Connect with us

Technology

ICF Reports Third Quarter 2024 Results

Published

4 weeks ago

on

―Margin Expansion Driven by Favorable Business Mix and Higher Utilization―
―GAAP EPS and Non-GAAP EPS1 Include Tax Benefits of $0.25 Per Share―
―Record Business Development Pipeline of $10.6 Billion at Quarter-End―

―2024 Guidance: Adjusting Revenue Range to Account for Lower Pass-Throughs; Raising EPS Ranges to Reflect Margin Expansion and Tax Benefits―

Third Quarter Highlights: 

Revenue Increased 3% to $517 Million, Up 6% Excluding DivestituresNet Income Was $33 Million and GAAP EPS Was $1.73, Up 38% Non-GAAP EPS Increased 18% to $2.13EBITDA1 Increased 18% to $58.2 Million; Adjusted EBITDA1 Was $58.5 Million, Up 8%Contract Awards Were $697 Million for a Quarterly Book-to Bill Ratio of 1.35 and a TTM Book-to-Bill Ratio of 1.31

RESTON, Va., Oct. 31, 2024 /PRNewswire/ — ICF (NASDAQ: ICFI), a global consulting and technology services provider, reported results for the third quarter ended September 30, 2024.

Commenting on the results, John Wasson, chair and chief executive officer, said, “This was another quarter of strong performance for ICF. Total revenues increased 3% year-on-year. Revenues from continuing operations increased 6% from last year’s levels, which includes a considerable impact from lower pass-throughs.

“Our Energy, Environment, Infrastructure and Disaster Recovery client market again was a key contributor to our third quarter results, delivering year-on-year revenue growth of 15.3% and accounting for 45.7% of total third quarter revenues, up from 40.8% in the similar period last year. We experienced continued strong demand from our utility clients for a broad range of ICF’s capabilities, including core energy efficiency programs, grid resilience, electrification, decarbonization and flexible load management, all of which have taken on greater importance given recent increases in projected electricity demand, particularly from the growth in data centers. ICF is a market leader with the unique experience, capabilities and scale to assist utility clients across all these areas with analytics, multidisciplinary solutions and program management.  

“Favorable mix and higher utilization were key drivers of third quarter margin expansion. Operating margin increased by 250 basis points year-on-year to 8.9%, and Adjusted EBITDA margin expanded by 50 basis points to 11.3% from 10.8%.

“We ended the third quarter with a record business development pipeline of $10.6 billion, after $697 million in contract awards. Year-to-date contract awards increased 16% from last year’s levels to just over $2.0 billion, of which 63% represented new business wins, indicating how well aligned ICF’s capabilities are with client spending priorities.”

Third Quarter 2024 Results

Third quarter 2024 total revenue was $517.0 million, a 3.1% increase from the $501.5 million reported in the third quarter of 2023, and up 6.0% from last year’s third quarter revenues adjusted for the divestiture of our commercial marketing business lines. Subcontractor and other direct costs were 24.7% of total revenues compared to 27.1% in last year’s third quarter. Operating income was $46.0 million, up 44.3% from $31.9 million last year, and operating margin on revenue expanded to 8.9% from 6.4%. Net income totaled $32.7 million, representing a 37.7% year-on-year increase over the $23.7 million reported in the third quarter of 2023. Diluted EPS was $1.73 per share, up 38.4% from $1.25 reported in the third quarter of 2023, which included $5.2 million, or $0.20 per share, of tax-effected special charges. Third quarter 2024 net income and diluted EPS included incremental tax benefits beyond previous expectations of $0.25 per share. As a result, the company’s effective tax rate was 13.8% in the third quarter.

Non-GAAP EPS increased 17.7% to $2.13 per share, from $1.81 per share reported in the comparable period in 2023. EBITDA was $58.2 million, 18.4% above the $49.2 million reported in the year-ago period. Adjusted EBITDA increased 7.8% to $58.5 million from $54.3 million for the comparable period in 2023.

Backlog and New Business

Total backlog was $3.9 billion at the end of the third quarter of 2024. Funded backlog was $1.9 billion, or approximately 50% of the total backlog. The total value of contracts awarded in the 2024 third quarter was $696.9 million for a quarterly book-to-bill ratio of 1.35, and trailing twelve-month contract awards totaled $2.0 billion, up 16.0% year-on-year for a book-to-bill ratio of 1.31.

Government Revenue Third Quarter 2024 Highlights

Revenue from government clients was $387.8 million, up 1.1% year-over-year. 

U.S. federal government revenue was $282.0 million, an increase of 1.0% compared to the $279.3 million reported in the third quarter of 2023, and was impacted by a year-over-year decrease in subcontractor and other direct costs estimated at $10 million in the quarter. Federal government revenue accounted for 54.5% of total revenue, compared to 55.7% of total revenue in the third quarter of 2023.U.S. state and local government revenue increased 3.0% to $78.9 million, from $76.6 million in the year-ago quarter. State and local government clients represented 15.3% of total revenue, unchanged from the third quarter of 2023.International government revenue was $26.9 million, slightly down from the $27.5 million reported in the year-ago quarter. International government revenue represented 5.2% of total revenue, compared to 5.5% in the third quarter of 2023.

Key Government Contracts Awarded in the Third Quarter 2024

Notable government contract awards won in the third quarter of 2024 included:

Health and Social Programs

A new task order with a value of $40.2 million with a U.S. federal agency to deliver strategic and digital communications and engagement campaigns to combat human trafficking.A contract modification with a value of $33.2 million with a U.S. federal agency to provide stakeholder engagement support services.A new contract with a value of $14.8 million with the U.S. Centers for Disease Control and Prevention (CDC) to provide support for CDC’s Needle Exchange Utilization Survey (NEXUS) surveillance project.A new subcontract with a value of $11.2 million to provide information resource support services for the U.S. National Institute of Neurological Disorders and Stroke, Office of Neuroscience Communications and Engagement.A new contract with a value of $10.9 million with the U.S. National Institutes of Health to support the National Library of Medicine’s User Services and Collections Division cross-functional initiatives, including advancing GenAI projects and other programming and technical development activities.A new contract with a value of $9.7 million with the U.S. Department of Education to provide capacity-building services to state, regional and local education agencies.

