Evolv Technology Named Top-Tier Software Vendor by APPS RUN THE WORLD in the APPS and CLOUD TOP 500 Market Report

Evolv Technology Strengths, Domain Expertise, and Key Differentiators

Evolv Technologies Holdings, a leading player in security technology, specializes in AI-based screening solutions designed to enhance safety across various environments. 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 March 2024, Evolv Technology joined forces with Melbourne Cricket Club (MCC) for the debut deployment of Evolv Express detection screening at the renowned Melbourne Cricket Ground (MCG). This marks the largest single-stadium implementation of Express outside the U.S., ensuring advanced AI-based screening for safety during events like the recent Taylor Swift Era’s Tour. Facilitated by Convergint, the collaboration highlights Evolv's commitment to global safety measures at major sports and entertainment venues.

In September 2023, Evolv Technology introduced Evolv Extend, an AI-powered security screening innovation. Specifically designed to identify non-concealed guns approaching a venue beyond entry points, Evolv Extend empowers security personnel to swiftly address visible firearms. Developed in collaboration with Omnilert, it utilizes advanced AI visual gun detection software, providing early warnings to enhance emergency response and prioritize public safety.

In June 2022, Fayette County Schools, led by Superintendent Gary Hough, proactively adopted the GiveEvolv program to enhance safety and respect in the learning environment. Seeking an efficient solution for screening students and staff, they shifted away from impractical hand-held metal detectors. Awarded the GiveEvolv Grant, they became the inaugural candidate, receiving a fully funded Evolv Express system with a 4-year subscription. This implementation eliminated queues, reduced secondary security check alarms from 40% to less than 10%, and fortified overall student and staff security.

In March 2022, Mercedes-Benz Stadium, a strategic shift in arrival and entry management led to the adoption of Evolv Technology. The implementation of Evolv Express yielded significant outcomes, including a remarkable 3x improvement, with over 90% of fans expressing satisfaction with the ingress experience. Notably, the percentage of individuals flagged for secondary bag checks decreased from an average of 40% to an impressive range of 6% to 12%. This transformative approach not only elevated security efficiency but also contributed to a substantial improvement in the experience, morale, and retention of the security staff.

In December 2021, Emerald Queen Casino, under the direction of Security Director David Yerbury, adopted Evolv Technology's Express system for enhanced security during its post-pandemic reopening. Partnering with Velesea, the casino achieved heightened security accuracy, managing screenings with half the staff compared to magnetometer-based solutions. This implementation significantly reduced the need for secondary security checks for all guests and employees, maximizing safety without compromising the guest experience.

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 Express, Evolv Extend, Evolv Cortex AI customers.

Evolv Technology Key Enterprise and Cloud Applications

Evolv Express, Evolv Extend, Evolv Cortex AI

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Evolv Technology Direct vs Indirect sales

Evolv Technology Customers - Breakdown by Geo, Size, Vertical and Product

List of Verified Evolv Technology Customers

No. of Evolv Technology Customers: 500

No. of Evolv Technology Enterprise Applications Customers: x

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No. of Evolv Technology Cloud Subscribers: x

Evolv Technologies Holdings has established a global presence with a diverse clientele spanning multiple countries. The company serves a multitude of clients worldwide, providing innovative security solutions to enhance safety and efficiency. With a broad reach and a commitment to meeting the security needs of various industries, Evolv Technologies has garnered a substantial customer base, solidifying its position as a trusted partner in the evolving landscape of security technology. With more than 500 customers, Evolv continues to lead in delivering cutting-edge solutions for a safer world.

Evolv Technology Market Opportunities, M&A and Geo Expansions

Evolv Technologies Holdings is poised for considerable opportunities in the dynamic security technology sector. The increasing global focus on safety and security provides a robust market for Evolv's innovative AI-based screening solutions. Opportunities lie in expanding their clientele across diverse industries, including sports, entertainment, education, and beyond. With a growing demand for advanced threat detection and seamless user experiences, Evolv can leverage its cutting-edge technology to forge strategic partnerships and explore new markets. Furthermore, evolving regulations and compliance standards create avenues for the company to offer tailored solutions, positioning Evolv as a key player in shaping the future of security ecosystems worldwide.

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. At its core is an array of cutting-edge products, including the Evolv Express screening system, which utilizes AI-based weapons detection to ensure safety. The ecosystem extends to a global network of clients across diverse industries, fostering collaboration and innovation. With strategic partnerships, technological advancements, and a commitment to creating safer environments, Evolv Technologies Holdings continues to shape the landscape of security ecosystems, providing integrated solutions that transcend traditional boundaries.

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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).

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