Technology
Yalla Group Limited Announces Unaudited Second Quarter 2024 Financial Results
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1 month agoon
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DUBAI, UAE, Aug. 12, 2024 /PRNewswire/ — Yalla Group Limited (“Yalla” or the “Company”) (NYSE: YALA), the largest Middle East and North Africa (MENA)-based online social networking and gaming company, today announced its unaudited financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Financial and Operating Highlights
Revenues were US$81.2 million in the second quarter of 2024, representing an increase of 2.5% from the second quarter of 2023.Revenues generated from chatting services in the second quarter of 2024 were US$54.9 million.Revenues generated from games services in the second quarter of 2024 were US$26.2 million.Net income was US$31.4 million in the second quarter of 2024, a 10.9% increase from US$28.3 million in the second quarter of 2023. Net margin1 was 38.6% in the second quarter of 2024.Non-GAAP net income2 was US$35.2 million in the second quarter of 2024, a 4.4% increase from US$33.8 million in the second quarter of 2023. Non-GAAP net margin3 was 43.4% in the second quarter of 2024.Average MAUs4 increased by 14.1% to 39.0 million in the second quarter of 2024 from 34.2 million in the second quarter of 2023.The number of paying users5 on our platform decreased by 10.3% to 12.0 million in the second quarter of 2024 from 13.4 million in the second quarter of 2023.
1 Net margin is net income as a percentage of revenues.
2 Non-GAAP net income represents net income excluding share-based compensation. Non-GAAP net income is a non-GAAP financial measure. See the sections entitled “Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” for more information about the non-GAAP measures referred to in this press release.
3 Non-GAAP net margin is non-GAAP net income as a percentage of revenues.
4 “Average MAUs” refers to the average monthly active users in a given period calculated by dividing (i) the sum of active users for each month of such period, by (ii) the number of months in such period. “Active users” refers to registered users who accessed any of our main mobile applications at least once during a given period. Yalla, Yalla Ludo, Yalla Parchis, YallaChat and 101 Okey Yalla have been our main mobile applications for the periods presented herein; WeMuslim has been our main mobile application since the second quarter of 2023; and Ludo Royal has been our main mobile application since the third quarter of 2023.
5 “Paying users” refers to registered users who played a game or purchased our virtual items or upgrade services using virtual currencies on our main mobile applications at least once in a given period, except for users who received all of their virtual currencies directly or indirectly from us for free; YallaChat and WeMuslim do not involve the usage of virtual currencies, and the metrics of “paying users” and “ARPPU” do not reflect user activities on YallaChat and WeMuslim. “Registered users” refers to users who have registered accounts on our main mobile applications as of a given time; a registered user is not necessarily a unique user, as an individual may register multiple accounts on our main mobile applications.
Key Operating Data
For the three months ended
June 30, 2023
June 30, 2024
Average MAUs (in thousands)
34,192
38,999
Paying users (in thousands)
13,402
12,023
“We delivered another solid set of results for the second quarter of 2024, led by total revenues of US$81.2 million, exceeding the top end of our guidance despite the impact of the Ramadan holiday,” said Mr. Yang Tao, Founder, Chairman and CEO of Yalla. “This strong performance was supported by our success in enhancing operational procedures, optimizing technology utilization to improve efficiency, boosting user engagement and refining our user acquisition strategies, which drove a 14.1% year-over-year increase in average MAUs to 39.0 million for the second quarter.
“We recently celebrated the 8th anniversary of Yalla, our group’s first product, which has evolved into the world’s most downloaded voice chat app,6 boasting a highly engaged and loyal user community. On the operational front, we continued to deepen local gamers’ engagement with our products and enhanced our brand influence through numerous exciting online and offline events. Since the end of last year, we have hosted online and offline Yalla Ludo tournaments across different cities in MENA with our esteemed local and international partners, engaging with millions of players. As the largest MENA-based online social networking and gaming company, we remain dedicated to delivering tailored experiences that enrich our users’ lives while contributing to the Middle East’s vibrant digital landscape,” Mr. Yang concluded.
