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Payfare Announces Third Quarter 2024 Financial Results

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Payfare generated net income of $4.5 million, and Adjusted net income per share1 of $0.17 in Q3 2024

TORONTO, Nov. 6, 2024 /PRNewswire/ – Payfare Inc. (“Payfare” or the “Company”) (TSX: PAY) (OTCQX: PYFRF), a leading international Earned Wage Access (“EWA”) company powering instant access to earnings and digital banking solutions for workforces, today announced the filing of its Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the quarter ending September 30, 2024. A comprehensive discussion of Payfare’s financial position and results of operations are provided in the MD&A, which is filed on SEDAR+ under Payfare’s profile and can be found at www.sedarplus.ca.

Q3 2024 Highlights:

Increased revenue to $59.0 million for the three months ended September 30, 2024, representing an $11.8 million (+25%) increase compared to the same period in 2023.Ended Q3 2024 with 1,502,028 active users1, up by 290,753 (+24%) compared to the active users1 count as at the end of Q3 2023.Total gross dollar value (Total GDV)1 in Q3 2024 was $3.8 billion, up by $0.8 billion (+29%) over Q3 2023.Gross Profit1 of $16.0 million for the three months ended September 30, 2024, up by $3.8 million (+31%) over the same period in 2023.Net income of $4.5 million, or $0.09 per share, for the three months ended September 30, 2024, compared to $4.8 million in the same period in 2023.Adjusted net income1 of $8.1 million, or $0.17 per share, for the three months ended September 30, 2024, representing an increase of $0.6 million (+8%) over the same period in 2023.Adjusted EBITDA1 of $7.8 million for the three months ended September 30, 2024, reflecting a $1.5 million increase (+24%) compared to the same period in 2023.Free cash flow1 of $5.4 million for the three months ended September 30, 2024, up by $1.7 million (+44%) compared to the same period in 2023.As at September 30, 2024, Payfare has over $100 million in cash, cash equivalents and guaranteed investment certificates and is well capitalized to fund its new strategic initiatives. Payfare continues to see high growth with its other client programs that were recently renewed to long-term extensions. In addition, the Company is working on securing new, large-scale EWA programs in both the gig economy and employee verticals.On July 16, 2024, the Company announced the formation of a Strategic Advisory Board led by a new seasoned strategy and corporate development executive to guide the Company’s international expansion opportunities (including EWA platform) and achieve global scale efficiently and effectively.On July 25, 2024, the Company announced the long-term extension of its agreement with Lyft Inc. in respect to the Lyft Direct Program, which Payfare currently powers. The extension means drivers on the Lyft program will continue to benefit from free instant pay, a feature rich digital banking platform and a rich cashback rewards program that is offered through Lyft’s partnership with Payfare.On August 27, 2024, the Company launched an upgraded version of the Lyft Direct debit card and banking app with a range of features that include: (a) Lyft Direct Savings – a high-yield savings account, (b) Balance Protection – which provides qualifying cardholders up to US$200 to cover unforeseen costs, (c) New Cashback Rewards for elite drivers, (d) Wellness Perks by Avibra, which provides access to a comprehensive suite of health and financial wellness tools, (e) Spend Insights – which helps with enhanced financial decision making and provides control of personal budgets, and (f) Cash ATM Deposits at participating ATM locations.On September 26, 2024, Payfare announced that its core services agreements related to the DoorDash DasherDirect card program will not be renewed beyond the current term in early 2025. A transition and wind-down plan for the program has not yet been agreed to with DoorDash and it is currently unknown when the financial impact, including on revenue, net income, key performance indicators and certain non-GAAP measures utilized by the Company will be experienced by Payfare from the non-renewal.On September 29, 2024, the Board of Directors initiated a strategic review process to explore and evaluate a broad range of potential options for the Company to enhance value, support conversion of potential new opportunities and alleviate concentration risks.Subsequent to quarter-end, Payfare successfully launched a pilot EWA product with Automatic Data Processing Inc. (“ADP”), a leading global provider of Human Capital Management solutions, to offer EWA to the Canadian market.

Conference Call

Management will be hosting a conference call on Wednesday, November 6, 2024, at 6:30 PM ET to discuss the Company’s financial results for the third quarter of 2024. A short presentation in connection with the conference call will be made available ahead of time on the Company’s website at https://corp.payfare.com/investors/. Management will also host a live question and answer session on the conference call with analysts.

