Fintech PR
Ping An Reports RMB117,989 million of Operating Profit Attributable to Shareholders of the Parent Company in 2023, cash dividend increased for 12 consecutive years
Life Insurance Rebounded with Life & Health NBV Growing 36.2%
HONG KONG and SHANGHAI, March 21, 2024 /PRNewswire/ — Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An“, the “Company” or the “Group”, HKEX: 2318; SSE: 601318) today announced its financial results for the year ended December 31, 2023.
China’s economy and consumption growth still faced challenges. Amidst external market pressures, internal operational challenges, and the persistent impact of a three-year pandemic, Ping An focused on core financial businesses and strengthened the insurance protection function to serve the real economy under its business policy of “focusing on core businesses, boosting incomes and cutting costs, optimizing portfolios, and improving quality and efficiency.” Following the technology-driven “integrated finance + healthcare and elderlycare” strategy, Ping An continuously consolidated its integrated finance advantages, remained customer needs-oriented, and pursued high-quality development.
The overall operating results for the last year remained solid, demonstrating resilience. The Group’s operating profit attributable to shareholders of the parent company reached RMB117,989 million, and net profit attributable to shareholders of the parent company reached RMB85,665 million in 2023. Basic operating earnings per share reached RMB6.66. Three core businesses, namely Life & Health, property and casualty insurance, and banking, maintained steady performance. The three businesses delivered RMB140,913 million in operating profit attributable to shareholders of the parent company. Full year cash dividend is RMB2.43 per share, up 0.4% year on year, with total cash dividend increasing for 12 consecutive years. Life insurance returned to growth. Life & Health NBV grew 36.2% like for like driven by a 40.3% rise in agent channel NBV. Ping An continued to advance the “Integrated Finance + Healthcare and Elderlycare” synergistic strategy. The Group’s retail customers increased to 232 million as of December 31, 2023; 25.3% of them held four or more contracts within the Group, with a retention rate of 97.7%; nearly 64% used services from the healthcare and elderlycare ecosystem as of December 31, 2023. Customers entitled to service benefits in the healthcare and elderlycare ecosystem accounted for over 73% of Ping An Life’s NBV in 2023.
Ten business highlights in 2023:
- Ping An achieved steady development of core businesses. The Group’s operating profit attributable to shareholders of the parent company reached RMB117,989 million in 2023. Three core businesses, namely Life & Health, property and casualty insurance, and banking, remained steady, generating RMB140,913 million in operating profit attributable to shareholders of the parent company.
- Cash dividend has increased for 12 consecutive years. Attaching importance to shareholder returns, Ping An plans to pay a final dividend of RMB1.50 per share in cash for 2023. Full year cash dividend is RMB2.43 per share, up 0.4% year on year. Cash dividend payout ratio based on operating profit attributable to shareholders of the parent company is 37.3%, with total dividend increasing for 12 consecutive years.
- Life & Health achieved steady business development, enhanced comprehensive strength in channels, and delivered significant results in high-quality development. Life & Health NBV grew 36.2% like for like driven by a 40.3% rise in agent channel NBV due to an 89.5% increase in NBV per agent and continued strong momentum in the newly reformed bancassurance channel where NBV climbed 77.7% in 2023. Based on the latest assumptions including the return on investment and the risk discount rate, NBV of L&H amounted to RMB31,080 million. The 13-month persistency ratio rose 2.5 pps year on year.
- Ping An P&C maintained good business quality with steady revenue growth. Ping An P&C’s insurance revenue rose 6.5% year on year to RMB313,458 million in 2023. Overall combined ratio excluding guarantee insurance was 98.4%. Auto insurance combined ratio was 97.7%, better than the market average, or 96.6% excluding the impacts of natural disasters.
- Ping An delivered excellent results in insurance funds investment. Despite a complex and volatile market environment, Ping An’s insurance funds investment portfolio achieved a comprehensive investment yield of 3.6% in 2023, up by 0.9 pps year on year. The portfolio achieved a 5.2% average net investment yield and a 5.4% average comprehensive investment yield over the past decade, higher than the EV long-run investment return assumption.
