Technology
TENCENT ANNOUNCES 2024 THIRD QUARTER RESULTS
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HONG KONG, Nov. 13, 2024 /PRNewswire/ — Tencent Holdings Limited (HKEX: 00700 (HKD Counter) and 80700 (RMB Counter), “Tencent” or the “Company”), a world-leading Internet and technology company in China, today announced the unaudited consolidated results for the third quarter (“3Q2024”) ended Sep 30, 2024.
Mr. Ma Huateng, Chairman and CEO of Tencent, said, “During the third quarter of 2024, we delivered robust revenue growth in our games business, underpinned by consistent performance of evergreen games globally and contributions from new games with evergreen potential. We upgraded our eCommerce strategy around Mini Shops, to create a unified and trustworthy transaction experience spanning the entire Weixin ecosystem. We are increasingly seeing tangible benefits of deploying AI across our products and operations including marketing services and cloud, and will continue investing in AI technology, tools and solutions that assist users and partners.”
3Q2024 Financial Highlights
Revenues: +8% YoY; gross profit: +16% YoY; non-IFRS[1] operating profit*: +19% YoY
Total revenues were RMB167.2 billion (USD23.9 billion[2]), up 8% over the third quarter of 2023 (“YoY”).Gross profit was RMB88.8 billion (USD12.7 billion), up 16% YoY.On a non-IFRS basis, which is intended to reflect core earnings by excluding certain one-time and/or non-cash items:Operating profit* was RMB61.3 billion (USD8.7 billion), up 19% YoY. Operating margin* increased to 37% from 33% last year.Profit for the period was RMB60.9 billion (USD8.7 billion), up 33% YoY.Profit attributable to equity holders of the Company for the quarter was RMB59.8 billion (USD8.5 billion), up 33% YoY.Basic earnings per share were RMB6.475. Diluted earnings per share were RMB6.340.On an IFRS basis:Operating profit* was RMB53.3 billion (USD7.6 billion), up 20% YoY. Operating margin* increased to 32% from 29% last year.Profit for the period was RMB54.0 billion (USD7.7 billion), up 47% YoY.Profit attributable to equity holders of the Company for the quarter was RMB53.2 billion (USD7.6 billion), up 47% YoY.Basic earnings per share were RMB5.762. Diluted earnings per share were RMB5.644.Total cash was RMB425.5 billion (USD60.7 billion) and free cash flow was RMB58.5 billion (USD8.3 billion), +14% YoY. Net cash position totalled RMB95.5 billion (USD13.6 billion).Fair value of our shareholdings[3] in listed investee companies (excluding subsidiaries) totalled RMB612.5 billion (USD87.4 billion) and the carrying book value of our shareholdings in unlisted investee companies (excluding subsidiaries) was RMB327.7 billion (USD46.8 billion).During the third quarter of 2024, the Company repurchased approximately 94.9 million shares on the Hong Kong Stock Exchange for a consideration of approximately HKD35.9 billion.
[1] Non-IFRS adjustments excludes share-based compensation, M&A related impact such as net (gains)/losses from investee companies, amortisation of intangible assets, impairment provisions/(reversals), SSV & CPP, income tax effects and others
[2] Figures stated in USD are based on USD1 to RMB7.0074
[3] Including those held via special purpose vehicles, on an attributable basis
* Since the fourth quarter of 2023, certain items have been reclassified from above to below the operating profit line. Historical comparative figures have been restated accordingly. Please refer to the earnings announcement for details.
