Technology
AtkinsRéalis Reports Strong Third Quarter 2024 Results
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13 hours agoon
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Enhanced margins
Positive operating cash flows
Record high Nuclear backlog
MONTREAL, Nov. 14, 2024 /CNW/ – AtkinsRéalis Group Inc. (TSX: ATRL), a world-class engineering services and nuclear company with offices around the world, today announced its financial results for the third quarter ended September 30, 2024.
AtkinsRéalis delivered strong Q3 results, supported by a sustained engineering services demand, robust nuclear end-market conditions and a continued focus on margin improvement. The Company delivered significant operating cash flows, organic revenue growth and improved margins year-over-year. Also, the Company’s backlog continued to be strong with a record high level achieved in the Nuclear segment.
“We delivered strong organic growth in the third quarter, building on the exceptional performance from the first half of this year and second half of 2023,” said Ian L. Edwards, President and CEO of AtkinsRéalis. “Over the last few years, we have simplified our business and positioned our operational focus towards high growth geographies and end-markets, which translated again this quarter into top-line improvement across many of our geographies, as the global demand for a sustainable future continues. The demand for our nuclear expertise continued to grow this quarter, leading to key wins and growing backlog to record levels. We are very pleased with this quarter’s margin enhancement, and we continue to work on achieving consistent and sustainable margin performance, underpinned by the work of our COO office. Our strong results, combined with stable, robust demand in our services business, record high backlogs and accelerating cash flow generation position us well to deliver on our capital allocation priorities – maintaining a strong balance sheet, investing in the business both organically and inorganically and returning capital to shareholders.”
Q3 2024 Financial Highlights
(All results reflect comparisons to prior-year period of Q3 2023, except as otherwise indicated)
(Engineering Services Regions is comprised of the following reportable segments: Canada, United Kingdom & Ireland (“UKI”), United States & Latin America (“USLA”) and Asia, Middle East & Australia (“AMEA”))
AtkinsRéalis Services revenue(1) totaled $2.3 billion, an increase of 15.0%, or 13.5% on an organic revenue growth(2)(3) basisEngineering Services Regions revenue(1) totaled $1.8 billion, an increase of 9.7%, or 8.4% on an organic revenue growth(2)(3) basisNuclear revenue totaled $368.9 million, an increase of 36.4%, or 34.7% on an organic revenue growth(2)(3) basisAtkinsRéalis Services Segment Adjusted EBIT(1) increased by 27.5% to $238.5 millionSegment Adjusted EBIT for Engineering Services Regions(1) increased by 25.8% to $186.3 million, representing a Segment Adjusted EBIT to segment revenue ratio of 10.4%. Segment Adjusted EBITDA to segment net revenue ratio(2)(4) was 16.9%, an increase of 160 basis points, at the upper end of the Company’s full year outlook rangeSegment Adjusted EBIT for Nuclear increased by 18.4% to $45.7 million, representing a Segment Adjusted EBIT to segment revenue ratio of 12.4%, within the Company’s full year outlook rangeSegment Adjusted EBIT for LSTK Projects was negative $17.7 million Adjusted EBITDA from PS&PM(2) increased by 38.4% to $233.2 million, representing an Adjusted EBITDA from PS&PM to PS&PM revenue ratio(2)(7) of 9.6% AtkinsRéalis Services backlog(1) reached a new record-high level and totaled $16.8 billion as at September 30, 2024, an increase of 34.7% from September 30, 2023. The Nuclear segment reached a record-high level of $3.2 billion Net income attributable to AtkinsRéalis shareholders totaled $103.7 million, or $0.59 per diluted share, compared to $105.0 million, or $0.60 per diluted share in Q3 2023, which included a net gain on disposal of the Company’s Scandinavian engineering services business of $46.2 million, or $0.26 per diluted shareAdjusted net income attributable to AtkinsRéalis shareholders from PS&PM(2) increased by 63.6% to $110.1 million, or $0.63 per diluted shareNet cash generated from operating activities of $267.1 millionThe Company returned $26.5 million to shareholders through share repurchases and dividends ($49.1 million year-to-date)Net limited recourse and recourse debt to Adjusted EBITDA ratio(2)(5) was 1.4 as at September 30, 2024 compared to 1.9 as at June 30, 2024 and 2.7 as at September 30, 2023
Third Quarter Financial Results
Professional Services & Project Management are collectively referred to as “PS&PM” to distinguish them from “Capital” activities. PS&PM groups together the Company’s segments, namely Engineering Services Regions (Canada, United Kingdom & Ireland (“UKI”), United States & Latin America (“USLA”), and Asia, Middle East, & Australia (“AMEA”)), Nuclear, Linxon, and Lump-Sum Turnkey (“LSTK”) Projects, while Capital is its own reportable segment and separate from PS&PM.
Note that the Q3 2023 net income attributable to AtkinsRéalis shareholders included a net gain on disposal of the Company’s Scandinavian engineering services business of $46.2 million. Excluding this net gain, the Q3 2024 net income attributable to AtkinsRéalis shareholders was higher than the corresponding period in 2023, mainly due to higher Segment Adjusted EBIT, lower corporate selling, general and administrative expenses and lower net financial expenses, partially offset by higher income taxes.
IFRS Financial Highlights
Q3 2024
Q3 2023
2024A
2023A
Revenues
From PS&PM
2,423.9
2,171.2
7,017.7
6,280.1
From Capital
28.2
28.9
62.6
74.7
2,452.1
2,200.1
7,080.3
6,354.7
Attributable to AtkinsRéalis shareholders
Net income
From PS&PM
87.9
91.0
209.4
166.8
From Capital
15.8
14.0
22.0
30.4
103.7
105.0
231.4
197.2
Diluted EPS
From PS&PM ($)
0.50
0.52
1.19
0.95
From Capital ($)
0.09
0.08
0.13
0.17
0.59
0.60
1.32
1.12
Non-IFRS Financial Highlights
Q3 2024
Q3 2023
2024A
2023A
Attributable to AtkinsRéalis shareholders
Adjusted net income from PS&PM(2)
110.1
67.3
269.2
194.6
Adjusted diluted EPS from PS&PM(2)(6) ($)
0.63
0.38
1.53
1.11
Adjusted EBITDA from PS&PM(2)
233.2
168.5
595.6
491.7
Segment Performance
Q3 2024
Q3 2023
2024A
2023A
Segment revenues
AtkinsRéalis Services
Engineering Services Regions
1,791.9
1,632.9
5,257.6
4,668.0
Nuclear
368.9
270.5
1,025.1
766.0
Linxon
189.0
140.1
534.8
403.9
Total
2,349.8
2,043.5
6,817.5
5,837.9
LSTK Projects
74.0
127.6
200.2
442.1
Capital
28.2
28.9
62.6
74.7
2,452.1
2,200.1
7,080.3
6,354.7
Segment Adjusted EBIT
AtkinsRéalis Services
Engineering Services Regions
186.3
148.1
489.7
403.3
Nuclear
45.7
38.7
128.2
104.3
Linxon
6.5
0.4
11.3
3.0
Total
238.5
187.1
629.1
510.6
LSTK Projects
(17.7)
(13.2)
(49.2)
(35.0)
Capital
25.1
22.8
48.4
58.1
245.9
196.7
628.3
533.8
Backlog as at September 30
AtkinsRéalis Services
Engineering Services Regions
12,031.3
10,242.7
Nuclear
3,221.1
1,053.1
Linxon
1,584.8
1,204.7
Total
16,837.3
12,500.5
LSTK Projects
190.1
305.2
Capital
21.7
24.0
17,049.0
12,829.7
All figures in millions of Canadian dollars, except as otherwise indicated
Certain totals and subtotals may not reconcile due to rounding
A For the nine-month period ended September 30
Quarterly Dividend
The Board of Directors today declared a cash dividend of $0.02 per share, unchanged from the previous quarter. The dividend is payable on December 12, 2024 to shareholders of record on November 28, 2024. This dividend is an “eligible dividend” for Canadian federal and provincial income tax purposes.