- Ping An Bank maintained steady business performance and adequate risk provisions. Net profit increased 2.1% year on year to RMB46,455 million in 2023. Non-performing loan ratio was 1.06% and provision coverage ratio was 277.63% as of December 31, 2023.
- Ping An continued to develop its integrated finance model. Retail customers increased to 232 million as of December 31, 2023; 25.3% of them held four or more contracts within the Group, with a retention rate of 97.7%.
- Ping An continued to implement its healthcare and elderlycare ecosystem strategy, empowering its core businesses with differential advantages. By integrating providers, Ping An partnered with all top 100 hospitals and 3A hospitals, and accumulated about 50,000 in-house and contracted external doctors in China as of December 31, 2023. Ping An partnered with approximately 230,000 pharmacies as of December 31, 2023, up by nearly 6,000 from the beginning of 2023. Customers entitled to service benefits in the healthcare and elderlycare ecosystem accounted for over 73% of Ping An Life’s NBV in 2023.
- Ping An actively fulfilled its social responsibilities and supported the real economy. Ping An cumulatively invested over RMB8.77 trillion as of December 31, 2023 to bolster the real economy. Green investment of insurance funds and green loan balance totaled RMB128,568 million and RMB146,345 million respectively as of December 31, 2023. Green insurance premium income amounted to RMB37,296 million in 2023. Ping An has provided RMB117,882 million for poverty alleviation and industrial vitalization since the launch of “Ping An Rural Communities Support.” Ping An maintained “A” in MSCI ESG Ratings in 2023, remaining No.1 in the multi-line insurance and brokerage industry in the Asia-Pacific region.
- Ping An further increased its brand value. In 2023, Ping An ranked 33rd in the Fortune Global 500 list (1st among global insurers again and 5th among global financial services companies), 9th in the Fortune China 500 list, 16th in the Forbes Global 2000 list, and 1st in the Brand Finance Insurance 100 list in relation to global insurance brand value for the 7th consecutive year.
Life & Health delivered significant results in high-quality development with NBV growing 36.2% like for like.
Ping An Life continued to enhance its channels and improve business quality under the “4 channels + 3 products” strategy in 2023[1]. Life & Health NBV grew 36.2% like for like in 2023. Based on the latest assumptions including the return on investment and the risk discount rate, NBV of L&H amounted to RMB31,080 million. Ping An Life recorded a material improvement in its persistency ratios with the 13-month persistency ratio rising 2.5 pps year on year and 25-month persistency ratio rising 6.8 pps year on year in 2023.
The development of four channels showed significant results. In respect of the agent channel, Ping An Life advances the high-quality transformation of the agent channel and improves the team structure. On a like-for-like basis, agent channel NBV grew 40.3%, and income per agent increased 39.2% in 2023. Proportion of “Talent +” new agents increased by 25.2 pps year on year in 2023. In respect of the bancassurance channel, Ping An Life furthered the exclusive agency model with Ping An Bank. On a like-for-like basis, bancassurance channel NBV grew 77.7% in 2023, indicating high-quality, leapfrog growth with a significant increase in the channel’s contribution. In respect of the Community Grid channel, Ping An Life has set up 65 Community Grid outlets in 51 cities. Ping An Life’s 13-month policy persistency ratio of “retained customers” in the cities with Community Grid outlets improved by 5.4 pps year on year. In respect of the lower-tier channel, Ping An Life continuously promoted sales in seven provinces in 2023.
Ping An Life further diversified wealth management and insurance products, developed the pension insurance market, and consolidated insurance protection business. By leveraging the Group’s healthcare and elderlycare ecosystem, Ping An Life steadily advanced its three core services, namely the healthcare, home-based elderlycare, and high-end elderlycare. In respect of “insurance + healthcare”, Ping An Life provided health management services to over 20 million customers in 2023, and about 76% of Ping An Life‘ s newly-enrolled customers used health management services in 2023. In respect of “insurance + home-based elderlycare”, Ping An’s home-based elderlycare services covered 54 cities across China as of December 31, 2023. Over 80,000 customers have qualified for the home-based elderlycare services, giving positive general feedback. In respect of “insurance + high-end elderlycare,” Ping An has unveiled high-end elderlycare projects in four cities as of December 31, 2023, including a “Ping An Zhen Yi Nian” experience center opened in Sanya, Hainan Province in July 2023.
