Technology

Research Solutions Reports Fourth Quarter and Fiscal Year 2024 Results

Published

4 months ago

September 19, 2024

Reports 18% Revenue Increase, ARR of $17.4 Million and Record Cash Flow

HENDERSON, Nev., Sept. 19, 2024 /PRNewswire/ — Research Solutions, Inc. (NASDAQ: RSSS), a trusted partner providing cloud-based workflow solutions to accelerate research for R&D-driven organizations, reported record financial results for its fourth quarter and full fiscal year ended June 30, 2024.

Fiscal Fourth Quarter 2024 Summary (compared to prior-year quarter)

Total revenue of $12.1 million, a 22% increase.Platform revenue up 86% to $4.3 million. Platform revenue accounted for 35% of the revenue as compared to 23% in the prior year.Annual Recurring Revenue (“ARR”) up 84% to $17.4 million, which includes approximately $12.1 million of B2B recurring revenue and $5.4M of B2C recurring revenue.Gross profit up 44%. Total gross margin improved 710 basis points to 46.5%.Net loss of $2.8 million, or ($0.09) per diluted share, compared to $376,000 or $0.01 per diluted share. The quarter’s result includes a charge of approximately $4.3 million related to increasing the projected earnout for Scite.Adjusted EBITDA of $1.4 million, a 70% improvement and a Company quarterly record, compared to $825,000.Cash flow from operations of $2.0 million, compared to $1.5 million, a 30% improvement.

Fiscal Year 2024 Summary (compared to Fiscal 2023)

Total revenue of $44.6 million, an 18% increase.Platform revenue up 61% to $14.0 million. Transaction revenue increased 5.7% to $30.7 million.Gross profit up 34%. Total gross margin improved 500 basis points to 44.0%.Net loss of $3.8 million, or ($0.13) per diluted share, including the previously mentioned $4.3 million charge and $1.5 million in proxy and acquisition-related expenses, compared to net income of $572,000 or $0.02 per diluted share.Adjusted EBITDA of $2.2 million, which is inclusive of proxy and acquisition-related expenses of $1.4 million, a Company record, compared to $2.0 million.Cash flow from operations of $3.6 million, a Company record, compared to $3.4 million.

“Fiscal 2024 was a transformational year for the Company. We completed two acquisitions which helped position us as a vertical SaaS and AI company, helping researchers throughout their entire workflow. The integration of these acquisitions and our operational execution were meaningful contributors to our 85% year-over-year ARR growth and the double-digit increase in Adjusted EBITDA,” said Roy W. Olivier, President and CEO of Research Solutions. “There are many untapped market opportunities where our highly specialized product offerings can serve as a vital piece of the research process. Overall, we believe we are well-positioned to deliver meaningful ARR growth while expanding Adjusted EBITDA margins, creating long-term value for our shareholders.”

Fiscal Fourth Quarter 2024 Results

Total revenue was $12.1 million, a 22% increase from $10.0 million in the year-ago quarter primarily driven by increased platform revenue versus the prior-year period due to revenue from the Company’s acquisitions as well as organic platform revenue growth.

Platform subscription revenue for the quarter was $4.3 million, an 86% year-over-year increase. The increase was primarily due to the acquisition of Scite, as well as organic growth in the core Article Galaxy platform. The quarter ended with annual recurring revenue of $17.4 million, up 84% year-over-year (see the company’s definition of annual recurring revenue below).

Transaction revenue was $7.9 million, compared to $7.7 million in the fourth quarter of fiscal 2023. The transaction active customer count for the quarter was 1,398, compared to 1,404 customers in the prior-year quarter (see the company’s definition of active customer accounts and transactions below).

Total gross margin improved 710 basis points from the prior-year quarter to 46.5%. The increase was primarily driven by the continued revenue mix shift to the higher-margin Platforms business, as well as a 70 basis point increase in margins in the transactions business.

Total operating expenses were $5.0 million, compared to $3.7 million in the fourth quarter of 2023. The increase was primarily related to the additional cost base associated with the aforementioned acquisitions, as well as increased non-cash depreciation and amortization expense related to such acquisitions.

Other expense for the quarter was approximately $3.5 million, compared to other income of $120,000 in the prior-year quarter. The primary driver of this was $4.3M of expense related to increasing the earn-out assumption associated with the Scite acquisition.

Net loss in the fourth quarter was $2.8 million, or ($0.09) per diluted share, compared to net income of $376,000, or $0.01 per diluted share, in the prior-year quarter. Adjusted EBITDA was $1.4 million, compared to $825,000 in the year-ago quarter (see definition and further discussion about the presentation of Adjusted EBITDA, a non-GAAP term, below).

Full-Year Fiscal 2024 Results

Total revenue was $44.6 million, an 18% increase from fiscal 2023, driven by both increased platform revenue and transaction revenue.

Platform subscription revenue for fiscal 2024 was $14.0 million, a 61% year-over-year increase. The increase was primarily due to the acquisition of Scite, as well as organic growth in the core Article Galaxy platform.

Transaction revenue was $30.7 million, compared to $29.0 million in fiscal 2023. The increase was driven by organic growth and the impact of a full year of contribution from the acquisition of contracts from FIZ Karlsruhe, compared to six months in fiscal 2023.

Total gross margin improved 500 basis points from the prior-year to 44.0%. The increase was primarily driven by the continued revenue mix shift to the higher-margin Platforms business, as well as a 100 basis point increase in margins in the transactions business related to pricing initiatives.

Total operating expenses for the year were $20.4 million, compared to $14.5 million in fiscal 2023. The increase was primarily related to the additional cost base associated with the acquisitions, including increased non-cash depreciation and amortization expense related to such acquisitions, as well as the aforementioned proxy and acquisition-related expenses.

Net loss for fiscal 2024 was $3.8 million, or ($0.13) per diluted share, compared to net income of $572,000, or $0.02 per diluted share, in the prior-year. Adjusted EBITDA was $2.2 million, compared to $2.0 million in fiscal 2023 (see definition and further discussion about the presentation of Adjusted EBITDA, a non-GAAP term, below).

Conference Call
Research Solutions President and CEO Roy W. Olivier and CFO Bill Nurthen will host the conference call, followed by a question and answer period.

Date: Thursday, September 19, 2024
Time: 5:00 p.m. ET (2:00 p.m. PT)
Dial-in number: 1-412-317-5180

The conference call will be broadcast live and available for replay until October 19, 2024 by dialing 1-412-317-6671 and using the replay ID 10191850, and via the investor relations section of the company’s website at http://researchsolutions.investorroom.com/.