Third Quarter 2024 Conference Call / Webcast
AtkinsRéalis will hold an audio webcast and conference call today at 8:00 a.m. (Eastern Time) to discuss and present its third quarter financial results. The live audio webcast of the conference call can be accessed through a link posted on the Company’s website at www.atkinsrealis.com/en/investors. The call will also be accessible by telephone, for which an accompanying slide presentation can be accessed at www.atkinsrealis.com/en/investors/investor-essentials/investors-briefcase/2024.
Please dial toll free at 1 844 763 8274 in North America, dial 1 647 484 8814 outside North America, or dial +44 20 3795 9972 in the United Kingdom. A recording and a transcript of the conference call will be available on the Company’s website within 24 hours following the call.
About AtkinsRéalis
Created by the integration of long-standing organizations dating back to 1911, AtkinsRéalis is a world-leading engineering services and nuclear company dedicated to engineering a better future for our planet and its people. We create sustainable solutions that connect people, data and technology to transform the world’s infrastructure and energy systems. We deploy global capabilities locally to our clients and deliver unique end-to-end services across the whole life cycle of an asset including consulting, advisory & environmental services, intelligent networks & cybersecurity, design & engineering, procurement, project & construction management, operations & maintenance, decommissioning and capital. The breadth and depth of our capabilities are delivered to clients in strategic sectors such as Engineering Services, Nuclear and Capital. News and information are available at www.atkinsrealis.com or follow us on LinkedIn.
Non-IFRS Financial Measures and Ratios, Supplementary Financial Measures, Total of Segments Measures and Non-Financial Information
The Company reports its financial results in accordance with International Financial Reporting Standards (“IFRS”). However, the following non‑IFRS financial measures and ratios, supplementary financial measures, total of segments measures and non-financial information are used by the Company in this press release: Organic revenue growth (contraction), EBITDA, Adjusted EBITDA, Adjusted net income (loss) attributable to AtkinsRéalis shareholders, Adjusted diluted EPS, Segment Adjusted EBITDA to segment net revenue ratio, Segment net revenue, Adjusted EBITDA to revenue ratio, Net limited recourse and recourse debt to Adjusted EBITDA ratio and Net limited recourse and recourse debt as well as certain measures for various reportable segments that are grouped together, such as revenue for the various Engineering Services Regions segments and the various segments that comprise the AtkinsRéalis Services line of business. Additional details for these non-IFRS financial measures and ratios, supplementary financial measures, total of segments measures and non-financial information can be found below and in Sections 4, 6 and 9 of the Company’s Management’s Discussion and Analysis (“MD&A”) for the third quarter of 2024, which sections are incorporated by reference into this press release, filed with the securities regulatory authorities in Canada, available on SEDAR+ at www.sedarplus.com and on the Company’s website at www.atkinsrealis.com under the “Investors” section.
Non-IFRS financial measures and ratios, supplementary financial measures, total of segments measures and non-financial information do not have any standardized meaning under IFRS and other issuers may define these measures differently and, accordingly, they may not be comparable to similar measures prepared by other issuers. Such non-IFRS financial measures and ratios, supplementary financial measures, total of segments measures and non-financial information have limitations and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
However, management believes that, in addition to conventional measures prepared in accordance with IFRS, these non-IFRS financial measures and ratios, supplementary financial measures, total of segments measures and non-financial information provide additional insight into the Company’s operating performance and financial position and certain investors may use this information to evaluate the Company’s performance from period to period. Furthermore, certain non-IFRS financial measures and ratios, certain additional IFRS measures and ratios, certain supplementary financial measures, certain total of segments measures and other non-financial information are presented separately for PS&PM, by excluding components related to Capital, as the Company believes that such measures are useful as these PS&PM activities are usually analyzed separately by the Company. Reconciliations and calculations of non-IFRS measures and ratios, supplementary financial measures, total of segments measures and non-financial information to the most comparable IFRS measures and ratios are set forth below in the section “Reconciliations and Calculations” of this press release.
(1) Total of segments measure.
(2) Non-IFRS financial measure or ratio or supplementary financial measure.
(3) Organic revenue growth (contraction) ratio is a non-IFRS ratio comparing organic revenue (which excludes foreign exchange and acquisitions and disposals impacts), itself a non-IFRS financial measure, between two periods. See “Calculation of organic revenue growth” in the section “Reconciliations and Calculations” of this press release for each non-IFRS financial measure used as a component of this non-IFRS ratio.
(4) Segment Adjusted EBITDA to segment net revenue ratio for the Engineering Services Regions is a non-IFRS ratio based on Segment Adjusted EBITDA and segment net revenue, both of which are non-IFRS financial measures. See “Calculation of Segment net revenue and Segment Adjusted EBITDA to segment net revenue ratio for Engineering Services Regions” in the section “Reconciliations and Calculations” of this press release for each non-IFRS financial measure used as a component of this non-IFRS ratio.
(5) Net limited recourse and recourse debt to Adjusted EBITDA ratio is a non-IFRS ratio based on net limited recourse and recourse debt at the end of a given period and Adjusted EBITDA of the corresponding trailing twelve-month period, both of which are non-IFRS financial measures. See “Calculation of Net limited recourse and recourse debt to Adjusted EBITDA ratio” in the section “Reconciliations and Calculations” of this press release for each non-IFRS financial measure used as a component of this non-IFRS ratio.
(6) Adjusted diluted EPS is a non-IFRS ratio based on adjusted net income (loss) attributable to AtkinsRéalis shareholders, itself a non-IFRS financial measure. See “Reconciliation of Adjusted net income attributable to AtkinsRéalis shareholders from PS&PM to IFRS net income attributable to AtkinsRéalis shareholders” in the section “Reconciliations and Calculations” of this press release for each non-IFRS financial measure used as a component of this non-IFRS ratio.
(7) Adjusted EBITDA from PS&PM to PS&PM revenue ratio is a non-IFRS ratio based on Adjusted EBITDA from PS&PM and revenue from PS&PM, of which the Adjusted EBITDA from PS&PM is a non-IFRS financial measure. See “Reconciliation of EBITDA and Adjusted EBITDA to IFRS net income and calculation of Adjusted EBITDA to revenue ratio” in the section “Reconciliations and Calculations” of this press release for the non-IFRS financial measure used as a component of this non-IFRS ratio.