3Q24 Business Review and Outlook
Mini Programs’ GMV grew at a high teens year-on-year rate to over RMB 2 trillion in the third quarter of 2024, benefitting from better coverage and solutions for use cases such as food ordering, electric vehicle charging and medical services.We provided merchants with more traffic and transaction support through Mini Shops, a platform where merchants operate storefronts with indexed and standardised merchandise. Leveraging Weixin’s social interactions, content platforms and payment capabilities, Mini Shops help merchants to effectively reach customers and drive sales conversions.Utilising large language model capabilities, Weixin Search facilitated its understanding of complex queries and content, enhancing the relevance of search results. Weixin Search grew commercial queries and click-through rates year-on-year.The QQ team has comprehensively upgraded the platform’s back end infrastructure, and added and popularised new functionalities such as Tencent Channels, resulting in QQ mobile device MAU returning to year-on-year growth in the third quarter of 2024.Music subscriptions increased 16% year-on-year to 119 million[4], benefitting from enhanced recommendation algorithms, enriched content offerings and upgraded audio quality.Long-form video subscriptions increased 6% year-on-year to 116 million[5], benefitting from popular animated series and drama series.Our flagship evergreen games in domestic markets, Honour of Kings and Peacekeeper Elite, delivered healthy year-on-year growth in gross receipts. Other evergreen games, Naruto Mobile and VALORANT, reached new highs in quarterly average DAU. We released Delta Force, our first multi-platform first person shooter, which achieved high average user daily time spent and retention rates, demonstrating evergreen potential.In international markets, VALORANT expanded from PC to PlayStation and Xbox with the launch of its console version in five key international markets, contributing to the game growing gross receipts by over 30% year-on-year during the third quarter of 2024.We released Tencent Hunyuan Turbo, an upgraded foundation model utilising a heterogeneous Mixture-of-Experts (MoE) architecture, which doubled training and inference efficiency, and halved inference cost, versus its predecessor Tencent Hunyuan Pro.
[4] The average number of subscriptions as of the last day of each month during the third quarter of 2024
[5] The average daily number of subscriptions for the third quarter of 2024; year-on-year growth rate was calculated based on restated comparative figure
Operating Metrics
As at
30 September
2024
As at
30 September
2023
Year-
on-year
change
As at
30 June
2024
Quarter-on-
quarter
change
(in millions, unless specified)
Combined MAU of Weixin
and WeChat
1,382
1,336
3 %
1,371
0.8 %
Mobile device MAU of QQ
562
558
0.7 %
571
-2 %
Fee-based VAS registered
subscriptions#
265
243
9 %
263
0.8 %
# Adjusted to report the average daily number of subscriptions during the quarter, since the first quarter of 2024
3Q24 Management Discussion and Analysis
Revenues from VAS increased by 9% year-on-year to RMB82.7 billion for the third quarter of 2024. International Games revenues were RMB14.5 billion, up 9% year-on-year (or up 11% on a constant currency basis), due to robust performances from games including PUBG MOBILE and Brawl Stars. Revenue growth for International Games substantially lagged gross receipts growth, as improved retention rates for certain titles led to us elongating revenue deferral periods. Domestic Games revenues increased by 14% year-on-year to RMB37.3 billion, driven by games including VALORANT, Honour of Kings, Peacekeeper Elite and DnF Mobile. Social Networks revenues rose by 4% year-on-year to RMB30.9 billion, supported by growth in app-based game virtual item sales, music subscription revenues and Mini Games platform service fees, partially offset by a decline in music-related and games-related live streaming revenues.
Revenues from Marketing Services[6] were RMB30.0 billion for the third quarter of 2024, up 17% year-on-year, driven by robust advertiser demand for Video Accounts, Mini Programs and Weixin Search inventories and, to a lesser extent, contributions from Paris Olympics-related brand advertising. Advertising spending from the games and eCommerce categories increased year-on-year, which outweighed reduced spending from the real estate and food & beverage categories.
Revenues from FinTech and Business Services rose by 2% year-on-year to RMB53.1 billion for the third quarter of 2024. FinTech Services revenues in aggregate remained largely stable compared to the same quarter last year, within which wealth management services revenues increased year-on-year due to more users and higher aggregated customer assets while payment services revenues declined due to subdued consumption spending. Business Services revenues were up year-on-year, driven by growth in cloud services revenues and eCommerce technology service fees.
For other detailed disclosure, please refer to our website https://www.tencent.com/en-us/investors.htmlhttp://www.tencent.com/ir, or follow us via Weixin Official Account (Weixin ID: Tencent_IR).
[6] Starting this quarter, we have renamed this revenue segment from ‘Online Advertising’ to ‘Marketing Services’ to better represent the breadth of our marketing solutions and accompanying technology services across our online marketing properties
About Tencent
Tencent uses technology to enrich the lives of Internet users.