Ms. Karen Hu, CFO of Yalla, commented, “We were pleased to sustain our year-over-year revenue growth momentum in the second quarter as we strove for high-quality development and user growth. Our constant efforts to enhance operating efficiency continued to yield positive results, elevating our net margin to 38.6% in the second quarter of 2024. Moving forward, we will continue to execute our high-quality growth strategy, leveraging our solid business fundamentals to capture new business opportunities and deliver long-term, sustainable value to all our stakeholders.”
Second Quarter 2024 Financial Results
Revenues
Our revenues were US$81.2 million in the second quarter of 2024, a 2.5% increase from US$79.2 million in the second quarter of 2023. The increase was primarily driven by our broadening user base and enhanced monetization capability. Our average MAUs increased by 14.1% from 34.2 million in the second quarter of 2023 to 39.0 million in the second quarter of 2024. Our solid revenue growth was also partially attributable to the significant increase in ARPPU,7 which grew from US$5.8 in the second quarter of 2023 to US$6.6 in the second quarter of 2024.
In the second quarter of 2024, our revenues generated from chatting services were US$54.9 million, and revenues from games services were US$26.2 million.
Costs and expenses
Our total costs and expenses were US$51.6 million in the second quarter of 2024, a 6.8% decrease from US$55.3 million in the second quarter of 2023.
Our cost of revenues was US$29.0 million in the second quarter of 2024, a 2.5% increase from US$28.3 million in the same period last year, primarily due to higher commission fees paid to third-party payment platforms as a result of increasing revenue generated. Cost of revenues as a percentage of our total revenues remained relatively stable at 35.7% in the second quarter of 2024.
Our selling and marketing expenses were US$8.5 million in the second quarter of 2024, a 31.4% decrease from US$12.4 million in the same period last year, primarily driven by our more disciplined advertising and promotion approach. Selling and marketing expenses as a percentage of our total revenues decreased from 15.6% in the second quarter of 2023 to 10.5% in the second quarter of 2024.
Our general and administrative expenses were US$7.6 million in the second quarter of 2024, a 5.5% decrease from US$8.0 million in the same period last year, primarily driven by lower share-based compensation expenses recognized in the second quarter of 2024. General and administrative expenses as a percentage of our total revenues decreased from 10.1% in the second quarter of 2023 to 9.3% in the second quarter of 2024.
Our technology and product development expenses were US$6.5 million in the second quarter of 2024, a 1.6% decrease from US$6.6 million in the same period of last year, primarily driven by lower share-based compensation expenses recognized in the second quarter of 2024. Technology and product development expenses as a percentage of our total revenues decreased from 8.3% in the second quarter of 2023 to 8.0% in the second quarter of 2024.
Operating income
Operating income was US$29.6 million in the second quarter of 2024, a 23.8% increase from US$23.9 million in the second quarter of 2023.
Non-GAAP operating income8
Non-GAAP operating income in the second quarter of 2024 was US$33.5 million, a 13.9% increase from US$29.4 million in the same period last year.
Interest income
Interest income was US$7.1 million in the second quarter of 2024, compared with US$4.6 million in the second quarter of 2023, primarily due to an increase in interest rates applicable to the Company’s bank deposits.
Income tax expense
Income tax expense was US$5.79 million in the second quarter of 2024, compared with US$0.82 million in the second quarter of 2023. The increase was primarily due to the introduction and implementation of the UAE Corporate Tax Law, which is effective for the financial years starting on or after June 1, 2023.
Net income
As a result of the foregoing, our net income was US$31.4 million in the second quarter of 2024, a 10.9% increase from US$28.3 million in the second quarter of 2023.
Non-GAAP net income
Non-GAAP net income in the second quarter of 2024 was US$35.2 million, a 4.4% increase from US$33.8 million in the same period last year.