Reconciliations and Calculations
Reconciliation of Adjusted net income attributable to AtkinsRéalis shareholders from PS&PM to IFRS net income attributable to AtkinsRéalis shareholders
Q3 2024
Q3 2023
Before Taxes
Taxes
After Taxes
Diluted EPS
(In $)
Before Taxes
Taxes
After Taxes
Diluted EPS
(In $)
Net income attributable to AtkinsRéalis shareholders (IFRS)
103.7
0.59
105.0
0.60
Restructuring and transformation costs
9.2
(2.5)
6.7
6.6
(1.1)
5.6
Amortization of intangible assets related to business combinations
19.2
(3.7)
15.5
21.1
(4.1)
17.0
Gain on disposal of a PS&PM business
–
–
–
(46.2)
–
(46.2)
Total adjustments
28.4
(6.2)
22.2
0.13
(18.5)
(5.2)
(23.7)
(0.13)
Adjusted net income attributable to AtkinsRéalis shareholders
(non-IFRS)
125.9
0.72
81.3
0.46
Net income attributable to AtkinsRéalis shareholders from Capital
15.8
0.09
14.0
0.08
Total adjustments
–
–
–
–
–
–
–
–
Adjusted net income attributable to AtkinsRéalis shareholders from Capital
(non-IFRS)
15.8
0.09
14.0
0.08
Adjusted net income attributable to AtkinsRéalis shareholders from PS&PM
(non-IFRS)
110.1
0.63
67.3
0.38
Nine months ended
September 30, 2024
Nine months ended
September 30, 2023
Before Taxes
Taxes
After Taxes
Diluted EPS
(In $)
Before Taxes
Taxes
After Taxes
Diluted EPS
(In $)
Net income attributable to AtkinsRéalis shareholders
(IFRS)
231.4
1.32
197.2
1.12
Restructuring and transformation costs
13.3
(3.6)
9.7
27.9
(4.2)
23.7
Amortization of intangible assets related to business combinations
61.1
(11.9)
49.3
62.5
(12.2)
50.3
Acquisition-related costs and integration costs
0.9
–
0.9
–
–
–
Gain on disposal of a PS&PM business
–
–
–
(46.2)
–
(46.2)
Total adjustments
75.3
(15.5)
59.8
0.34
44.2
(16.4)
27.8
0.16
Adjusted net income attributable to AtkinsRéalis shareholders
(non-IFRS)
291.3
1.66
225.0
1.28
Net income attributable to AtkinsRéalis shareholders from Capital
22.0
0.13
30.4
0.17
Total adjustments
–
–
–
–
–
–
–
–
Adjusted net income attributable to AtkinsRéalis shareholders from Capital
(non-IFRS)
22.0
0.13
30.4
0.17
Adjusted net income attributable to AtkinsRéalis shareholders from PS&PM
(non-IFRS)
269.2
1.53
194.6
1.11
Note that certain totals and subtotals may not reconcile due to rounding
All figures in millions of Canadian dollars, except as otherwise indicated
Reconciliation of EBITDA and Adjusted EBITDA to IFRS net income and calculation of Adjusted EBITDA to revenue ratio
Q3 2024
Q3 2023
From PS&PM
From Capital
Total
From PS&PM
From Capital
Total
Revenue
2,423.9
28.2
2,452.1
2,171.2
28.9
2,200.1
Net income
90.1
15.8
105.9
90.7
14.0
104.7
Net financial expenses
39.1
1.7
40.8
48.6
1.6
50.2
Income tax expense
35.9
0.6
36.4
5.9
0.1
6.1
EBIT
165.0
18.1
183.1
145.2
15.7
160.9
Depreciation and amortization
59.0
–
59.0
62.9
–
62.9
EBITDA
224.0
18.1
242.1
208.1
15.7
223.8
Restructuring and transformation costs
9.2
–
9.2
6.6
–
6.6
Gain on disposal of a PS&PM business
–
–
–
(46.2)
–
(46.2)
Adjusted EBITDA
233.2
18.1
251.3
168.5
15.7
184.3
Adjusted EBITDA to revenue ratio
9.6 %
64.1 %
10.2 %
7.8 %
54.4 %
8.4 %
Nine months ended
September 30, 2024
Nine months ended
September 30, 2023
From PS&PM
From Capital
Total
From PS&PM
From Capital
Total
Revenue
7,017.7
62.6
7,080.3
6,280.1
74.7
6,354.7
Net income
213.5
22.0
235.6
166.4
30.4
196.8
Net financial expenses
117.5
4.6
122.1
134.6
5.9
140.6
Income tax expense
67.5
0.6
68.1
25.0
0.6
25.6
EBIT
398.5
27.3
425.8
326.0
37.0
363.0
Depreciation and amortization
182.9
–
182.9
184.0
–
184.0
EBITDA
581.4
27.3
608.7
510.0
37.0
547.0
Restructuring and transformation costs
13.3
–
13.3
27.9
–
27.9
Acquisition-related costs and integration costs
0.9
–
0.9
–
–
–
Gain on disposal of a PS&PM business
–
–
–
(46.2)
–
(46.2)
Adjusted EBITDA
595.6
27.3
622.9
491.7
37.0
528.7
Adjusted EBITDA to revenue ratio
8.5 %
43.7 %
8.8 %
7.8 %
49.6 %
8.3 %
Note that certain totals and subtotals may not reconcile due to rounding
All figures in millions of Canadian dollars, except as otherwise indicated
Components of Engineering Services Regions
Q3 2024
Q3 2023
Nine months
ended
September 30,
2024
Nine months
ended
September 30,
2023
Segment revenues
Canada
348.4
367.6
1,091.7
1,026.3
UKI
650.4
610.5
1,860.3
1,800.6
USLA
429.1
384.3
1,280.5
1,134.6
AMEA
364.0
270.5
1,025.1
706.6
Engineering Service Regions
1,791.9
1,632.9
5,257.6
4,668.0
Segment Adjusted EBIT
Canada
28.7
24.2
61.7
52.4
UKI
79.8
57.5
208.8
172.4
USLA
43.8
41.2
119.3
116.8
AMEA
34.0
25.2
99.8
61.8
Engineering Services Regions
186.3
148.1
489.7
403.3
September 30, 2024
September 30, 2023
Backlog
Canada
7,431.4
6,058.1
UKI
1,661.6
1,532.6
USLA
1,613.2
1,512.0
AMEA
1,325.2
1,140.0
Engineering Services Regions
12,031.3
10,242.7
Note that certain totals and subtotals may not reconcile due to rounding
All figures in millions of Canadian dollars
Reconciliation of Segment Adjusted EBIT to Segment Adjusted EBITDA for Engineering Services Regions
Q3 2024
Nine months
ended
September 30,
2024
Segment Adjusted EBIT – Engineering Services Regions
186.3
489.7
Depreciation and amortization – Engineering Services Regions
31.6
94.5
Segment Adjusted EBITDA – Engineering Services Regions
217.9
584.1
Note that certain totals and subtotals may not reconcile due to rounding
All figures in millions of Canadian dollars
Calculation of Segment net revenue and Segment Adjusted EBITDA to segment net revenue ratio for Engineering Services Regions
Q3 2024
Nine months
ended
September 30,
2024
Revenue – Engineering Services Regions
1,791.9
5,257.6
Less: Direct costs for sub-contractors and other direct expenses that are recoverable