To access the conference call, please dial (289) 514-5100 or 1-800-717-1738. Please call the conference telephone number 10-15 minutes prior to the start time so that you are in the queue for an operator to assist in registering and patching you through.

An archived recording of the conference call will be available until December 6, 2024. To listen to the recording, call (289) 819-1325 or 1-888-660-6264 and enter passcode 70127#.

About Payfare (TSX:PAY, OTCQX: PYFRF)

Payfare is a leading, international Earned Wage Access (“EWA”) company powering instant access to earnings through an award-winning digital banking platform for today’s workforce. Payfare partners with leading e-commerce marketplaces, payroll platforms, and employers to provide financial security and inclusion for all workers.

1Non-IFRS and Supplementary Financial Measures

This press release contains references to “active users”, “Total gross dollar value (“Total GDV”), “adjusted net income”, “adjusted net income per share”, “EBITDA”, “Adjusted EBITDA”, “free cash flow” and “gross profit”, which are not measures prescribed by IFRS Accounting Standards (“IFRS”). These supplementary financial measures are provided as additional information to complement IFRS measures by providing a further understanding of our results of operations from management’s perspective, to provide investors and security analysts with supplemental measures to evaluate the financial performance of the Company and highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. Management also uses non-IFRS and supplementary financial measures to facilitate operating performance comparisons from period to period, prepare annual operating budgets and strategic business plans and to evaluate and price potential acquisitions.

Accordingly, non-IFRS and supplementary financial measures should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS. Such measures do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other corporations. The non-IFRS and supplementary financial measures are not subject to standard industry definition and our definitions and method of calculation may differ from other issuers and therefore may not be comparable to similar measures presented by other issuers.

The Company determines the number of users to its services based on active users. “Active users” represent users who have loaded earnings and direct deposits on their card in the period.

Total gross dollar value (“Total GDV”) is defined as the aggregate dollar amount of active user earnings and direct deposits loaded on their payment card during the period.

“EBITDA” means net income (loss) before amortization and depreciation expenses, foreign exchange gain (loss), amortization of deferred income, finance and interest income/ costs, current tax expense and change in fair value of derivative liability.

“Adjusted EBITDA” adjusts EBITDA for share-based compensation expense, restructuring costs and non-recurring expense items. Non-recurring expense items are transactions or events which management believes will not re-occur within the foreseeable future and includes legal and professional fees related to regulatory matters, claim settlements, acquisition, divestiture, asset impairment charges and going public transaction.

The table below reconciles net income to EBITDA and Adjusted EBITDA for the three and nine months ended September 30, 2024 and 2023.

Three Months Ended September 30,

Nine Months Ended September 30,

In CAD $

2024

2023

2024

2023

Net income

$   4,463,222

$  4,810,360

$ 14,467,608

$  8,212,761

Add:

Current tax expense

34,629

20,874

84,230

66,242

Finance income

(875,557)

(795,305)

(2,291,157)

(1,565,277)

Other income

–

–

–

(9,397)

Foreign exchange (gain) loss

528,569

(445,690)

(447,081)

(20,009)

Amortization of intangible assets

1,487,379

942,531

4,153,641

2,227,776

Depreciation of building, property and equipment

25,734

17,812

79,733

87,615

EBITDA

5,663,976

4,549,952

16,046,974

8,999,711

Adjustments:

Restructuring expense/other

514,924

706,185

1,563,513

2,009,504

Share based compensation

1,596,831

1,040,863

2,766,769

3,078,369

Adjusted EBITDA

$  7,775,731

$ 6,297,000

$  20,377,256

$ 14,087,584

“Adjusted net income” adjusts net income (loss) for amortization of intangible assets, depreciation of building, property & equipment, share-based compensation expense, restructuring costs and non-recurring expense items. Non-recurring expense items are transactions or events which management believes will not re-occur within the foreseeable future and includes legal and professional fees related to regulatory matters, claim settlements, acquisition, divestiture, asset impairment charges and going public transaction.

The table below reconciles net income to Adjusted net income for the three and nine months ended September 30, 2024 and 2023.