Fiscal Fourth Quarter Financial and Operational Summary Tables vs. Prior-Year Quarter

Quarter Ended June 30,

Twelve Months Ended June 30,

2024

2023

Change

% Change

2024

2023

Change

% Change

Revenue:

Platforms

$ 4,277,338

$ 2,303,375

$ 1,973,963

85.7 %

$ 13,956,517

$ 8,683,246

$ 5,273,271

60.7 %

Transactions

$ 7,856,176

$ 7,656,342

199,834

2.6 %

$ 30,667,382

$ 29,020,206

1,647,176

5.7 %

Total Revenue

12,133,514

9,959,717

2,173,797

21.8 %

44,623,899

37,703,452

6,920,447

18.4 %

Gross Profit:

Platforms

3,650,286

2,028,265

1,622,021

80.0 %

11,889,314

7,655,960

4,233,353

55.3 %

Transactions

1,992,580

1,892,278

100,302

5.3 %

7,750,852

7,044,931

705,921

10.0 %

Total Gross Profit

5,642,866

3,920,543

1,722,323

43.9 %

19,640,166

14,700,891

4,939,274

33.6 %

Gross profit as a % of revenue:

Platforms

85.3 %

88.1 %

-2.7 %

85.2 %

88.2 %

-3.0 %

Transactions

25.4 %

24.7 %

0.6 %

25.3 %

24.3 %

1.0 %

Total Gross Profit

46.5 %

39.4 %

7.1 %

44.0 %

39.0 %

5.0 %

Operating Expenses:

Sales and marketing

830,195

455,030

375,165

82.4 %

3,442,503

2,285,478

1,157,025

50.6 %

Technology and product development

1,489,491

991,093

498,398

50.3 %

5,442,382

3,742,192

1,700,190

45.4 %

General and administrative

1,917,907

1,649,333

268,574

16.3 %

8,511,697

6,654,012

1,857,685

27.9 %

Depreciation and amortization

311,004

22,163

288,841

1303.3 %

836,271

52,649

783,622

1488.4 %

Stock-based compensation

426,190

585,384

(159,194)

-27.2 %

2,155,461

1,849,906

305,555

16.5 %

Foreign currency translation loss

6,336

(37,743)

44,079

116.8 %

21,395

(121,953)

143,348

117.5 %

Total Operating Expenses

4,981,123

3,665,260

1,315,863

35.9 %

20,409,709

14,462,284

5,947,425

41.1 %

Income (loss) from operations

661,743

255,283

406,460

159.2 %

(769,543)

238,608

(1,008,151)

-422.5 %

Other Income (Expenses):

Other income

(3,451,948)

120,522

(3,572,470)

(2,903,983)

338,617

(3,242,600)

Provision for income taxes

(31,022)

(59)

(30,963)

(113,071)

(5,602)

(107,469)

Total Other Income (Expenses):

(3,482,970)

120,463

(3,603,433)

(3,017,054)

333,015

(3,350,069)

Net income (loss)

$ (2,821,227)

$ 375,746

(3,196,973)

$ (3,786,597)

$ 571,623

(4,358,220)

Adjusted EBITDA

$ 1,405,273

$ 825,087

$ 580,186

70.3 %

$ 2,243,584

$ 2,019,210

$ 224,374

11.1 %

Quarter Ended June 30,

Twelve Months Ended June 30,

2024

2023

Change

% Change

2024

2023

Change

% Change

Platforms:

B2B ARR (Annual recurring revenue*):

Beginning of Period

$ 11,653,063

$ 9,107,681

$ 2,545,382

27.9 %

$ 9,444,130

$ 7,922,188

$ 1,521,942

19.2 %

Incremental ARR

407,139

336,448

70,691

21.0 %

2,616,072

1,521,941

1,094,131

71.9 %

End of Period

$ 12,060,202

$ 9,444,129

$ 2,616,073

27.7 %

$ 12,060,202

$ 9,444,129

$ 2,616,073

27.7 %

Deployments:

Beginning of Period

983

815

168

20.6 %

835

733

102

13.9 %

Incremental Deployments

90.0 %

186

102

82.4 %

End of Period

1,021

835

186

22.3 %

1,021

835

186

22.3 %

ASP (Average sales price):

Beginning of Period

$ 11,855

$ 11,175

$ 680

6.1 %

$ 11,310

$ 10,808

$ 502

4.6 %

End of Period

$ 11,812

$ 11,310

$ 502

4.4 %

$ 11,812

$ 11,310

$ 502

4.4 %

B2C ARR (Annual recurring revenue*):

Beginning of Period

$ 4,902,975

$ –

$ 4,902,975

$ –

Incremental ARR

460,154

–

460,154

5,363,129

–

5,363,129

End of Period

$ 5,363,129

$ –

$ 5,363,129

$ –

$ 5,363,129

Total ARR (Annualized recurring revenue):

$ 17,423,331

$ 9,444,129

$ 7,979,202

84.5 %

$ 17,423,331

$ 9,444,129

$ 7,979,202

84.5 %

Transaction Customers:

Corporate customers

1,093

1,090

0.3 %

1,088

1,012

7.5 %

Academic customers

305

314

(9)

-2.9 %

316

304

4.0 %

Total customers

1,398

1,404

(6)

-0.4 %

1,404

1,316

6.7 %

Active Customer Accounts, Transactions and Annual Recurring Revenue

The company defines active customer accounts as the sum of the total quantity of customers per month for each month in the period divided by the respective number of months in the period. The quantity of customers per month is defined as customers with at least one transaction during the month.

A transaction is an order for a unit of copyrighted content fulfilled or managed in the Platform.

The company defines annual recurring revenue (“ARR”) as the value of contracted Platform subscription recurring revenue normalized to a one-year period. For B2C ARR, this includes the annualized value of monthly subscriptions, meaning their monthly value multiplied by twelve.

Use of Non-GAAP Measure – Adjusted EBITDA

Research Solutions’ management evaluates and makes operating decisions using various financial metrics. In addition to the company’s GAAP results, management also considers the non-GAAP measure of Adjusted EBITDA. Management believes that this non-GAAP measure provides useful information about the company’s operating results.

The tables below provide a reconciliation of this non-GAAP financial measure with the most directly comparable GAAP financial measure. Adjusted EBITDA is defined as net income (loss), plus interest expense, other income (expense) including any change in fair value of contingent earnout liability, foreign currency transaction loss, provision for income taxes, depreciation and amortization, stock-based compensation, gain on sale of discontinued operations, and other potential adjustments that may arise. Set forth below is a reconciliation of Adjusted EBITDA to net income (loss):

Quarter Ended June 30,

Twelve Months Ended June 30,

2024

2023

Change

% Change

2024

2023

Change

% Change

Net Income (loss)

$ (2,821,227)

$ 375,746

$ (3,196,973)

$ (3,786,597)

$ 571,623

$(4,358,220)

Add (deduct):

–

Other income (expense)

3,451,948

(120,522)

3,572,470

2,903,983

(338,617)

3,242,600

Foreign currency translation loss

6,336

(37,743)

44,079

116.8 %

21,395

(121,953)

143,348

117.5 %

Provision for income taxes

31,022

30,963

113,071

5,602

107,469

Depreciation and amortization

311,004

22,163

288,841

1303.3 %

836,271

52,649

783,622

1488.4 %

Stock-based compensation

426,190

585,384

(159,194)

-27.2 %

2,155,461

1,849,906

305,555

16.5 %

Gain on sale of disc. ops.