directly from clients – Engineering Services Regions
503.2
1,548.7
Segment net revenue – Engineering Services Regions
1,288.7
3,708.9
Segment Adjusted EBITDA – Engineering Services Regions
217.9
584.1
Segment Adjusted EBITDA to segment net revenue ratio – Engineering
Services Regions
16.9 %
15.7 %
Q3 2023
Nine months
ended
September 30,
2023
Revenue – Engineering Services Regions
1,632.9
4,668.0
Less: Direct costs for sub-contractors and other direct expenses that are recoverable
directly from clients – Engineering Services Regions
462.0
1,283.9
Segment net revenue – Engineering Services Regions
1,171.0
3,384.2
Segment Adjusted EBITDA – Engineering Services Regions
179.0
494.7
Segment Adjusted EBITDA to segment net revenue ratio – Engineering
Services Regions
15.3 %
14.6 %
Engineering Services Regions comprises Canada, UKI, USLA and AMEA segments
Note that certain totals and subtotals may not reconcile due to rounding
All figures in millions of Canadian dollars, except as otherwise indicated
Calculation of organic revenue growth
Revenue
Q3 2024
Revenue
Q3 2023
Variance
Foreign
exchange
impact
Acquisitions /
Disposals
impact
Organic
revenue
growth
Engineering Services Regions
1,791.9
1,632.9
159.0
31.4
(9.7)
137.3
Nuclear
368.9
270.5
98.4
4.6
–
93.8
Linxon
189.0
140.1
48.9
3.6
–
45.3
Total – AtkinsRéalis Services
2,349.8
2,043.5
306.3
39.6
(9.7)
276.3
Revenue
Q3 2024
Revenue
Q3 2023
Variance
Foreign
exchange
impact
Acquisitions /
Disposals
impact
Organic
revenue
growth
Engineering Services Regions
1,791.9
1,632.9
9.7 %
1.9 %
(0.6) %
8.4 %
Nuclear
368.9
270.5
36.4 %
1.7 %
–
34.7 %
Linxon
189.0
140.1
34.9 %
2.6 %
–
32.3 %
Total – AtkinsRéalis Services
2,349.8
2,043.5
15.0 %
1.9 %
(0.5) %
13.5 %
Revenue
Nine months
ended
September 30,
2024
Revenue
Nine months
ended
September 30,
2023
Variance
Foreign
exchange
impact
Acquisitions /
Disposals
impact
Organic
revenue
growth
Engineering Services Regions
5,257.6
4,668.0
589.5
79.2
(77.8)
588.2
Nuclear
1,025.1
766.0
259.1
11.5
–
247.6
Linxon
534.8
403.9
130.9
7.7
–
123.2
Total – AtkinsRéalis Services
6,817.5
5,837.9
979.6
98.4
(77.8)
959.0
Revenue
Nine months
ended
September 30,
2024
Revenue
Nine months
ended
September 30,
2023
Variance
Foreign
exchange
impact
Acquisitions /
Disposals
impact
Organic
revenue
growth
Engineering Services Regions
5,257.6
4,668.0
12.6 %
1.7 %
(1.7) %
12.6 %
Nuclear
1,025.1
766.0
33.8 %
1.5 %
–
32.3 %
Linxon
534.8
403.9
32.4 %
1.9 %
–
30.5 %
Total – AtkinsRéalis Services
6,817.5
5,837.9
16.8 %
1.7 %
(1.3) %
16.4 %
Note that certain totals and subtotals may not reconcile due to rounding
All figures in millions of Canadian dollars, except as otherwise indicated
Calculation of Net limited recourse and recourse debt to Adjusted EBITDA ratio
September 30,
2024
June 30,
2024
September 30,
2023
Limited recourse debt
398.8
398.6
398.1
Recourse debt
1,355.4
1,492.2
1,731.4
Less: Cash and cash equivalents
544.8
420.4
563.5
Net limited recourse and recourse debt
1,209.4
1,470.4
1,566.0
Adjusted EBITDA (trailing 12 months)
856.8
789.8
587.0
Net limited recourse and recourse debt to Adjusted
EBITDA ratio
1.4
1.9
2.7
Note that certain totals and subtotals may not reconcile due to rounding
All figures in millions of Canadian dollars, except as otherwise indicated
Forward-Looking Statements
References in this press release, and hereafter, to the “Company”, “AtkinsRéalis”, “we”, “us” and “our” mean, as the context may require, AtkinsRéalis Group Inc. and all or some of its subsidiaries or joint arrangements or associates, or AtkinsRéalis Group Inc. or one or more of its subsidiaries or joint arrangements or associates.
Statements made in this press release that describe the Company’s or management’s budgets, estimates, expectations, forecasts, objectives, predictions, projections of the future or strategies may be “forward-looking statements”, which can be identified by the use of the conditional or forward-looking terminology such as “aims”, “anticipates”, “assumes”, “believes”, “cost savings”, “estimates”, “expects”, “forecasts”, “goal”, “intends”, “likely”, “may”, “objective”, “outlook”, “plans”, “projects”, “should”, “synergies”, “target”, “vision”, “will”, or the negative thereof or other variations thereon. Forward-looking statements also include any other statements that do not refer to historical facts. Forward-looking statements also include statements relating to the following: i) future capital expenditures, revenues, expenses, earnings, economic performance, indebtedness, financial condition, losses, project or contract-specific cost reforecasts and claims provisions, future prospects and potential future significant contract opportunities, including those in the Nuclear segment; and ii) business and management strategies and the expansion and growth of the Company’s operations. All such forward-looking statements are made pursuant to the “safe-harbour” provisions of applicable Canadian securities laws. The Company cautions that, by their nature, forward-looking statements involve risks and uncertainties, and that its actual actions and/or results could differ materially from those expressed or implied in such forward-looking statements, or could affect the extent to which a particular projection materializes. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of the Company’s current objectives, strategic priorities, expectations and plans, and in obtaining a better understanding of the Company’s business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.