Our communication and social services, Weixin and QQ, connect users with each other and with digital content and services, both online and offline, making their lives more convenient. Our targeted advertising service helps advertisers reach out to hundreds of millions of consumers in China. Our FinTech and business services support partners’ business growth and assist their digital upgrade.
Tencent invests heavily in talent and technological innovation, actively promoting the development of the Internet industry. Tencent was founded in Shenzhen, China, in 1998. Tencent has been listed on the Main Board of the Stock Exchange of Hong Kong since 2004.
Investor contact: IR@tencent.com
Media contact: GC@tencent.com
Non-IFRS Financial Measures
To supplement the consolidated results of the Group (“the Company and its subsidiaries”) prepared in accordance with IFRS, certain additional non-IFRS financial measures (in terms of operating profit, operating margin, profit for the period, profit attributable to equity holders of the Company, basic EPS and diluted EPS) have been presented in this press release. These unaudited non-IFRS financial measures should be considered in addition to, not as a substitute for, measures of the Group’s financial performance prepared in accordance with IFRS. In addition, these non-IFRS financial measures may be defined differently from similar terms used by other companies.
The Company’s management believes that the non-IFRS financial measures provide investors with useful supplementary information to assess the performance of the Group’s core operations by excluding certain non-cash items and certain impact of investment-related transactions. In addition, non-IFRS adjustments include relevant non-IFRS adjustments for the Group’s major associates based on available published financials of the relevant major associates, or estimates made by the Company’s management based on available information, certain expectations, assumptions and premises.
Forward-Looking Statements
This press release contains forward-looking statements relating to the business outlook, estimates of financial performance, forecast business plans and growth strategies of the Group. These forward-looking statements are based on information currently available to the Group and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realised in the future. Underlying these forward-looking statements are a lot of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements.
CONDENSED CONSOLIDATED INCOME STATEMENT
RMB in millions, unless specified
Unaudited
Unaudited
3Q2024
3Q2023
Restated*
3Q2024
2Q2024
Revenues
167,193
154,625
167,193
161,117
VAS
82,695
75,748
82,695
78,822
Marketing Services
29,993
25,721
29,993
29,871
FinTech and Business Services
53,089
52,048
53,089
50,440
Others
1,416
1,108
1,416
1,984
Cost of revenues
(78,365)
(78,102)
(78,365)
(75,222)
Gross profit
88,828
76,523
88,828
85,895
Gross margin
53 %
49 %
53 %
53 %
Selling and marketing expenses
(9,411)
(7,912)
(9,411)
(9,156)
General and administrative expenses
(29,058)
(26,289)
(29,058)
(27,491)
Other gains/(losses), net
2,974
2,026*
2,974
1,484
Operating profit
53,333
44,348*
53,333
50,732
Operating margin
32 %
29 %*
32 %
31 %
Net gains/(losses) from investments
and others
3,066
618*
3,066
(654)
Interest income
3,996
3,509*
3,996
3,850
Finance costs
(3,531)
(2,784)
(3,531)
(3,112)
Share of profit/(loss) of associates and
joint ventures, net
6,019
2,098
6,019
7,718
Profit before income tax
62,883
47,789
62,883
58,534
Income tax expense
(8,900)
(11,008)
(8,900)
(10,168)
Profit for the period
53,983
36,781
53,983
48,366
Attributable to:
Equity holders of the Company
53,230
36,182
53,230
47,630
Non-controlling interests
753
599
753
736
Non-IFRS operating profit
61,274
51,668*
61,274
58,443
Non-IFRS profit attributable to equity
holders of the Company
59,813
44,921
59,813
57,313
Earnings per share for profit
attributable to equity holders of
the Company
(in RMB per share)
– basic
5.762
3.828
5.762
5.112
– diluted
5.644
3.752
5.644
4.994
* Since the fourth quarter of 2023, certain items have been reclassified from above to below the operating profit line. Historical comparative figures have been restated accordingly. Please refer to the earnings announcement for details.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