Earnings per ordinary share
Basic and diluted earnings per ordinary share were US$0.20 and US$0.17, respectively, in the second quarter of 2024, while basic and diluted earnings per ordinary share were US$0.19 and US$0.16, respectively, in the same period of 2023.
Non-GAAP earnings per ordinary share9
Non-GAAP basic and diluted earnings per ordinary share were US$0.22 and US$0.19, respectively, in the second quarter of 2024, compared with US$0.22 and US$0.19, respectively, in the same period of 2023.
Cash and cash equivalents, restricted cash, term deposits and short-term investments
As of June 30, 2024, we had cash and cash equivalents, restricted cash, term deposits and short-term investments of US$528.7 million, compared with US$535.7 million as of December 31, 2023.
Share Repurchase Program
Pursuant to the Company’s share repurchase program beginning on May 21, 2021 with an extended expiration date of May 21, 2025, the Company had completed cash repurchases in the open market of 3,972,876 American depositary shares (“ADSs”), representing 3,972,876 Class A ordinary shares, for an aggregate amount of approximately US$35.5 million, as of June 30, 2024. The aggregate value of ADSs and/or Class A ordinary shares that remain available for purchase under the current share repurchase program was US$114.5 million as of June 30, 2024.
Outlook
For the third quarter of 2024, Yalla currently expects revenues to be between US$75.0 million and US$82.0 million.
The above outlook is based on current market conditions and reflects the Company management’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change.
6 According to data.ai’s research, by downloads in 2023
7 “ARPPU” refers to average revenues per paying user in a given period, which is calculated by dividing (i) revenues for such period, by (ii) the number of paying users for such period. When calculating the ARPPU, we include revenues generated from Yalla, Yalla Ludo, Yalla Parchis, 101 Okey Yalla and Ludo Royal (since the third quarter of 2023) in a given period.
8 Non-GAAP operating income represents operating income excluding share-based compensation. Non-GAAP operating income is a non-GAAP financial measure. See the sections entitled “Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” for more information about the non-GAAP measures referred to in this press release.
9 Non-GAAP earnings per ordinary share is non-GAAP net income attributable to Yalla Group Limited’s shareholders, divided by weighted average number of basic and diluted shares outstanding. Non-GAAP net income attributable to Yalla Group Limited’s shareholders represents net income attributable to Yalla Group Limited’s shareholders, excluding share-based compensation. Non-GAAP earnings per ordinary share and non-GAAP net income attributable to Yalla Group Limited’s shareholders are non-GAAP financial measures. See the sections entitled “Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” for more information about the non-GAAP measures referred to in this press release.
Conference Call
The Company’s management will host an earnings conference call on Monday, August 12, 2024, at 8:00 PM U.S. Eastern Time, Tuesday, August 13, 2024, at 4:00 AM Dubai Time, or Tuesday, August 13, 2024, at 8:00 AM Beijing/Hong Kong time.
Dial-in details for the earnings conference call are as follows:
United States Toll Free:
+1-888-317-6003
International:
+1-412-317-6061
United Arab Emirates Toll Free:
80-003-570-3589
Mainland China Toll Free:
400-120-6115
Hong Kong, China Toll Free:
800-963-976
Access Code:
4890168
Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.yalla.com.
A replay of the conference call will be accessible until August 19, 2024, by dialing the following telephone numbers:
United States Toll Free:
+1-877-344-7529
International:
+1-412-317-0088
Access Code:
6123926
Non-GAAP Financial Measures
To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP financial measures, namely non-GAAP operating income, non-GAAP net income, non-GAAP net margin and non-GAAP basic and diluted earnings per ordinary share, as supplemental measures to review and assess the Company’s operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define non-GAAP operating income as operating income excluding share-based compensation. We define non-GAAP net income as net income excluding share-based compensation. We define non-GAAP net margin as non-GAAP net income as a percentage of revenues. We define non-GAAP net income attributable to Yalla Group Limited’s shareholders as net income attributable to Yalla Group Limited’s shareholders, excluding share-based compensation. We define non-GAAP earnings per ordinary share as non-GAAP net income attributable to Yalla Group Limited’s shareholders, divided by the weighted average number of basic and diluted shares outstanding.