Forward-looking statements made in this press release are based on a number of assumptions believed by the Company to be reasonable as at the date hereof. The assumptions are set out throughout the Company’s 2023 Annual MD&A (particularly in the sections entitled “Critical Accounting Judgements and Key Sources of Estimation Uncertainty” and “How We Analyze and Report Our Results”). If these assumptions are inaccurate, the Company’s actual results could differ materially from those expressed or implied in such forward-looking statements. In addition, important risk factors could cause the Company’s assumptions and estimates to be inaccurate and actual results or events to differ materially from those expressed in or implied by these forward-looking statements. These risks include, but are not limited to, matters relating to: (a) fixed-price contracts or the Company’s failure to meet contractual schedule, performance requirements or to execute projects efficiently; (b) backlog and contracts with termination for convenience provisions; (c) contract awards and timing; (d) being a provider of services to government agencies; (e) international operations;
(f) nuclear liability; (g) ownership interests in investments; (h) dependence on third parties; (i) supply chain disruptions; (j) joint arrangements and partnerships; (k) information systems and data and compliance with privacy legislation; (l) artificial intelligence (“AI”) and other innovative technologies; (m) qualified personnel; (n) strategic direction; (o) competition; (p) professional liability or liability for faulty services; (q) monetary damages and penalties in connection with professional and engineering reports and opinions; (r) gaps in insurance coverage; (s) health and safety; (t) work stoppages, union negotiations and other labour matters; (u) epidemics, pandemics and other health crises; (v) global climate change, extreme weather conditions and the impact of natural or other disasters; (w) environmental, social and governance (“ESG”); * divestitures and the sale of significant assets; (y) intellectual property; (z) liquidity and financial position; (aa) indebtedness; (bb) impact of operating results and level of indebtedness on financial situation; (cc) security under the CDPQ Loan Agreement (as defined in the Company’s 2024 third quarter MD&A); (dd) dependence on subsidiaries to help repay indebtedness; (ee) dividends; (ff) post-employment benefit obligations, including pension-related obligations; (gg) working capital requirements; (hh) collection from customers; (ii) impairment of goodwill and other non-current intangible and tangible assets; (jj) the impact on the Company of legal and regulatory proceedings, investigations and dispute settlements; (kk) employee, agent or partner misconduct or failure to comply with anti-corruption and other government laws and regulations; (ll) reputation of the Company; (mm) inherent limitations to the Company’s control framework; (nn) environmental laws and regulations; (oo) global economic conditions; (pp) inflation; (qq) fluctuations in commodity prices; and (rr) income taxes.
The Company cautions that the foregoing list of factors is not exhaustive. For more information on risks and uncertainties, and assumptions that could cause the Company’s actual results to differ from current expectations, please refer to the sections “Risks and Uncertainties”, “How We Analyze and Report Our Results” and “Critical Accounting Judgements and Key Sources of Estimation Uncertainty” in the Company’s 2023 Annual MD&A and as may be updated from time to time in the Company’s 2024 interim quarterly MD&A filed with the securities regulatory authorities in Canada, available on SEDAR+ at www.sedarplus.com and on the Company’s website at www.atkinsrealis.com under the “Investors” section.
The forward-looking statements herein reflect the Company’s expectations as at the date of this press release and are subject to change after this date. The Company does not undertake to update publicly or to revise any written or oral forward-looking information or statements whether as a result of new information, future events or otherwise, unless required by applicable legislation or regulation. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement.
For More Information:
Media
Investors
Harold Fortin
Denis Jasmin
Senior Director, Global External
Communications
Vice President, Investor Relations
514-393-8000 ext. 57553
The Company’s unaudited interim condensed consolidated financial statements for the three-month and nine-month periods ended September 30, 2024 and 2023, together with its Management’s Discussion and Analysis for the corresponding periods, can be accessed on the Company’s website at www.atkinsrealis.com and on www.sedarplus.com.
SOURCE AtkinsRéalis
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Technology
Near Autonomous Passenger Car Market to Grow by USD 962.1 Billion (2024-2028), Rising Popularity of Semi-Autonomous Vehicles Drives Growth, AI Redefines Landscape – Technavio
Published
54 minutes agoon
November 14, 2024By
NEW YORK, Nov. 14, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global near autonomous passenger car market size is estimated to grow by USD 962.1 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 60.29% during the forecast period. Increasing popularity of semi-autonomous vehicles is driving market growth, with a trend towards increased funding for research and development of autonomous vehicles. However, concerns related to cybersecurity poses a challenge.Key market players include Amazon.com Inc., Bayerische Motoren Werke AG, Chery Automobile Co. Ltd., Chongqing Changan Automobile Co. Ltd., Ford Motor Co., Geely Auto Group, General Motors Co., Honda Motor Co. Ltd., Hyundai Motor Co., Mazda Motor Corp., Mercedes Benz Group AG, NIO Ltd., Nissan Motor Co. Ltd., Tata Motors Ltd., Tesla Inc., Toyota Motor Corp., and Volkswagen AG.
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Near Autonomous Passenger Car Market Scope
Report Coverage
Details
Base year
2023
Historic period
2018 – 2022
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 60.29%
Market growth 2024-2028
USD 962.1 billion
Market structure
Fragmented
YoY growth 2022-2023 (%)
42.73
Regional analysis
North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution
North America at 37%
Key countries
US, Germany, China, Japan, and France
Key companies profiled
Amazon.com Inc., Bayerische Motoren Werke AG, Chery Automobile Co. Ltd., Chongqing Changan Automobile Co. Ltd., Ford Motor Co., Geely Auto Group, General Motors Co., Honda Motor Co. Ltd., Hyundai Motor Co., Mazda Motor Corp., Mercedes Benz Group AG, NIO Ltd., Nissan Motor Co. Ltd., Tata Motors Ltd., Tesla Inc., Toyota Motor Corp., and Volkswagen AG
The Near Autonomous Passenger Car Market is experiencing significant growth due to the development and implementation of advanced technologies such as autonomous, driverless, and self-driving cars. These vehicles utilize sensors, cameras, radar, LiDAR, GPS, and software algorithms for navigation and safety. V2V and V2I communication, semiconductor chips, and automated driving systems are also key components. Battery management systems, energy-efficient and emission-free vehicles like battery electric vehicles, are gaining popularity due to fossil fuel price fluctuations and automotive safety concerns. Advanced safety technologies like parking assistance systems, blind spot detection, and adaptive cruise control are essential. Semi-autonomous and fully autonomous vehicles are the future of passenger cars and commercial vehicles. Mobility services like ride hailing and deep neural networks enhance transportation efficiency. Infrastructural developments and investment opportunities are crucial for the growth of autonomous vehicle technology. However, safety concerns, human error, cybersecurity threats, and technological challenges remain significant hurdles. Level 3 systems offer a balance between human control and automation, while consumer acceptance and traffic accidents are ongoing considerations.
The near autonomous passenger car market is witnessing substantial investment from key players, including automotive manufacturers, Tier-1 suppliers, and technology providers. Companies like Mercedes Benz and Ford Motor are leading the charge, collectively investing approximately USD50 billion in autonomous vehicle technology development. Automakers have primarily focused their investments on specialized technological firms. For instance, General Motors committed USD35 billion towards EV and AV technology from 2020 to 2025. These investments aim to position companies at the forefront of the autonomous vehicle market.
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• The Near Autonomous Passenger Car Market is experiencing significant growth with the development of advanced technologies such as sensors, cameras, radar, LiDAR, GPS, and software algorithms. Autonomous, driverless, and self-driving cars are revolutionizing the transportation industry. However, challenges remain, including the integration of V2V and V2I communication, semiconductor chips, automated driving systems, battery management systems, and energy-efficient and emission-free vehicles. Factors like fossil fuel prices, automotive safety, and road accidents push the demand for advanced safety technologies like parking assistance systems, blind spot detection, and adaptive cruise control. Semi-autonomous and fully autonomous vehicles are the future of mobility services, with ride hailing services leading the way. Deep Neural Networks and AI systems are essential for transportation efficiency and infrastructural developments. Safety concerns, human error, and cybersecurity threats are significant challenges. Level 3 systems are gaining consumer acceptance, but technological challenges remain. Investment opportunities lie in the development of autonomous vehicle technology and self-driving technologies. The market is vast, with applications in passenger cars, commercial vehicles, and mobility services.