Ping An maintained steady growth in P&C and banking businesses, delivered excellent results in insurance funds investment, and continuously advanced its integrated finance strategy.
Ping An P&C maintained good business quality with steady revenue growth. Ping An P&C’s insurance revenue rose 6.5% year on year to RMB313,458 million in 2023. Overall combined ratio excluding guarantee insurance was 98.4%. Auto insurance combined ratio was 97.7%, better than the market average, or 96.6% excluding the impacts of natural disasters. Ping An P&C has been honored as “No.1 Brand” in China’s auto insurance and property and casualty insurance markets by the Ministry of Industry and Information Technology for 13 consecutive years. Ping An P&C’s “Ping An Auto Owner” app ranks as the largest automotive service app in China having accumulated over 200 million registered users as of December 31, 2023, with over 136 million vehicles linked to it. With leading online claims services, Ping An P&C scored 94.52 in the Auto Insurance Service Quality Index evaluation by China Banking and Insurance Information Technology Management Co., Ltd., ranking among top players in the property and casualty insurance industry.
Ping An Bank maintained steady business performance and stable asset quality. Net profit grew by 2.1% year on year to RMB46,455 million in 2023. Non-performing loan ratio was 1.06% and provision coverage ratio was 277.63% as of December 31, 2023, indicating adequate risk provisions. Retail assets under management (“AUM”) rose 12.4% from the beginning of 2023 to RMB4,031,177 million, and retail deposit balance grew by 16.7% from the beginning of 2023 to RMB1,207,618 million as of December 31,2023. Retail business realized high-quality sustainable development.
Ping An delivered excellent results in insurance funds investment. The Company’s insurance funds investment portfolio grew 9.0% from the beginning of 2023 to over RMB4.72 trillion as of December 31, 2023. The portfolio achieved a comprehensive investment yield of 3.6% in 2023, up by 0.9 pps year on year. The portfolio achieved a 5.2% average net investment yield and a 5.4% average comprehensive investment yield over the past decade, higher than the EV long-run investment return assumption.
Ping An’s integrated finance strategy is focused on deepening engagement with retail customers and developing customer groups under a customer-centric business philosophy. Integrated finance brings higher operational efficiency to Ping An, reflected especially by lower customer acquisition cost, lower management and service costs, and higher customer retention rates. The Group’s retail customers increased 2.2% from the beginning of 2023 to 232 million as of December 31, 2023; 25.3% of them held four or more contracts within the Group, with a retention rate of 97.7%. Contracts per retail customer reached 2.95. Over 88.01 million retail customers held multiple contracts with different subsidiaries.
Further developing the healthcare and elderlycare ecosystem as a new driver of value growth.
Ping An has launched an innovative Chinese “managed care model” by leveraging its more than ten years of operational and management experience in insurance and healthcare industries. The model covers multiple business lines, including finance, healthcare, and technology. Ping An builds its service moat by empowering retail financial customers and corporate clients as well as developing an online flagship medical platform. Ping An seamlessly combines differentiated healthcare and elderlycare services with financial businesses in which Ping An acts as a payer. By acting as a payer and integrating providers, Ping An offers the most cost-effective healthcare and elderlycare services under unique business models.
Over the past decade, Ping An has been building a healthcare and elderlycare ecosystem in China with increasingly significant differential advantages including online, in-store and home-delivery service capabilities, wide coverage of hundreds of healthcare and elderlycare service resources, and access to high-quality proprietary resources. This is very important for quality assurance purposes. Ping An had about 50,000 in-house and contracted external doctors as of December 31, 2023. Moreover, Ping An partnered with over 36,000 hospitals (including all top 100 hospitals and 3A hospitals in China), over 100,000 healthcare management institutions and approximately 230,000 pharmacies as of December 31, 2023.
