Technology

ATRenew Inc. Reports Unaudited Third Quarter 2024 Financial Results

Published

2 months ago

November 20, 2024

SHANGHAI, Nov. 20, 2024 /PRNewswire/ — ATRenew Inc. (“ATRenew” or the “Company”) (NYSE: RERE), a leading technology-driven pre-owned consumer electronics transactions and services platform in China, today announced its unaudited financial results for the three months ended September 30, 2024.

Third Quarter 2024 Highlights

Total net revenues grew by 24.4% to RMB4,051.2 million (US$577.3 million) from RMB3,256.8 million in the third quarter of 2023.Income from operations was RMB24.9 million (US$3.5 million), compared to a loss from operations of RMB28.1 million in the third quarter of 2023. Adjusted income from operations (non-GAAP)[1] was RMB104.0 million (US$14.8 million), compared to RMB73.8 million in the third quarter of 2023.Number of consumer products transacted[2] was 9.1 million compared to 8.2 million in the third quarter of 2023.

Mr. Kerry Xuefeng Chen, Founder, Chairman, and Chief Executive Officer of ATRenew, commented, “We are delighted to report that our total net revenues reached RMB4.05 billion in the third quarter of 2024, representing a robust year-over-year growth of 24.4%. We are particularly encouraged by the widespread adoption of our consumer electronics trade-in services, which provide consumers with a seamless experience and competitive pricing. Our AHS stores maintain their industry-leading position, serving as the preferred destination for users to recycle reusable consumer products and purchase quality-assured, value-for-money pre-owned electronic devices.”

Mr. Rex Chen, Chief Financial Officer of ATRenew, added, “The third quarter marked another milestone in our path to enhanced profitability, as we achieved positive GAAP income from operations and our non-GAAP income from operations exceeded RMB100 million for the first time. These results reflect our successful initiatives to optimize operating expenses and the diminishing impact of amortization expenses from historical acquisitions. We also demonstrated our commitment to shareholder returns by repurchasing over US$12 million of our shares during the quarter. Looking ahead, we remain focused on driving operational efficiency and delivering sustainable value to our users and shareholders.”

[1]. See “Reconciliations of GAAP and Non-GAAP Results” for more information.

[2]. “Number of consumer products transacted” represents the number of consumer products distributed to merchants and consumers through transactions on the Company’s PJT Marketplace, Paipai Marketplace and other channels the Company operates in a given period, prior to returns and cancellations, excluding the number of consumer products collected through AHS Recycle; a single consumer product may be counted more than once according to the number of times it is transacted on PJT Marketplace, Paipai Marketplace and other channels the Company operates through the distribution process to end consumer.

Third Quarter 2024 Financial Results

REVENUE

Total net revenues increased by 24.4% to RMB4,051.2 million (US$577.3 million) from RMB3,256.8 million in the same period of 2023.

Net product revenues increased by 25.6% to RMB3,672.2 million (US$523.3 million) from RMB2,924.0 million in the same period of 2023. The increase was primarily attributable to an increase in the sales of pre-owned consumer electronics both through the Company’s online and offline channels.Net service revenues increased by 13.9% to RMB379.0 million (US$54.0 million), compared to RMB332.8 million in the same period of 2023. This increase was primarily due to an increase in the service revenue generated from PJT Marketplace and multi-category recycling business.

OPERATING COSTS AND EXPENSES

Operating costs and expenses were RMB4,028.1 million (US$574.0 million), compared to RMB3,307.5 million in the same period of 2023, representing an increase of 21.8%.