By excluding the impact of share-based compensation expenses, which are non-cash charges, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. Investors can better understand the Company’s operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess its core operating results, as they exclude share-based compensation expenses, which are not expected to result in cash payments. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.
The non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using the non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company’s operations. Share-based compensation has been and may continue to be incurred in the Company’s business and is not reflected in the presentation of non-GAAP financial measures. Further, the non-GAAP financial measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.
The Company compensates for these limitations by providing the relevant disclosure of its non-GAAP financial measures in the reconciliations to the nearest U.S. GAAP performance measures, all of which should be considered when evaluating its performance. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.
Reconciliations of GAAP and non-GAAP results are set forth at the end of this press release.
About Yalla Group Limited
Yalla Group Limited is the largest MENA-based online social networking and gaming company, in terms of revenue in 2022. The Company operates two flagship mobile applications, Yalla, a voice-centric group chat platform, and Yalla Ludo, a casual gaming application featuring online versions of board games, popular in MENA, with in-game voice chat and localized Majlis functionality. Building on the success of Yalla and Yalla Ludo, the Company continues to add engaging new content, creating a regionally-focused, integrated ecosystem dedicated to fulfilling MENA users’ evolving online social networking and gaming needs. Through its holding subsidiary, Yalla Game Limited, the Company has expanded its capabilities in mid-core and hard-core games in the MENA region, leveraging its local expertise to bring innovative gaming content to its users. In addition, the growing Yalla ecosystem includes YallaChat, an IM product tailored for Arabic users, WeMuslim, a product that supports Arabic users in observing their customs, and casual games such as Yalla Baloot and 101 Okey Yalla, developed to sustain vibrant local gaming communities in MENA. Yalla is also actively exploring outside of MENA with Yalla Parchis, a Ludo game designed for the South American markets. Yalla’s mobile applications deliver a seamless experience that fosters a sense of loyalty and belonging, establishing highly devoted and engaged user communities through close attention to detail and localized appeal that profoundly resonates with users.
For more information, please visit: https://ir.yalla.com.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Statements that are not historical facts, including statements about Yalla Group Limited’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Yalla Group Limited’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Yalla Group Limited does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
Yalla Group Limited
Investor Relations
Kerry Gao – IR Director
Tel: +86-571-8980-7962
Email: ir@yalla.com
Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
Email: yalla@tpg-ir.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: yalla@tpg-ir.com
YALLA GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
As of
December 31,
2023
June 30,
2024
US$
US$
ASSETS
Current assets
Cash and cash equivalents
311,883,463
289,553,961
Restricted cash
423,567
420,946
Term deposits
213,105,501
230,749,436
Short-term investments
10,282,329
8,000,000
Amounts due from a related party
109,507
—
Prepayments and other current assets
33,340,602
36,904,158
Total current assets
569,144,969
565,628,501
Non-current assets
Property and equipment, net
1,583,604
1,415,128
Intangible asset, net
1,133,715
1,014,122
Operating lease right-of-use assets