Three Months Ended September 30,

Nine Months Ended September 30,

In CAD $

2024

2023

2024

2023

Net income

$   4,463,222

$  4,810,360

$ 14,467,608

$  8,212,761

Add:

Amortization of intangible assets

1,487,379

942,531

4,153,641

2,227,776

Depreciation of building, property  and equipment

25,734

17,182

79,733

87,615

Restructuring expense/other

514,924

706,185

1,563,513

2,009,504

Share based compensation

1,596,831

1,040,863

2,766,769

3,078,369

Adjusted net income

$  8,088,090

$  7,517,121

$  23,031,264

$  15,616,025

“Adjusted net income per share” is calculated as Adjusted net income divided by the basic weighted average number of shares outstanding during the period.

The Company defines its “free cash flow” as cash from operating activities less cash used in purchase of building, property and equipment and additions to intangible assets.

The table below reconciles cash from operating activities to free cash flow for the three and nine ended September 30, 2024 and 2023.

Three Months Ended September 30,

Nine Months Ended September 30,

In CAD $

2024

2023

2024

2023

Cash from operating activities

$ 7,327,321

$5,300,226

$  26,431,141

$  14,603,936

Less: Cash used in investing activities

Purchase of building, property and equipment

–

(15,495)

(41,252)

(19,708)

Additions to intangible assets

(1,896,269)

(1,506,530)

(5,497,115)

(4,067,629)

Free cash flow

$ 5,431,052

$ 3,778,201

$  20,892,774

$ 10,516,599

The Company defines “gross profit” as revenue less cost of services.

Additional information on these measures may be found under the heading “Definitions – IFRS, Additional GAAP and Non-GAAP Measures” in the interim MD&A for the three and nine months ended September 30, 2024 which is available under Payfare’s profile on SEDAR+ at www.sedarplus.ca and is incorporated by reference to this press release.

Cautionary Statement Regarding Forward-Looking Information

This press release also contains forward-looking information within the meaning of applicable securities legislation, which reflects Payfare’s current expectations regarding future events as of the date hereof. Such forward-looking information may include but are not limited to statements regarding the Company’s future financial conditions, results of operations, plans, objectives, performance or business developments and includes statements on rapid international expansion opportunities and achieving global scale efficiently and effectively, achieving profitability, expansion into the earned wage access vertical for hourly paid employees, the actual timing for the non-renewal and eventual termination of the Company’s services agreement with DoorDash and the anticipated material impact on future revenues, earnings, key performance indicators and Non-GAAP measures, potential new EWA programs in both the gig economy and employee verticals and aggregate potential new GDV opportunities being able to mitigate the impact of the non-renewal of the agreement with DoorDash, and the strategic review process to explore and evaluate potential options for the Company to enhance value, support conversion of potential new opportunities and alleviate concentration risks. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Payfare’s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks include the factors discussed under the “Risk Factors” section in Payfare’s MD&A for the year ended December 31, 2023 and factors discussed from time to time in Payfare’s filings with the Canadian Securities Authorities, copies of which can be found under Payfare’s profile on the SEDAR+ website at www.sedarplus.ca. Other factors that could cause actual results or events to differ materially include the inability of Payfare to launch its new programs or platforms including for earned wage access in a timely manner, the lack of experience or resources to enter into the EWA vertical, the regulatory uncertainty and constraints around EWA services, the economic viability of new programs and platforms, the inability to scale Payfare’s operations to manage the increased volume of new cardholder sign-ups, active users or transactions, loss or termination of existing service agreements with one of its large gig platform clients, the impact of an inflationary recession and rising costs of goods and services on Payfare’s business model, Payfare’s ability to finance and support new programs and platforms, a general decline in the credit markets or gig economy in North America, cybersecurity incidents or data breaches impacting the Company’s operations, reputation, or subjecting the Company to regulatory or legal action, the availability of talent and the retention of employees to support Payfare’s plans, industry competitors who may have superior technology or are quicker to take advantage of certain market opportunities, the non-renewal of the agreement with DoorDash being either expedited or delayed in comparison to current expectations, new client opportunities taking longer to execute and therefore delaying the mitigation impacts sought by the Company, and implications from any decisions or outcome from the Company’s current strategic review process. Accordingly, readers should not place undue reliance on forward-looking information.

View original content:https://www.prnewswire.com/news-releases/payfare-announces-third-quarter-2024-financial-results-302298000.html

SOURCE Payfare Inc.

