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

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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.

View report summary and Table of Contents (TOC):

https://www.skyquestt.com/report/artificial-intelligence-market

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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Acer Debuts on Dow Jones Sustainability World Index 2024

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Representing Top 10% of the largest 2,500 Companies in S&P BMI on long-term economic, environmental and social criteria

TAIPEI, Dec. 23, 2024 /PRNewswire/ — Acer Inc. (TWSE: 2353) announced its debut on the Dow Jones Sustainability (DJSI) World Index 2024, which comprises of the global sustainability leaders identified by S&P Global’s Corporate Sustainability Assessment (CSA). The DJSI World Index represents the top 10% of the largest 2,500 companies in the S&P Global Broad Market Index (BMI) based on long-term economic, environmental and social criteria.

At the same time, Acer was listed on DSJI’s Emerging Markets Index for the 11th consecutive year in 2024, ranking among the top companies in the THQ (Computers & Peripherals and Office Electronics) industry and scoring in the 100th percentile with full marks across various components: Transparency & Reporting, Materiality, and Customer Relationship Management.

Acer’s commitment to making a positive impact on environmental sustainability includes joining the RE100 initiative, setting the goals to source 100% renewable electricity by 2035 and to achieve net zero emissions by 2050. In 2023 the Acer Group sourced 48% renewable electricity worldwide, with 100% renewable electricity sourced in multiple countries. Acer’s efforts have been recognized in growing capacity by global sustainability accolades and indices throughout 2024:

Listed among TIME’s World’s Most Sustainable Companies.Listed in the MSCI ESG Leaders Indexes for the 11th consecutive year, garnering the best rating of “AAA”[1] that represents the top 15% in the category of technology hardware, storage and peripherals industry.Awarded Platinum medal for EcoVadis’ Sustainability Ratings for the third straight year, the highest tier of recognition representing the top 1% of rated companies[2] evaluated on sustainability across global supply chains based on four key themes: environment, labor and human rights, ethics, and sustainable procurement.A constituent of the FTSE4Good Emerging Index for the ninth consecutive year.In the subcategory FTSE4Good TIP Taiwan ESG Index[3] supported by the Taiwan Stock Exchange, which integrates ESG management practices and financial performances of companies, for the seventh year.

Acer continues to research and design climate-conscious solutions that serve both humanity and the planet, providing greener choices for a brighter future. Its eco-conscious offering includes computers and display products built with recycled materials and energy-efficient solutions, lifestyle products such e-bikes and e-scooters, energy storage solutions, along with award-winning packaging designs to contribute to the industry.

[1] MSCI ESG AAA Rating as of November 26, 2021, updated on December 10, 2024

[2] Ecovadis rating, August 2024

[3] First Taiwan domestic benchmark developed using FTSE ESG Ratings and data model, developed in partnership with Taiwan Stock Exchange’s (TWSE) wholly-owned subsidiary, Taiwan Index Plus Corp. (TIP)

About Acer

Founded in 1976, Acer is one of the world’s top ICT companies with a presence in more than 160 countries. As Acer evolves with the industry and changing lifestyles, it is focused on enabling a world where hardware, software and services will fuse with one another, creating ecosystems and opening up new possibilities for consumers and businesses alike. Acer’s 7,700 employees are dedicated to the research, design, marketing, sale, and support of products and solutions that break barriers between people and technology. Please visit www.acer.com for more information.

© 2024 Acer Inc. All rights reserved. Acer and the Acer logo are registered trademarks of Acer Inc. Other trademarks, registered trademarks, and/or service marks, indicated or otherwise, are the property of their respective owners. All offers subject to change without notice or obligation and may not be available through all sales channels. Prices listed are manufacturer suggested retail prices and may vary by location. Applicable sales tax extra.

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LG ACHIEVES 13TH CONSECUTIVE YEAR IN DOW JONES SUSTAINABILITY WORLD INDEX

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Only South Korean Company Recognized in Leisure Equipment & Products and Consumer Electronics Category for 13 Years

ENGLEWOOD CLIFFS, N.J., Dec. 23, 2024 /PRNewswire/ — LG Electronics (LG) has once again secured its position in the Dow Jones Sustainability World Index (DJSI World) for the thirteenth consecutive year. The DJSI World ranks the top 10 percent of the largest 2,500 global companies based on their economic, environmental, social, and governance (ESG) practices, serving as a critical benchmark for investors assessing corporate sustainability.

Notably, LG earned the highest overall score in the Leisure Equipment & Products and Consumer Electronics industry category. Furthermore, it remains the only South Korean company to be included in this category for 13 years running.

Additionally, LG has been included in the DJSI Asia Pacific (top 20 percent of the 600 largest companies in the Asia-Pacific region) and DJSI Korea (top 30 percent of the 200 largest companies in Korea) for 15 and 16 consecutive years, respectively.

LG received high evaluations across various ESG areas, including environmental policy and management, human rights management, human resource management, customer relations, supply chain management and product responsibility management.

Under the ESG management vision of Better Life for All, LG is carrying out various activities with the strategy of 3C for the planet (Carbon neutrality, Circularity, and Clean technology) and 3D for people (Decent workplace, Diversity & inclusion, and Design for all).

To achieve its 3C goals for the planet, LG has set ambitious targets, including reaching carbon neutrality in its product manufacturing process by 2030 and transitioning to 100 percent renewable energy by 2050.