Ping An’s healthcare and elderlycare ecosystem is creating both standalone direct value and significant indirect value by empowering core financial businesses through differentiated “Product + Service” offerings. Nearly 64% of Ping An’s 232 million retail customers used services from the healthcare and elderlycare ecosystem as of December 31, 2023. They held approximately 3.37 contracts and RMB55,900 in AUM per capita, 1.6 times and 3.5 times those held by non-users of these services respectively. Customers entitled to service benefits in the healthcare and elderlycare ecosystem accounted for over 73% of Ping An Life’s NBV in 2023. In 2023, Ping An achieved over RMB140 billion in health insurance premium income; Ping An’s healthcare ecosystem had over 56,000 paying corporate clients; Ping An Health (formerly known as Ping An Good Doctor) had nearly 40 million paying users over the past 12 months.
Technological innovations empowered core businesses and enhanced efficiency and quality. Ping An had a first-class technology team of over 20,000 technology developers and over 3,000 scientists as of December 31, 2023. With 51,533 patent applications in total, the Group ranked first globally by the number of patent applications in both fintech and healthcare. Renewal premiums collected via self-service under smart guidance increased by 13% year on year to RMB300.3 billion in 2023. The volume of services provided by AI service representatives reached about 2.22 billion times. Claims loss reduction via smart risk identification increased by 16.0% year on year to RMB10.82 billion in 2023. Ping An engages in technology business through member companies including Lufax Holding, OneConnect, Ping An Health and Autohome, providing diverse products and services for ecosystem users, with significant synergies.
Ping An actively fulfilled its social responsibilities and furthered green finance initiatives. The Group cumulatively invested over RMB8.77 trillion as of December 31, 2023 to bolster the real economy. The investments cover China’s major projects including energy, transportation, and water conservancy. Ping An P&C provided over 1,500 key engineering projects across the country with over RMB3.9 trillion worth of insurance coverage, and supported national strategic initiatives including the Belt and Road Initiative and the development of the Guangdong Hong Kong-Macao Greater Bay Area. Green investment of insurance funds and green loan balance totaled RMB128,568 million and RMB146,345 million respectively as of December 31, 2023. Green insurance premium income amounted to RMB37,296 million in 2023. Ping An has provided RMB117,882 million for poverty alleviation and industrial vitalization since the launch of “Ping An Rural Communities Support.”
To develop into a financial powerhouse, China has a long, long way to go. In 2024, Ping An will comprehensively implement the spirit of China’s Central Financial Work Conference and adhere to the business policy of “focusing on core businesses, boosting incomes and cutting costs, optimizing portfolios, and improving quality and efficiency” under a people-centered and customer needs-oriented approach. Ping An will continuously strengthen risk management, improve operations, and enhance financial service capabilities and coverages. Ping An will advance its technology-driven “integrated finance + healthcare and elderlycare” strategy and pursue high-quality development. Moreover, Ping An will comprehensively develop TechFin, green finance, inclusive finance, pension finance, and digital finance. By doing so, Ping An will create robust and sustainable long-term value for customers, employees, shareholders and society, contributing to China’s development into a financial powerhouse.
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[1] 4 channels include agent channel, bancassurance channel, Community Grid channel, and lower-tier channel, and 3 products include insurance + healthcare, insurance + home-based elderlycare, and insurance + high-end elderlycare. |
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BETHESDA, Md., Jan. 10, 2025 /PRNewswire/ — SAR, a data analytics company specialized in the securities litigation risk of U.S. public companies, today published the Securities Class Action Rule 10b-5 Exposure Report for 4Q 2024. According to the report, securities litigation exposure of public company defendants that trade in the NYSE and NASDAQ peaked during the fourth quarter of 2024, when records were set across the buoyant U.S. equity markets. During the bullish market conditions of 2024, shareholders claimed approx. $665.2 billion in market capitalization losses due to alleged violations of Rule 10b-5 – the most in the last five years.
According to the report, global quarterly Rule 10b-5 securities litigation exposure in 2024 was 17% greater than the average of 2023. Actual monetary settlements with investor plaintiffs last year were, on average, 23% greater than during the last six years.
SAR data and analysis indicate that the litigation exposure of U.S. public company defendants amounts to approximately $380.3 billion in 2H 2024. Shareholders claimed approximately $4.0 billion in market capitalization losses per securities class action filing, and approximately $2.0 billion per allegedly fraud-related stock drop in 2H 2024. The former metric increased by 32.1%, and the latter by 15.4% during the second half of 2024.