• Modern near autonomous passenger cars incorporate numerous electronic control units (ECUs) and connectivity features, increasing the risk of security breaches. Hackers have successfully infiltrated the operations of connected vehicles, posing a significant threat to autonomous cars. Unlike traditional vehicles where a driver maintains full control, autonomous vehicles rely solely on machine intelligence and sensors. This shift in control heightens the vulnerability to cyber-attacks, making it crucial for automakers to prioritize security measures to safeguard these advanced vehicles.
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This near autonomous passenger car market report extensively covers market segmentation by
Technology 1.1 ADAS level 11.2 ADAS level 2Geography 2.1 North America2.2 Europe2.3 APAC2.4 South America2.5 Middle East and Africa
1.1 ADAS level 1- Advanced Driver-Assistance Systems (ADAS) are technological innovations that enhance driving and parking capabilities for vehicles. These systems promote safety by utilizing secure human-machine interaction and employing sensors, cameras, and automated technology to detect and respond to environmental impediments or driver errors. ADAS enables varying levels of autonomous driving, with level 1 allowing vehicles to steer, accelerate, and brake independently under most conditions. This technology is crucial for understanding other vehicles’ behavior and navigating roads safely, either independently or in conjunction with other vehicles. ADAS level 1 acts as a foundational technology for future autonomous vehicles, fueling the growth of the global near autonomous passenger car market during the forecast period.
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The Near Autonomous Passenger Car Market refers to the rapidly evolving sector of self-driving cars, also known as autonomous or driverless vehicles. These advanced technologies utilize sensors, cameras, radar, LiDAR, GPS, and software algorithms to enable vehicles to navigate roads with minimal human intervention. V2V and V2I communication systems facilitate vehicle-to-vehicle and vehicle-to-infrastructure communication, enhancing safety and efficiency. Semiconductor chips and automated driving systems power these advanced features, while battery management systems ensure energy efficiency and the potential for emission-free vehicles. Self-driving technologies offer mobility and accessibility benefits, particularly for independent transport. However, safety concerns persist due to human error and the need for cyber security measures. Level 3 systems represent a significant step towards full autonomy, but technological challenges remain.
The Near Autonomous Passenger Car Market is a rapidly evolving sector, driven by advanced technologies such as sensors, cameras, radar, LiDAR, GPS, and software algorithms. These technologies enable vehicles to perceive their environment and make real-time driving decisions. Autonomous cars, also known as driverless or self-driving cars, use V2V and V2I communication to share data with other vehicles and infrastructure. Semiconductor chips and automated driving systems are essential components, while battery management systems ensure the efficiency and longevity of energy-efficient and emission-free vehicles, such as battery electric vehicles. Fossil fuel prices and automotive safety are significant factors influencing the market. Advanced safety technologies, including parking assistance systems, blind spot detection, and adaptive cruise control, are becoming standard features. Semi-autonomous and fully autonomous vehicles are transforming transportation, offering mobility services and independent transport. However, safety concerns, human error, cyber security threats, and technological challenges remain. Infrastructural developments and investment opportunities in autonomous vehicle technology and self-driving technologies are crucial for the market’s growth. Ride hailing services and deep neural networks are also playing a role in transportation efficiency. Despite these advancements, consumer acceptance and regulatory frameworks are essential for widespread adoption. The market for near autonomous passenger cars is poised for significant growth, offering numerous opportunities for innovation and progress.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
TechnologyADAS Level 1ADAS Level 2GeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
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.
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
Technology
Facial Recognition Market to Grow by USD 11.82 Billion (2024-2028), Rising Identity Threats Drive Growth, AI’s Impact on Market Trends – Technavio
Published
54 minutes agoon
November 14, 2024By
NEW YORK, Nov. 14, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The global facial recognition market size is estimated to grow by USD 11.82 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 22.2% during the forecast period. Increasing instances of identity threats is driving market growth, with a trend towards technological advances and emergence of facial analytics. However, high cost of deployment poses a challenge.Key market players include Amazon.com Inc., ASSA ABLOY AB, Aware Inc., Ayonix Pty Ltd., Cognitec Systems GmbH, Daon Inc., Facebanx, FaceFirst Inc., Fujitsu Ltd., IDEMIA France SAS, Ipsidy Inc., Luxand Inc., Microsoft Corp., NEC Corp., Precise Biometrics AB, Safran SA, Suprema Inc., Synaptics Inc., Thales Group, and Veridium IP Ltd..
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Facial Recognition Market Scope
Report Coverage
Details
Base year
2023
Historic period
2018 – 2022
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 22.2%
Market growth 2024-2028
USD 11819.9 million
Market structure
Fragmented
YoY growth 2022-2023 (%)
17.9
Regional analysis
North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution
North America at 37%
Key countries
US, China, UK, Germany, and Japan
Key companies profiled
Amazon.com Inc., ASSA ABLOY AB, Aware Inc., Ayonix Pty Ltd., Cognitec Systems GmbH, Daon Inc., Facebanx, FaceFirst Inc., Fujitsu Ltd., IDEMIA France SAS, Ipsidy Inc., Luxand Inc., Microsoft Corp., NEC Corp., Precise Biometrics AB, Safran SA, Suprema Inc., Synaptics Inc., Thales Group, and Veridium IP Ltd.
Facial recognition market is witnessing significant growth in various sectors including attendance tracking in educational institutions, patient identification in healthcare settings, and automating payment systems in retail. Operational efficiency is a key driver for organizations in education, healthcare, and retail sectors to adopt facial recognition technology. Security is another major factor, with surveillance systems being implemented in airports, critical infrastructure sectors, and public spaces to mitigate security threats and criminal activities. NEC, Microsoft, AWS, and other tech giants dominate the market with their KYC systems and digital wallets. Facial recognition is also used for authentication and security in mobile devices, mobile payments, app access, and identity verification. However, vulnerability to hacking, deep fakes, and cyber threats pose challenges to the market. Biases in facial recognition algorithms and privacy concerns are also areas of concern. The market includes companies like NEC Corporation, NtechLab, MorphoTrust, IDEMIA, Rekognition, FacePhi, Ayonix Corporation, Creditel, Salto Group, Cognitec Systems, and Secunet. Sectors like police enforcement, banking, law enforcement, forensic investigation, border control, access management, and consumer experiences are also impacted by this technology. Artificial intelligence, deep learning algorithms, computer vision, high-resolution cameras, and contactless authentication techniques are key technology trends. Data security, biases, and privacy are impacting factors.
The facial recognition market is experiencing significant growth due to technological advancements. Vendors are integrating facial recognition technology into video surveillance systems, enabling easier and effective identification of intruders or attackers. This enhancement boosts security levels, addressing the increasing security concerns worldwide. Governments are increasing their spending on surveillance devices in response to heightened intruder threats. Vendors provide facial recognition capabilities as standalone or integrated software solutions with video surveillance systems.