RMB in millions, unless specified
Unaudited
3Q2024
3Q2023
Profit for the period
53,983
36,781
Other comprehensive income, net of tax:
Items that may be subsequently reclassified to profit or loss
Share of other comprehensive income of associates and joint ventures
155
278
Transfer to profit or loss upon disposal of financial assets at fair value through
other comprehensive income
–
1
Net gains/(losses) from changes in fair value of financial assets at fair value
through other comprehensive income
20
(3)
Currency translation differences
(2,909)
(7,303)
Net movement in reserves for hedges
(880)
(897)
Items that will not be subsequently reclassified to profit or loss
Share of other comprehensive income of associates and joint ventures
52
564
Net gains/(losses) from changes in fair value of financial assets at fair value
through other comprehensive income
33,578
(25,417)
Currency translation differences
(153)
(720)
Net movement in reserves for hedges
19
–
29,882
(33,497)
Total comprehensive income for the period
83,865
3,284
Attributable to:
Equity holders of the Company
82,179
3,526
Non-controlling interests
1,686
(242)
OTHER FINANCIAL INFORMATION
RMB in millions, unless specified
Unaudited
3Q2024
2Q2024
3Q2023
EBITDA (a)
64,397
62,902
55,824
Adjusted EBITDA (a)
69,656
68,518
61,301
Adjusted EBITDA margin (b)
42 %
43 %
40 %
Interest and related expenses
3,145
2,918
3,061
Net cash/(debt) (c)
95,462
71,757
36,431
Capital expenditures (d)
17,094
8,729
8,005
Note:
(a) EBITDA is calculated as operating profit minus other gains/(losses), net, and adding back depreciation of property, plant and equipment, investment properties as well as right-of-use assets, and amortisation of intangible assets and land use rights. Adjusted EBITDA is calculated as EBITDA plus equity-settled share-based compensation expenses.
(b) Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenues.
(c) Net cash/(debt) represents period end balance and is calculated as cash and cash equivalents, plus term deposits and others, minus borrowings and notes payable.
(d) Capital expenditures consist of additions (excluding business combinations) to property, plant and equipment, construction in progress, investment properties, land use rights and intangible assets (excluding long-form video and music content, game licences and other content).
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
RMB in millions, unless specified
Unaudited
Audited
As at
September 30, 2024
As at
December 31, 2023
ASSETS
Non-current assets
Property, plant and equipment
69,583
53,232
Land use rights
23,310
17,179
Right-of-use assets
17,793
20,464
Construction in progress
12,801
13,583
Investment properties
738
570
Intangible assets
178,773
177,727
Investments in associates
266,057
253,696
Investments in joint ventures
7,113
7,969
Financial assets at fair value through profit or loss
209,200
211,145
Financial assets at fair value through other
comprehensive income
283,632
213,951
Prepayments, deposits and other assets
27,995
28,439
Other financial assets
848
2,527
Deferred income tax assets
31,214
29,017
Term deposits
70,134
29,301
1,199,191
1,058,800
Current assets
Inventories
9,823
456
Accounts receivable
47,336
46,606
Prepayments, deposits and other assets
103,135
88,411
Other financial assets
4,950
5,949
Financial assets at fair value through profit or loss
9,773
14,903
Financial assets at fair value through other
comprehensive income
2,132
–
Term deposits
197,995
185,983
Restricted cash
3,554
3,818
Cash and cash equivalents
145,468
172,320
524,166
518,446
Total assets
1,723,357
1,577,246
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)
RMB in millions, unless specified
Unaudited
Audited
As at
September 30, 2024
As at
December 31, 2023
EQUITY
Equity attributable to equity holders of the Company
Share capital
–
–
Share premium
37,201
37,989
Treasury shares
(2,571)
(4,740)
Shares held for share award schemes
(4,976)
(5,350)
Other reserves
21,113
(33,219)
Retained earnings
861,819
813,911
912,586
808,591
Non-controlling interests
67,921
65,090
Total equity
980,507
873,681
LIABILITIES
Non-current liabilities
Borrowings
151,600
155,819
Notes payable
127,285
137,101
Long-term payables
12,227
12,169
Other financial liabilities
7,904
8,781
Deferred income tax liabilities
15,561