–

Adjusted EBITDA

$ 1,405,273

$ 825,087

$ 580,186

70.3 %

$ 2,243,584

$ 2,019,210

$ 224,374

11.1 %

About Research Solutions
Research Solutions, Inc. (NASDAQ: RSSS) provides cloud-based technologies to streamline the process of obtaining, managing, and creating intellectual property. Founded in 2006 as Reprints Desk, the company was a pioneer in developing solutions to serve researchers. Today, more than 70 percent of the top pharmaceutical companies, prestigious universities, and emerging businesses rely on Article Galaxy, the company’s SaaS research platform, to streamline access to the latest scientific research and data with 24/7 customer support. For more information and details, please visit www.researchsolutions.com

Important Cautions Regarding Forward-Looking Statements

Certain statements in this press release may contain “forward-looking statements” regarding future events and our future results. All statements other than statements of historical facts are statements that could be deemed to be forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the markets in which we operate and the beliefs and assumptions of our management. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects”, “intends,” “plans,” “believes,” “seeks,” “estimates,” “endeavors,” “strives,” “may,” or variations of such words, and similar expressions are intended to identify such forward-looking statements. Readers are cautioned that these forward-looking statements are subject to a number of risks, uncertainties and assumptions that are difficult to predict, estimate or verify. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Such risks and uncertainties include those factors described in the Company’s most recent annual report on Form 10-K, as such may be amended or supplemented by subsequent quarterly reports on Form 10-Q, or other reports filed with the Securities and Exchange Commission. Examples of forward-looking statements in this release include statements regarding enhanced product offerings, additional customers, and the Company’s prospects for growth. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements. For more information, please refer to the Company’s filings with the Securities and Exchange Commission.

Research Solutions, Inc. and Subsidiaries
Consolidated Balance Sheets

June 30,

2024

2023

Assets

Current assets:

Cash and cash equivalents

6,100,031

13,545,333

Accounts receivable, net of allowance of $68,579 and $85,015, respectively

6,879,800

6,153,063

Prepaid expenses and other current assets

643,553

400,340

Prepaid royalties

1,067,237

1,202,678

Total current assets

14,690,621

21,301,414

Non-current assets:

Property and equipment, net of accumulated depreciation of $922,558 and $881,908,
respectively

88,011

70,193

Intangible assets, net of accumulated amortization of $1,535,310 and $747,355,
respectively ($8,343,056 provisional)

10,764,261

462,068

Goodwill ($13,171,486 provisional)

16,315,888

—

Deposits and other assets

981

1,052

Total assets

41,859,762

21,834,727

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable and accrued expenses

8,843,612

8,079,516

Deferred revenue

9,023,848

6,424,724

Total current liabilities

17,867,460

14,504,240

Non-current liabilities:

Contingent earnout liability

12,298,114

—

Total liabilities

30,165,574

14,504,240

Commitments and contingencies

Stockholders’ equity:

Preferred stock; $0.001 par value; 20,000,000 shares authorized; no shares issued and
outstanding

—

Common stock; $0.001 par value; 100,000,000 shares authorized; 32,295,373 and
29,487,508 shares issued and outstanding, respectively

32,295

29,487

Additional paid-in capital

38,089,958

29,941,873

Accumulated deficit

(26,309,246)

(22,522,649)

Accumulated other comprehensive loss

(118,819)

(118,224)

Total stockholders’ equity

11,694,188

7,330,487

Total liabilities and stockholders’ equity

41,859,762

21,834,727

Research Solutions, Inc. and Subsidiaries
Consolidated Statements of Operations and Other Comprehensive Loss

Years Ended

June 30,

2024

2023

Revenue:

Platforms

13,956,517

8,683,246

Transactions

30,667,382

29,020,206

Total revenue

44,623,899

37,703,452

Cost of revenue:

Platforms

2,067,203

1,027,286

Transactions

22,916,530

21,975,275

Total cost of revenue

24,983,733

23,002,561

Gross profit

19,640,166

14,700,891

Operating expenses:

Selling, general and administrative

19,573,438

14,409,634

Depreciation and amortization

836,271

52,649

Total operating expenses

20,409,709

14,462,283

Income (loss) from operations

(769,543)

238,608

Other income

333,088

338,617

Change in fair value of contingent earnout liability

(3,237,071)

—

Income (loss) from operations before provision for income taxes

(3,673,526)

577,225

Provision for income taxes

(113,071)

(5,602)

Net income (loss)

(3,786,597)

571,623

Other comprehensive income (loss):

Foreign currency translation

(595)

3,717

Comprehensive income (loss)

(3,787,192)

575,340

Basic income (loss) per common share:

Net income (loss) per share

(0.13)

0.02

Weighted average common shares outstanding

28,863,949

26,860,761

Diluted income (loss) per common share:

Net income (loss) per share

(0.13)

0.02

Weighted average common shares outstanding

28,863,949

29,139,759

Research Solutions, Inc. and Subsidiaries
Consolidated Statements of Cash Flows

Years Ended

June 30,

2024

2023

Cash flow from operating activities:

Net income (loss)

(3,786,597)

571,623

Adjustment to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization

836,271

52,649

Fair value of vested stock options

140,150

375,189

Fair value of vested restricted common stock

1,994,362

1,418,718

Fair value of vested unrestricted common stock

—

68,272

Modification cost of accelerated vesting of restricted common stock

20,949

56,000

Adjustment to contingent earnout liability

3,237,071

—

Changes in operating assets and liabilities:

Accounts receivable

(344,020)

(901,518)

Prepaid expenses and other current assets

(164,579)

(124,314)

Prepaid royalties

135,441

(356,026)

Accounts payable and accrued expenses

560,027

1,337,056

Deferred revenue

921,879

886,198

Net cash provided by operating activities

3,550,954

3,383,847

Cash flow from investing activities:

Purchase of property and equipment

(71,510)

(47,209)

Payment for acquisition of Resolute, net of cash acquired

(2,718,253)

—

Payment for acquisition of Scite, net of cash acquired

(7,305,493)

—

Payment for non-refundable deposit for asset acquisition

—

(297,450)

Net cash used in investing activities

(10,095,256)

(344,659)

Cash flow from financing activities:

Proceeds from the exercise of stock options

—

57,500

Common stock repurchase

(554,202)

(104,250)

Payment of contingent acquisition consideration

(351,649)

(50,509)

Net cash used in financing activities

(905,851)

(97,259)

Effect of exchange rate changes

4,851

229

Net increase (decrease) in cash and cash equivalents

(7,445,302)

2,942,158

Cash and cash equivalents, beginning of period

13,545,333

10,603,175

Cash and cash equivalents, end of period

6,100,031

13,545,333

Supplemental disclosures of cash flow information:

Cash paid for income taxes

113,071

5,602

Non-cash investing and financing activities:

Contingent consideration accrual on asset acquisition

32,022

138,428

View original content to download multimedia:https://www.prnewswire.com/news-releases/research-solutions-reports-fourth-quarter-and-fiscal-year-2024-results-302253566.html

SOURCE Research Solutions, Inc.