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Technology

Shipshape Solutions Announces First Partner to Offer It’s Private Label App for Home Maintenance, Rescon Basement Solutions

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November 6, 2024

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Shipshape Solutions launches Private Label App for Rescon Basement Solutions to offer customers home maintenance monitoring and alerts. This partnerships combines Rescon’s home services expertise with Shipshape’s smart home technology to enhance the customer experience in the trades.

AUSTIN, Texas, Nov. 6, 2024 /PRNewswire-PRWeb/ — Shipshape Solutions, a pioneer in smart home maintenance technology, today announced its partnership with Rescon Basement Solution (RBS), an industry leader in basement and foundation repair, to launch an innovative Private Label App for home maintenance monitoring. Designed to empower homeowners with proactive solutions, this first-of-its-kind app brings cutting-edge technology directly to RBS customers, allowing them to protect and maintain their homes with unprecedented ease.

“By partnering with Shipshape to launch this first-of-its-kind RBS app, we’re equipping our customers with the best tools available to keep their homes safe, efficient, and well-maintained.” – Christopher Brown, CEO and Founder of Rescon Basement Solutions

“At Rescon, we are committed to staying at the forefront of innovation in our industry, and Shipshape’s cutting-edge monitoring technology represents the future of home maintenance,” said Christopher Brown, CEO and Founder of Rescon Basement Solutions. “By partnering with Shipshape to launch this first-of-its-kind private label app, we’re equipping our customers with the best tools available to keep their homes safe, efficient, and well-maintained.”

The Rescon Private Label App, powered by Shipshape, allows RBS to integrate the latest smart home technology into their services, offering homeowners unprecedented control and insight into their home’s critical systems. The app’s key features include:

Real-time monitoring of critical systems, such as sump pumps and dehumidifiers, to detect issues before they become costly repairs.
Automated maintenance alerts to help ensure each system runs smoothly, extending the life of essential home components.
24/7 remote access to home system data, allowing users to monitor their homes from anywhere and make informed decisions.
Seamless service integration with RBS technicians, simplifying repairs and inspections to maintain peak home performance.

Adam Morrisey, Chief Growth Officer at Shipshape Solutions, emphasized the importance of this partnership: “Rescon is an industry leader partnering with Shipshape to transform the customer experience in home services.”

This partnership combines RBS’s home services expertise with Shipshape’s technological innovations to redefine the approach in the home maintenance industry by reducing the risks associated with unexpected home repairs and making it easier for homeowners to access their trusted service providers.

About Shipshape Solutions
Shipshape Solutions is on a mission to make homes smart enough to take care of themselves. The company’s predictive maintenance platform integrates smart home technology to provide homeowners with actionable insights that improve system performance, safety, and efficiency. Based in Austin, TX, Shipshape is revolutionizing the home services industry with its innovative solutions. For more information, visit http://www.shipshape.ai

About Rescon Basement Solutions
Rescon Basement Solutions is a trusted leader in basement waterproofing, foundation repair, and crawl space encapsulation in New England. Known for their commitment to quality and customer satisfaction, Rescon delivers innovative and reliable solutions to protect homes from water damage and foundation issues. Learn more at resconsolutions.com.

Media Contact

Adam Morrisey, Shipshape Solutions, Inc., (205) 207-5775, adam@shipshape.ai, www.shipshape.ai

View original content to download multimedia:https://www.prweb.com/releases/shipshape-solutions-announces-first-partner-to-offer-its-private-label-app-for-home-maintenance-rescon-basement-solutions-302298033.html

SOURCE Shipshape Solutions, Inc.

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Indium Tin Oxide (ITO) Market to Grow by USD 239.8 Million from 2024-2028, Driven by Rising Renewable Energy Dependence and AI-Powered Market Evolution – Technavio