“Our data and analyses indicate that securities litigation exposure against U.S. public companies peaked in the fourth quarter of last year. This peak may be short-lived with an expected increase in volatility and new headwinds for U.S. equities given greater shareholder scrutiny of corporate disclosures. With average Rule 10b-5 settlements over 20% greater in 2024 than during the last six years, litigation activity is expected to increase in 2025,” said Anthony Kabanek, EVP of SAR.
According to the report, in 2023 and 2024 investor plaintiffs claimed $13.6 billion and $20.5 billion, respectively, in private Rule 10b-5 securities-fraud class actions that relied on short-seller research.
Key takeaways:
- 86 U.S. issuers were sued for alleged violations of Rule 10b-5 during 2H 2024. Based on allegations presented in the first-filed class action complaint against each defendant issuer, U.S. SCA Rule 10b-5 Exposure amounts to $259.4 billion. U.S. SCA Rule 10b-5 Exposure decreased -5.4% relative to 1H 2024.
- U.S. SCA Rule 10b-5 Exposure peaked in the 2nd and 3rd quarters, followed by a decline to trend in the 4th quarter of 2024.
- 9 Non-U.S. issuers were sued for alleged violations of Rule 10b-5 during 2H 2024. Based on allegations presented in the first-filed class action complaint against each defendant issuer, ADR SCA Rule 10b-5 Exposure amounts to $120.9 billion. ADR SCA Rule 10b-5 Exposure increased by 11.3x relative to 1H 2024.
- An anomalously high 4th quarter exposure among Non-U.S. issuers contributed to a remarkably volatile year for ADR SCA Rule 10b-5 Exposure.
- Rule 10b-5 private securities-fraud filing frequency and potential loss severity need not move in tandem. Global exposure increased by approximately 34% in the 2H 2024 relative to 1H 2024, while filing frequency remained relatively stable.
- 38 U.S. Large Caps were sued for alleged violations of Rule 10b-5 in 2H 2024, the same observed frequency as 1H 2024. The U.S. Large Cap SCA Rule 10b-5 Exposure amounts to $233.7 billion, a decrease of 10.1% relative to 1H 2024.
- 22 U.S. Mid Caps were sued for alleged violations of Rule 10b-5 In 2H 2024. The U.S. Mid Cap SCA Rule 10b-5 Exposure amounts to $19.8 billion, more than 3 times the amount in 1H 2024.
- 26 U.S. Small Caps were sued for alleged violations of Rule 10b-5. The U.S. Small Cap SCA Rule 10b-5 Exposure amounts to $5.9 billion, a decrease of 33% relative to 1H 2024.
- 9 Non-U.S. issuers that trade via ADRs in the U.S. public markets were sued for alleged violations of Rule 10b-5. The ADR SCA Rule 10b-5 Exposure increased by over 11.3x to ~$121 billion, relative to 1H 2024.
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STOCKHOLM, Jan. 10, 2025 /PRNewswire/ — Swedish Orphan Biovitrum AB (publ) (Sobi®) (STO:SOBI) announces today that revenue for the full year 2024 was higher than previous estimate. Full-year revenue was approximately SEK 26,000 M, representing approximately 19% growth at constant exchange rate (CER) (1). Adjusted EBITA margin (1,2) was in the mid-30s per cent of revenues.
The main reasons for the increased revenue are higher sales than expected in Q4 across the Haemophilia portfolio and for Kineret.
- Altuvoct: Higher than expected rate of new patients switching to Altuvoct in markets where the product has been launched, mainly Germany and Switzerland.
- Elocta: Benefited from higher patient numbers across markets and in markets where Altuvoct is launched there were less switches than expected from Elocta. Favorable gross-to-net effects were also observed.
- Alprolix: Higher than expected number of new patients as well as increase in on-demand treatments across Europe.
- Kineret: Higher than expected sales driven mainly by positive gross-to-net adjustments and favorable order phasing but also supported by increased demand.