2,382,026
1,837,703
Long-term investments
51,692,218
132,293,265
Other assets
13,015,729
12,935,189
Total non-current assets
69,807,292
149,495,407
Total assets
638,952,261
715,123,908
LIABILITIES
Current liabilities
Accounts payable
928,055
858,983
Deferred revenue
46,558,571
54,175,880
Operating lease liabilities, current
1,153,691
1,070,626
Amounts due to a related party
—
108,867
Accrued expenses and other current liabilities
26,694,999
25,128,214
Total current liabilities
75,335,316
81,342,570
Non-current liabilities
Operating lease liabilities, non-current
949,970
468,972
Total non-current liabilities
949,970
468,972
Total liabilities
76,285,286
81,811,542
EQUITY
Shareholders’ equity of Yalla Group Limited
Class A Ordinary Shares
13,778
13,910
Class B Ordinary Shares
2,473
2,473
Additional paid-in capital
313,306,523
321,783,768
Treasury stock
(35,527,305)
(35,527,305)
Accumulated other comprehensive loss
(2,341,740)
(2,613,364)
Retained earnings
292,223,525
355,461,482
Total shareholders’ equity of Yalla Group Limited
567,677,254
639,120,964
Non-controlling interests
(5,010,279)
(5,808,598)
Total equity
562,666,975
633,312,366
Total liabilities and equity
638,952,261
715,123,908
YALLA GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS
Three Months Ended
Six Months Ended
June 30,
2023
March 31,
2024
June 30,
2024
June 30,
2023
June 30,
2024
US$
US$
US$
US$
US$
Revenues
79,246,363
78,728,578
81,197,482
152,764,976
159,926,060
Costs and expenses
Cost of revenues
(28,330,815)
(28,571,261)
(29,025,673)
(56,183,292)
(57,596,934)
Selling and marketing expenses
(12,378,490)
(8,099,936)
(8,491,520)
(23,733,465)
(16,591,456)
General and administrative expenses
(8,018,573)
(6,647,892)
(7,576,904)
(18,182,967)
(14,224,796)
Technology and product development expenses
(6,586,078)
(6,262,254)
(6,481,616)
(13,997,266)
(12,743,870)
Total costs and expenses
(55,313,956)
(49,581,343)
(51,575,713)
(112,096,990)
(101,157,056)
Operating income
23,932,407
29,147,235
29,621,769
40,667,986
58,769,004
Interest income
4,623,275
6,644,884
7,097,975
7,741,564
13,742,859
Government grants
4,560
67,332
365,031
182,219
432,363
Investment income (loss)
529,308
(1,288,127)
60,233
1,021,197
(1,227,894)
Income before income taxes
29,089,550
34,571,324
37,145,008
49,612,966
71,716,332
Income tax expense
(821,149)
(3,483,208)
(5,793,582)
(1,437,507)
(9,276,790)
Net income
28,268,401
31,088,116
31,351,426
48,175,459
62,439,542
Net loss attributable to non-controlling interests
1,202,160
505,987
292,428
1,756,751
798,415
Net income attributable to Yalla Group
Limited’s shareholders
29,470,561
31,594,103
31,643,854
49,932,210
63,237,957
Earnings per ordinary share
——Basic
0.19
0.20
0.20
0.32
0.39
——Diluted
0.16
0.17
0.17
0.28
0.34
Weighted average number of shares
outstanding used in computing earnings
per ordinary share
——Basic
158,871,859
160,379,455
160,721,827
158,424,104
160,550,641
——Diluted
180,752,549
183,260,168
183,535,654
180,635,132
183,397,911
Share-based compensation was allocated in cost of revenues, selling and marketing expenses, general and administrative expenses and technology and product development expenses as follows:
Three Months Ended
Six Months Ended
June 30,
2023
March 31,
2024
June 30,
2024
June 30,
2023
June 30,
2024
US$
US$
US$
US$
US$
Cost of revenues
923,513
1,902,717
1,867,863
1,953,762
3,770,580
Selling and marketing expenses
1,014,371
700,115
681,035
1,985,706
1,381,150
General and administrative expenses
3,242,981
1,333,314
1,321,200
6,488,259
2,654,514
Technology and product development expenses
315,173
262,731
19,198
664,450
281,929
Total share-based compensation expenses
5,496,038
4,198,877
3,889,296
11,092,177
8,088,173
YALLA GROUP LIMITED
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
Three Months Ended
Six Months Ended
June 30,
2023
March 31,
2024
June 30,
2024
June 30,
2023
June 30,
2024
US$
US$
US$
US$
US$
Operating income
23,932,407
29,147,235
29,621,769
40,667,986
58,769,004
Share-based compensation expenses
5,496,038