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November 6, 2024

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NEW YORK, Nov. 6, 2024 /PRNewswire/ — Report with the AI impact on market trends – The Global Indium Tin Oxide (ITO) market size is estimated to grow by USD 239.8 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  5.6% during the forecast period. Increasing dependency on renewable energy sources is driving market growth, with a trend towards increased deposition of silver nanoparticles on it. However, shortage in indium production poses a challenge.Key market players include Amalgamated Metal Corp. PLC, American Elements, Diamond Coatings Inc., ENAM OPTOELECTRONIC MATERIAL CO. LTD., ENEOS Holdings Inc., Guangxi Crystal Union Photoelectric Materials Co. Ltd., Indium Corp., Knight Optical Ltd., Kurt J Lesker Co., Merck KGaA, MITSUI MINING and SMELTING CO. LTD., NANOGRAFI Co. Inc., Nanoshel LLC, Nitto Denko Corp., NYACOL Nano Technologies Inc., OPCO Laboratory Inc., Otto Chemie Pvt. Ltd., Tosoh Corp., Ulvac Inc., and Umicore SA.

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Indium Tin Oxide (ITO) Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 5.6%

Market growth 2024-2028

USD 239.8 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

5.2

Regional analysis

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

Performing market contribution

APAC at 53%

Key countries

China, Japan, South Korea, US, and Canada

Key companies profiled

Amalgamated Metal Corp. PLC, American Elements, Diamond Coatings Inc., ENAM OPTOELECTRONIC MATERIAL CO. LTD., ENEOS Holdings Inc., Guangxi Crystal Union Photoelectric Materials Co. Ltd., Indium Corp., Knight Optical Ltd., Kurt J Lesker Co., Merck KGaA, MITSUI MINING and SMELTING CO. LTD., NANOGRAFI Co. Inc., Nanoshel LLC, Nitto Denko Corp., NYACOL Nano Technologies Inc., OPCO Laboratory Inc., Otto Chemie Pvt. Ltd., Tosoh Corp., Ulvac Inc., and Umicore SA

Market Driver

Indium Tin Oxide (ITO) is a transparent conducting oxide material widely used in various industries due to its superior optical and electrical properties. One method to enhance these properties is by depositing noble metal nanoparticles, such as silver, onto ITO surfaces. Silver nanoparticles, in particular, exhibit unique properties like large surface energies and quantum confinement effect, leading to strong responses in the visible light region. The plasma-assisted hot-filament evaporation (PAHFE) technique is used to produce high-density crystalline silver nanoparticles on ITO, controlling their size and distribution. This improvement in ITO’s properties opens up new applications, including touchscreens, solar cells, and sensors, driving the growth of the Indium Tin Oxide market during the forecast period. 

Indium Tin Oxide, or ITO, is a transparent semiconductor made from Indium, Tin, and Oxygen. It’s produced using methods like electron beam evaporation and sputter deposition. ITO is known for its high transparency and conductivity, making it ideal for various applications. These include touch panels, sensors, flat panels, electroluminescent displays, photovoltaic cells, and heat reflective coatings. ITO’s physical properties make it excellent for electromagnetic induction shielding, ultraviolet resistance, and colorfastness. In electronics, ITO is used in touchscreens, shield glass, and advanced driver assistance systems in smart devices, screens (televisions, tablets, smartphones, cameras, computer monitors), and even in smart automobiles. Its uses extend to construction with applications in gas sensors and LCD displays. ITO is a versatile material, contributing significantly to the semiconductor industry. 

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Market Challenges

Indium tin oxide (ITO) is a crucial material in the electronics industry, accounting for 90% of its composition. However, the availability of indium, the primary component of ITO, is uncertain due to trade restrictions and quotas imposed by major producers like China. These policies have resulted in indium supply shortages, potentially impacting the ITO market and downstream industries. Recycling and advanced refining technologies offer potential solutions to restore the supply-demand balance. Despite minor imbalances, the long-term indium supply is expected to pose challenges to the ITO market growth during the forecast period.Indium Tin Oxide (ITO) is a transparent conducting oxide widely used in various industries, including electronics, construction, and energy. In flat panels, ITO is essential for LCD displays, electroluminescent displays, and touchscreens. In the photovoltaic sector, it’s used in solar cells. ITO also finds applications in heat reflective coatings, shield glass, and RF interference shielding. However, challenges persist. Flat panels face intense competition from OLED and QLED technologies. In electroluminescent displays and photovoltaic cells, ITO’s high cost is a concern. ITO’s use in touchscreens and heat reflective coatings is threatened by alternatives like IZO and FTO. ITO’s physical properties, such as UV resistance and electronic conductivity, make it valuable in various sectors. In electronics, it’s used in semiconductors and smart devices like televisions, tablets, smartphones, cameras, computer monitors, and smart automobiles. In construction, ITO is used in energy-efficient windows. In the semiconductor industry, low-temperature vacuum deposition is a potential solution to reduce ITO’s production costs. Despite these challenges, the growing demand for mobile phones, flexible electronics, and energy-efficient technologies is expected to drive the ITO market forward.