- The adjusted EBITA margin remained in the expected range as the stronger revenue performance was offset by negative mix effects on the gross margin as well as investments into our launch and pipeline products in the fourth quarter.
At the publication of the Q3 2024 report on 24 October 2024 Sobi stated the outlook for the full year 2024 to be: Revenue was anticipated to grow by a mid-teens percentage at CER and adjusted EBITA margin was anticipated to be in the mid-30s per cent of revenue.
Sobi will announce its fourth quarter and full year 2024 report on Wednesday 5 February 2025 at 8:00 am CET.
About Sobi
Sobi® is a specialised international biopharmaceutical company transforming the lives of people with rare and debilitating diseases. Providing reliable access to innovative medicines in the areas of haematology, immunology, and specialty care, Sobi has approximately 1,800 employees across Europe, North America, the Middle East, Asia, and Australia. In 2023, revenue amounted to SEK 22.1 billion. Sobi’s share (STO:SOBI) is listed on Nasdaq Stockholm. More about Sobi at sobi.com and LinkedIn.
Contacts
For details on how to contact the Sobi Investor Relations Team, please click here. For Sobi Media contacts, click here.
This information is information that Sobi is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 18:00 CET on 10 January 2025.
Gerard Tobin
Head of Investor Relations
[1] Alternative Performance Measures (APMs).
[2] Excluding items affecting comparability (IAC).
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Fintech PR
Knowledge Graph Market worth $6,938.4 million by 2030 – Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., Jan. 10, 2025 /PRNewswire/ — The Knowledge Graph Market is expected to reach USD 6,938.4 million by 2030 from USD 1,068.4 million in 2024, at a Compound Annual Growth Rate (CAGR) of 36.6% from 2024–2030, according to new research report by MarketsandMarkets™.
The knowledge graphs ensure enterprise knowledge management through the rebuilding of complex data with interconnected nodes and relationships by providing a simpler way to navigate and retrieve information. It helps businesses build a fully comprehensive knowledge graph uniting disparate data sources, enables complex semantic search, context-aware recommendations, and data discovery. Knowledge graphs support better decision-making, foster innovation, and improve cooperation across teams by mapping relationships between organizational knowledge. They are particularly useful for large organizations, which depend on accessing and utilizing vast amounts of structured and unstructured data to be productive and competitive.
Browse in-depth TOC on “Knowledge Graph Market “
344 – Tables
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Scope of the Report
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Report Metrics |
Details |
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Market size available for years |
2019–2030 |
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Base year considered |
2024 |
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Forecast period |
2024–2030 |
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Forecast units |
Value (USD Million) |
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Segments Covered |
(solutions (enterprise knowledge graph platform, graph database engine, knowledge management toolset) services ( professional services, managed services) by model type (Resource Description Framework (RDF) Triple Stores, Labeled Property Graph (LPG)) by applications (data governance and master data management, data analytics and business intelligence, knowledge and content management , virtual assistants, self-service data and digital asset discovery, product and configuration management, infrastructure and asset management, process optimization and resource management, risk management, compliance, regulatory reporting, market and customer intelligence, sales optimization, other applications) by vertical (Banking, Financial Services, and Insurance (BFSI), retail and eCommerce, healthcare, life sciences, and pharmaceuticals telecom and technology, government, manufacturing and automotive, media & entertainment, energy, utilities and infrastructure, travel and hospitality, transportation and logistics, other vertical) |
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Region covered |
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
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Companies covered |
IBM Corporation (US), Oracle (US), Microsoft Corporation (US), AWS (US), Neo4j (US), Progress Software (US), TigerGraph (US), Stardog (US), Franz Inc (US), Ontotext (Bulgaria), Openlink Software (US), Graphwise (US), Altair (US), Bitnine ( South Korea) ArangoDB (US), Fluree (US), Memgraph (UK), GraphBase (Australia), Metaphacts (Germany), Relational AI (US), Wisecube (US), Smabbler (Poland), Onlim (Austria), Graphaware (UK), Diffbot (US), Eccenca (Germany), Conversight (US), , Semantic Web Company (Austria), ESRI (US) |
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By vertical, the BFSI segment to hold the largest market size during the forecast period.
