Technology

Artificial Intelligence Market Expansion at 15.92% CAGR by 2031 | SkyQuest Technology

Published

3 months ago

June 27, 2024

WESTFORD, Mass., June 27, 2024 /PRNewswire/ — According to SkyQuest, the global Artificial Intelligence Market size was valued at USD 157.8 Billion in 2022 and is poised to grow from USD 285.9 Billion in 2023 to USD 1,047.0 Billion by 2031, at a CAGR of 15.92% during the forecast period (2024-2031).

Artificial intelligence is developing human intelligence systems using devices to create intelligent software and hardware capable of performing human behaviors such as learning and problem solving. The report also includes AW-based solutions such as AWS Chatbots, OpenAI Codex, and Azure AI. The global market is set to grow exponentially with the rise of artificial intelligence, increased share and efficiency, growth of smaller AI providers, changing complex business models and highly personalized service requirements.

In recent years, digital technology and the widespread use of the Internet have contributed significantly to the global expansion of the AI industry. Technological advances in various industries are always driven by the huge investments in R&D by large tech companies.

In response to the introduction of new AI tools, hyper-scalers around the world are introducing AI-powered chatbots. These chatbots will compete directly with ChatGPT and help Hyper Scalar maintain its dominant position in this market. According to OpenAI, their AI tool ChatGPT reached over one million people in just five days when it was launched in November 2022. The tool can generate human-like text and translation from writing short texts, term papers and writing songs to mathematics Solution problems. But it took much longer for other popular online services to reach the million-user mark. The figures below show the time it took for popular online programs to reach a million views.

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Artificial Intelligence Market Overview:

Report Coverage

Details

Market Revenue in 2023

$ 285.9 Billion

Estimated Value by 2031

$ 1047.0 Billion

Growth Rate

Poised to grow at a CAGR of 15.92%

Forecast Period

2024–2031

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Offering, Technology, Business Function and Industry

Geographies Covered

North America, Europe, Asia Pacific, Middle East & Africa, Latin America

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Technological advancements in AI algorithms and hardware are pivotal drivers for the artificial intelligence market’s rapid growth

Key Market Drivers

The growing adoption of AI across various industries is a significant driver of market expansion

Segments covered in Artificial Intelligence Market are as follows:

OfferingHardware (AI Accelerators, Processors [Central Processing Units, Graphics Processing Units, Field Programmable Gate Arrays and Other Processors], Memory, Networking Hardware), Software (Type [discriminative AI {Classificational Algorithms, Regression Algorithm, Deep Learning Platforms, and Ensemble methods}, Deployment Model {Cloud and On-Premises}, Coding Automation {NO-CODE AI, LOW CODE AI, PRO CODE AI}]), Services (Professional Services [Training & Consulting Services, System integration & Deployment Services and Support & Maintenance Services], and Managed Services)TechnologyMachine Learning (Supervised Learning, Unsupervised Learning, Reinforcement Leaning), Natural Language Processing (Natural Language Understanding [Text-Classification NLP, Name Entity Recognition, Intent Recognition, Relationship Extraction, and Others], Natural Language Generation [Text Summarization, Machine Translation, Language Modelling, Dialogue Generation]), Computer Vision (Object Detection, Image Classification, Semantic Segmentation, Facial Recognition, and Others), Generative AI, Robotics, Autonous & Sensor technology, Context-Aware AI (Context-Aware Recommendation Systems, Multi-modal AI, and Context- Aware Virtual Assistants)Business FunctionMarketing & Sales (Customer Segmentation, Predictive Lead Scoring, Personalized Recommendations, Dynamic Pricing Optimization, Churn Prediction, Sentiment Analysis, Marketing Attribution and Others), Human Resources (Candidate Screening, Employee Retention Analysis, Performance Management, Workforce Planning & Forecasting, Employee Feedback Analysis, Skill Gap Analysis, Diversity & Inclusion Analytics and Others), Finance & Accounting (Fraud Detection, Financial Forecasting, Expense Management, Invoice Processing, Credit Risk Assessment, Regulatory Compliance, Budgeting & Planning and Others (Tax Automation, Financial Reporting Automation)), Operations (Predictive Maintenance, Supply Chain Optimization, AIops, IT Service Management, Quality Control, Route Optimization, Cold Chain Monitoring, Inventory Management, Procurement Automation, Equipment Failure Prediction, and Others), Cybersecurity (Threat Detection & Response, Anomaly Detection, Vulnerability Assessment, Identity & Access Management, Security Automation & Orchestration, Endpoint Protection, Network Traffic Analysis) and OthersIndustryBFSI (Fraud Detection & Prevention, Risk Assessment & Management, Algorithmic Trading, Credit Scoring & Underwriting, Customer Service Automation, Personalized Financial Recommendations, Investment Portfolio Management, Regulatory Compliance Monitoring and Others), Retail & E-commerce (Personalized Product Recommendation, Customer Relationship Management, Visual Search, Virtual Customer Assistant, Price Optimization, Supply Chain Management & Demand Planning, Virtual Stores and Others), Automotive, Transportation & Logistics (Semi-autonomous & Autonomous Vehicles, Route Optimization, Intelligent Traffic Management, Driver Assistance Systems, Smart Logistics & Warehousing, Supply Chain Visibility & Tracking, Fleet Management, Vehicle Diagnostics & Telematics and Others), Government & Defense (Surveillance & Situational Awareness, Law Enforcement, Intelligence Analysis & Data Processing, Simulation & Training, Command & Control, Disaster Response & Recovery Assistance, E-governance & Digital City Services and Others), Healthcare & Life Sciences (Patient Data And Risk Analysis, Lifestyle Management & Monitoring, Precision Medicine, Inpatient Care & Hospital Management, Medical Imaging & Diagnostics, Drug Discovery, AI-assisted Medical Services, Medical Research and Others), Telecommunications (Network Optimization, Network Security, Customer Service & Support, Network Planning & Optimization, Network Analytics, Intelligent Call Routing, Network Fault Prediction, Virtual Network Assistants, Voice And Speech Recognition and Others), Energy & Utilities (Energy Demand Forecasting, Grid Optimization & Management, Energy Consumption Analytics, Smart Metering & Energy Data Management, Energy Storage Optimization, Real-time Energy Monitoring & Control, Power Quality Monitoring And Management, Energy Trading & Market Forecasting, Intelligent Energy Management Systems, Others), Manufacturing (Material Movement Management, Predictive Maintenance & Machinery Inspection, Production Planning, Recyclable Material Reclamation, Quality Control, Production Line Optimization, Intelligent Inventory Management), Agriculture [Crop Monitoring & Yield Prediction, Precision Farming, Soil Analysis & Nutrient Management, Pest & Disease Detection, Irrigation Optimization & Water Management, Automated Harvesting And Sorting, Weed Detection & Management Weather & Climate Monitoring, Livestock Monitoring & Health Management, and Others] and Others), IT/ITes (Automated Code Generation & Optimization, Automated IT Asset Management, IT Ticketing & Support Automation, Intelligent Data Backup & Recovery, Automated Software Testing & Quality Assurance and Others), Media & Entertainment (Content Recommendation Systems, Content Creation & Generation, Content Copyright Protection, Audience Analytics & Segmentation, Personalized Advertising and Others) and Other Verticals

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Segments Redefining the Artificial Intelligence Market

With increasing demand for AI deployment, integration and maintenance services across industries, the service segment is the fastest growing in the global artificial intelligence market as enterprises seek to adopt AI-powered solutions. Many companies such as Accenture, IBM, and Deloitte offer comprehensive AI services that help organizations develop AI strategies, create custom AI models, and integrate AI into business processes.

The fastest growing category is NLP or Natural Language Processing due to its widespread use in various industries, increased demand for conversational AI while virtual assistants and chatbots playing a more important role in enhancing human-computer interaction which has also boosted the market. Transformer models such as GPT-3 and BERT, have greatly improved the capabilities of NLP for greater efficiency and versatility. Companies like Google, Amazon and Apple use NLP extensively for things such as understanding and responding to commands, translating text and speech, analyzing social media posts to predict public sentiment and much more.

The Asia Pacific region in the market is expected to witness the fastest growth during the forecast period. Demand for technology is growing due to increasing investments by many companies in the use of AI. In addition, the Asia Pacific artificial intelligence market is expanding, as AI is applied in a variety of industries, including automotive, healthcare, retail and food and beverage industries.

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AI: Shaping the Future of Industries Worldwide

Artificial intelligence continues to revolutionize industries, driving innovation, efficiency and economic growth. As AI technologies continue to evolve, their roles will become more diverse and impactful. Artificial intelligence has emerged as a transformative force, reshaping industries from healthcare to finance through automation, predictive analytics and personalized experiences. However, to unlock the real potential of Artificial Intelligence, ethical considerations, data privacy, and the need for a skilled workforce must be addressed. AI advancements pave way for innovation, expanded applications and integration into everyday life, paving the way for a smarter, more connected future.