Disaster Management and Mitigation

A contract extension with a value of $38.5 million with a U.S. state land agency to provide disaster recovery and mitigation grant management services.A new contract with a value of $10.5 million with the government of a U.S. territory to provide a comprehensive array of services to support compliance with federal and local disaster management regulations related to its hurricane recovery efforts.

IT Modernization

A new contract with a value of $69.9 million with the government of a U.S. territory to design, build and implement a new geospatial data management system.A new task order under a blanket purchase agreement with a value of $8.9 million with a U.S. federal agency to provide data center modernization services.

Climate, Energy and Environment

A single-award recompete blanket purchase agreement with a ceiling of $75 million with the U.S. Environmental Protection Agency Office of Water to provide environmental, economic, regulatory and evaluation services to the agency’s critical water programs.A recompete blanket purchase agreement with a ceiling of $40.0 million with the U.S. Federal Highway Administration to provide technical, engineering, publications, marketing and professional support services.

Commercial Revenue Third Quarter 2024 Highlights

Commercial revenue was $129.2 million, compared to $118.1 million reported in the third quarter of 2023; up 23.7% compared to revenues of $104.5 million excluding divestitures in 2023.

Commercial revenue accounted for 25.0% of total revenue compared to 23.5% of total revenue in the 2023 third quarter.Energy markets revenue, which includes energy efficiency programs, increased 24.6% and represented 86.7% of commercial revenue.

Key Commercial Contracts Awarded in the Third Quarter of 2024

Notable commercial awards won in the third quarter of 2024 included:

A contract modification with a mid-Atlantic U.S. utility to continue to provide program implementation services for its residential energy efficiency portfolio.A contract modification with a multinational energy company to prepare environmental impact statements for the company’s offshore wind projects.A new contract with an international renewable energy company to prepare an environmental impact statement for its offshore wind project.A new contract with a Midwestern U.S. utility to provide program implementation services for its residential energy efficiency program.A new contract with a Midwestern U.S. electric and gas utility to provide program implementation services for its residential energy efficiency program.A new contract with a Midwestern U.S. utility to provide demand-side management programs for both market rate and disadvantaged communities for its residential energy efficiency portfolio.A contract modification with a mid-Atlantic U.S. utility to continue to provide program implementation services for its energy efficiency programs.

Dividend Declaration

On October 31, 2024, ICF declared a quarterly cash dividend of $0.14 per share, payable on January 10, 2025, to shareholders of record on December 6, 2024.

Summary and Outlook

“Continued favorable business mix and utilization metrics, together with the incremental tax benefits of approximately $0.25 per share, have led us to increase the midpoint of our earnings per share guidance for full year 2024 by $0.35. Our revised guidance for GAAP EPS is in the range of $6.05 to $6.15, excluding special charges, and Non-GAAP EPS is expected to range from $7.40 to $7.50, representing year-on-year growth of 14.6% at the midpoint. We have adjusted our full year 2024 revenue guidance range to $2.0 billion to $2.03 billion from $2.03 billion to $2.10 billion to reflect an estimated $50 million reduction in expected pass-throughs. This primarily impacts revenue comparisons for our Health and Social Programs client market with no meaningful impact on margins. Based on our strong cash flow to date, we reaffirm our guidance for full year 2024 operating cash flow of approximately $155 million.

“Our forward-looking metrics support our confidence in continued growth for ICF as we enter 2025. We have a strong multiyear backlog, a record business development pipeline and a consistent track record of new business wins. We are experiencing robust demand from commercial clients for our energy and environment expertise and related implementation and technology capabilities. We have excellent credentials in disaster management, resilience and mitigation work to assist state and local governments with recovery after storms, flooding and wildfires, as well as with their future resilience planning. The large majority of our federal government work is in areas that have bipartisan support, particularly IT modernization, which remains an area of priority spending. And importantly, our people are fully engaged in achieving the objectives and missions of our clients, which underpins our confidence in ICF’s future growth potential,” Mr. Wasson concluded.

1 Non-GAAP EPS, EBITDA, and Adjusted EBITDA are non-GAAP measurements. A reconciliation of all non-GAAP measurements to the most applicable GAAP number is set forth below. Special charges are items that were included within our consolidated statements of comprehensive income but are not indicative of ongoing performance and have been presented net of applicable U.S. GAAP taxes. The presentation of non-GAAP measurements may not be comparable to other similarly titled measures used by other companies.

About ICF

ICF is a global consulting and technology services company with approximately 9,000 employees, but we are not your typical consultants. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at icf.com.

Caution Concerning Forward-looking Statements

Statements that are not historical facts and involve known and unknown risks and uncertainties are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; and our ability to acquire and successfully integrate businesses. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements that are included in the “Risk Factors” section of our securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.

Note on Forward-Looking Non-GAAP Measures

The company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to the variability and difficulty in making accurate forecasts and projections and because not all of the information necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures (such as the effect of share-based compensation or the impact of future extraordinary or non-recurring events like acquisitions) is available to the company without unreasonable effort. For the same reasons, the company is unable to estimate the probable significance of the unavailable information. The company provides forward-looking non-GAAP financial measures that it believes will be achievable, but it cannot accurately predict all of the components of the adjusted calculations, and the U.S. GAAP financial measures may be materially different than the non-GAAP financial measures.