17,635
Lease liabilities
14,023
16,468
Deferred revenue
6,473
3,435
335,073
351,408
Current liabilities
Accounts payable
142,665
100,948
Other payables and accruals
73,036
76,595
Borrowings
42,767
41,537
Notes payable
8,403
14,161
Current income tax liabilities
19,044
17,664
Other tax liabilities
4,873
4,372
Other financial liabilities
4,823
4,558
Lease liabilities
5,583
6,154
Deferred revenue
106,583
86,168
407,777
352,157
Total liabilities
742,850
703,565
Total equity and liabilities
1,723,357
1,577,246
RECONCILIATIONS OF THE GROUP’S NON-IFRS FINANCIAL MEASURES TO THE NEAREST MEASURES PREPARED IN ACCORDANCE WITH IFRS
As
reported
Adjustments
Non-IFRS
RMB in millions,
unless specified
Share-based
compensation
(a)
Net
(gains)/losses
from investee
companies (b)
Amortisation of
intangible assets (c)
Impairment
provisions/
(reversals) (d)
SSV & CPP
(e)
Others
(f)
Income
tax effects
(g)
Unaudited three months ended 30 September 2024
Operating profit
53,333
6,377
–
1,324
–
240
–
–
61,274
Share of profit/(loss) of associates
and joint ventures, net
6,019
985
60
1,433
12
–
–
–
8,509
Profit for the period
53,983
7,362
(6,610)
2,757
3,788
304
–
(653)
60,931
Profit attributable to
equity holders
53,230
7,180
(6,664)
2,591
3,766
304
–
(594)
59,813
Operating margin
32 %
37 %
Unaudited three months ended 30 June 2024
Operating profit
50,732
6,213
–
1,305
–
190
3
–
58,443
Share of profit/(loss) of associates and
joint ventures, net
7,718
926
(91)
1,313
20
–
–
–
9,886
Profit for the period
48,366
7,139
(3,672)
2,618
3,526
1,025
3
(561)
58,444
Profit attributable to
equity holders
47,630
6,981
(3,726)
2,418
3,492
1,025
3
(510)
57,313
Operating margin
31 %
36 %
Unaudited three months ended 30 September 2023
Operating profit (Restated) *
44,348
5,655
–
1,434
–
231
–
–
51,668
Share of profit/(loss) of associates and
joint ventures, net
2,098
1,293
138
1,232
25
–
–
–
4,786
Profit for the period
36,781
6,948
(565)
2,666
346
301
–
(640)
45,837
Profit attributable to
equity holders
36,182
6,833
(583)
2,458
309
301
–
(579)
44,921
Operating margin (Restated) *
29 %
33 %
Note:
(a) Including put options granted to employees of investee companies on their shares and shares to be issued under investee companies’ share-based incentive plans which can be acquired by the Group, and other incentives
(b) Including net (gains)/losses on deemed disposals/disposals of investee companies, fair value changes arising from investee companies, and other expenses in relation to equity transactions of investee companies
(c) Amortisation of intangible assets resulting from acquisitions
(d) Mainly including impairment provisions/(reversals) for associates, joint ventures, goodwill and other intangible assets arising from acquisitions
(e) Mainly including donations and expenses incurred for the Group’s Sustainable Social Value and Common Prosperity Programme (“SSV & CPP”) initiatives
(f) Primarily non-recurring compliance-related costs and expenses incurred for certain litigation settlements of the Group and/or arising from investee companies
(g) Income tax effects of non-IFRS adjustments
* Since the fourth quarter of 2023, certain items have been reclassified from above to below the operating profit line. Historical comparative figures have been restated accordingly. Please refer to the earnings announcement for details.
View original content:https://www.prnewswire.com/apac/news-releases/tencent-announces-2024-third-quarter-results-302303956.html
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SOURCE Thermaltake
Technology
Agora Launches Smart Questionnaire to Simplify the Onboarding and Subscription Process For Real Estate Investors
Published
55 minutes agoon
November 14, 2024By
The new tool converts complex signature documents into personalized, interactive, and simple questionnaires.
NEW YORK, Nov. 14, 2024 /PRNewswire/ — Agora, a leading real estate investment management platform with offices in New York City and Tel Aviv, is announcing the launch of its Smart Questionnaire. This tool is designed to help real estate LPs complete subscription agreements, and ultimately empower GPs to raise capital faster. Agora’s Smart Questionnaire reduces the complexity of the subscription process, helping convert complex signature documents into simple, personalized interactive questionnaires.