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Segment Overview 

This indium tin oxide (ito) market report extensively covers market segmentation by  

Technology 1.1 Sputtering1.2 Vacuum evaporation1.3 Chemical vapor deposition1.4 Spray pyrolysis1.5 OthersApplication 2.1 Electrochromic displays and LCDs2.2 Touch panels2.3 Photovoltaics2.4 Transparent electrodes2.5 OthersGeography 3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa

1.1 Sputtering-  ITO (Indium Tin Oxide) films are primarily produced using sputtering techniques due to their high-quality, homogeneous, and pure nature. Among these techniques, traditional sputtering offers adaptability in depositing ITO films on substrates. However, it has drawbacks such as substrate overheating and low deposition rates due to secondary electron bombardment from the target. In response, magnetron sputtering has emerged as a preferred method, delivering superior film quality, homogeneity, and adhesive strength. This trend is particularly prominent in APAC markets, including South Korea, Japan, and China, driven by the expanding touch panel manufacturing industry. The ITO market growth is primarily influenced by the sputtering segment’s increasing demand due to its crucial role in downstream industries.

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Research Analysis

Indium Tin Oxide (ITO) is a transparent conducting oxide made from the elements Indium, Tin, and Oxygen. It is widely used in various industries due to its unique physical properties. ITO is produced through techniques such as electron beam evaporation and sputter deposition, resulting in a thin protective coating with high transparency and conductivity. ITO is known for its excellent electromagnetic induction shielding and ultraviolet resistance, making it ideal for use in electronic devices, construction materials, and touch panels. Its colorfastness and heat reflective properties also make it suitable for use in gas sensors and other applications. ITO is a semiconductor, with the chemical formula In2O3:Sn, and is made up of alternating layers of Indium Oxide and Tin Oxide. Its high transparency and conductivity make it a popular choice for applications requiring transparent semiconductors. ITO is used in various industries, including electronics, construction, and automotive, due to its ability to enhance the performance of various materials and devices.

Market Research Overview

Indium Tin Oxide (ITO) is a transparent semiconductor material made by combining Indium, Tin, and Oxygen. ITO is known for its high transparency and electrical conductivity, making it an essential component in various electronic devices. It is typically produced using techniques such as electron beam evaporation and sputter deposition. ITO functions as a thin protective coating in various applications, including touch panels, sensors, flat panels, electroluminescent displays, photovoltaic cells, and heat reflective coatings. ITO provides benefits such as colorfastness, electromagnetic induction shielding, and ultraviolet resistance. It is used extensively in the electronics industry for touchscreens, shield glass, and advanced driver assistance systems in smart devices like televisions, tablets, smartphones, cameras, computer monitors, and smart automobiles. ITO’s physical properties make it suitable for various applications, including energy-efficient windows, gas sensors, LCD displays, electrochromic displays, field emission displays, and electroluminescent displays. With the increasing demand for flexible electronics and energy-efficient devices, ITO is undergoing research for alternatives with lower-temperature vacuum deposition methods. ITO’s applications extend beyond electronics to construction, where it is used in various coatings for energy efficiency and radiation shielding.

Table of Contents:

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

TechnologySputteringVacuum EvaporationChemical Vapor DepositionSpray PyrolysisOthersApplicationElectrochromic Displays And LCDsTouch PanelsPhotovoltaicsTransparent ElectrodesOthersGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa

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

About Technavio

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

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

Contacts

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

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SOURCE Technavio

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Technology

Smart City ICT Infrastructure Market to Grow by USD 138.6 Billion from 2024-2028, Driven by Rising Smart City Investments and AI-Driven Market Transformation – Technavio

Published

58 mins ago

on

November 6, 2024

By

NEW YORK, Nov. 6, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global smart city information and communication technologies (ict) infrastructure market  size is estimated to grow by USD 138.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  23.74%  during the forecast period. Growing investments in smart cities is driving market growth, with a trend towards proliferation of smart city projects in emerging economies. However, growing adaption of machine-to-machine in various industries  poses a challenge.Key market players include ABB Ltd., Accenture Plc, AT and T, China Mobile Ltd., Cisco Systems Inc., Deutsche Telekom AG, Hitachi Ltd., Honeywell International Inc., Huawei Technologies Co. Ltd., International Business Machines Corp., Microsoft Corp., Nokia Corp., NTT Communications Corp., Oracle Corp., Schneider Electric SE, Siemens AG, Telefonaktiebolaget LM Ericsson, Telefonica SA, Verizon, and Vodafone Group Plc.