Investor Contacts:

Lynn Morgen, ADVISIRY PARTNERS, lynn.morgen@advisiry.com +1.212.750.5800
David Gold, ADVISIRY PARTNERS, david.gold@advisiry.com +1.212.750.5800

Company Information Contact:
Lauren Dyke, ICF, lauren.dyke@ICF.com +1.571.373.5577

 

ICF International, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

September 30,

(in thousands, except per share amounts)  

2024

2023

2024

2023

Revenue

$                    516,998

$                 501,519

$              1,523,463

$               1,484,886

Direct costs

325,047

323,504

964,911

961,473

Operating costs and expenses:

Indirect and selling expenses

132,816

131,553

389,001

381,808

Depreciation and amortization

4,820

5,917

15,303

19,052

Amortization of intangible assets

8,291

8,644

24,873

27,154

Total operating costs and expenses

145,927

146,114

429,177

428,014

Operating income

46,024

31,901

129,375

95,399

Interest, net

(7,195)

(10,557)

(23,136)

(30,146)

Other (expense) income

(899)

2,736

767

1,501

Income before income taxes

37,930

24,080

107,006

66,754

Provision for income taxes

5,251

340

21,399

6,304

Net income

$                     32,679

$                   23,740

$                  85,607

$                    60,450

Earnings per Share:

Basic

$                         1.74

$                       1.26

$                      4.57

$                        3.22

Diluted

$                         1.73

$                       1.25

$                      4.53

$                        3.19

Weighted-average Shares:

Basic

18,760

18,815

18,752

18,795

Diluted

18,910

18,974

18,915

18,958

Cash dividends declared per common share

$                         0.14

$                       0.14

$                      0.42

$                        0.42

Other comprehensive loss, net of tax

(951)

(4,053)

(610)

(2,236)

Comprehensive income, net of tax

$                     31,728

$                   19,687

$                  84,997

$                    58,214

 

ICF International, Inc. and Subsidiaries

Reconciliation of Non-GAAP financial measures (2) 

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

September 30,

(in thousands, except per share amounts)

2024

2023

2024

2023

Reconciliation of Revenue, Adjusted for Impact of Exited Business 

Revenue

$                516,998

$                501,519

$           1,523,463

$           1,484,886

Less: Revenue from exited business (3)

—

(13,565)

—

(59,713)

Total Revenue, Adjusted for Impact of Exited Business

$                516,998

$                487,954

$           1,523,463

$           1,425,173

Reconciliation of EBITDA and Adjusted EBITDA (4)

Net income

$                  32,679

$                  23,740

$                85,607

$                60,450

Interest, net

7,195

10,557

23,136

30,146

Provision for income taxes

5,251

340

21,399

6,304

Depreciation and amortization

13,111

14,561

40,176

46,206

EBITDA 

58,236

49,198

170,318

143,106

Impairment of long-lived assets (5)

—

2,912

—

3,806

Acquisition and divestiture-related expenses (6)

139

1,779

205

4,685

Severance and other costs related to staff realignment (7)

449

595

1,184

4,455

Charges for facility consolidations and office closures (8)

—

2,220

—

2,579

Pre-tax gain from divestiture of a business (9)

(298)

(2,425)

(2,013)

(2,425)

Total Adjustments

290

5,081

(624)

13,100

Adjusted EBITDA

$                  58,526

$                  54,279

$              169,694

$              156,206

Net Income Margin Percent on Revenue (10)

6.3 %

4.7 %

5.6 %

4.1 %

EBITDA Margin Percent on Revenue (11)

11.3 %

9.8 %

11.2 %

9.6 %

Adjusted EBITDA Margin Percent on Revenue (11)

11.3 %

10.8 %

11.1 %

10.5 %

Reconciliation of Non-GAAP Diluted EPS (4)

U.S. GAAP Diluted EPS

$                      1.73

$                      1.25

$                    4.53

$                    3.19

Impairment of long-lived assets

—

0.15

—

0.20

Acquisition and divestiture-related expenses

0.01

0.09

0.01

0.25

Severance and other costs related to staff realignment

0.02

0.03

0.06

0.23

Expenses related to facility consolidations and office closures (12)

—

0.12

0.04

0.14

Pre-tax gain from divestiture of a business

(0.02)

(0.13)

(0.11)

(0.13)

Amortization of intangibles

0.44

0.46

1.31

1.43

Income tax effects of the adjustments (13)

(0.05)

(0.16)

(0.26)

(0.50)

Non-GAAP Diluted EPS

$                      2.13

$                      1.81

$                    5.58

$                    4.81

(2) These tables provide reconciliations of non-GAAP financial measures to the most applicable GAAP numbers. While we believe that these non-GAAP financial measures may be useful in evaluating our financial information, they should be considered supplemental in nature and not as a substitute for financial information prepared in accordance with GAAP. Other companies may define similarly titled non-GAAP measures differently and, accordingly, care should be exercised in understanding how we define these measures. 

(3) Revenue from the exited U.K. commercial marketing business (June 30, 2023), U.S. commercial marketing business (September 11, 2023), and Canadian mobile text aggregation business (November 1, 2023). Subcontractor and other direct costs from the exited business are approximately 15.0% and 31.1% of revenue of the exited business for the three and nine months ended September 30, 2023, respectively.

(4) Reconciliations of EBITDA, Adjusted EBITDA, and Non-GAAP Diluted EPS were calculated using numbers as reported in U.S. GAAP.

(5) Represents impairment charges recorded in the first and third quarters of 2023 of $0.9 million and $2.9 million, respectively, of an intangible asset associated with the exit of our commercial marketing business in the U.K. and operating lease right-of-use assets.

(6) These are primarily third-party costs related to acquisitions and potential acquisitions, integration of acquisitions, and separation of discontinued businesses or divestitures.

(7) These costs are mainly due to involuntary employee termination benefits for our officers, and employees who have been notified that they will be terminated as part of a business reorganization or exit.

(8) These are exit costs associated with terminated leases or full office closures that we either (i) will continue to pay until the contractual obligations are satisfied but with no economic benefit to us, or (ii) paid upon termination and ceasing to use the leased facilities.

(9) Pre-tax gain related to the 2023 divestiture of our U.S. commercial marketing business which include contingent gains realized in the first and the third quarter of 2024.

(10) Net Income Margin Percent on Revenue was calculated by dividing net income by revenue.

(11) EBITDA Margin Percent and Adjusted EBITDA Margin Percent on Revenue were calculated by dividing the non-GAAP measure by the corresponding revenue.