Related Report:

Generative AI Market

Artificial Intelligence of Things (AIoT) Market

Edge Artificial Intelligence (AI) Market

Mobile Artificial Intelligence (AI) Market

Artificial Intelligence (AI) Hardware Market

About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

Contact:

Mr. Jagraj Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/

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Technology

The Lacek Group Champions “Infinite Personalization” in New White Paper

Published

2 mins ago

September 24, 2024

New AI tools and deeper data curation offer marketers the potential for limitless customization.

MINNEAPOLIS, Sept. 24, 2024 /PRNewswire/ — According to a recent report, 70% of brands agree that AI adoption will bring personalization to new heights and build deeper, more meaningful connections with their audiences. But few brands have harnessed these new technology tools to achieve those outcomes, often due to a lack of understanding about what’s involved.

70% of brands agree that AI adoption will bring personalization to new heights.

What if marketers could create a highly personalized communications plan for every individual in a database? What if the personalization was reflected across more than just content, but also cadence, preferred channel, layout, offers, and more? Further, what if a marketing plan could adapt in real time to meet each customer’s evolving preferences and needs? That’s infinite personalization.

For decades, communications and marketing professionals labored through an intensive annual process to craft an organization’s marketing plan. As mass-marketing capabilities evolved to allow for content tailored to unique audiences, brands have been relying on customer persona-led segmentation paired with small-scale content personalization. AI technology will drive this capability at scale, deeper data curation and sophisticated content adaptivity are vital to a new era of infinite personalization.

This white paper spotlights in-market examples and shares a four-step, AI-informed process aimed at leveling up brands’ marketing efforts:

Use multiple data points to create customer insights to hone personalization efforts at scaleEnhance and enrich personalization with adaptive content that evolves to reflect customers’ preferencesIndividualize delivery cadence and frequency to drive the highest levels of engagementLeverage split testing to the nth degree using A/B testing at the individual level

Download a copy of the full “Infinite Personalization: AI Makes It Possible” white paper and learn more about The Lacek Group at lacek.com.

About The Lacek Group
For more than 30 years, The Lacek Group has been perfecting the art and algorithms of brand devotion. We help world-class brands identify their highest-potential customers, engage them across channels throughout their lifecycles, personalize each relationship for optimal long-term results, and measure the true effectiveness of those efforts. The Lacek Group is an Ogilvy One company.

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SOURCE The Lacek Group

Technology

The Starr Conspiracy Rebrands as TSC and Appoints Ashley Bernard as CEO

Published

2 mins ago

September 24, 2024

Name change, new leadership, and new services are designed to empower tech companies to break free from outdated marketing playbooks and drive real growth.

FORT WORTH, Texas, Sept. 24, 2024 /PRNewswire/ — The Starr Conspiracy is now TSC.

A full stack marketing agency known for its work with top tech companies today announced a significant rebrand. The agency will now be known as TSC, a name many of its clients have used for years. The change marks the evolution of a brand that has served the tech industry for 25 years.

This rebrand reflects TSC’s new direction, which includes a revitalized leadership team, expanded service offerings, and a new headquarters in Fort Worth’s cultural district. The rebrand is officially being unveiled at the 2024 HR Technology Conference & Exposition, offering attendees a first look at the agency’s new era.

With over a decade at the agency, Ashley Bernard will be the new Chief Executive Officer. She is widely respected for her leadership and deep affinity for customer experience. Bernard’s leadership is instrumental in driving TSC’s innovative approach and she will continue to lead the transformation.

“TSC is known for pushing boundaries and thinking differently,” Bernard said. “Our rebrand builds on what makes us unique and reflects who we are today — a full stack agency, redefining marketing for tech companies. Marketing has changed, tech has changed, and so have we.”

Bret Starr, TSC’s founder, and Bernard have shared the CEO seat for over a year. Working side-by-side on the rebrand, they invested heavily in AI and reimagined TSC’s services.

“There is literally no one in the world that I trust more to lead us into the future during such transformative times,” Starr said. “Ashley has a clear vision for our agency and a spotless track record of achievement and success. Our agency is stronger with her at the helm.”