The knowledge graphs serve as a strong foundation for relating customer data, transactions history, credit scores, and risk profiles within the BFSI (Banking, Financial Services, and Insurance) sector, allowing the exact relationship mapping and insights. These are also employed in fraud detection through real-time identification of hidden patterns and for regulatory compliance with standards such as AML (Anti Money Laundering) and KYC (know Your Customer), where data can be traced and is transparent. In banking, knowledge graphs facilitate credit risk analysis which makes the process of loan approval more efficient, in insurance by linking policies, claims data, and fraud indicators thus optimizing claims processing. All these will, when combined with other data points, produce AI-powered applications: personalized advice-based solutions on finances and intelligent virtual assistants, which will create operational efficiency and improved customer experience in BFSI.
Virtual assistants, self-service data, and digital asset discovery segment to have the highest growth during the forecast period.
Knowledge graphs are essential for building virtual assistants, self-service data platforms, and even digital asset discovery, for they build interconnected data networks that help in enhancing the searchability and insights. Virtual assistants use knowledge graphs to provide context-sensitive responses that improve user interactions and provide tailored recommendations. Self-service data platforms use knowledge graphs to allow business users to access and analyze complex datasets without technical help, which helps them to make better decisions. They make the identification and classification of digital resources, such as documents or media, easier through linking metadata and content relationships for the discovery of digital assets. This capability enables effective resource management, innovation, and improvement in user experience in areas such as content creation, research, and enterprise workflows.
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Asia Pacific is expected to witness the highest market growth rate during the forecast period.
The knowledge graph landscape is rapidly evolving in Asia Pacific, with initiatives across various domains. In December 2022, the National Library Board (NLB), Singapore, launched a Linked Data-based Semantic Knowledge Graph to merge resources from libraries and archives using BIBFRAME and Schema.org vocabularies for seamless updating and improved data quality. HydroKG in Australia merges hydrologic data from resources such as GeoFabric and HydroATLAS that allow for pinpoint queries on water bodies and river networks, enabling better environmental management. Japan uses knowledge graphs in manufacturing for supply chain optimization and South Korea uses it in telecommunications to enhance the customer experience through personalized AI.
Top Key Companies in Knowledge Graph Market
The major vendors covered in the Knowledge graph market are IBM Corporation (US), Oracle (US), Microsoft Corporation (US), AWS (US), Neo4j (US), Progress Software (US), TigerGraph (US), Stardog (US), Franz Inc (US), Ontotext (Bulgaria), Openlink Software (US), Graphwise (US), Altair (US), Bitnine ( South Korea) ArangoDB (US), Fluree (US), Memgraph UK), GraphBase (Australia), Metaphacts (Germany), Relational AI (US), Wisecube (US), Smabbler (Poland), Onlim (Austria), Graphaware (UK), Diffbot (US), Eccenca (Germany), Conversight (US), Semantic Web Company (Austria), ESRI (US), Datavid (UK), and SAP (Germany). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the Knowledge graph market.
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MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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Fintech3 days agoAsian Financial Forum held next week as the region’s first major international financial assembly of 2025
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Fintech PR3 days agoOWIT Global Provides Alternative Delivery Models that Adapt to the Continuously Evolving Data Security Demands of the Industry
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Fintech PR4 days agoHyundai Motor Group Executive Chair Euisun Chung Outlines 2025 Vision Driven by Commitment to Innovation, Overcoming Challenges, and Creating Opportunities in New Year’s Message
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Fintech PR4 days agoZoomlion Accelerates Global Expansion with Localized Innovations in Saudi Arabia
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Fintech PR5 days agoPayroll Service Market Anticipates Strong Growth Amid Rising Automation Demand
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Fintech PR1 day agoClear Channel Outdoor Holdings, Inc. to Sell its Europe-North Segment to a subsidiary of Bauer Media Group for $625 Million
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Fintech PR3 days agoFisher Investments Finalizes Strategic Partnership with Advent and ADIA with Completion of Minority Common Stock Investment
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Fintech PR2 days agoNium Launches Diners Club International® Card, Expanding B2B Payments Offering for Travel Industry