Evolv Technology Strengths, Domain Expertise, and Key Differentiators
Evolv is designed to transform human security to make a safer, faster, and better experience for the world’s most iconic venues and companies as well as schools, hospitals, and public spaces, using industry leading artificial intelligence (AI)-powered screening and analytics. Its mission is to transform security to create a safer world to live, work, learn, and play. Evolv has digitally transformed the gateways in many places where people gather by enabling seamless integration combined with powerful analytics and insights. The company's strengths lie in its innovative product offerings, particularly the Evolv Express and Evolv Extend systems. The Evolv Express system ensures fast and accurate screening for potential threats, optimizing security processes. Meanwhile, Evolv Extend extends detection capabilities to identify non-concealed weapons approaching a venue, bolstering overall security. With a commitment to creating safer experiences, Evolv Technologies combines cutting-edge technology with a focus on efficiency, accuracy, and rapid response, making it a prominent player in the evolving landscape of security solutions.
Evolv Technology Recent Developments
In September 2024, Evolv unveiled two new offerings at the Global Security Exchange (GSX)—Evolv eXpedite, an autonomous AI-driven weapons detection system for bags, and Evolv Eva, a personal safety app. These solutions, along with Evolv Express and Evolv Visual Gun Detection, form the Evolv Safer Experience System, allowing customers to integrate multiple security layers seamlessly. Evolv eXpedite enhances screening efficiency, enabling guests to move at the pace of life without removing items from bags, with future enhancements planned to help enforce policies on prohibited items like vapes, further strengthening security and compliance.
In September 2023, the company introduced Evolv Extend, designed to detect non-concealed firearms approaching venues beyond entry points, providing early warnings through advanced AI visual gun detection developed in collaboration with Omnilert.
Evolv Technology Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Evolv Technology applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Evolv Technology and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Evolv Insights, Evolv Cortex AI customers.
Evolv Technology Overview
500 Totten Pond Road, 4th floor
Waltham, MA, 2451, United States
1 781-374-8100
https://www.evolvtechnology.com/
Ownership: - NASDAQ: EVLV
Number of Employees: 293
Functional Markets: Analytics and BI,
Key Verticals: Education, Government, Healthcare, Leisure and Hospitality, Non Profit,
Evolv Technology Key Enterprise and Cloud Applications
Evolv Insights, Evolv Cortex AI
Evolv Technology Revenues, $M:
| Type/Year | 2023 | 2024 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| Enterprise Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
| Cloud Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Evolv Technology Revenue Breakdown By Type, $M:
Evolv Technology Enterprise Applications Revenues By Functional Markets, $M:
Evolv Technology Enterprise Applications Revenues By Verticals, $M:
Evolv Technology Revenues By Region, $M
| Region | % of Total Revenues | 2024 Total Revenues, $M | 2024 Enterprise Applications Revenues, $M | 2024 Cloud Applications Revenues, $M |
|---|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe | Subscribe |
Evolv Technology Direct vs Indirect sales
| Type | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
Evolv Technology Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified Evolv Technology Customers
No. of Evolv Technology Customers: 850
No. of Evolv Technology Enterprise Applications Customers: x
No. of Evolv Technology Cloud Customers: x
No. of Evolv Technology Cloud Subscribers: x
As of December 31, 2024, Evolv Technology has surpassed 6,000 Evolv Express units deployed globally, activating approximately 470 new multi-year subscriptions. The company added around 60 new customers across industries such as education, healthcare, professional sports and live entertainment, tourist attractions, and industrial workplaces. Its presence in schools has expanded to over 1,200 buildings, with nearly 100 new additions, while its healthcare footprint now includes over 450 hospital buildings, adding 30 new sites. Additionally, Evolv secured its first orders for Evolv eXpedite, its AI-powered weapons detection solution for bag screening, reinforcing its commitment to advancing security technology across diverse sectors.
Among its customers are: Adventure Aquarium, Boston Properties, Cannery Hall, Dayton Live, Cheetah Club Atlanta, Florida Performing Arts Center, Fox Theatre, Kentucky Kingdom, Lincoln Center for the Performing Arts, Montgomery Whitewater Park, National Children’s Museum, Oklahoma City Community College, Pittsburgh Cultural Trust, Shedd Aquarium, TGL Golf Arena, USS Midway Museum, Washington State Fair, Birmingham Race Course Casino, Little River Casino Resort, Saracen Casinos, City of Chattanooga, City of Detroit, Detroit-Wayne Joint Building Authority, Belmont University, Boston College, Butler University, Cape Fear Community College, Rochester Institute of Technology, Aultman Hospital, Emory Healthcare, Grady Health System, Nicklaus Children’s Health System, Southern Ohio Medical Center, Answers in Genesis, King Jesus Ministry, Merage Jewish Community Center, IADB, Mattel, Manchester City, Atlanta Public Schools, Clayton County School District, Florence 1 Schools, Niagra Falls School District, Acrisure Stadium, AO Manchester Arena, Aston Villa Football Club, Chicago Cubs, Children’s Mercy Park, FC Dallas, Kansas City Soccer, Motorpoint Arena, Mercedes-Benz Stadium and many other.
Evolv Technology Market Opportunities, M&A and Geo Expansions
Evolv Technology sees its recent leadership changes as a strategic opportunity to accelerate growth and innovation in AI-driven security solutions. With the appointment of John Kedzierski as Chief Executive Officer and President, effective December 16, 2024, the company gains a leader with deep expertise in security technology and business transformation. Additionally, the appointment of Robert E. Marshall, Jr. as Chief Revenue Officer, effective February 3, 2025, strengthens Evolv’s go-to-market strategy and revenue expansion efforts. These leadership changes position Evolv to enhance its market presence, drive innovation, and further its mission of creating safer environments through cutting-edge AI technology.
Evolv Technology Risks and Challenges
While Evolv Technologies Holdings demonstrates significant promise in the security technology landscape, there are inherent risks to consider. Market competition, rapid technological advancements, and evolving regulatory landscapes pose challenges. Adapting to emerging threats and maintaining the effectiveness of AI-based solutions amid changing security paradigms is crucial. Additionally, any unforeseen technical issues or cybersecurity vulnerabilities could impact the company's performance. As with any technology-driven industry, continuous vigilance and adaptability are essential to navigate potential risks successfully.The company, an early-stage player in the security screening industry, confronts various challenges, including a history of losses, reliance on reseller partners, and potential disruptions in the supply chain. Competition in the evolving security screening market poses additional risks, alongside regulatory concerns, customer implementation challenges, and the need for ongoing innovation. Potential investors are advised to carefully assess these risks before considering investment in the company's common stock.
Evolv Technology Ecosystem, Partners, Resellers and SI
Evolv Technologies Holdings operates within a dynamic and comprehensive ecosystem designed to revolutionize security technology. With strategic partnerships, technological advancements, and a commitment to creating safer environments, Evolv Technologies continues to shape the landscape of security ecosystems, providing integrated solutions that transcend traditional boundaries.
Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
For additional information on our methodologies, here's the link:
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