(12) These are exit costs related to actual office closures (previously included in Adjusted EBITDA) and accelerated depreciation related to fixed assets for planned office closures.

(13) Income tax effects were calculated using the effective tax rate, adjusted for certain discrete items, if any, of 13.8% and 21.7% for the three months ended September 30, 2024 and 2023, respectively, and 20.0% and 23.5% for the nine months ended September 30, 2024 and 2023, respectively.

  

ICF International, Inc. and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

(in thousands, except share and per share amounts)

September 30, 2024

December 31, 2023

ASSETS

Current Assets:

Cash and cash equivalents

$                       6,911

$                      6,361

Restricted cash

724

3,088

Contract receivables, net

212,412

205,484

Contract assets

237,742

201,832

Prepaid expenses and other assets

24,785

28,055

Income tax receivable

10,541

2,337

Total Current Assets

493,115

447,157

Property and Equipment, net

71,299

75,948

Other Assets:

Goodwill

1,221,437

1,219,476

Other intangible assets, net

70,030

94,904

Operating lease – right-of-use assets

122,543

132,807

Other assets

49,754

41,480

Total Assets

$                 2,028,178

$               2,011,772

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities:

Current portion of long-term debt

$                     13,750

$                    26,000

Accounts payable

121,093

134,503

Contract liabilities

17,176

21,997

Operating lease liabilities 

21,204

20,409

Finance lease liabilities

2,590

2,522

Accrued salaries and benefits

91,103

88,021

Accrued subcontractors and other direct costs

55,600

45,645

Accrued expenses and other current liabilities

85,274

79,129

Total Current Liabilities

407,790

418,226

Long-term Liabilities:

Long-term debt

405,396

404,407

Operating lease liabilities – non-current

160,926

175,460

Finance lease liabilities – non-current

11,922

13,874

Deferred income taxes

5,982

26,175

Other long-term liabilities

59,845

56,045

Total Liabilities

1,051,861

1,094,187

Commitments and Contingencies

Stockholders’ Equity:

Preferred stock, par value $.001; 5,000,000 shares authorized; none issued

—

—

Common stock, par value $.001; 70,000,000 shares authorized; 24,138,735 and 23,982,132 shares issued at September 30, 2024 and December 31, 2023, respectively; 18,762,710 and 18,845,521 shares outstanding at September 30, 2024 and December 31, 2023, respectively

24

24

Additional paid-in capital

436,671

421,502

Retained earnings

852,835

775,099

Treasury stock, 5,376,025 and 5,136,611 shares at September 30, 2024 and December 31, 2023, respectively

(300,718)

(267,155)

Accumulated other comprehensive loss

(12,495)

(11,885)

Total Stockholders’ Equity

976,317

917,585

Total Liabilities and Stockholders’ Equity

$                 2,028,178

$               2,011,772

 

ICF International, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

Nine Months Ended

September 30,

(in thousands)

2024

2023

Cash Flows from Operating Activities

Net income

$                         85,607

$                         60,450

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

Provision for credit losses

3,176

691

Deferred income taxes and unrecognized income tax benefits

(16,957)

(3,533)

Non-cash equity compensation

12,494

10,134

Depreciation and amortization

40,177

46,207

Gain on divestiture of a business

(2,009)

(4,302)

Other operating adjustments, net

2,206

2,563

Changes in operating assets and liabilities, net of the effects of acquisitions:

Net contract assets and liabilities

(40,155)

(52,010)

Contract receivables

(9,634)

12,087

Prepaid expenses and other assets

(434)

11,893

Operating lease assets and liabilities, net

(3,065)

3,897

Accounts payable

(13,402)

(13,333)

Accrued salaries and benefits

2,889

(8,521)

Accrued subcontractors and other direct costs

9,660

(3,353)

Accrued expenses and other current liabilities

16,979

(18,727)

Income tax receivable and payable

(9,574)

450

Other liabilities

(1,774)

959

Net Cash Provided by Operating Activities

76,184

45,552

Cash Flows from Investing Activities

Payments for purchase of property and equipment and capitalized software

(15,559)

(17,876)

Payments for business acquisitions, net of cash acquired

—

(32,664)

Proceeds from divestiture of a business

1,985

47,151

Net Cash Used in Investing Activities

(13,574)

(3,389)

Cash Flows from Financing Activities

Advances from working capital facilities

917,953

972,266

Payments on working capital facilities

(930,043)

(995,244)

Proceeds from other short-term borrowings

43,735

25,394

Repayments of other short-term borrowings

(53,280)

(18,845)

Receipt of restricted contract funds

1,275

6,412

Payment of restricted contract funds

(3,586)

(7,042)

Dividends paid

(7,880)

(7,903)

Net payments for stock issuances and share repurchases

(30,995)

(20,601)

Other financing, net

(1,777)

(1,501)

Net Cash Used in Financing Activities

(64,598)

(47,064)

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash

174

(213)

Decrease in Cash, Cash Equivalents, and Restricted Cash

(1,814)

(5,114)

Cash, Cash Equivalents, and Restricted Cash, Beginning of Period

9,449

12,968

Cash, Cash Equivalents, and Restricted Cash, End of Period

$                           7,635

$                           7,854

Supplemental Disclosure of Cash Flow Information

Cash paid during the period for:

Interest

$                         24,388

$                         29,173

Income taxes

$                         50,382

$                         12,604

 

ICF International, Inc. and Subsidiaries

Supplemental Schedule (14)

