grow at a CAGR of 9.5% from 2024 to 2031, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 2.6 Billion in 2024 and is expected to reach USD 14.8 Billion by the end of the forecast period.

The global market for millimeter wave technology is on a trajectory of substantial growth, driven by the surge in demand for high-speed, data-intensive communication networks, particularly in 5G and beyond. Our report offers a complete view of the market landscape, covering key segments, competitive dynamics, emerging trends, and the opportunities that lie ahead.

Key Insights and Opportunities:

Market Trends: Analysis of current trends driving the adoption of millimeter wave technology, including its increasing integration in telecommunications, automotive radar systems, and industrial automation.Technology Landscape: In-depth examination of advancements in millimeter wave components such as antennas, transceivers, and sensors that are reshaping the industry.Competitive Analysis: Insightful profiling of leading companies and their market strategies, innovation roadmaps, and R&D investments.Regional Insights: Comprehensive coverage of market dynamics in North America, Europe, Asia-Pacific, and other regions, highlighting the growth potential in developing and mature markets.Future Outlook: Forecasting market size, potential challenges, and opportunities to help businesses navigate this rapidly evolving sector.

This report is a crucial resource for professionals involved in the fields of telecommunications, semiconductor manufacturing, defense, and IoT (Internet of Things), providing actionable intelligence to drive informed strategic decisions. Companies seeking to stay ahead of the curve will find detailed competitor benchmarking, key investment pockets, and insights into technology partnerships that can lead to competitive advantages.

Why Industry Leaders Should Consider This Report:

Gain a clear understanding of the market’s growth drivers and restraints.Uncover new revenue streams in the dynamic millimeter wave technology space.Benchmark your position against industry competitors and recognize areas for improvement.Make data-driven investment decisions backed by a reliable forecast and detailed market analysis.

Stay ahead of the curve in the ever-evolving Millimeter Wave Technology Market. For more information or to request a sample copy of the report, please visit: https://www.verifiedmarketresearch.com/download-sample?rid=3287

Browse in-depth TOC on “Global Millimeter Wave Technology Market Size“

202 – Pages
126 – Tables
37 – Figures

Report Scope

REPORT ATTRIBUTES

DETAILS

STUDY PERIOD

2021-2031

GROWTH RATE

CAGR of 9.5% from 2024 to 2031

BASE YEAR FOR VALUATION

2024

HISTORICAL PERIOD

2021-2023

FORECAST PERIOD

2024-2031

QUANTITATIVE UNITS

Value in USD Billion

REPORT COVERAGE

Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis

SEGMENTS COVERED

ComponentFrequency BandProductLicense TypeEnd-User

 

REGIONS COVERED

North AmericaEuropeAsia PacificLatin AmericaMiddle East & Africa

 

KEY PLAYERS

Qualcomm Technologies, Inc., NEC Corporation, L3 Technologies, Inc.,, Millimeter Wave Products Inc.,, Keysight Technologies

CUSTOMIZATION

Report customization along with purchase available upon request

Global Millimeter Wave Technology Market Overview

Rising Demand for High-Speed Data Transmission: The increase in mobile data traffic and the expansion of 5G networks are driving the Millimeter Wave Technology Market. Rapid data transfer is essential for facilitating next-generation communication. This transition facilitates uninterrupted streaming, IoT integration, and smart city development, increasing investment in millimeter wave technologies, improving network efficacy, and creating a profitable market for telecoms companies.

Advancements in Automotive and Autonomous Technologies: The automotive and autonomous vehicle industries are progressively integrating millimeter wave technologies to improve radar and communication systems. These technologies provide accurate object identification, collision prevention, and lane guidance. As the automotive sector advances towards autonomous driving solutions, millimeter wave technology becomes crucial, facilitating market growth. Manufacturers and suppliers in automotive electronics are anticipated to witness significant demand growth.

Growth in Military and Defense Applications: Military and defense sectors are heavily investing in advanced millimeter wave technology for secure and high-speed communication, radar systems, and surveillance. Its superior bandwidth and low interference make it ideal for defense communications. The focus on modernizing defense capabilities in developed and developing nations is expected to drive market growth. Defense contractors and technology developers will find abundant opportunities in this evolving sector.