4,198,877
3,889,296
11,092,177
8,088,173
Non-GAAP operating income
29,428,445
33,346,112
33,511,065
51,760,163
66,857,177
Net income
28,268,401
31,088,116
31,351,426
48,175,459
62,439,542
Share-based compensation expenses,
net of tax effect of nil
5,496,038
4,198,877
3,889,296
11,092,177
8,088,173
Non-GAAP net income
33,764,439
35,286,993
35,240,722
59,267,636
70,527,715
Net income attributable to Yalla
Group Limited’s shareholders
29,470,561
31,594,103
31,643,854
49,932,210
63,237,957
Share-based compensation expenses,
net of tax effect of nil
5,496,038
4,198,877
3,889,296
11,092,177
8,088,173
Non-GAAP net income attributable to
Yalla Group Limited’s shareholders
34,966,599
35,792,980
35,533,150
61,024,387
71,326,130
Non-GAAP earnings per ordinary share
——Basic
0.22
0.22
0.22
0.39
0.44
——Diluted
0.19
0.20
0.19
0.34
0.39
Weighted average number of shares
outstanding used in computing earnings
per ordinary share
——Basic
158,871,859
160,379,455
160,721,827
158,424,104
160,550,641
——Diluted
180,752,549
183,260,168
183,535,654
180,635,132
183,397,911
View original content:https://www.prnewswire.com/news-releases/yalla-group-limited-announces-unaudited-second-quarter-2024-financial-results-302219813.html
SOURCE Yalla Group Limited
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Prime determinants of growth
The global digital banking platform is experiencing growth due to several factors such as surge in the number of Internet users, growth in a shift from traditional banking to online banking and rise in demand for personalized banking services. However, security and compliance issues in digital banking platforms, lack of digital literacy in emerging countries, and technical concerns associated with new technology integration and legacy systems hinder the market growth. Moreover, growth in the usage of machine learning and artificial intelligence in digital banking platforms, along with the increase in innovative banking services offer remunerative opportunities for the expansion of the global digital banking platforms market.
Report coverage & details:
Report Coverage
Details
Forecast Period
2024–2032
Base Year
2023
Market Size in 2023
$30.4 billion
Market Size in 2032
$168.3 billion
CAGR
20.9 %
No. of Pages in Report
250
Segments covered
Component, Deployment Model, Type, Mode, and Region
Drivers
• Surge in the number of Internet users
• Growth in a shift from traditional banking to online banking
• Increase in demand for personalized banking services
Opportunities
• Growth in the usage of machine learning and artificial intelligence in digital banking platforms
• Increase in innovative banking services
Restraints
• Security and compliance issues in digital banking platforms
• Lack of digital literacy in emerging countries
• Technical concerns associated with new technology integration and legacy systems
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Segment Highlights
The solution segment is expected to lead the market during the forecast period.
By component, the solution segment held the highest market share in 2023, accounting for nearly three-fourths of the global digital banking platform market. Increase in focus on customer acquisition among bankers, rising investment in for solutions loan processing, and the effective management of established communication among bank professionals and customers are expected to drive the demand for the solution segment in the digital banking platform market.
The cloud segment is expected to lead the market during the forecast period.
By deployment mode, the on-premises segment held the highest market share in 2023, accounting for more than half of the global digital banking platform revenue and is likely to retain its dominance during the forecast period. The on-premises model is considered widely useful in large enterprises, as it involves a significant investment and organizations need to purchase interconnected servers, as well as software to manage the system, which is expected to drive market growth.