What the Smart Questionnaire does:
Transforms Complex Documents: Converts subscription documents into simple, interactive questionnaires that investors can complete with ease.Personalizes Content for Investors: Allows GPs to create interactive, pre-filled questionnaires that are simple and efficient for LPs to complete.Facilitates Seamless Collaboration: Supports multi-user input, allowing LPs, GPs, family offices, and others to complete sections collaboratively.Supports Efficient Revisions: Allows investors to correct only the necessary fields without redoing the entire form, minimizing back-and-forth.Streamlines Key Processes: Simplifies creation and completion of subscription agreements, operating agreements, and limited partnership agreements, making onboarding faster and more user-friendly.
“Agora has cracked the code for investor onboarding with our Smart Questionnaire. The tool turns complex subscription agreements into digital, interactive questionnaires that investors can complete in a few clicks,” stated Lior Dolinski, Co-Founder and Chief Product Officer of Agora. “This solution not only simplifies the process for investors but also enhances collaboration between LPs and GPs, creating a smoother, more efficient experience for real estate investment firms.”
Agora’s Smart Questionnaire offers the opportunity to enhance investors’ experiences with personalized workflows, simplify and speed up onboarding and investor commitments, and make for easier collaboration – similar to many of its other tools designed specifically for real estate professionals. Further, the launch of the Smart Questionnaire comes shortly after the launch of Agora’s Report Builder, a first-of-its-kind tool that helps real estate professionals create custom reports for clients, such as distribution notices, quarterly reports, and more, and is similar to website-building tools such as Wix or Squarespace, incorporating drag-and-drop functionality and dynamic fields. Additionally, Agora also launched its Waterfall Tool, which helps professionals navigate waterfall distributions – a method of allocating capital gains or returns among investors.
Book a demo to learn more about Agora here: https://agorareal.com/
About Agora:
Agora, a fintech and SaaS company based in New York City and Tel Aviv, offers an innovative real estate investment management platform designed for modern real estate investment businesses. This comprehensive software solution combines technology, automation, and real estate expertise to streamline investment management. Agora transforms how firms raise and preserve capital, delivering a seamless, efficient experience for both managers and investors by automating back-office tasks, enhancing investor satisfaction, and providing advanced tools to optimize operational efficiency. Core services include investor portals, CRMs, data rooms, automated investor onboarding, and expert CPA for bookkeeping and tax management, giving clients comprehensive control over their financial operations. Additionally, Agora delivers powerful data insights, enabling clients to make informed, data-driven decisions across a wide range of asset classes, including multifamily, residential, industrial, office, agriculture, and debt and equity funds.
View original content to download multimedia:https://www.prnewswire.com/news-releases/agora-launches-smart-questionnaire-to-simplify-the-onboarding-and-subscription-process-for-real-estate-investors-302304705.html
SOURCE Agora Real Estate
Technology
Millimeter Wave Technology Market is expected to generate a revenue of USD 14.8 Billion by 2031, Globally, at 9.5% CAGR: Verified Market Research®
Published
55 minutes agoon
November 14, 2024By
Verified Market Research® a leading provider of business intelligence and market analysis is thrilled to announce the release of its comprehensive and authoritative report on the, “Millimeter Wave Technology Market Size and Forecast.” This in-depth market research report is designed to provide industry leaders, decision-makers, and technology experts with critical insights into the expanding world of millimeter wave technology, emphasizing its pivotal role in future communication and industrial applications.
LEWES, Del., Nov. 14, 2024 /PRNewswire/ — The Global Millimeter Wave Technology Market Size is projected to grow at a CAGR of 9.5% from 2024 to 2031, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 2.6 Billion in 2024 and is expected to reach USD 14.8 Billion by the end of the forecast period.
The global market for millimeter wave technology is on a trajectory of substantial growth, driven by the surge in demand for high-speed, data-intensive communication networks, particularly in 5G and beyond. Our report offers a complete view of the market landscape, covering key segments, competitive dynamics, emerging trends, and the opportunities that lie ahead.