Technology

AI Wellness Launches SoCal Fire Relief Initiative to Support Families and First Responders in Southern California

Published

2 hours ago

January 12, 2025

LOS ANGELES, Jan. 11, 2025 /PRNewswire/ — Demonstrating a commitment to both innovation and compassion, AI Wellness has officially launched the SoCal Fire Relief Initiative to provide aid to families and first responders affected by the devastating fires in Southern California. Unveiled during CES 2025, this initiative aims to deliver critical resources and long-term recovery solutions to the communities hardest hit by this tragedy.

“Southern California is more than just where we operate—it’s our home,” said Dr. Gideon Kwok, Co-Founder of AI Wellness. “The fires have left countless families without homes, belongings, and hope. This initiative is our way of giving back and rebuilding the lives of our neighbors and the first responders who have worked tirelessly to protect them.”

Let’s Take Action Together

The SoCal Fire Relief Initiative brings together individuals, brands, and organizations to address the urgent and long-term needs of affected communities. In partnership with the Mission Community Hospital Foundation and the Santo Niño Health Center, AI Wellness is leading efforts to:

Provide essential supplies such as food, water, clothing, and medical care to displaced families.Deliver hydration and wellness resources to first responders working on the frontlines.Support long-term community recovery through wellness programs and innovative solutions.

“It is during a crisis that the best of humanity comes out,” said Bernard Hiller. “It’s important for those affected to know they are not alone. This is a huge undertaking that we cannot do without you. These are our friends, neighbors, and family. Please help us.”

How You Can Help

The initiative provides several ways to make a difference:

Donate to Relief Efforts:
Contributions directly fund essential resources for families and first responders.Send Water to Evacuation Centers:
Every purchase of AI Wellness Water helps ensure first responders and displaced families stay hydrated, while also funding continued production and donation efforts.Spread Awareness:
Share the SoCal Fire Relief Initiative with your networks to amplify its reach and inspire collective action.Wellness Bundles:
Wellness bundle purchases such as the Powersuit, Smart Ring, and Mindbody Matrix Water, help support relief efforts with proceeds contributing to recovery initiatives.

DONATE HERE

Real Impact in Action

Since the fires began, AI Wellness and its partners have made a significant impact:

Delivered over 10,000 water packs to evacuation centers and first responders.Distributed 500 wellness bundles to displaced families.Donated proceeds from the first 1,000 AI Wellness Powersuits and 5,000 Smart Rings to relief efforts.Raised $250,000 to support critical aid and recovery.

“This initiative is about more than providing relief,” said Abby Aboitiz Founder of AI Wellness. “It’s about restoring hope and rebuilding our community, together.”

Uniting Brands and Innovators

During CES 2025, AI Wellness called on brands and innovators to collaborate on this critical mission. Companies can contribute by donating resources, partnering on curated wellness bundles, or amplifying awareness for the initiative.

“We’re inspired by the innovation and generosity of the brands we’ve met here at CES,” said Dr. TK Huynh, Medical Innovator at AI Wellness. “Together, we can transform this tragedy into an opportunity to rebuild lives and strengthen our community.”

Join the SoCal Fire Relief Initiative

Support the SoCal Fire Relief Initiative by visiting aiwellness.ai or contacting AI Wellness directly:

Email: info@aiwellness.aiInstagram: @aiwellnesstv

About AI Wellness

AI Wellness is a pioneer in health, wellness, and philanthropy, combining cutting-edge AI technology with innovative solutions to address the most pressing challenges facing communities today. From digital avatars to precision education and curated wellness bundles, AI Wellness empowers individuals and brands to make a meaningful impact.

View original content to download multimedia:https://www.prnewswire.com/news-releases/ai-wellness-launches-socal-fire-relief-initiative-to-support-families-and-first-responders-in-southern-california-302348576.html

SOURCE Assisted Intelligence Wellness, Inc.

Technology

2024-2025 Global Top Brands Award Ceremony Launched

Published

4 hours ago

January 12, 2025

LAS VEGAS, Jan. 11, 2025 /PRNewswire/ — The highly anticipated 2024-2025 Global Top Brands Award Ceremony and International Consumer Electronics Industry Leaders’ Summit were held on January 8, 2025 local time, at the Wynn & Encore Hotel in Las Vegas, USA. This ceremony gathered leading manufacturers, traders, and elites in the global consumer electronics industry to celebrate the triumphs of the world’s top consumer electronics brands.

With the theme of “AI Empowerment: Ushering in a New Era of Brand Upgrading”, the Global Top Brands Award Ceremony focuses on how AI is deeply integrating with the consumer electronics industry and continuously driving innovation, vitality, and competitiveness in industrial development. A number of distinguished guests were present at the event, including Stavros Anthony, Lieutenant Governor of Nevada; Kim Tae Heum, Governor of Chungcheongnam-do, South Korea; Adam Goldstein, Vice President of TWICE; Zhu Dongfang, President of Asia Digital Group; Zhang Li, Co-President of Asia Digital Group; and Jan Lorbach, Senior Director of Strategic Insights at GfK. Senior executives from influential companies such as Huawei, TCL, Haier, Changhong, TECNO, ECOVACS, VOLTME, XPENG Motors, and Segway-Ninebot were also in attendance. In addition, key representatives from Samsung joined the ceremony. Nearly one hundred media outlets, including CCTV, Phoenix TV, and Dragon TV, as well as senior journalists, were also present to cover the event.

Ceremony and Summit Open with a Focus on Pioneering Industry Development

The award ceremony was filled with excitement and star power, bringing together representatives of executives from leading global consumer electronics brands and industry experts, who witnessed the unveiling of multiple top awards. These accolades celebrated the outstanding achievements in the consumer electronics sector over the past year, and pointed the way toward industry trends. Furthermore, participants engaged in in-depth exchanges on cutting-edge issues, exploring new trends, opportunities, and challenges facing the industry. The ceremony was not only a moment of honor but also an important platform for driving the high-quality development of the global consumer electronics industry.