Revenue by client markets

Three Months Ended

Nine Months Ended

September 30, 

September 30,

2024

2023

2024

2023

Energy, environment, infrastructure, and disaster recovery

46 %

41 %

46 %

40 %

Health and social programs

38 %

42 %

38 %

42 %

Security and other civilian & commercial

16 %

17 %

16 %

18 %

Total

100 %

100 %

100 %

100 %

Revenue by client type

Three Months Ended

Nine Months Ended

September 30, 

September 30,

2024

2023

2024

2023

U.S. federal government

55 %

56 %

55 %

55 %

U.S. state and local government

15 %

15 %

16 %

16 %

International government

5 %

5 %

5 %

5 %

Total Government

75 %

76 %

76 %

76 %

Commercial

25 %

24 %

24 %

24 %

Total

100 %

100 %

100 %

100 %

Revenue by contract mix

Three Months Ended

Nine Months Ended

September 30, 

September 30,

2024

2023

2024

2023

Time-and-materials

43 %

41 %

42 %

41 %

Fixed-price

46 %

45 %

46 %

45 %

Cost-based

11 %

14 %

12 %

14 %

Total

100 %

100 %

100 %

100 %

(14) As is shown in the supplemental schedule, we track revenue by key metrics that provide useful information about the nature of our operations. Client markets provide insight into the breadth of our expertise.  Client type is an indicator of the diversity of our client base.  Revenue by contract mix provides insight in terms of the degree of performance risk that we have assumed.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/icf-reports-third-quarter-2024-results-302293255.html

SOURCE ICF

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

E-Learning Market in the US to Grow by USD 56.44 Billion (2024-2028), Driven by Evolved Learning Landscape, AI Driving Market Transformation – Technavio

Published

49 minutes ago

on

November 25, 2024

By

NEW YORK, Nov. 25, 2024 /PRNewswire/ — Report with the AI impact on market trends – The e-learning market in us size is estimated to grow by USD 56.44 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 16.48% during the forecast period. Evolved learning and education landscape is driving market growth, with a trend towards advent of advanced technologies. However, competition from moocs poses a challenge.Key market players include Adobe Inc., Cengage Learning Holdings II Inc., Coursera Inc., D2L Corp., Docebo Inc., Flatworld Solutions Pvt. Ltd., Houghton Mifflin Harcourt Co., Infopro Learning Inc., Udemy Inc., VitalSource Technologies LLC, 2U Inc., Anthology Inc., Articulate Inc., eLearning Co. Inc., iEnergizer, Instructure Holdings Inc., John Wiley and Sons Inc., McGraw Hill LLC, Microsoft Corp., and Stylus Solutions Pvt. Ltd..

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

E-Learning Market In US Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 16.48%

Market growth 2024-2028

USD 56.44 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

15.54

Regional analysis

US

Performing market contribution

North America at 100%

Key countries

US and North America

Key companies profiled

Adobe Inc., Cengage Learning Holdings II Inc., Coursera Inc., D2L Corp., Docebo Inc., Flatworld Solutions Pvt. Ltd., Houghton Mifflin Harcourt Co., Infopro Learning Inc., Udemy Inc., VitalSource Technologies LLC, 2U Inc., Anthology Inc., Articulate Global Inc., eLearning Co. Inc., iEnergizer, Instructure Holdings Inc., John Wiley and Sons Inc., McGraw Hill LLC, Microsoft Corp., and Stylus Solutions Pvt. Ltd.

Market Driver

The e-learning market in the US is experiencing significant growth, particularly in sectors like childhood education and K-12 education. Public-private funding and digitalize classrooms are key trends driving this growth. VIPKID, an education firm, leads the way in delivering courses digitally. Smart education is the new norm, with IoT devices, cloud-based solutions, and digital tools becoming essential in schools and universities. Higher education institutions offer online degree programs, including affordable college degrees and online MBA degrees. Test preparation, vocational programs, and e-learning solutions are also popular. However, challenges like inadequate internet access and slow loading times persist. Ongoing efforts to deploy 5G networks and innovative learning solutions, such as AI-based learning, AR, and VR, are addressing these issues. E-learning market statistics show continued growth, with e-learning market companies providing cost-effective training methods for businesses and educational institutions. Remote learning solutions and interactive learning platforms are the future of education and training. 

The US e-learning market has been shaped by the adoption of advanced technologies, including virtual assistants, AR, and VR. These technologies have transformed e-learning by enabling dynamic and efficient learning through devices like Google Glass, Oculus Rift, and Apple Watch. AR and VR systems offer learning experiences by simulating virtual environments and placing learners in roleplay situations. This customized approach enhances engagement and improves learning outcomes. The implementation of these technologies has significantly evolved the e-learning landscape in the US. 

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

Market Challenges

The E-Learning market in the US is growing rapidly, with a focus on digitalizing K-12 education and higher education. Companies like VIPKID lead the way, providing digital learning solutions for students. Schools and universities are deploying cloud-based solutions for course delivery in a virtual environment. IoT devices and smartphones are used as digital tools for teaching and learning. However, challenges persist, such as inadequate internet access and slow loading times. E-learning market statistics show ongoing efforts to overcome these issues with 5G networks and innovative learning solutions. E-learning market companies offer cost-effective training methods through e-learning platforms, including interactive learning platforms with AI, AR, and VR. Vocational programs and academic courses are available online, making education more accessible and affordable for students. E-learning solutions provide standardized training and educational content for corporations, enhancing training and development.In the US e-learning market, Massive Open Online Courses (MOOCs) have emerged as a popular alternative due to their open and free access. This affordability sets MOOCs apart from traditional e-learning, making them a cost-effective option for learners. Vendors providing e-learning face intense competition as MOOCs offer community support, a vast selection of content, and semi-syncronicity. Modern MOOCs incorporate analytics, engaging designs, and provide verified certificates and diplomas from reputable institutions and businesses. Functionally and engagement-wise, MOOCs are comparable to e-learning.

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

Segment Overview

This e-learning market in US report extensively covers market segmentation by

Deployment1.1 On premise1.2 CloudEnd-user2.1 Higher education2.2 Corporate2.3 K12Product3.1 Content3.2 Technology3.3 ServicesGeography4.1 North America

1.1 On premise- The on-premises deployment type is the most common method for delivering e-learning in the US market. This deployment model significantly impacts the growth of the e-learning market in the US. Corporations and educational institutions, major consumers in the market, prefer on-premises solutions due to enhanced control over data and technology. Large players dominate the on-premises segment, but small and medium-sized businesses also offer specialized e-learning solutions. The US e-learning market’s expansion is driven by the increasing demand for secure and dependable learning solutions. The COVID-19 pandemic’s trend of remote work and learning has further boosted the growth of the on-premises deployment type. As a result, the on-premises segment is expected to continue its steady expansion throughout the forecast period, catering to the rising demand for reliable and secure learning solutions among businesses and educational institutions.