To Purchase a Comprehensive Report Analysis: https://www.verifiedmarketresearch.com/select-licence?rid=3287

High Infrastructure and Equipment Costs: Notwithstanding its benefits, the substantial initial expenses associated with millimeter wave technology infrastructure hinder widespread implementation. The establishment of network infrastructure and specialized equipment requires substantial expenditure, constraining market entry in price-sensitive areas. Companies must evaluate the advantages relative to the significant investment, which may impede market expansion for cost-sensitive sectors such as telecommunications and manufacturing.

Signal Attenuation Challenges: Millimeter wave signals are prone to attenuation, particularly when encountering obstructions like buildings, trees, or inclement weather. This constraint affects the efficacy of the device in densely populated or difficult areas. Mitigating signal loss necessitates increased network densification and the installation of repeaters, hence complicating deployment and escalating expenses. Service providers must devise strategies to alleviate these constraints for sustained market expansion.

Limited Availability of Spectrum: The Millimeter Wave Technology Market is hindered by the restricted availability of spectrum, essential for 5G and high-frequency applications. Regulatory constraints and rivalry for spectrum allotment among companies may impede expansion initiatives. Telecommunications companies and allied sectors encounter challenges in obtaining adequate spectrum to sustain their services, which may affect the velocity and magnitude of future installations.

Geographical Dominance

North America occupies a preeminent position in the Millimeter Wave Technology Market, propelled by early 5G implementation, substantial R&D investment, and a flourishing technological ecosystem. The involvement of critical stakeholders and a robust defense sector further enhances progress. This regional supremacy propels technological advancements and establishes global benchmarks, stimulating demand for millimeter wave solutions internationally. North America’s leadership encourages investment in other regions, enhancing total market growth.

Key Players

The “Global Millimeter Wave Technology Market” study report will provide a valuable insight with an emphasis on the global market.  The major players in the market are Qualcomm Technologies, Inc., NEC Corporation, L3 Technologies, Inc., Millimeter Wave Products Inc., Keysight Technologies.

Millimeter Wave Technology Market Segment Analysis

Based on the research, Verified Market Research has segmented the global Millimeter Wave Technology Market into Component, Frequency Band, Product, License Type, End-User and Geography.

Millimeter Wave Technology Market, by ComponentFrequency Sources & Related ComponentsCommunication & Networking ComponentsMillimeter Wave Technology Market, by Frequency Band24-57 GHz57-95 GH2Millimeter Wave Technology Market, by Vehicle TypeScanning SystemsRadar and Satellite Communication SystemsMillimeter Wave Technology Market, by License TypeLight LicensedUnlicensedMillimeter Wave Technology Market, by End UserCellular & TelecomConsumer & CommercialMillimeter Wave Technology Market, by GeographyNorth AmericaU.SCanadaMexicoEuropeGermanyFranceU.KRest of EuropeAsia PacificChinaJapanIndiaRest of Asia PacificROWMiddle East & AfricaLatin America

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Visualize Millimeter Wave Technology Market using Verified Market Intelligence -:

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VMI provides a holistic overview and global competitive landscape with respect to Region, Country, Segment, and Key players of your market. Present your Market Report & findings with an inbuilt presentation feature saving over 70% of your time and resources for Investor, Sales & Marketing, R&D, and Product Development pitches. VMI enables data delivery In Excel and Interactive PDF formats with over 15+ Key Market Indicators for your market.

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Verified Market Research® stands at the forefront as a global leader in Research and Consulting, offering unparalleled analytical research solutions that empower organizations with the insights needed for critical business decisions. Celebrating 10+ years of service, VMR has been instrumental in providing founders and companies with precise, up-to-date research data.

With a team of 500+ Analysts and subject matter experts, VMR leverages internationally recognized research methodologies for data collection and analyses, covering over 15,000 high impact and niche markets. This robust team ensures data integrity and offers insights that are both informative and actionable, tailored to the strategic needs of businesses across various industries.

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