In addition to Bernard’s appointment as CEO, two other leadership team members will be taking on expanded roles as part of the agency’s transformation. Racheal Bates, Vice President of Customer Experience, and JJ La Pata, Vice President of Digital Strategy and Insights, will play critical roles in driving the agency’s innovative approach to radical go-to-market strategies, experience design, brand strategy, defining moments, and sales experience alignment. TSC’s new services are designed to empower tech companies to break free from outdated marketing playbooks and drive real growth.

Bret Starr will remain fully engaged with the agency in his new role as Chief AI Officer, where he will focus exclusively on advancing B2B marketing theory, driving AI innovation, and enhancing client success.

“Our approach is centered around creating abundant experiences that resonate deeply with people,” Bernard said. “At TSC, we don’t believe in just optimizing old models. We blow them up and create something entirely new — taking into account holistic experiences and that build lasting connections.”

With a focus on redefining the marketing landscape, TSC’s leadership team is excited to bring their clients a fresh perspective.

For more information on TSC’s rebrand and services, visit TSC.chat.

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SOURCE The Starr Conspiracy

Technology

LearnLaunch Fund + Accelerator brings its Demo Day back to EDTECH WEEK in NY for a Demo Week experience

Published

2 mins ago

September 24, 2024

BOSTON, Sept. 24, 2024 /PRNewswire/ — LearnLaunch Fund + Accelerator is thrilled to announce the successful completion of its Breakthrough to Scale program by five exceptional edtech companies. They now will be in the spotlight during EDTECH WEEK in New York City – the largest gathering of edtech investors and innovators on the East Coast, from October 8th to 10th.

After completing an intensive 12-week accelerator program focused on iterative, milestone-driven growth strategy, these visionary founders are now ready to showcase their exceptional solutions on a grand stage. The five companies will be appearing in the Navigating Career Pathways, Designing the Future of Work, and Innovation in K-12 Shark Tanks:

Highfive (Indianapolis, Indiana) reimagines school discipline systems to foster safe and connected communities. The company equips schools with data-driven tools that empower educators to cultivate safe, connected, and supportive learning environments.

Prentus (Miami, Florida) is a career success platform that enables transition from learning to earning leveraging the power of AI and community. Built to serve outcome-oriented schools and jobseekers, Prentus provides tools to save coaches time and reduce time to employment.

Reflection Sciences (Minneapolis, Minnesota) supports cognitive skills in early childhood, ensuring all kids are ready to succeed in school and in life. The product combines an objective measure of childhood cognitive function with classroom curriculum and supplemental interventions for ages 3 to 9 that improve brain development and later academic outcomes.

Hardskills (Singapore) is an immersive, cinematic, AI-powered platform for businesses to train essential professional skills like thinking critically, empathy, influencing, resilience, collaboration, and a growth mindset. Using unique training insights, Hardskills drives workforce engagement and alignment across multinational corporations resulting in higher productivity and reduced costs.

Thriving Students Collective (Oakland, California) empowers educators and mental health professionals with professional development solutions to effectively support neurodiverse students. With its robust library of video classes, practical tools, and a professional community, the company helps educators tackle complex learning challenges and reduce burnout and turnover.

This group exemplifies new methods and measurements approaches in education and workforce upskilling. “The education industry is seeking new ways to gauge success, and we are excited to see these teams working on meaningful impact metrics. Unsurprisingly, ‘impact measurement’ is a key theme at NY EdTech Week. It’s important to discuss new assessments and nuanced human capabilities that will become increasingly important in the age of AI,” said Jean Hammond, LearnLaunch Partner. Hammond will contribute to the “Measuring What Matters: How to Evaluate EdTech Product Impact” panel discussion.

The LearnLaunch team is featured on many expert panels during the two-day event. Venture Partner Jamie Farrell will offer insights from edtech founders on surviving tumultuous times and Auditi Chakravarty will delve into the commercialization of edtech R&D. Also, LearnLaunch Partner, Tetyana Atashkina, will participate at “Decoding the VC-Founder Match: What Investors Really Look For.”

LearnLaunch Fund + Accelerator is dedicated to supporting impact-driven entrepreneurs in achieving product-market fit and developing scalable go-to-market strategies. Focusing on companies with revenue potential and scalable impact, their unique approach nurtures long-term funding, partnerships, and growth.

Contact:
Tetyana Astashkina
Email: Tetyana@learnlaunch.com

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SOURCE LearnLaunch Fund + Accelerator