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

Research Analysis

The E-learning market in the US is experiencing significant growth, particularly in sectors like childhood education and K-12 education. Public-private funding is driving the digitalization of classrooms, making education more accessible and cost-effective. Companies like VIPKID are leading the way in children’s language learning, while educational institutions are adopting e-learning solutions for course delivery. Electronic gadgets such as computers, PCBs, LEDs, and high-performance adhesives are essential components in creating an e-learning experience. However, challenges such as inadequate internet access and slow loading times persist, necessitating ongoing efforts to improve remote learning solutions. The e-learning market statistics show a promising future, with 5G networks set to revolutionize the way we teach and learn. E-learning market companies are continually innovating to provide cost-effective training methods for higher education and professional development. Despite these advancements, face-to-face interaction remains an essential aspect of education, and e-learning solutions must strive to replicate its benefits.

Market Research Overview

The E-Learning market in the US is experiencing significant growth, particularly in areas such as childhood education and K-12 education. Public-private funding is driving the digitalization of classrooms, with education institutes embracing cloud-based solutions and IoT devices for smart education. Higher education and test preparation are also benefiting from e-learning, with virtual environments and digital tools enabling cost-effective training methods. However, challenges such as inadequate internet access and slow loading times persist. Innovative learning solutions, including AI-based learning and remote learning solutions, are ongoing efforts to address these challenges. E-learning platforms are offering interactive learning experiences through digital content, online education market, and mobile and rapid e-learning. Vocational programs and corporate learning are also adopting e-learning for affordable and standardized training. The market is expected to continue growing, with the integration of artificial intelligence (AI), augmented reality (AR), and virtual reality (VR) enhancing the learning experience.

Table of Contents:

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

DeploymentOn PremiseCloudEnd-userHigher EducationCorporateK12ProductContentTechnologyServicesGeographyNorth 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/e-learning-market-in-the-us-to-grow-by-usd-56-44-billion-2024-2028-driven-by-evolved-learning-landscape-ai-driving-market-transformation—technavio-302314167.html

SOURCE Technavio

Continue Reading

Technology

Data Center General Construction Market to Grow by USD 19.95 Billion (2024-2028) as AI Redefines Market Landscape, Investment Boosts Growth – Technavio

Published

49 minutes ago

on

November 25, 2024

By

NEW YORK, Nov. 25, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global data center general construction market size is estimated to grow by USD 19.95 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  10.39%  during the forecast period. Increase in investment in data centers is driving market growth, with a trend towards growing focus on construction of green data centers. However, emergence of containerized and micro mobile data centers  poses a challenge.Key market players include ABB Ltd., ACS Actividades de Construccion Y Servicios SA, AECOM, Arup Group Ltd., Brasfield and Gorrie LLC, CORGAN, CyrusOne LLC, Digital Realty Trust Inc., DPR Construction, HDR Inc., Jacobs Solutions Inc., Jones Engineering Holdings Ltd., Legrand SA, M. A. Mortenson Co., Page Southerland Page Inc., Schneider Electric SE, Skanska AB, STO Building Group, The Walsh Group, and Vertiv Holdings Co..

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

Data Center General Construction Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 10.39%

Market growth 2024-2028

USD 19.95 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

10.14

Regional analysis

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

Performing market contribution

North America at 31%

Key countries

US, Canada, China, UK, and Germany

Key companies profiled

ABB Ltd., ACS Actividades de Construccion Y Servicios SA, AECOM, Arup Group Ltd., Brasfield and Gorrie LLC, CORGAN, CyrusOne LLC, Digital Realty Trust Inc., DPR Construction, HDR Inc., Jacobs Solutions Inc., Jones Engineering Holdings Ltd., Legrand SA, M. A. Mortenson Co., Page Southerland Page Inc., Schneider Electric SE, Skanska AB, STO Building Group, The Walsh Group, and Vertiv Holdings Co.

Market Driver

The Data Center General Construction market is experiencing significant growth due to the increasing demand for IT infrastructure in various sectors like Information Technology, Healthcare, Automation, Banking, and Telecommunications. Trends such as Big Data Analytics, Artificial Intelligence, IoT Devices, and Cloud Computing are driving the need for more data centers. Data Centers are essential for managing data flow, data storage, and data exchange. Data Center Architecture is evolving with Computing Economics, IP-Based Networking, and Hyperscale facilities becoming popular. Power distribution, cooling solutions, and IT equipment are key components of Data Center Design. Hyperscale facilities, public cloud providers, and colocation services are major consumers of data centers. Tier 3 segment, with its redundancy and high-performance computing capabilities, is a preferred choice for many businesses. Temperature, humidity levels, miscellaneous expenses, and security infrastructure costs are crucial factors in Data Center Design. Electrical and Mechanical Construction play a vital role in building data centers. Power distribution, cooling efficiency, airflow optimization, and balanced workload are essential for efficient data center operations. Colocation service providers and telecommunications service providers are key players in the market. Social networking giants and e-commerce companies are significant consumers of data centers. 

Green data centers are energy-efficient structures designed to minimize environmental impact during construction and operation. These centers utilize low-emission building materials for sustainable ecosystems, including efficient waste recycling. Advanced technologies, such as catalytic converters in backup generators and alternative energy sources like photovoltaics, heat pumps, and evaporative cooling, are employed. Although the initial investment for building and certifying a green data center is substantial, the long-term cost savings are realized upon operation. 