Founded by International Data Group in 2006, the Global Top Brands Awards (GTB for short) is a world-class selection event organized by Asia Digital Group and Europe Digital Group, and supported by TWICE and International Data Corporation(IDC for short), an authoritative market research and analysis firm. The GTB has evolved into a platform where the world’s top consumer electronics brands compete to highlight their innovations, aiming to present the charm of global consumer electronics to audiences worldwide, enhancing the popularity of major consumer electronics enterprises in the international market, and further promoting the development of the global consumer electronics industry. This GTB brought together top consumer electronics brands from around the world to show their latest products and cutting-edge technologies. It serves as a forward-thinking platform for exchanging ideas, offering industry professionals an in-depth look at the most innovative products and emerging trends shaping the future of the global consumer electronics landscape.

The event began with an address by Lieutenant Governor Stavros Anthony of Nevada. He highlighted that Nevada, often referred to as the “Silver State”, has long been a fertile land for the fusion of innovative technologies and industries, thanks to its open and inclusive spirit, leading technological atmosphere, and unparalleled business environment. He emphasized that the award ceremony recognizes Nevada’s strength in scientific and technological innovation, and serves as a powerful boost to their ongoing efforts to advance industry upgrades and promote international cooperation. Furthermore, he expressed strong optimism about the future of AI in the consumer electronics sector and reaffirmed that Nevada would continue to embrace an open and collaborative approach, offering top-tier services and support to all companies and brands participating in the GTB selection.

As one of the hosts, Asia Digital Group’s President Zhu Dongfang welcomed the guests attending the ceremony. He noted that, despite the complexities of the global economic environment, emerging technologies like AI are driving the steady development of the global consumer electronics industry, with the market expected to experience a new phase of robust growth. As a key player, China is transitioning from a “major manufacturer” to an “innovation powerhouse”. In 2024, the market turnover is projected to surpass 2.2 trillion yuan, with an accelerated shift toward smart, high-end, and environmentally friendly products. The international influence of Chinese consumer electronics brands has grown significantly, penetrating the mid-to-high-end markets. Against this backdrop, this GTB honors the exceptional achievements of the global consumer electronics industry and looks ahead to emerging trends, bringing together industry leaders to explore new opportunities for growth.

Adam Goldstein, Vice President of TWICE, also highlighted in his address that, as the leading consumer electronics publication in the U.S., TWICE has long been dedicated to providing valuable insights and guidance to consumer electronics suppliers and channel partners. It has established a robust information bridge between Chinese product suppliers and international buyers and retailers. He emphasized that the annual GTB selection holds tremendous significance, as it not only reflects the industry’s achievements over the past year but also offers a glimpse into the future direction of the industry. This year, especially, the rapid advancement of AI has undoubtedly injected fresh vitality into the sector, positioning itself as a pivotal force in reshaping industry development. The theme of this year’s GTB is “AI Empowerment: Ushering in a New Era of Brand Upgrading”, which perfectly encapsulates the current trends in the consumer electronics industry. It provides the industry with valuable insights into emerging opportunities to drive continuous innovation and sound development throughout the industry.

Governor Kim Tae Heum of Chungcheongnam-do, South Korea, noted that Chungcheongnam-do, one of South Korea’s major economic engines, is home to a population of 2.2 million and over 300,000 businesses, spanning industries from semiconductor manufacturing to agriculture. The government is vigorously promoting scientific and technological innovation and plans to invest nearly 8 billion US dollars in factory and facility development by 2026 to attract more domestic and international investment, particularly in high-tech sectors. He also shared that Chungcheongnam-do has signed memorandums of understanding with many companies to deepen cooperation in key areas such as semiconductor production to transform the region into a global sci-tech and industrial hub, positioning it as South Korea’s “Silicon Valley”.

The Industry’s Prestigious Awards Unveiled, Brand Excellence Recognized with Top Honors

During the event, highly recognized awards were presented, including the “CE Brands from China Top 10″ and the “Global CE Brands Top 50”, as well as a range of specialized accolades across various categories, such as the “Global TV Brands Top 10” and the “Global Smart Phone Brands Top 10”. These awards recognize the winners for their achievements in technological innovation and market expansion and affirm their leading positions within the global consumer electronics industry.

CE Brands from China Top 10

The list brings together the leading players in today’s rapidly evolving scientific and technological landscape, including TCL, Huawei, Haier, Midea, Lenovo, Xiaomi, Gree, and others. These companies are at the forefront of adopting cutting-edge technologies like AI and 5G, driving the smart and connected evolution of their products. With exceptional technical expertise, frontier innovative designs, and a deep understanding of consumer needs, they have built strong market competitiveness across a wide range of consumer electronics, including smartphones, wearables, headphones, laptops, and small home appliances. Not only do they hold a significant share in the domestic market, but they are also gaining recognition on the global stage, earning widespread acclaim from consumers worldwide, and playing a key role in the ongoing evolution of the industry.

TCL
TCL is a globally competitive intelligent technology industry group driven by the mission of “Leading Technology, Harmonious Coexistence”. It is committed to delivering forward-looking scientific and technological experience and promoting smart and healthy living. TCL has once again been recognized as one of the Global Top 50 CE Brands, reaffirming its exceptional strength as a top global consumer electronics brand. As an outstanding representative of Chinese brands, TCL also continues to hold a spot among the list of CE Brands from China Top 10. Its flagship product, the TCL Premium QD-Mini LED TV X11K, was awarded the Mini LED Display Technology Innovation Award, the TCL FreshIN Series Air Conditioner won the Smart Fresh Air Technology Innovation Award, and the TCL Super Drum Series Front Load Washing Machine received the Clean Technology Innovation Gold Award.

Founded in 1981, TCL operates 46 R&D centers and 38 manufacturing bases across the globe. With a presence in over 160 countries and regions, it serves more than 1.3 billion users worldwide. Over the course of more than 40 years of transformation, innovation, and strategic upgrades, TCL has restructured its business into two main entities, TCL Industries and TCL Technology. It is now focused on three core industries, smart terminals, semiconductor displays, and new energy photovoltaics. Its smart display terminals, LCD displays, and photovoltaic monocrystals and silicon wafers have all achieved global leadership in their respective fields.

TCL invested more than 60 billion yuan in R&D from 2018 to 2023. As of 2024, it has filed a total of 112,469 patents, including 18,567 PCT patents, placing it among the top companies in Chinese mainland. In the field of electroluminescent quantum dot displays, TCL holds 2,913 patents, ranking second globally.

Global CE Brands Top 50

Recognized as leaders in consumer electronics, Apple, Samsung, Microsoft, Qualcomm, Sony, Huawei, TCL, Lenovo, Changhong, and others on the list are showing the significant role of scientific and technological innovation in driving industry growth. These companies are staying ahead of the wave, continuously innovating to meet the increasingly diverse demands of consumers. Among them, Chinese companies have excelled in areas such as smart wearables. With the widespread adoption of emerging technologies like AI and 5G, these companies are actively exploring new applications to enhance product competitiveness. The global consumer electronics industry is poised for even greater growth and opportunity.