Merchandise costs were RMB3,242.8 million (US$462.1 million), compared to RMB2,611.0 million in the same period of 2023, representing an increase of 24.2%. This was primarily due to the growth in product sales.Fulfillment expenses were RMB347.3 million (US$49.5 million), compared to RMB287.7 million in the same period of 2023, representing an increase of 20.7%. The increase was primarily due to (i) an increase in personnel costs and logistics expenses as the Company conducted more recycling and transaction activities compared with the same period of 2023, and (ii) an increase in operation center related expenses as the Company expanded its store networks in the third quarter of 2024.Selling and marketing expenses were RMB315.3 million (US$44.9 million), compared to RMB299.5 million in the same period of 2023, representing an increase of 5.3%. The increase was primarily due to (i) an increase in advertising expenses and promotional campaign related expenses, and (ii) an increase in share-based compensation expenses. The increase was partially offset by a decrease in amortization of intangible assets and deferred cost resulting from assets and business acquisitions as the maturity of some intangible assets and deferred cost in the third quarter of 2023.General and administrative expenses were RMB69.3 million (US$9.9 million), compared to RMB69.8 million in the same period of 2023, representing a decrease of 0.7%, primarily due to a decrease in share-based compensation expenses. The decrease was partially offset by an increase in other personnel cost.Technology and content expenses were RMB53.4 million (US$7.6 million), compared to RMB39.4 million in the same period of 2023, representing an increase of 35.5%. The increase was primarily due to an increase in personnel costs in connection with the ongoing maintenance of the Company’s operation centers and system.

INCOME (LOSS) FROM OPERATIONS

Income from operations was RMB24.9 million (US$3.5 million), compared to a loss from operations of RMB28.1 million in the same period of 2023.

Adjusted income from operations (non-GAAP) was RMB104.0 million (US$14.8 million), compared to RMB73.8 million in the same period of 2023.

NET INCOME (LOSS)

Net income was RMB17.9 million (US$2.6 million), compared to a net loss of RMB44.2 million in the same period of 2023.

Adjusted net income (non-GAAP) was RMB90.1 million (US$12.8 million), compared to RMB47.6 million in the same period of 2023.

BASIC AND DILUTED NET INCOME PER ORDINARY SHARE

Basic and diluted net income per ordinary share were RMB0.11 (US$0.02), compared to basic and diluted net loss of RMB0.27 in the same period of 2023.

Adjusted basic and diluted net income per ordinary share (non-GAAP) were RMB0.56 (US$0.08) and RMB0.55 (US$0.08), compared to RMB0.30 and RMB0.29 in the same period of 2023.

CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM INVESTMENTS AND FUNDS RECEIVABLE FROM THIRD PARTY PAYMENT SERVICE PROVIDERS

Cash and cash equivalents, restricted cash, short-term investments and funds receivable from third party payment service providers were RMB2,350.5 million (US$334.9 million) as of September 30, 2024, as compared to RMB2,854.4 million as of December 31, 2023.

Business Outlook

For the fourth quarter of 2024, the Company currently expects its total revenues to be between RMB4,740.0 million and RMB4,840.0 million, representing an increase of 22.4% to 24.9% year-over-year. This forecast only reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

Recent Development

On August 29, 2024, ATRenew announced an improvement in its Environmental, Social and Governance (ESG) score as assessed by S&P Global’s Corporate Sustainability Assessment in 2024, placing it in the 93rd percentile among its global RTS retailing industry peers. This is primarily attributable to ATRenew’s commitment to ESG, particularly greater transparency in its climate strategy, human capital management, and business ethics.

During the third quarter of 2024, ATRenew repurchased a total of approximately 4.9 million ADSs for approximately US$12.1 million under its current share repurchase program which authorizes the Company to repurchase up to US$50 million worth of its shares (including ADSs) through June 27, 2025. As of September 30, 2024, the Company had repurchased a total of approximately 8.2 million ADSs for approximately US$20.1 million under this share repurchase program.

Conference Call Information

The Company’s management will hold a conference call on Wednesday, November 20, 2024 at 07:00 A.M. Eastern Time (or 08:00 P.M. Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers:

International:

1-412-317-6061

United States Toll Free:

1-888-317-6003

Mainland China Toll Free:

4001-206115

Hong Kong Toll Free:

800-963976

Access Code:

3668505

The replay will be accessible through November 27, 2024 by dialing the following numbers:

International:

1-412-317-0088

United States Toll Free:

1-877-344-7529

Access Code:

3972162

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at ir.atrenew.com.

About ATRenew Inc.