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

Market Challenges

The Data Center General Construction Market is experiencing significant growth due to the increasing demand for IT infrastructure in sectors like Information Technology, Healthcare, Automation, and Banking. With the rise of Big Data Analytics, Artificial Intelligence, IoT Devices, and Cloud Computing, there is a need for more data centers for Data Exchange, Data Storage, and Data Flow. This growth brings challenges in Data Center Architecture, Computing Economics, and IT infrastructure design. Electrical and Mechanical Construction play crucial roles in Power distribution, Cooling solutions, and Temperature/Humidity control. Hyperscale facilities, Public cloud providers, and Multi-tenant facilities require advanced cooling efficiency, airflow optimization, and balanced workload management. Security infrastructure costs, Miscellaneous expenses, and Property costs are essential considerations for Tier 3 segment Data Centers, which offer Redundancy and High-performance computing. Media providers, Telecommunications service providers, Social networking giants, and E-commerce companies are major consumers of IT equipment and cooling equipment. Power Plants and IP-Based Networking are also integral to Data Center Design. Edge computing and AI are emerging trends, requiring specialized IT equipment and cooling solutions. Colocation service providers and Power backup systems are essential for businesses seeking to outsource their IT needs.Containerized data centers, also known as modular data centers, offer businesses a flexible and efficient solution for their infrastructure needs. These portable data centers consist of servers, storage devices, and networking equipment, housed within standard shipping containers. The construction process for containerized data centers is significantly faster than traditional data centers, with completion possible in a few weeks. This trend is gaining popularity in the global data center market due to its cost-effective nature, allowing organizations to expand their infrastructure without the high capital expenditure typically associated with building a new data center facility.

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

Segment Overview 

This data center general construction market report extensively covers market segmentation by  

End-user 1.1 BFSI1.2 Government1.3 Manufacturing1.4 Media and entertainment1.5 OthersType 2.1 Base building shell construction2.2 Architecture planning and designingGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 BFSI-  The digital transformation of various industries, particularly in the BFSI sector, is driving the need data center infrastructure. With an increase in digital transactions and new users, financial organizations require data centers to efficiently store and manage their data. Compliance with regulatory requirements, such as the EU’s General Data Protection Regulation (GDPR), is crucial for financial institutions. Breaches of these guidelines can result in significant fines. For instance, Morgan Stanley paid a USD60 million fine in October 2020 for data breaches. To ensure data security and adherence to regulations, financial services firms are turning to data center colocation and managed hosting services. The growing importance of securely storing large volumes of financial data, by governments, is expected to fuel the demand for data center infrastructure in the BFSI segment during the forecast period.

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

Research Analysis

The Data Center General Construction Market is experiencing significant growth due to the increasing demand for Information Technology (IT) services and the explosion of data generated by Big Data Analytics, Artificial Intelligence (AI), IoT Devices, and Data Exchange. Data Centers are essential infrastructure for storing, processing, and managing the vast amounts of data flowing between various IT systems and end-users. Data Center Architecture is a critical factor in computing economics, as it impacts data consumption, cooling requirements, and overall operational efficiency. Hyperscale facilities, public cloud providers, multi-tenant facilities, and colocation services are driving the market’s growth, with IT equipment, cooling equipment, and miscellaneous expenses being significant cost components. Temperature and humidity levels are crucial factors in Data Center design, as they impact the performance and reliability of servers and other IT equipment. Security infrastructure costs and property costs are also significant expenses in Data Center construction. Edge computing is an emerging trend that aims to bring data processing closer to the source, reducing latency and improving overall performance. AI and IT equipment are key components of Edge computing, and cooling requirements may differ from traditional Data Centers due to their decentralized nature.

Market Research Overview

The Data Center General Construction Market is experiencing significant growth due to the increasing demand for IT infrastructure in various sectors, including Information Technology, Healthcare, Automation, Banking, and Telecommunications. Big Data Analytics, Artificial Intelligence, IoT Devices, and Cloud Computing are driving the need for more Data Centers, Data Exchange, and Data Storage. Data Flow requires advanced Data Center Architecture, Computing Economics, IP-Based Networking, and Cooling Solutions to ensure optimal performance. Hyperscale facilities, Public cloud providers, and Multi-tenant facilities are leading the market, with Colocation services and Servers being essential components. Cooling equipment, Power distribution, and Temperature & Humidity levels are crucial factors in Data Center Design. Miscellaneous expenses, including Security infrastructure costs and Property costs, are also significant considerations. The Tier 3 segment, with its redundancy and high-performance computing capabilities, is a popular choice for businesses requiring large Storage capacity and balanced workload. Media providers, Power backup, Cooling efficiency, Airflow optimization, and Balanced workload are essential for Colocation service providers and Telecommunications service providers. Social networking giants and E-commerce companies are significant consumers of Data Center resources.

Table of Contents:

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

End-userBFSIGovernmentManufacturingMedia And EntertainmentOthersTypeBase Building Shell ConstructionArchitecture Planning And DesigningGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

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

About Technavio

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

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

Contacts

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

View original content to download multimedia:https://www.prnewswire.com/news-releases/data-center-general-construction-market-to-grow-by-usd-19-95-billion-2024-2028-as-ai-redefines-market-landscape-investment-boosts-growth—technavio-302314108.html

SOURCE Technavio

Continue Reading

Technology

Secondary Tickets Market size is set to grow by USD 132.1 billion from 2024-2028, rising popularity of sports events to boost the revenue- Technavio

Published

49 minutes ago

on

November 25, 2024

By

NEW YORK, Nov. 25, 2024 /PRNewswire/ — The global secondary tickets market  size is estimated to grow by USD 132.1 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  34.25%  during the forecast period.  Rising popularity of sports events is driving market growth, with a trend towards adoption of dynamic pricing. However, growing consumption of online content  poses a challenge. Key market players include Ace Ticket LLC, Anschutz Entertainment Group Inc., Citizen Ticket Ltd., Coast To Coast Tickets LLC, CTS Eventim AG and Co. KGaA, eBay Inc., Eventbee Inc., Eventbrite Inc., Face-value Alliance Ticketing Ltd., Ideabud LLC, Live Nation Entertainment Inc., PrimeSport LLC, SeatGeek Inc., Ticket City Inc., TicketNetwork Inc., TickPick LLC, TiqIQ LLC, Twickets Ltd., Viagogo Entertainment Inc., and Vivid Seats Inc., StubHub, Ticketmaster, Razorgator, TicketIQ, TicketNetwork, Gametime