Global Smart Phone Brands Top 10

At the forefront of smartphone brands are Samsung, Apple, Xiaomi, Vivo, OPPO, Huawei, Honor, TECNO, Motorola, and realme on the list. Notably, Chinese brands occupy a prominent position and have gained global recognition through their sharp market insights and continuous innovation. Meanwhile, internationally renowned brands continue to perform strongly, strengthening their leadership through new product launches and channel reforms. This list reflects the current market landscape and hints at future trends, that is, only those brands that relentlessly innovate and meet consumer demands will rise to the top.

TECNO
In this GTB, the innovative tech brand TECNO was recognized as one of the Global Smart Phone Brands Top 10. The brand also won the Product Innovation Awards for two of its groundbreaking flagship products: the PHANTOM V Fold2 5G, the second-generation foldable smartphone featuring the full suite of TECNO’s AI capabilities, and the Pocket Go, the world’s first Windows handheld console paired with AR glasses, heralding a new era of AR gaming.

Global TV Brands Top 10

The list includes the industry’s leading brands, including TCL, Changhong, Samsung, Xiaomi, LG, Sony, Haier, and more. These brands are leading trends such as large-screen, ultra-high-definition, and smart TVs. They push the boundaries of picture quality and technology, and prioritize exceptional design and user experience. With superior product quality and relentless innovation, these brands have secured a prominent position in global market, offering consumers immersive viewing experience and new smart home possibilities. This shows the future direction of the television industry.

Global Intelligent Vehicles Brands Top 10

The automotive industry’s innovators, including Tesla, BYD, Volkswagen, Mercedes-Benz, Hengxing, BMW, Toyota, Geely, NIO, and XPENG Motors, are driving the transformation of smart mobility. With a focus on breakthrough technologies like autonomous driving and intelligent cockpits, these brands offer consumers greater convenience, comfort, and safety and are shaping the future of the industry through strategic partnerships to drive industrial upgrading. Their expertise and innovation make them key influencers in the global smart automotive market.

Global Smart Home Brands Top 10

Top industry brands gather in the list, including Amazon, Apple, Samsung, Haier, TOMEFON, CHiQ, Midea, Huawei, Mi Home, and ECOVACS. These companies are industry leaders, renowned for their robust R&D capabilities, exceptional product performance, and precise market positioning. Chinese brands have made a notable impact, with several ranking among the top. They have made significant contributions in areas such as safety, convenience, and smart technology, while consistently driving innovation and technological progress. These brands are widely recognized in the global market and provide consumers with diverse and personalized smart home solutions, shaping the industry’s future towards greater possibilities.

ECOVACS ROBOTICS
As a leader in the global service robotics industry, ECOVACS ROBOTICS has been recognized as one of the Global Smart Home Brands Top 10 for 2024-2025. Its robotic lawn mower, GOAT A2500 RTK, received the Robotic Lawn Mower Technology Innovation Award for its exceptional performance and innovative technology. Designed for diverse backyards with various sizes and layouts, the robot is equipped with a 32V energetic platform and two staggered blade-discs, delivering efficient and precise lawn care. Featuring LELS™ positioning technology, the robot enhances its accuracy in positioning and intelligent navigation, autonomously creating high-precision 3D maps. This allows for centimeter-level precision in both navigation and positioning, even in complex layouts or at night. Additionally, the GOAT A2500 RTK is equipped with a LiDAR-enhanced localization system, enabling it to precisely avoid obstacles and ensure smooth operation.

CHiQ
CHiQ’s smart home products provide users with a more convenient, efficient, intelligent, and personalized experience. The brand has earned a place in the Global Smart Home Brands Top 10 for 2024-2025. Since its founding in 2014, CHiQ has consistently innovated in response to consumer needs, earning widespread international recognition. It offers a broad range of products, including smart home appliances such as televisions, refrigerators, air conditioners, and washing machines. Its global footprint continues to expand, covering over 40 countries, including the EU, ASEAN, Australia, Latin America, the Middle East, Africa, and South Korea. It has formed partnerships with numerous international companies, secured key offline distribution channels, and established a presence on more than 30 major e-commerce platforms, including Amazon, Lazada, and Shopee.

International Innovation Award

International innovative brands are showcasing exceptional competitiveness in today’s consumer electronics and technology industry. Brands like YEEDI, Ampace, and TECNO are at the forefront across various sectors, including smartphones, home appliances, and IT office solutions, thanks to their strong R&D capabilities and deep market insights. These brands are driving the robust growth of the industry and meeting the diverse needs of consumers through technological innovation and high-quality services, positioning themselves as industry benchmarks. They will continue to embrace innovation, leading the consumer electronics sector towards a brighter and more promising future.

YEEDI
Amid the wave of smart technology, YEEDI stands out for its exceptional innovation and deep understanding of consumer needs. The YEEDI S14 Plus was awarded the Indoor Cleaning Technology Innovation Gold Award. As a pioneer in smart cleaning solutions, YEEDI remains at the forefront of science and technology, consistently launching groundbreaking products that deliver a more convenient and efficient cleaning experience for households worldwide. In the year of 2024, YEEDI has launched multiple innovative products, including the M12 PRO+ and C12 COMBO. The highly anticipated YEEDI S14 PLUS, set for release in 2025, has already generated considerable attention. It has earned widespread praise from consumers worldwide, with exclusive innovations such as the OZMO Roller Mopping Technology, TruEdge 2.0 Adaptive Edge Mopping Technology, ZeroTangle 2.0 Technology, and AIVI 3D 3.0 Technology.

Ampace
As a globally recognized leader and trusted choice in the field of new energy innovation, Ampace has earned the trust and praise of users worldwide through its exceptional innovation, strong technical expertise, keen market insights, and relentless commitment to quality. With a market share exceeding 30% in the global residential energy storage sector, it has proven its formidable competitive strength and set a benchmark for innovation, reliability, and outstanding performance, honored with the International Innovation Award. The Ampace Andes 1500 Portable Power Station was awarded the Portable Energy Storage Technology Innovation Award. Ampace places technological innovation at the heart of its mission, continually pushing the boundaries and driving industry progress. The Ampace Andes Portable Power Station showcases this trusted energy technology, offering reliable, stable, safe, and high-capacity power support to outdoor adventurers, professionals, and families alike. Looking to the future, we look forward to Ampace continuing its legacy of innovation and making even greater contributions to the sustainable development of society.

Global Emerging Brands

The global emerging brand VOLTME has quickly made a name for itself in the consumer electronics and technology industry, driven by its innovation and competitiveness. Focused on technological innovation and keenly attuned to consumer needs, it has continuously improved its value for money. With exceptional offerings in areas such as smartphones, smart wearables, IT office solutions, and home appliances, VOLTME has gained significant market recognition. The rise of such dynamic brands is revitalizing the industry, guiding the consumer electronics sector towards greater heights and a promising future.