However, the cloud segment is projected to attain the highest CAGR between 2023 and 2032, owing to the adoption of a cloud strategy delivers several numbers of key benefits for businesses in the digital banking industry, such as the ease of implementation, low cost, and unlimited accessibility, which propels the growth of the cloud segment.
The retail banking segment is expected to garner the highest CAGR during the forecast period.
By type, the retail banking segment held the highest market share in 2023, accounting for almost two-thirds of the global digital banking platform revenue and is likely to retain its dominance during the forecast period. The growth is attributed to a surge in the customer base who are willing to shift towards online methods of banking, as it provides easy and convenient access to banking services. In addition, the increase in internet penetration globally contributes to this segment’s growth.
The mobile banking segment is expected to garner the highest CAGR during the forecast period.
By mode, the online banking segment held the highest market share in 2023, accounting for nearly three-fourths of the global digital banking platform revenue and is likely to retain its dominance during the forecast period. The growth is driven by an increase in preference for digitization & automation, rise in usage of Fintech, which are computer programs, and financial services supported by technology drive the growth of this segment.
However, the mobile banking segment is projected to attain the highest CAGR between 2023 and 2032, owing to the technological advancements in mobile banking such as the delivery of personalized real-time customer service through smart bots, rise in usage of mobile devices allowing users to obtain instant customer assistance, drive the market growth.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2023, accounting for almost two-fifths of the global digital banking platform revenue and is expected to rule the roost in terms of revenue during the forecast timeframe. The growth is driven by the constant advancements in information technology causing increased development of interactive and consumer-friendly user interfaces of the websites and applications that have led to changes in the preference of consumers for banking services.
Players
AppwayCor Financial Solution Ltd.EdgeverveFIS GlobalFiserv, Inc.nCino Inc.Oracle CorporationSAP SETemenosVsoft Corporation
The report provides a detailed analysis of these key players in the global digital banking platform. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders
This report provides a quantitative analysis of the digital banking platform market segments, current trends, estimations, and dynamics of the digital banking platform market analysis from 2024 to 2032 to identify the prevailing digital banking platform market opportunity.The market research is offered along with information related to key drivers, restraints, and opportunities.Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.In-depth analysis of the digital banking platform market segmentation assists to determine the prevailing digital banking platform market opportunities.Major countries in each region are mapped according to their revenue contribution to the global market.Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.The report includes the analysis of the regional as well as global digital banking platform market trends, key players, market segments, application areas, and market growth strategies.
Digital Banking Platform Market Report Highlights
By Component
SolutionsServices
By Deployment Model
On-PremisesCloud
By Type
Retail BankingCorporate Banking
By Mode
Online BankingMobile Banking
By Region
North America (U.S., Canada, Mexico)Europe (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Technology
ZeroedIn Launches New Analytics Platform User Experience, Offering a 360° View of Workforce Data
Published
57 mins agoon
September 23, 2024By
LINTHICUM, Md., Sept. 23, 2024 /PRNewswire/ — ZeroedIn is thrilled to announce the launch of its new decision intelligence user experience, designed to support customers at every stage of their analytics journey. This new platform transforms workforce data into clear, actionable insights, enabling smarter, faster, and more strategic decision-making across the organization. With its 360° view of workforce data, organizations can now make well-informed, data-driven decisions by utilizing predictive insights and generative AI, while ensuring regulatory compliance.
ZeroedIn’s platform integrates seamlessly with multiple data sources, turning raw data into actionable strategies. By simplifying complex data visualizations, it enables businesses to improve productivity, enhance decision-making, and drive sustainable change. This upgraded platform not only meets organizations where they are in their analytics journey, but also provides them with the advanced tools to unlock the power of decision intelligence.
“As part of our relentless commitment to delivering the best solutions, we are heavily investing in platform architecture and security,” said Chris Moore, Chief Technology Officer of ZeroedIn. “We are in the final stages of a SOC 2 audit, with full compliance expected by year’s end. Additionally, we’ve initiated the FedRAMP certification process, reinforcing our dedication to upholding the highest security and compliance standards, particularly for government organizations.”