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Type (Sports events, Concerts, Performing arts, and Movies), Mode Of Booking (Online and Offline), Usre, and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

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

Key companies profiled

Ace Ticket LLC, Anschutz Entertainment Group Inc., Citizen Ticket Ltd., Coast To Coast Tickets LLC, CTS Eventim AG and Co. KGaA, eBay Inc., Eventbee Inc., Eventbrite Inc., Face-value Alliance Ticketing Ltd., Ideabud LLC, Live Nation Entertainment Inc., PrimeSport LLC, SeatGeek Inc., Ticket City Inc., TicketNetwork Inc., TickPick LLC, TiqIQ LLC, Twickets Ltd., Viagogo Entertainment Inc., and Vivid Seats Inc., StubHub, Ticketmaster, Razorgator, TicketIQ, TicketNetwork, Gametime

Key Market Trends Fueling Growth

In the secondary tickets market, dynamic pricing is a popular strategy used by teams and event organizers to set flexible prices based on current demand. This approach allows ticket prices to fluctuate based on factors such as holidays, injuries, team records, day of the week, and weather forecasts. By implementing dynamic pricing, these entities can recover revenue that would otherwise go to scalpers or third-party vendors, reducing ticket touting. Dynamic pricing also helps undercut secondary prices, forcing scalpers to lower their own prices and bringing exchange prices closer to face value. Although this strategy decreases buying volume and profit margins in secondary markets, it effectively combats fraudulent activities and overpricing. Notable secondary ticket vendors employing dynamic pricing include Live Nation Entertainment and TiqIQ. 

The secondary ticket market continues to be a significant trend in the events industry. With the increasing popularity of concerts, sports, and other live events, the demand for secondary tickets has grown. Companies offer various platforms for fans to buy and sell tickets, providing convenience and flexibility. Events like the Super Bowl, Coachella, and the World Cup generate high demand for secondary tickets. The use of digital platforms and secure payment methods has made the process more efficient and trustworthy. However, concerns around ticket prices and authenticity remain. Consumers must exercise caution and ensure they purchase tickets from reputable sources. The market for event tickets is expected to continue growing, offering opportunities for businesses to innovate and provide better services to customers. 

Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!

Market Challenges

•         The global secondary tickets market faces challenges due to the rise of online content consumption. In 2021, a significant increase in Internet speeds and affordable data plans led to a growth in online streaming of live events and movies. In the US, over 70% of adults watch weekly online videos, preferring long-form content. Media companies partner with tech providers to expand their online platforms, renewing and adding seasons to successful shows. This trend negatively impacts the secondary tickets market, particularly for sports events and movies, during the forecast period.

•         In the secondary ticket market, one of the significant challenges is the issue of authenticity and reliability. Fraudulent tickets can be a major concern for both buyers and sellers. Another challenge is the high demand for popular events, leading to exorbitant prices for tickets. This can create a disparity between the face value and the market price. Additionally, the lack of a centralized platform for ticket sales can make it difficult to ensure fair pricing and prevent price gouging. Furthermore, the convenience of online ticket sales comes with its own set of risks, such as cybersecurity threats and identity theft. Lastly, the time difference in ticketing for international events can pose challenges for buyers in different time zones. These issues require constant attention and innovative solutions to ensure a secure and transparent market for secondary tickets.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview 

This secondary tickets market report extensively covers market segmentation by

Type 1.1 Sports events1.2 Concerts1.3 Performing arts1.4 MoviesMode Of Booking2.1 Online2.2 OfflineUser Geography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Sports events-  The secondary tickets market refers to the sale of tickets for events that have already been purchased by individuals but are now being resold. This market provides an opportunity for fans to purchase tickets to sold-out events. It operates through various platforms, including online marketplaces and brokers. The demand for secondary tickets is driven by the desire to attend popular events that may have limited ticket availability. The market functions based on supply and demand principles, with prices fluctuating according to the availability and desirability of the tickets. It’s essential to note that the purchase of secondary tickets may come with additional fees and potential risks, such as the possibility of counterfeit tickets.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022) 

Research Analysis

The secondary tickets marketplace experiences significant demand during sold-out concerts, big athletic events, and blockbuster theatrical plays. This demand often leads to a spike in prices, making tickets unaffordable for sincere fans. The resale of tickets through unofficial channels and third-party platforms poses moral concerns and risks, including fraudulent activities, unfair competition, and deceptive advertising. Dishonest persons use automated software and bots to buy tickets in restricted quantities, leading to inflated prices and exorbitant costs. Ethical considerations and customer trust are crucial in this market, as fans seek convenience without falling victim to fraudulent scalpers.

Market Research Overview

The Secondary Tickets Market refers to the sale and purchase of tickets for events that have already been issued. This market operates independently of the primary market, which sells tickets directly from the event organizers or venues. The demand for secondary tickets arises due to various reasons such as unavailability of tickets in the primary market, high demand for popular events, or the convenience of purchasing tickets closer to the event date. The market for secondary tickets is regulated by various laws and regulations to prevent fraudulent activities and ensure fair pricing. The use of technology, such as mobile applications and websites, has significantly increased the accessibility and convenience of buying and selling secondary tickets. The market for secondary tickets is a dynamic one, with prices fluctuating based on various factors such as demand, supply, and the proximity of the event date.

Table of Contents:

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

TypeSports EventsConcertsPerforming ArtsMoviesMode Of BookingOnlineOfflineUserGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

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

About Technavio

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

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

Contacts

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

View original content to download multimedia:https://www.prnewswire.com/news-releases/secondary-tickets-market-size-is-set-to-grow-by-usd-132-1-billion-from-2024-2028–rising-popularity-of-sports-events-to-boost-the-revenue–technavio-302315097.html

SOURCE Technavio

Continue Reading

Trending