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• Facial recognition technology is revolutionizing various sectors including attendance tracking in educational institutions, patient identification in healthcare settings, and automating payment systems in retail. Operational efficiency is a key driver for organizations in the education, healthcare, and retail sectors to adopt this technology. However, challenges persist. Security threats such as privacy concerns, illegal monitoring, and vulnerability to hacking are major issues. Sectors like law enforcement, banking, and border control rely on facial recognition for identification and verification. Technology leaders like NEC, Microsoft, AWS, and biometric experts such as NtechLab, MorphoTrust, IDEMIA, Rekognition, FacePhi, Ayonix Corporation, Creditel, Salto Group, and Cognitec Systems are at the forefront of this market. Biases, deep fakes, and cyber threats are also concerns. Facial recognition is used in physical security, public safety, and access control. It impacts consumer experiences through smartphone applications and contactless authentication techniques. Artificial intelligence, deep learning algorithms, and computer vision are essential for high-resolution cameras and 2D/3D facial analytics. Despite challenges, the future of facial recognition is promising, with applications in emotion recognition, security and surveillance, retail and e-commerce, media and entertainment, automobile and transportation, and IT and telecom.
• Facial recognition technology offers significant benefits for security and identification in various industries, including government and transportation. However, the high cost of deployment is a major challenge. Large-scale implementation in departments and airports involves a lengthy sales cycle and significant investment. Costs extend beyond the facial recognition solution itself, with additional expenses for maintenance, middleware, and other associated costs. Budget constraints can result in substantial losses if implementation fails. Despite these challenges, the potential benefits of facial recognition make it a worthwhile investment for businesses seeking enhanced security and efficiency.
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This facial recognition market report extensively covers market segmentation by
Application 1.1 Identification1.2 VerificationTechnology 2.1 3D2.2 2D2.3 Facial analyticsEnd-user 3.1 Media & entertainment3.2 BFSI3.3 Automobile & transportation3.4 OthersGeography 4.1 North America4.2 Europe4.3 APAC4.4 Middle East and Africa4.5 South America
1.1 Identification- The facial recognition market for identification is experiencing significant growth due to its increasing adoption in sectors such as government and transportation. This technology enables the matching of an individual’s facial features with a database to retrieve their details, eliminating the need for human interaction. Its implementation in security purposes, particularly in public places and airports, is driving its growth. In the US, companies like Delta Airlines use facial recognition for passenger check-ins, and airports are adopting this technology for passenger identification. The integration of facial recognition with video surveillance systems is also supporting market growth. The security sector’s growing reliance on facial recognition is expected to boost the identification segment and the global market as a whole during the forecast period.
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The Facial Recognition market is a rapidly growing sector of Biometrics technology, which uses Face recognition, Image recognition technology, and other Authentication techniques to identify and verify individuals based on their unique facial characteristics. This technology is increasingly being adopted across various sectors, including educational institutions for attendance tracking, healthcare settings for patient identification, and retail for automating payment systems. It offers operational efficiency for organizations by streamlining access control and surveillance. Sectors such as law enforcement and banking are also leveraging this technology for identification and security purposes. Facial recognition systems analyze facial characteristics, including the jawline, to create a unique identifier. Companies like NEC Corporation and NtechLab are leading innovators in this field, offering smart hospitality services and advanced recognition algorithms. Speech and Fingerprint recognition are other forms of Biometrics technology that complement Facial Recognition in the market.
Facial recognition technology is a biometric identification method that uses artificial intelligence and machine learning algorithms to identify and verify individuals based on their facial features. This technology is gaining popularity in various sectors including attendance tracking in educational institutions, patient identification in healthcare settings, automating payment systems in retail, operational efficiency in organizations, and security in public spaces. Facial recognition systems can be used for authentication, monitoring, and surveillance in airports, critical infrastructure sectors, and transportation hubs to ensure security and prevent criminal activities. However, privacy concerns have arisen due to the potential for illegal monitoring and vulnerability to hacking, deep fakes, and cyber threats. The technology can also be used for fraud prevention in digital wallets and smartphone applications, identity verification for app access and device unlocking, and access control in smart hospitality services. The use of facial recognition is expanding to sectors such as police enforcement, banking, law enforcement, forensic investigation, criminal identification, border control, and access management. Facial recognition technology is powered by artificial intelligence, deep learning algorithms, computer vision, and high-resolution cameras. It can be used for 3D and 2D facial analytics, emotion recognition, and security and surveillance. The technology is impacted by factors such as biases, technology advancements, and regulatory policies.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
ApplicationIdentificationVerificationTechnology3D2DFacial AnalyticsEnd-userMedia & EntertainmentBFSIAutomobile & TransportationOthersGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
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.
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/facial-recognition-market-to-grow-by-usd-11-82-billion-2024-2028-rising-identity-threats-drive-growth-ais-impact-on-market-trends—technavio-302305422.html
SOURCE Technavio
Technology
Internet of Things (IoT) Market to Expand by USD 1.55 trillion (2024-2028), Advancements in IoT Platforms Drive Growth, Report with AI-Powered Market Evolution – Technavio
Published
55 minutes agoon
November 14, 2024By
NEW YORK, Nov. 14, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global internet of things (IOT) market size is estimated to grow by USD 1.55 trillion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 18.52% during the forecast period. Technological developments in different platforms is driving market growth, with a trend towards use of wearables to monitor human health and environment. However, lack of awareness of efficient management of iot initiatives and investments poses a challenge.Key market players include Aeris Communications Inc., Alphabet Inc., Amazon.com Inc., AT and T Inc., Cisco Systems Inc., Fujitsu Ltd., General Electric Co., Hewlett Packard Enterprise Co., Honeywell International Inc., Intel Corp., International Business Machines Corp., Koninklijke Philips N.V., Microsoft Corp., Oracle Corp., PTC Inc., Robert Bosch GmbH, SAP SE, Siemens AG, Thales Group, and Wipro Ltd..
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF
Internet Of Things (Iot) Market Scope
Report Coverage
Details
Base year
2023
Historic period
2017 – 2021
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 18.52%
Market growth 2024-2028
USD 1554.5 billion
Market structure
Fragmented
YoY growth 2022-2023 (%)
15.18
Regional analysis
APAC, North America, Europe, Middle East and Africa, and South America
Performing market contribution
APAC at 37%
Key countries
US, China, Germany, Norway, and France
Key companies profiled
Aeris Communications Inc., Alphabet Inc., Amazon.com Inc., AT and T Inc., Cisco Systems Inc., Fujitsu Ltd., General Electric Co., Hewlett Packard Enterprise Co., Honeywell International Inc., Intel Corp., International Business Machines Corp., Koninklijke Philips N.V., Microsoft Corp., Oracle Corp., PTC Inc., Robert Bosch GmbH, SAP SE, Siemens AG, Thales Group, and Wipro Ltd.