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Application (Communication, Transportation, Express, Governement, and Education), Component (Smart utilities, Smart transport, Smart home and building, and Others), and Geography (Europe, North America, APAC, Middle East and Africa, and South America)

Region Covered

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

Key companies profiled

ABB Ltd., Accenture Plc, AT and T, China Mobile Ltd., Cisco Systems Inc., Deutsche Telekom AG, Hitachi Ltd., Honeywell International Inc., Huawei Technologies Co. Ltd., International Business Machines Corp., Microsoft Corp., Nokia Corp., NTT Communications Corp., Oracle Corp., Schneider Electric SE, Siemens AG, Telefonaktiebolaget LM Ericsson, Telefonica SA, Verizon, and Vodafone Group Plc

Key Market Trends Fueling Growth

In developed economies of North America and Europe, smart city projects have been underway for over a decade, with numerous implementations. The Asia-Pacific region is the fastest-growing market for smart city technologies, driven by urban population growth and infrastructure development in emerging countries like India and China. For instance, India plans to implement pilot smart city projects in 100 cities, while China aims to build 500. The Association of Southeast Asian Nations (ASEAN) also supports smart urban development in 26 cities by 2025. Rapid urbanization, particularly in India, necessitates the deployment of smart city infrastructure to help governments, healthcare, and transportation providers respond effectively to urban challenges. With the increasing number of smart devices in these cities, a substantial amount of data will be generated, necessitating analysis for business improvement and innovation. Urban population growth, fueled by mass migration, will continue to expand the smart city market in emerging economies. 

At Spherical Insights & Consulting, we’re excited about the trends shaping the Smart City ICT Infrastructure market. With the Smart Cities Mission, urban areas are transforming into Intellectual Metropolises, integrating Digital Infrastructure for Smart Grid, Water Network, Healthcare, Education, Security, Transport, Express Industry, and more. Telecommunications are advancing with 5G Networks and Fiber-Optic Internet, while Wireless Technologies ensure Operational Efficiency and Citizens’ Welfare. Urban Practitioners leverage Innovative Technology for Smart Energy, Buildings, and Governance. Sustainable Development is at the core, focusing on Clean Environment, Water Supply, Sanitation, and Solid Waste Management. Urban Mobility and Public Transportation are essential for Urbanization and Affordable Housing. Smart Home, Digital Transformation, Cybersecurity, and Data Privacy are key areas of Economic Development. Let’s work together to create Sustainable, Connected, and Efficient Cities. 

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Market Challenges

•         The Smart City Information and Communication Technologies (ICT) market, specifically Machine-to-Machine (M2M) solutions, holds significant potential in various industries such as automotive, manufacturing, energy, healthcare, and military. Operators are challenged to provide unique M2M platforms catering to distinct use cases due to market fragmentation. M2M devices and applications necessitate different connectivity requirements than conventional mobile data devices, leading to potential network overload during emergencies or disasters with millions of connected devices. High signaling traffic from numerous small devices operating on and off the network further complicates matters. However, by optimally utilizing existing spectrum and network assets, profits can be maximized, resulting in reduced customer acquisition and support costs and increased revenue through the integration of new wireless devices and business processes. Integrating M2M devices with cellular M2M techniques is intricate for vendors, requiring redesigning of devices and integration with back-end infrastructure using middleware and enterprise application software. Factors like network overload, poor protocol implementation, and emergencies or disasters can impact the growth of the M2M market during the forecast period.