Key Insights and Opportunities:
Market Trends: Analysis of current trends driving the adoption of millimeter wave technology, including its increasing integration in telecommunications, automotive radar systems, and industrial automation.Technology Landscape: In-depth examination of advancements in millimeter wave components such as antennas, transceivers, and sensors that are reshaping the industry.Competitive Analysis: Insightful profiling of leading companies and their market strategies, innovation roadmaps, and R&D investments.Regional Insights: Comprehensive coverage of market dynamics in North America, Europe, Asia-Pacific, and other regions, highlighting the growth potential in developing and mature markets.Future Outlook: Forecasting market size, potential challenges, and opportunities to help businesses navigate this rapidly evolving sector.
This report is a crucial resource for professionals involved in the fields of telecommunications, semiconductor manufacturing, defense, and IoT (Internet of Things), providing actionable intelligence to drive informed strategic decisions. Companies seeking to stay ahead of the curve will find detailed competitor benchmarking, key investment pockets, and insights into technology partnerships that can lead to competitive advantages.
Why Industry Leaders Should Consider This Report:
Gain a clear understanding of the market’s growth drivers and restraints.Uncover new revenue streams in the dynamic millimeter wave technology space.Benchmark your position against industry competitors and recognize areas for improvement.Make data-driven investment decisions backed by a reliable forecast and detailed market analysis.
Stay ahead of the curve in the ever-evolving Millimeter Wave Technology Market. For more information or to request a sample copy of the report, please visit: https://www.verifiedmarketresearch.com/download-sample?rid=3287
Browse in-depth TOC on “Global Millimeter Wave Technology Market Size“
202 – Pages
126 – Tables
37 – Figures
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2021-2031
GROWTH RATE
CAGR of 9.5% from 2024 to 2031
BASE YEAR FOR VALUATION
2024
HISTORICAL PERIOD
2021-2023
FORECAST PERIOD
2024-2031
QUANTITATIVE UNITS
Value in USD Billion
REPORT COVERAGE
Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis
SEGMENTS COVERED
ComponentFrequency BandProductLicense TypeEnd-User
REGIONS COVERED
North AmericaEuropeAsia PacificLatin AmericaMiddle East & Africa
KEY PLAYERS
Qualcomm Technologies, Inc., NEC Corporation, L3 Technologies, Inc.,, Millimeter Wave Products Inc.,, Keysight Technologies
CUSTOMIZATION
Report customization along with purchase available upon request
Global Millimeter Wave Technology Market Overview
Rising Demand for High-Speed Data Transmission: The increase in mobile data traffic and the expansion of 5G networks are driving the Millimeter Wave Technology Market. Rapid data transfer is essential for facilitating next-generation communication. This transition facilitates uninterrupted streaming, IoT integration, and smart city development, increasing investment in millimeter wave technologies, improving network efficacy, and creating a profitable market for telecoms companies.
Advancements in Automotive and Autonomous Technologies: The automotive and autonomous vehicle industries are progressively integrating millimeter wave technologies to improve radar and communication systems. These technologies provide accurate object identification, collision prevention, and lane guidance. As the automotive sector advances towards autonomous driving solutions, millimeter wave technology becomes crucial, facilitating market growth. Manufacturers and suppliers in automotive electronics are anticipated to witness significant demand growth.
Growth in Military and Defense Applications: Military and defense sectors are heavily investing in advanced millimeter wave technology for secure and high-speed communication, radar systems, and surveillance. Its superior bandwidth and low interference make it ideal for defense communications. The focus on modernizing defense capabilities in developed and developing nations is expected to drive market growth. Defense contractors and technology developers will find abundant opportunities in this evolving sector.
To Purchase a Comprehensive Report Analysis: https://www.verifiedmarketresearch.com/select-licence?rid=3287
High Infrastructure and Equipment Costs: Notwithstanding its benefits, the substantial initial expenses associated with millimeter wave technology infrastructure hinder widespread implementation. The establishment of network infrastructure and specialized equipment requires substantial expenditure, constraining market entry in price-sensitive areas. Companies must evaluate the advantages relative to the significant investment, which may impede market expansion for cost-sensitive sectors such as telecommunications and manufacturing.
Signal Attenuation Challenges: Millimeter wave signals are prone to attenuation, particularly when encountering obstructions like buildings, trees, or inclement weather. This constraint affects the efficacy of the device in densely populated or difficult areas. Mitigating signal loss necessitates increased network densification and the installation of repeaters, hence complicating deployment and escalating expenses. Service providers must devise strategies to alleviate these constraints for sustained market expansion.