The Internet of Things (IoT) market is experiencing significant growth, with trends like Generative AI and Blockchain leading the way. The World Economic Forum predicts that by 2025, IoT will contribute USD11 trillion to the global economy. Enterprises and service providers in sectors such as Manufacturing, Healthcare, Logistics chain, and E-commerce are embracing IoT technology for smart factory automation, real-time marketing analysis, and operational efficiency. IoT technology is revolutionizing industries, with companies like Taiwan Mobile, SPHCC, VivaLNK, and Canadian firms exploring new revenue-generating opportunities. SAS Software, VMware, and VMware Tanzu are key players in IoT software development. Connectivity, cloud adoption, and data processing are crucial for IoT success. Bluetooth technology, NB-IoT networks, and 5G technology are driving the future of IoT. Smart city initiatives, such as those in Smart Wellington, are transforming urban areas with IoT sensors and autonomous systems. Revenue forecasts indicate continued growth, with ROI a key consideration for businesses. Telecom and networking infrastructure providers, including 4G technology, are essential for IoT implementation. Consumer behavior and public safety services, such as firefighter and emergency medical services, are also benefiting from IoT technology. IoT technology is transforming sectors like Energy and Transportation, with smart utilities and smart transportation becoming the norm. RFID and sensors are enabling real-time monitoring and analysis, while AI and autonomous systems are streamlining processes and providing a competitive edge in digitalization.
In today’s digital age, mobile devices such as smartphones and tablets have become the hub of connectivity and computing. Equipped with sensors like GPS, microphones, accelerometers, cameras, ambient light sensors, gyroscopes, and digital compasses, these devices offer advanced functionalities. These features are transforming various sectors such as social networking, environmental monitoring, healthcare, and transportation. Moreover, mobile devices come with WIFI, 3G/4G/5G, and Bluetooth connectivity. IoT wearables, an extension of these devices, enable consumers to monitor their health and allow doctors to remotely monitor patients. This integration of technology and mobility is revolutionizing our daily lives and economic sectors.
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• The IoT market is experiencing rapid growth, with enterprises and service providers in manufacturing, healthcare, logistics, and more embracing this technology. Challenges include integrating Generative AI and Blockchain, addressing Intelligent Disease and Smart City initiatives, and ensuring connectivity with 4G and 5G technology. IoT revenue forecasts are strong, driven by cloud adoption and data processing. Sensors, Bluetooth technology, and NB-IoT networks are key components. Companies like Taiwan Mobile, VivaLNK, and SPHCC are leading the way. SAS Software, VMware, and VMware Tanzu offer solutions. RoI is a major consideration, with operational efficiency and real-time marketing analysis driving value. Telecom and networking infrastructure providers, hardware vendors, and software vendors are essential partners. Canadian companies are also making strides in citizen services, public safety, and smart transportation. IoT presents significant revenue-generating opportunities and a competitive edge in digitalization.
• The Industrial Internet of Things (IoT) market is experiencing significant growth as more enterprises integrate IoT into their industrial facilities. However, managing, securing, and optimizing these investments presents challenges. To fully leverage IoT’s capabilities, employee training is essential. The lack of skilled workers is a major hurdle for industries. Proper education on IoT platforms enables workers to adapt effectively and maximize system benefits. Investing in employee training is a crucial step towards successful IoT implementation.
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This internet of things (iot) market report extensively covers market segmentation by
Application 1.1 Industrial1.2 Retail1.3 Healthcare1.4 ICT1.5 OthersTechnology 2.1 RFID2.2 Sensors2.3 NFC2.4 Cloud services2.5 OthersGeography 3.1 APAC3.2 North America3.3 Europe3.4 Middle East and Africa3.5 South America
1.1 Industrial- The Industrial Internet of Things (IIoT) market is experiencing significant growth as businesses worldwide leverage this technology to enhance productivity and gain a competitive edge. Machines and devices are connected to the Internet through software, generating valuable data for predictive maintenance and performance optimization. However, challenges persist, including the need for increased investment, business model redesign, security concerns, lack of standardization, and interoperability issues. Favorable government policies and partnerships among industry players are crucial for addressing these challenges. The COVID-19 pandemic highlighted the importance of IIoT, particularly in the industrial sector. Manufacturing industries were significantly impacted, with many shutting down due to lockdowns. IIoT technology played a crucial role in enabling remote work and machine control, ensuring continuity of operations. The demand for IIoT solutions in the industrial sector has continued to grow post-pandemic, with vendors offering innovative solutions to drive market expansion during the forecast period.
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The Internet of Things (IoT) market is experiencing exponential growth, driven by the integration of Generative AI and Blockchain technologies. According to the World Economic Forum, the global revenue for IoT is forecasted to reach USD1.1 trillion by 2026. In various sectors, IoT technology is revolutionizing industries such as Manufacturing, Healthcare, Logistics chain, and E-commerce. Intelligent Disease diagnosis and Smart Factory automation are two significant applications of IoT in Healthcare and Manufacturing, respectively. IoT is also transforming the way enterprises and service providers operate, enabling real-time data processing and connectivity through Bluetooth technology and Cloud adoption. Taiwan Mobile, SPHCC, VivaLNK, and others are leading the charge in IoT innovation. SAS Software, VMware, and VMware Tanzu are also making strides in IoT data processing and management. The integration of AI and IoT is expected to further accelerate growth in the market. The use of IoT in various sectors is revolutionizing business operations, improving efficiency, and creating new opportunities. The future of IoT is bright, with endless possibilities for innovation and growth.
The Internet of Things (IoT) market is experiencing exponential growth, driven by the integration of Generative AI and Blockchain technologies. The World Economic Forum estimates that by 2025, IoT will connect over 50 billion devices, revolutionizing industries from manufacturing to healthcare and logistics. IoT technology enables enterprises and service providers to optimize operational efficiency through smart factory automation, real-time marketing analysis, and autonomous systems. The energy and transportation sectors are major beneficiaries, with 5G technology and NB-IoT networks enabling smart utilities and smart transportation. Sensors and RFID technology are key components, providing connectivity and data processing capabilities. Cloud adoption and the use of IoT software are essential for managing and analyzing the vast amounts of data generated by these connected devices. IoT technology also offers revenue-generating opportunities for hardware, network, and software vendors, providing a competitive edge in digitalization. Smart city initiatives, such as those in Smart Wellington and Taiwan Mobile’s smart city projects, are transforming urban infrastructure, offering smart citizen services, public safety, and emergency medical services. IoT technology is also transforming consumer behavior, with e-commerce and physical events adopting IoT technology for improved connectivity and networking infrastructure. The IoT market is expected to reach significant revenue forecasts, with RoI being a major consideration for businesses adopting this technology. The use of AI, SAS Software, VMware, and VMware Tanzu is becoming increasingly common in IoT projects, enabling advanced data processing and analysis capabilities. Bluetooth technology and telecom infrastructure are also essential components of the IoT ecosystem. Overall, IoT technology is transforming industries and offering new opportunities for growth and innovation.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
ApplicationIndustrialRetailHealthcareICTOthersTechnologyRFIDSensorsNFCCloud ServicesOthersGeographyAPACNorth AmericaEuropeMiddle 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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SOURCE Technavio
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