•         The Smart City ICT infrastructure market is a dynamic and growing industry focused on enhancing operational efficiency and improving citizens’ welfare in urban areas. This involves the deployment of innovative technology in sectors such as energy, buildings, transportation, governance, and residential living. Key challenges include ensuring a clean environment with sustainable solutions for water supply, sanitation, and solid waste management. Urban mobility and public transportation are also crucial, as is the provision of affordable housing, health, and education. Digital transformation is at the heart of this revolution, with cybersecurity and data privacy essential for protecting citizens’ information. Economic development, urbanization, and industrial transformation are also major drivers, with energy solutions, value-added resellers, investors, consulting firms, and venture capitalists playing key roles in driving innovation. Silicon Valleys and Intellectual Metropolises are hubs for this technological urban evolution, shaping the future of our cities.

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Segment Overview 

This smart city information and communication technologies (ict) infrastructure market report extensively covers market segmentation by

Application 1.1 Communication1.2 Transportation1.3 Express1.4 Governement1.5 EducationComponent 2.1 Smart utilities2.2 Smart transport2.3 Smart home and building2.4 OthersGeography 3.1 Europe3.2 North America3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Communication-  The communication segment of the global smart city ICT infrastructure market encompasses wireless networks, broadband infrastructure, IoT, smart grid, digital signage and displays, and public safety and emergency management technologies. Wireless networks serve as the foundation for modern smart city communications, enabling citizens and businesses to access information and services citywide. High-speed broadband connectivity is essential for numerous smart city applications, such as smart transportation, buildings, and energy. The IoT connects various devices and sensors, allowing city officials to monitor and manage city functions. The smart grid optimizes energy consumption, while digital signage and displays offer interactive communication channels. Public safety and emergency management technologies enhance response capabilities during crises. Overall, these communication solutions facilitate effective city-stakeholder interaction and enable city officials to manage various city aspects, fueling the demand for communication systems in the smart city market.

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Research Analysis

The Smart City Information and Communication Technologies (ICT) infrastructure market refers to the advanced digital systems and networks that enable the development of smart cities. These cities leverage ICT to optimize urban services and improve the quality of life for residents. Key areas of focus include Smart Grid for energy management, Smart Water Network for water conservation, Smart Healthcare for efficient healthcare delivery, Smart Education for digital learning, Smart Security for public safety, Smart Transport for efficient mobility, and the Express Industry for logistics optimization. Digital Infrastructure, Population Expansion, and the Smart Cities Mission are driving the demand for these technologies. Urban practitioners, Silicon Valleys, Intellectual Metropolis, and Innovative Technology are at the forefront of this transformation. Smart Energy, Smart Buildings, Smart Transportation, Smart Governance, Smart Residents, Sustainable Development, and Urban Landscapes are other essential components of a smart city. The ultimate goal is to create a city that is operationally efficient, citizen-centric, and sustainable.

Market Research Overview

The Smart City Information and Communication Technologies (ICT) infrastructure market refers to the deployment of advanced technologies and digital solutions to enhance urban living and promote sustainable development. Spherical Insights & Consulting reports that the market is witnessing significant growth due to the integration of various sectors such as Smart Grid, Smart Water Network, Smart Healthcare, Smart Education, Smart Security, and Smart Transport. The express industry, digital infrastructure, and telecommunications are also playing a crucial role in this transformation. Population expansion and government initiatives like the Smart Cities Mission are driving the demand for ICT infrastructure. Innovative technologies like 5G networks, fiber-optic internet, and wireless technologies are being adopted to ensure operational efficiency and improve citizens’ welfare. Urban practitioners and Silicon Valleys are collaborating to create Intellectual Metropolises, where smart energy, smart buildings, and smart transportation are becoming the norm. Smart Governance, smart residents, sustainable development, and urban landscapes are other areas where ICT infrastructure is making a significant impact. Infrastructure development, clean environment, water supply, sanitation, solid waste management, urban mobility, public transportation, affordable housing, health and education, smart home, and digital transformation are all benefiting from this technological revolution. Value-added resellers, investors, consulting firms, and venture capitalists are also showing interest in the market, recognizing the potential for economic development and industrial transformation. However, challenges such as cybersecurity, data privacy, and affordability remain, requiring ongoing attention and innovation.

Table of Contents:

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

ApplicationCommunicationTransportationExpressGovernementEducationComponentSmart UtilitiesSmart TransportSmart Home And BuildingOthersGeographyEuropeNorth AmericaAPACMiddle East And AfricaSouth America

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

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