Limited Availability of Spectrum: The Millimeter Wave Technology Market is hindered by the restricted availability of spectrum, essential for 5G and high-frequency applications. Regulatory constraints and rivalry for spectrum allotment among companies may impede expansion initiatives. Telecommunications companies and allied sectors encounter challenges in obtaining adequate spectrum to sustain their services, which may affect the velocity and magnitude of future installations.
Geographical Dominance
North America occupies a preeminent position in the Millimeter Wave Technology Market, propelled by early 5G implementation, substantial R&D investment, and a flourishing technological ecosystem. The involvement of critical stakeholders and a robust defense sector further enhances progress. This regional supremacy propels technological advancements and establishes global benchmarks, stimulating demand for millimeter wave solutions internationally. North America’s leadership encourages investment in other regions, enhancing total market growth.
Key Players
The “Global Millimeter Wave Technology Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are Qualcomm Technologies, Inc., NEC Corporation, L3 Technologies, Inc., Millimeter Wave Products Inc., Keysight Technologies.
Millimeter Wave Technology Market Segment Analysis
Based on the research, Verified Market Research has segmented the global Millimeter Wave Technology Market into Component, Frequency Band, Product, License Type, End-User and Geography.
Millimeter Wave Technology Market, by ComponentFrequency Sources & Related ComponentsCommunication & Networking ComponentsMillimeter Wave Technology Market, by Frequency Band24-57 GHz57-95 GH2Millimeter Wave Technology Market, by Vehicle TypeScanning SystemsRadar and Satellite Communication SystemsMillimeter Wave Technology Market, by License TypeLight LicensedUnlicensedMillimeter Wave Technology Market, by End UserCellular & TelecomConsumer & CommercialMillimeter Wave Technology Market, by GeographyNorth AmericaU.SCanadaMexicoEuropeGermanyFranceU.KRest of EuropeAsia PacificChinaJapanIndiaRest of Asia PacificROWMiddle East & AfricaLatin America
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Visualize Millimeter Wave Technology Market using Verified Market Intelligence -:
Verified Market Intelligence is our BI Enabled Platform for narrative storytelling in this market. VMI offers in-depth forecasted trends and accurate Insights on over 20,000+ emerging & niche markets, helping you make critical revenue-impacting decisions for a brilliant future.
VMI provides a holistic overview and global competitive landscape with respect to Region, Country, Segment, and Key players of your market. Present your Market Report & findings with an inbuilt presentation feature saving over 70% of your time and resources for Investor, Sales & Marketing, R&D, and Product Development pitches. VMI enables data delivery In Excel and Interactive PDF formats with over 15+ Key Market Indicators for your market.
About Us
Verified Market Research® stands at the forefront as a global leader in Research and Consulting, offering unparalleled analytical research solutions that empower organizations with the insights needed for critical business decisions. Celebrating 10+ years of service, VMR has been instrumental in providing founders and companies with precise, up-to-date research data.
With a team of 500+ Analysts and subject matter experts, VMR leverages internationally recognized research methodologies for data collection and analyses, covering over 15,000 high impact and niche markets. This robust team ensures data integrity and offers insights that are both informative and actionable, tailored to the strategic needs of businesses across various industries.
VMR’s domain expertise is recognized across 14 key industries, including Semiconductor & Electronics, Healthcare & Pharmaceuticals, Energy, Technology, Automobiles, Defense, Mining, Manufacturing, Retail, and Agriculture & Food. In-depth market analysis cover over 52 countries, with advanced data collection methods and sophisticated research techniques being utilized. This approach allows for actionable insights to be furnished by seasoned analysts, equipping clients with the essential knowledge necessary for critical revenue decisions across these varied and vital industries.
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Thermaltake Black Friday and Cyber Monday Sale Offers Savings of Up to 250 Dollars on Gaming PCs and 35 Percent on PC Cases Starting November 21
Agora Launches Smart Questionnaire to Simplify the Onboarding and Subscription Process For Real Estate Investors
Millimeter Wave Technology Market is expected to generate a revenue of USD 14.8 Billion by 2031, Globally, at 9.5% CAGR: Verified Market Research®
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