VOLTME
VOLTME, the flagship brand of Voltnex Innovations and a global leader in power solutions, has been awarded the Global Emerging Brands. Its latest offering, the VOLTME Revo 240 PD3.1 GaN Charger is the perfect solution for fast and safe charging of laptops, tablets, and smartphones. The Hako Series portable power stations combine high-capacity battery performance with intelligent power management, meeting a wide range of power needs. These stations provide reliable portable power support for consumers, underscoring VOLTME’s excellence in innovation, design, and technology.

Representatives of award-winning brands took the stage to deliver their acceptance speeches, and share insights into their success and future growth strategies. They expressed a commitment to further enhancing technological innovation and market expansion so as to deliver even more high-quality products and services to global consumers.

International Consumer Electronics Industry Leaders’ Summit Explores AI’s Role in Shaping Industry’s Future

The International Consumer Electronics Industry Leaders’ Summit was held concurrently. Industry experts and company representatives from around the world gathered to engage in in-depth discussions on the theme of “AI Reshaping Industrial Development”. Key topics included how the consumer electronics industry can integrate with smart technologies, how companies can build core competencies, and ways to strengthen competitive advantages. Participants shared the latest advancements and technological trends, offering valuable guidance for the development of the global consumer electronics sector.

Ines Haaga, Director of Global Strategic Insights at GfK, delivered a keynote speech titled “Navigating Tech and Durables Markets: How Consumer Preferences and Innovation Shape Tomorrow’s Success”. She emphasized that the consumer electronics industry is undergoing a transformation driven by consumers, with the modest growth of the fast-moving consumer goods market and the fragmentation of the tech and durable goods markets highlighting the critical role of consumer preferences. Besides, innovation has emerged as the new engine for market growth, with the integration of AI technologies fueling significant momentum. Looking ahead, the deep convergence of consumer preferences and innovation will shape a broader and more prosperous future for the tech and durable goods sectors.

In the following International Consumer Electronics Industry Leaders’ Summit, Zhang Li, Co-President of Asia Digital Group, moderated a panel discussion on “AI Reshaping Industrial Development”. Together with domestic and international guests, she led an in-depth discussion on the impact of AI on the consumer electronics industry, drawing on insights from their respective fields.

Wang Tan, Co-founder and Vice President of XPENG AEROHT, and General Manager of XPENG Motors’ Design Center, shared XPENG’s innovative applications of AI, particularly the launch of cutting-edge products such as the Land Aircraft Carrier (LAC). These products showcase the vast potential of AI in driving transformation within the automotive industry. He emphasized that AI will play a crucial role in enabling a more intelligent and personalized future for the automotive sector.

Calvin Chen, CTO and President of Segway Navimow at Segway-Ninebot, elaborated on the profound impact of AI on the consumer electronics industry from a technological R&D perspective. He noted that the application of AI elevates the intelligence of products and drives comprehensive upgrades in areas such as R&D, design, and manufacturing, injecting powerful momentum into the innovative development of the industry.

Grant Morgan, Senior Editor at TWICE, shared his analysis of the consumer electronics industry. He pointed out that while consumers’ acceptance of AI has not yet reached full saturation, AI has already demonstrated its powerful enabling potential across various sectors. Guiding consumers to recognize the value and potential of AI through innovative technologies and products will be crucial in driving the industry’s growth.

Jan Lorbach, Senior Director of Strategic Insights at GfK, provided unique perspectives on the consumer electronics industry, focusing on global market trends and consumer research. He noted that, in light of consumers’ shrinking budgets for electronic products and their increasing demand for value, companies need to become more agile in identifying market pain points. By harnessing AI technology, they can fuel product innovation and functional upgrades to meet the diverse needs of consumers. He emphasized that AI will not only profoundly reshape the form and functionality of consumer electronics but also steer the entire industry toward higher quality and greater efficiency.

The summit also provided attendees with a unique opportunity to engage in direct exchange with executives from the world’s leading brands. This allowed participants to gain valuable insights into the success stories and strategic thinking of these top international brands, while promoting mutual learning and resource sharing among companies.

Setting New Trends in Industry Development, Ushering in a New Era for Consumer Electronics

Beyond being a magnificent award ceremony and leaders’ exchange, the 2024-2025 Global Top Brands Award Ceremony and International Consumer Electronics Industry Leaders’ Summit play a vital role in setting new directions for the global consumer electronics industry. It not only highlights the latest achievements and emerging trends but also injects vitality into the industry’s future growth and provides clear direction for its development.

We are delighted to witness an increasing number of consumer electronics brands placing a stronger emphasis on technological innovation and brand development, continually introducing new products to meet the growing demand for personalized experiences. Today, the consumer electronics industry is driving global economic growth and transformation at an unprecedented pace. Brands with innovative vision and exceptional capabilities are poised to emerge as leaders, guiding the industry toward an even more brilliant future. As it celebrates its 20th anniversary in 2026, the GTB, as a flagship event for the consumer electronics sector, will remain a key force in guiding and accelerating the industry’s progress, fostering collaboration and exchange in scientific and technological innovation, and accelerating the transformation of these advancements into tangible productivity.

View original content:https://www.prnewswire.com/news-releases/2024-2025-global-top-brands-award-ceremony-launched-302348572.html

SOURCE Asia Digital Group

Technology

Digital Transformation Market in Oil & Gas to Grow by USD 56.4 Billion from 2025-2029, Driven by Investments, Partnerships, and AI-Powered Market Evolution – Technavio

Published

6 hours ago

January 11, 2025

NEW YORK, Jan. 11, 2025 /PRNewswire/ — Report on how AI is driving market transformation – The global digital transformation market in oil and gas industry size is estimated to grow by USD 56.4 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of 14.5% during the forecast period. Rise in investments and partnerships is driving market growth, with a trend towards use of digital twin technology. However, lack of skilled labor poses a challenge. Key market players include Accenture PLC, Amazon.com Inc., AVEVA Group Plc, Emerson Electric Co., General Electric Co., Halliburton Co., Informatica Inc., Intel Corp., International Business Machines Corp., Microsoft Corp, NVIDIA Corp., Oracle Corp, Rockwell Automation Inc., SAP SE, Siemens AG, Sierra Wireless Inc., Tata Consultancy Services Ltd., Teradata Corp., and TIBCO Software Inc..

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

Digital Transformation Market In Oil And Gas Industry Scope

Report Coverage

Details

Base year

2024

Historic period

2019 – 2023

Forecast period

2025-2029

Growth momentum & CAGR

Accelerate at a CAGR of 14.5%

Market growth 2025-2029

USD 56.4 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

12.7

Regional analysis

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

Performing market contribution

APAC at 31%

Key countries

US, China, Saudi Arabia, Russia, India, Japan, Canada, UK, Germany, and UAE

Key companies profiled

Accenture PLC, Amazon.com Inc., AVEVA Group Plc, Emerson Electric Co., General Electric Co., Halliburton Co., Informatica Inc., Intel Corp., International Business Machines Corp., Microsoft Corp, NVIDIA Corp., Oracle Corp, Rockwell Automation Inc., SAP SE, Siemens AG, Sierra Wireless Inc., Tata Consultancy Services Ltd., Teradata Corp., and TIBCO Software Inc.