Specifically, LG plans to reduce direct greenhouse gas emissions (Scope 1) and indirect greenhouse gas emissions (Scope 2) in the product production stage by 54.6 percent compared to 2017 levels. This will be accomplished through process improvements, the introduction of energy-saving technologies and the use of renewable energy. Notably, LG was the first company in the home appliance industry to obtain UN carbon credits in 2015.

In addition, LG is focused on reducing the unit greenhouse gas emissions of its seven major product groups (TVs, refrigerators, washing machines, dryers, home and system air conditioners, and monitors) by 20 percent compared to 2020 levels during the product use stage (Scope 3). This commitment involves various activities aimed at improving the energy efficiency of individual products, thereby reducing overall carbon emissions.

As a member of the UN Global Compact and the Responsible Business Alliance, LG complies with international human rights and labor standards and is enhancing its human rights management processes to respond to strengthening global ESG-related legislation.

In the ESG evaluation and rating announcement results published by the Korea Corporate Governance Service this year, LG received an overall A grade for four consecutive years. LG also received an A grade for five consecutive years in the ESG evaluation conducted by the global ESG evaluation agency Morgan Stanley Capital International, gaining recognition for its ESG management performance from credible domestic and international institutions.

About LG Electronics USA 
LG Electronics USA, Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics, Inc., a $68 billion global innovator in technology and manufacturing. In the United States, LG sells a wide range of innovative home appliances, home entertainment products, commercial displays, air conditioning systems, and vehicle components. LG is an 11-time ENERGY STAR® Partner of the Year. The company’s commitment to environmental sustainability and its “Life’s Good” marketing theme encompass how LG is dedicated to people’s happiness by exceeding expectations today and tomorrow. For more information, visit www.LG.com

Media Contacts:

LG Electronics USA

JL Lavina
jl.lavina@lge.com
www.LG.com 

Jennifer Tayebi
Jennifer.tayebi@lg-one.com
LGHAUS@lg-one.com

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CAS and PetroChina Shanghai Advanced Materials Research Institute announce a collaboration to accelerate new materials discovery and innovation

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SHANGHAI and COLUMBUS, Ohio, Dec. 23, 2024 /CNW/ — CAS, a division of the American Chemical Society specializing in scientific knowledge management, and PetroChina Shanghai Advanced Materials Research Institute Co., Ltd, a subsidiary of the world’s third largest oil company, China National Petroleum Corporation (CNPC), are collaborating for use of the CAS SciFinder Discovery Platform™ to accelerate research and discovery of new chemical materials.

PetroChina Shanghai Advanced Materials Research Institute Co., Ltd. was founded in 2021 to address key technological challenges in advanced chemical materials and drive a transformation of CNPC from a traditional refinery and petrochemical product provider to a more advanced and sustainable material provider. Its research focus includes high-performance engineering materials, high-performance polyolefin and elastomers, special catalysts, advanced membranes, fibers and composites, etc.

CAS, the creator of the world’s most comprehensive and authoritative curated scientific information resource, the CAS Content Collection™, which covers over 150 years of discoveries, provides content and knowledge management solutions and services that accelerate innovation. The CAS SciFinder Discovery Platform, an authoritative scientific technology solution, will enable the institute research scientists to discover more relevant information faster, identify and optimize synthetic routes through a full retrosynthetic analysis of known and undisclosed substances, and locate, compare, and understand scientific methods via the CAS Content Collection.

“We’re excited that PetroChina Shanghai Advanced Materials Research Institute will harness the CAS SciFinder Discovery Platform to accelerate their research and discovery initiatives. Combining the capabilities of this industry-leading CAS solution with the Research Institute’s expertise in material research will result in breakthroughs that bring advanced sustainable materials to the marketplace,” said Manuel Guzman, President of CAS.

PetroChina Shanghai Advanced Materials Research Institute, as a newly established innovation hub, aims to grow into a world-leading, multi-capabilities research institute that drives cutting-edge innovations, pilots industrial-scale technologies, provides technical services, and facilitates academic and value chain collaborations.

“We are very pleased to cooperate with CAS, who will be a strong partner in bringing their sophisticated scientific information solutions to facilitate and speed up our approach to advanced sciences and technologies in novel materials. We are looking forward to exploring more innovative ideas through our engagement with CAS,” said Xudong Huang, Vice President of PetroChina Shanghai Advanced Materials Research Institute.

About CAS

CAS connects the world’s scientific knowledge to accelerate breakthroughs that improve lives. We empower global innovators to efficiently navigate today’s complex data landscape and make confident decisions in each phase of the innovation journey. As a specialist in scientific knowledge management, our team builds the largest authoritative collection of human-curated scientific data in the world and provides essential information solutions, services, and expertise. Scientists, patent professionals, and business leaders across industries rely on CAS to help them uncover opportunities, mitigate risks, and unlock shared knowledge so they can get from inspiration to innovation faster. CAS is a division of the American Chemical Society. Connect with us at cas.org.

About PetroChina Shanghai Advanced Materials Research Institute

PetroChina Shanghai Advanced Materials Research Institute, located in the Lingang Shanghai, was established in December 2021. It is a wholly owned subsidiary of China National Petroleum Corporation (CNPC) with innovation functions in fundamental research, product development, industrial-scale piloting, technical service and academic collaborations. The research areas cover a broad spectrum of novel chemical materials for the markets of electronics, medical, transportation and new energy. 

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