Headquartered in Shanghai, ATRenew Inc. operates a leading technology-driven pre-owned consumer electronics transactions and services platform in China under the brand ATRenew. Since its inception in 2011, ATRenew has been on a mission to give a second life to all idle goods, addressing the environmental impact of pre-owned consumer electronics by facilitating recycling and trade-in services, and distributing the devices to prolong their lifecycle. ATRenew’s open platform integrates C2B, B2B, and B2C capabilities to empower its online and offline services. Through its end-to-end coverage of the entire value chain and its proprietary inspection, grading, and pricing technologies, ATRenew sets the standard for China’s pre-owned consumer electronics industry. ATRenew is a participant in the United Nations Global Compact, and adheres to its principles-based approach to responsible business.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.0176 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2024.

Use of Non-GAAP Financial Measures

The Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses adjusted income from operations, adjusted net income and adjusted net income per ordinary share as supplemental measures to review and assess its financial and operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Adjusted income from operations is loss from operations excluding the share-based compensation expenses and amortization of intangible assets and deferred cost resulting from assets and business acquisitions. Adjusted net income is net loss excluding the share-based compensation expenses and amortization of intangible assets and deferred cost resulting from assets and business acquisitions and tax effects of amortization of intangible assets and deferred cost resulting from assets and business acquisitions. Adjusted net income per ordinary share is adjusted net income attributable to ordinary shareholders divided by weighted average number of shares used in calculating net loss per ordinary share.

The Company presents non-GAAP financial measures because they are used by the Company’s management to evaluate the Company’s financial and operating performance and formulate business plans. The Company believes that adjusted income from operations and adjusted net income help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that are included in loss from operations and net loss. The Company also believes that the use of non-GAAP financial measures facilitates investors’ assessment of the Company’s operating performance. The Company believes that adjusted income from operations and adjusted net income provide useful information about the Company’s operating results, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company’s operations. The share-based compensation expenses, amortization of intangible assets and deferred cost resulting from assets and business acquisitions and tax effects of amortization of intangible assets and deferred cost resulting from assets and business acquisitions have been and may continue to be incurred in the Company’s business and is not reflected in the presentation of non-GAAP financial measures. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, potentially limiting the comparability of their financial results to the Company’s. In light of the foregoing limitations, the non-GAAP financial measures for the period should not be considered in isolation from or as an alternative to income from operations, net income, and net income attributable to ordinary shareholders per share, or other financial measures prepared in accordance with U.S. GAAP.

The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company’s performance. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, “Reconciliations of GAAP and Non-GAAP Results.”

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Among other things, quotations in this announcement, contain forward-looking statements. ATRenew may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about ATRenew’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: ATRenew’s strategies; ATRenew’s future business development, financial condition and results of operations; ATRenew’s ability to maintain its relationship with major strategic investors; its ability to facilitate pre-owned consumer electronics transactions and provide relevant services; its ability to maintain and enhance the recognition and reputation of its brand; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ATRenew’s filings with the SEC. All information provided in this press release is as of the date of this press release, and ATRenew does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

In China:
ATRenew Inc.
Investor Relations
Email: ir@atrenew.com

In the United States:
ICR LLC.
Email: atrenew@icrinc.com
Tel: +1-212-537-0461

ATRENEW INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share and per share and otherwise noted)

As of December 31,

As of September 30,

2023

2024

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

1,978,696

1,347,338

191,994

Restricted cash

210,000

132,000

18,810

Short-term investments

410,547

630,123

89,792

Amount due from related parties, net

89,592

218,771

31,175

Inventories

1,017,155

678,026

96,618

Funds receivable from third party payment service
providers

253,107

241,047

34,349

Prepayments and other receivables, net

567,622

754,617

107,532

Total current assets

4,526,719

4,001,922

570,270

Non-current assets:

Long-term investments

467,095

558,221

79,546

Property and equipment, net

148,223

159,236

22,691

Intangible assets, net

270,631

100,496

14,321

Other non-current assets

80,411

149,115

21,249

Total non-current assets

966,360

967,068

137,807

TOTAL ASSETS

5,493,079

4,968,990

708,077

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Short-term borrowings

349,931

307,291

43,789

Accounts payable

532,293

105,314

15,007

Contract liabilities

119,715

81,571

11,624

Accrued expenses and other current liabilities

465,123

478,145

68,135

Accrued payroll and welfare

146,371

148,945

21,224

Amount due to related parties

78,032

116,255

16,566

Total current liabilities

1,691,465

1,237,521

176,345

Non-current liabilities:

Operating lease liabilities, non-current

22,495

80,366

11,452

Deferred tax liabilities

67,658

42,099

5,999

Total non-current liabilities

90,153

122,465

17,451

TOTAL LIABILITIES

1,781,618

1,359,986

193,796

TOTAL SHAREHOLDERS’ EQUITY

3,711,461

3,609,004

514,281

TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY

5,493,079

4,968,990

708,077

ATRENEW INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)

(Amounts in thousands, except share and per share and otherwise noted)

Three months ended September 30,

Nine months ended September 30,

2023

2024

2023

2024

RMB

US$

RMB

US$

Net revenues

Net product revenues

2,923,970

3,672,239

523,290

8,135,824

10,383,813

1,479,682

Net service revenues

332,787

378,999

54,007

956,386

1,095,264

156,074

Operating (expenses) income (1)(2)

Merchandise costs

(2,611,018)

(3,242,843)

(462,101)

(7,188,902)

(9,181,300)

(1,308,325)

Fulfillment expenses

(287,704)

(347,270)

(49,486)

(822,913)

(985,325)

(140,408)

Selling and marketing expenses

(299,491)

(315,293)

(44,929)

(933,835)

(990,607)

(141,160)

General and administrative expenses

(69,826)

(69,302)

(9,875)

(203,794)

(215,671)

(30,733)

Technology and content expenses

(39,430)

(53,396)

(7,609)

(131,905)

(153,391)

(21,858)

Other operating income, net

22,640

1,751

250

32,512

23,082

3,289

Income (loss) from operations

(28,072)

24,885

3,547

(156,627)

(24,135)

(3,439)

Interest expense

(2,186)

(3,615)

(515)

(5,498)

(12,332)

(1,757)

Interest income

11,083

8,686

1,238

24,658

20,611

2,937

Other (loss) income, net

(4,428)

(6,719)

(41,305)

(5,886)

Income (loss) before income taxes and share
of loss in equity method investments

(23,603)

30,003

4,277

(144,186)

(57,161)

(8,145)

Income tax benefits

10,047

5,949

848

33,607

24,536

3,496

Share of loss in equity method investments

(30,632)

(18,069)

(2,575)

(48,449)

(53,028)

(7,556)

Net income (loss)

(44,188)

17,883

2,550

(159,028)

(85,653)

(12,205)

Net income (loss) per ordinary share:

Basic

(0.27)

0.11

0.02

(0.99)

(0.53)

(0.08)

Diluted

(0.27)

0.11

0.02

(0.99)

(0.53)

(0.08)

Weighted average number of shares used in
calculating net income (loss) per ordinary
share

Basic

161,338,983

161,405,774

161,393,190

162,011,110

Diluted

161,338,983

164,258,720

161,393,190

162,011,110

Net income (loss)

(44,188)

17,883

2,550

(159,028)

(85,653)

(12,205)

Foreign currency translation adjustments

(5,676)

(7,093)

(1,011)

15,897

(7,183)

(1,024)

Total comprehensive income (loss)

(49,864)

10,790

1,539

(143,131)

(92,836)

(13,229)

ATRENEW INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS) (CONTINUED)

(Amounts in thousands, except share and per share and otherwise noted)

Three months ended September 30,

Nine months ended September 30,

2023

2024

2023

2024

RMB

US$

RMB

US$

(1) Includes share-based compensation
expenses as follows:

Fulfillment expenses

(5,362)

(3,021)

(430)

(17,910)

(15,992)

(2,279)

Selling and marketing expenses

(5,165)

(12,220)

(1,741)

(13,266)

(56,792)

(8,093)

General and administrative expenses

(19,239)

(13,854)

(1,974)

(56,182)

(45,924)

(6,544)

Technology and content expenses

(5,218)

(3,657)

(521)

(15,649)

(13,611)

(1,940)

(2) Includes amortization of intangible assets
and deferred cost resulting from assets and
business acquisitions as follows:

Selling and marketing expenses

(66,412)

(46,263)

(6,592)

(222,337)

(169,154)

(24,104)

Technology and content expenses

(482)

(130)

(19)

(1,446)

(981)

(140)

Reconciliations of GAAP and Non-GAAP Results

(Amounts in thousands, except share and per share and otherwise noted)

Three months ended September 30,

Nine months ended September 30,

2023

2024

2023

2024

RMB

US$

RMB

US$

Income (loss) from operations

(28,072)

24,885

3,547

(156,627)

(24,135)

(3,439)

Add:

Share-based compensation
expenses

34,984

32,752

4,666

103,007

132,319

18,856

Amortization of intangible assets
and deferred cost resulting from
assets and business acquisitions

66,894

46,393

6,611

223,783

170,135

24,244

Adjusted income from operations
(non-GAAP)

73,806

104,030

14,824

170,163

278,319

39,661

Net income (loss)

(44,188)

17,883

2,550

(159,028)

(85,653)

(12,205)

Add:

Share-based compensation
expenses

34,984

32,752

4,666

103,007

132,319

18,856

Amortization of intangible assets
and deferred cost resulting from
assets and business acquisitions

66,894

46,393

6,611

223,783

170,135

24,244

Less:

Tax effects of amortization of
intangible assets and deferred cost
resulting from assets and business
acquisitions

(10,047)

(6,972)

(994)

(33,607)

(25,559)

(3,642)

Adjusted net income (non-
GAAP)

47,643

90,056

12,833

134,155

191,242

27,253

Adjusted net income per
ordinary share (non-GAAP):

Basic

0.30

0.56

0.08

0.83

1.18

0.17

Diluted

0.29

0.55

0.08

0.80

1.16

0.17

Weighted average number of
shares used in calculating net
income per ordinary share

Basic

161,338,983

161,405,774

161,393,190

162,011,110

Diluted

166,112,358

164,258,720

167,609,332

165,040,389

View original content:https://www.prnewswire.com/news-releases/atrenew-inc-reports-unaudited-third-quarter-2024-financial-results-302311061.html

SOURCE ATRenew Inc.

Technology

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

Published

2 hours ago

January 12, 2025

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

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

Let’s Take Action Together

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

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

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

How You Can Help

The initiative provides several ways to make a difference:

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

DONATE HERE

Real Impact in Action

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

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

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

Uniting Brands and Innovators

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

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

Join the SoCal Fire Relief Initiative

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

Email: info@aiwellness.aiInstagram: @aiwellnesstv

About AI Wellness

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

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

SOURCE Assisted Intelligence Wellness, Inc.

Technology

2024-2025 Global Top Brands Award Ceremony Launched

Published

4 hours ago

January 12, 2025

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

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

Ceremony and Summit Open with a Focus on Pioneering Industry Development

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

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

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

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

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

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

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

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

CE Brands from China Top 10

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

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

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

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

Global CE Brands Top 50

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

Global Smart Phone Brands Top 10

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

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

Global TV Brands Top 10

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

Global Intelligent Vehicles Brands Top 10

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

Global Smart Home Brands Top 10

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

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

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

International Innovation Award

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

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

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

Global Emerging Brands

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

SOURCE Asia Digital Group

Technology

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

Published

6 hours ago

January 11, 2025

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

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

Digital Transformation Market In Oil And Gas Industry Scope

Report Coverage

Details

Base year

2024

Historic period

2019 – 2023

Forecast period

2025-2029

Growth momentum & CAGR

Accelerate at a CAGR of 14.5%

Market growth 2025-2029

USD 56.4 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

12.7

Regional analysis

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

Performing market contribution

APAC at 31%

Key countries

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

Key companies profiled

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

Market Driver

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

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

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Market Challenges

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

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

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Segment Overview

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

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

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

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Research Analysis

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

Market Research Overview

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

Table of Contents:

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

TechnologyIoTE And P SoftwareBig DataCloud ComputingOthersSectorDownstreamUpstreamMidstreamGeographyAPACNorth AmericaMiddle East And AfricaEuropeSouth America

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

About Technavio

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

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

Contacts

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

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SOURCE Technavio