Market Driver

In the Oil and Gas industry, Digital Transformation is a game-changer. Upstream, Midstream, and Downstream sectors are embracing trends like Big Data, Cloud Computing, IoT, AI, and Digital Twins to monitor critical assets and facilities. Big Data helps analyze Exploration prospects using Geoscience platforms. Cloud Computing and AI-based simulation optimize Refining processes, improving manufacturing efficiency and asset utilization. IoT sensors monitor equipment in real-time, enabling Predictive Maintenance and reducing downtime. AI and Computer Vision detect anomalies, preventing Fires and enhancing Safety. Extended Reality solutions train workers, improving Risk management and enhancing Safety. Crude oil demand and Refinery throughput are optimized using AI-based tools. Midstream and Downstream operations, including Gas Stations and Petrochemicals, benefit from Automation solutions and Turnaround planning tools. Application Performance Management ensures smooth Digitalization, while Prescriptive Maintenance minimizes downtime. Sensor systems and AI-driven solutions automate Industrial Control Systems, enhancing Automation and Optimization across Energy industries. Preventive Maintenance and Predictive analytics minimize downtime, ensuring high-performing Refineries and Petrochemical plants.

The oil and gas industry is embracing digital transformation by integrating technologies like the digital twin to optimize energy production. A digital twin is a virtual representation of physical assets, allowing companies to compare actual and ideal conditions for enhanced safety and innovation. This technology provides disparate views of sub-surface and surface systems, enabling more efficient and cost-effective oil and gas production. By adopting digital twin technology, oil and gas companies can improve operational efficiency and foster continuous learning and innovation.

Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution!

Market Challenges

• In the Oil and Gas Industry, Digital Transformation brings new opportunities for Upstream, Midstream, and Downstream sectors. Challenges like Big Data, Cloud Computing, IoT, AI, and Industrial Control Systems require modern solutions. Extended Reality (XR) solutions help monitor critical assets and facilities, enhancing safety and risk management. Field devices and exploration prospects benefit from Data Science and Geoscience platforms. Downstream operations, including Petrochemicals, Refining, and Gas Stations, can optimize asset utilization and manufacturing efficiency with Automation, AI-based simulation, and Prescriptive Maintenance. Preventive maintenance is crucial for equipment, reducing fires and improving turnaround planning. Computer Vision and Sensor Systems ensure refinery process efficiency and predictive analytics help manage crude oil demand, High Speed Diesel, and Refinery throughput. Digitalization drives innovation, improving safety, risk management, and operational excellence in Energy Industries.

• Oil and gas producers are adopting advanced technologies, such as Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT) solutions, and big data analytics, to enhance their investment returns. Big data is gaining popularity due to the growing awareness of data-driven solutions. However, converting vast datasets into valuable insights necessitates both technology and analytics expertise. Identifying relevant data for storage and processing is a significant challenge for professionals. Analyzing unstructured data requires additional effort. Real-time big data analytics and cloud-based software solutions offer oil and gas companies innovative opportunities to optimize oil production processes, minimize costs and risks, ensure regulatory compliance, enhance safety, and make informed decisions.

Discover how AI is revolutionizing market trends- Get your access now!

Segment Overview

This digital transformation market in oil and gas industry report extensively covers market segmentation by

Technology 1.1 IoT1.2 E and P software1.3 Big data1.4 Cloud computing1.5 OthersSector 2.1 Downstream2.2 Upstream2.3 MidstreamGeography 3.1 APAC3.2 North America3.3 Middle East and Africa3.4 Europe3.5 South America

1.1 IoT- The oil and gas industry faces economic pressure due to disparities in demand and supply, as well as volatile global energy prices. To address these challenges, companies are focusing on enhancing and extending the value of their existing assets while seeking new reserves. The implementation of Internet of Things (IoT) technology is a key strategy for transformation. In the upstream segment, IoT reduces non-productive time by enabling predictive maintenance for crucial equipment. In the midstream segment, IoT monitors pipelines for leaks and emissions, enhancing safety and reducing penalties. In the downstream segment, real-time data analysis enables distributors to predict consumer consumption, optimizing distribution. IoT is projected to increase crude output by 10-12% and profits by USD1 billion for large companies, while contributing USD816 billion to global GDP. By deploying IoT across the value chain, oil and gas organizations can make better decisions, create a safer working environment, and enhance operations.

Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics

Research Analysis

The Oil and Gas industry is undergoing a digital transformation, leveraging technologies such as Big Data, Cloud Computing, Internet of Things (IoT), Artificial Intelligence (AI), and Industrial Control Systems to optimize operations and enhance productivity. Upstream, midstream, and downstream sectors are adopting digital twins to monitor critical assets and improve exploration prospects through geoscience platforms. Extended reality solutions enable remote collaboration and training in hazardous environments. Field devices are being connected to collect real-time data for predictive maintenance and preventive measures against fires. Computer Vision is used to monitor equipment performance and automation is being driven by AI-based simulation. Digitalization is revolutionizing energy industries, from gas stations to petrochemicals, by providing real-time insights and improving operational efficiency.

Market Research Overview

The Oil and Gas Industry is undergoing a digital transformation, leveraging technologies such as Big Data, Cloud Computing, Internet of Things (IoT), Artificial Intelligence (AI), Industrial Control Systems, Extended Reality (XR), and Field Devices to optimize operations and enhance productivity. Upstream, Midstream, and Downstream sectors are embracing digitalization, with a focus on monitoring critical assets, workers, and facilities in real-time. XR solutions provide training for workers, while data science and geoscience platforms help explore new prospects and enhance exploration and production. In the Midstream and Downstream sectors, digitalization leads to improved asset utilization, manufacturing efficiency, and automation. AI-based simulation and predictive analytics optimize refining processes, while sensor systems and prescriptive maintenance minimize risks and ensure safety. Crude oil demand, High Speed Diesel, refinery throughput, and petrochemical and refining industries also benefit from digital transformation, with turnaround planning tools, application performance management, and AI-based solutions streamlining operations.

Table of Contents:

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

TechnologyIoTE And P SoftwareBig DataCloud ComputingOthersSectorDownstreamUpstreamMidstreamGeographyAPACNorth AmericaMiddle East And AfricaEuropeSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/digital-transformation-market-in-oil–gas-to-grow-by-usd-56-4-billion-from-2025-2029–driven-by-investments-partnerships-and-ai-powered-market-evolution—technavio-302347876.html

SOURCE Technavio