“Our mission is to equip organizations with cutting-edge tools that proactively foster decision intelligence while directly addressing today’s complex compliance challenges,” said Jim Gill, CEO of ZeroedIn. “This launch is a pivotal milestone in helping businesses create a culture that prioritizes data-driven, informed decision-making.”
ZeroedIn’s platform is particularly well-suited for businesses in compliance-driven industries such as healthcare, financial services, credit unions/banks, and government organizations (SLED/FED), providing them with the insights needed to navigate regulatory requirements while optimizing workforce performance.
ZeroedIn will unveil this new platform at HR Tech 2024, where CEO Jim Gill will participate in interviews with RedThread Research’s Tech Consortium/Moveable Feast and Stacey Harris of Sapient Insights Group on the Spilling the Tea on HR Tech Podcast. Attendees are also invited to a live demo session on September 26, from 12:30 to 1:30 PM PT in Demo Theater 2 on the HR Tech expo floor. This interactive session will offer an in-depth look at the platform’s innovative features and demonstrate its transformative potential.
Key Features and Benefits
Unified Source of Truth: ZeroedIn aggregates data from HRMS, surveys, performance metrics, and more, providing a holistic view of workforce data for businesses in compliance-driven sectors.Dynamic Dashboards with Predictive Modeling: Tailored to each user, the platform delivers personalized insights to enable leaders to make strategic decisions about employee engagement, productivity, and leadership development.Leader Blind Spot Identification: A new feature designed to highlight gaps in accountability and span of control, which are often overlooked in traditional platforms.Succession Planning and Leadership Growth: ZeroedIn goes beyond standard succession planning by using predictive modeling to anticipate future leadership needs based on span of control, organizational growth, and other key metrics.
A Diagnostic Tool for Leadership Development
One of ZeroedIn Analytics’ standout capabilities is its diagnostic tool, which helps organizations identify gaps in leadership structure and development. By integrating diverse datasets, the platform not only addresses data integration challenges but also provides actionable insights that enable leadership teams to make more informed decisions about organizational structure and talent development.
A Vision Rooted in Innovation and Security
ZeroedIn is committed to pushing the boundaries of decision intelligence by unifying workforce data and delivering predictive insights that drive actionable outcomes. With a platform designed to meet organizations wherever they are in their analytics journey, ZeroedIn offers:
Democratized, actionable insights across the entire organizationTools to empower data-driven decision-making at all levelsEnhanced employee engagement, productivity, and performance through personalized predictive modeling
By breaking down data silos, ZeroedIn enables organizations to unlock the full potential of their workforce, driving inclusive, sustainable, and long-lasting change.
“I’ve been following ZeroedIn for many years, and I’m excited about the momentum they have with their new user experience and product team” said Stacey Harris, Chief Research Officer and Managing Partner at Sapient Insights Group “It’s great to see them focused on meeting the needs of customers at any point in their journey. With over 40% of organizations stating that current solutions aren’t meeting their business needs, many are looking for more guidance and support.”
The new ZeroedIn Analytics platform is now available to businesses looking to transform their workforce data into a strategic asset.
About ZeroedIn
ZeroedIn is a leading provider of people analytics solutions, helping organizations in highly regulated industries optimize talent management and improve business performance. With cutting-edge AI-driven insights, ZeroedIn empowers businesses to make smarter, data-driven decisions that fuel employee engagement, productivity, and long-term success,
For more information, visit zeroedin.com or contact marketing@zeroedin.com.
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SOURCE ZeroedIn Technologies
Beijing, September 26: China Arbitration Summit 2024 & China MENA Arbitration Summit
Digital Banking Platform Market to Reach $168.3 Billion, Globally, by 2032 at 20.9% CAGR: Allied Market Research
ZeroedIn Launches New Analytics Platform User Experience, Offering a 360° View of Workforce Data
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