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Artificial Intelligence (AI) Market to grow by USD 237.4 Billion (2024-2028), Fraud Prevention and malicious attacks Drives Growth, Report Explores Market Evolution Powered by AI – Technavio

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NEW YORK, Feb. 4, 2025 /PRNewswire/ — Report on how AI is driving market transformation – The global Artificial intelligence (AI) market size is estimated to grow by USD 237.4 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  30.07%  during the forecast period. Prevention of fraud and malicious attacks is driving market growth, with a trend towards increase in cloud-based ai services. However, shortage of ai experts  poses a challenge. Key market players include Advanced Micro Devices, AiCure, Arm Limited, Atomwise, Inc., Ayasdi AI LLC, Baidu, Inc., Clarifai, Inc., Cyrcadia Health, Enlitic, Inc., Google LLC, H2O.ai, HyperVerge, Inc., International Business Machines Corporation, IBM Watson Health, Intel Corporation, Iris.ai AS, Lifegraph, Microsoft, NVIDIA Corporation, Sensely, Inc.

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF

Artificial Intelligence (Ai) Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 30.07%

Market growth 2024-2028

USD 237.4 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

23.17

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 56%

Key countries

US, China, Germany, UK, and France

Key companies profiled

Advanced Micro Devices, AiCure, Arm Limited, Atomwise, Inc., Ayasdi AI LLC, Baidu, Inc., Clarifai, Inc., Cyrcadia Health, Enlitic, Inc., Google LLC, H2O.ai, HyperVerge, Inc., International Business Machines Corporation, IBM Watson Health, Intel Corporation, Iris.ai AS, Lifegraph, Microsoft, NVIDIA Corporation, Sensely, Inc.

Market Driver

Artificial Intelligence (AI) is revolutionizing businesses across various sectors with trends like deep learning, data analytics, and data science leading the way. Deep learning techniques and machine learning algorithms are powering advancements in computer vision and natural language processing. Cognitive solutions, cloud computing, and cognitive computing are transforming industries such as healthcare, banking, and e-commerce. Ethical and regulatory concerns, privacy issues, and bias in algorithms are key challenges. AI is disrupting job markets, requiring skilled professionals in software engineering and data science. Automation through robotics, chatbots, and virtual assistants is enhancing customer experiences. Edge AI and IoT are driving innovation in IT and telecommunication. Pretrained models and customizable AI are making AI accessible to businesses of all sizes. Biopharmaceutical companies, financial firms, and retailers are leveraging AI for trend forecasting, fraud prevention, and workflow management. Cutting-edge technology from tech giants and next-generation tech fields like SaaS, open-source AI platforms, and hardware are fueling the growth of the AI market. 

Artificial Intelligence (AI) is revolutionizing business operations by enabling advanced automation and analytics. Companies are adopting AI for various applications such as recommendation engines, pricing optimization, lead generation, chatbots, and supply chain optimization. However, implementing AI in an on-premises data center requires substantial computer and data storage capabilities. Developing in-house AI products can be costly, leading many businesses to consider cloud-based solutions instead. By leveraging AI, companies can improve efficiency, enhance customer experience, and gain a competitive edge. 

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 Market Challenges

•         The Artificial Intelligence (AI) market is experiencing rapid growth, with deep learning, data analytics, and data science at its core. Businesses in various sectors including healthcare, banking, e-commerce, and IT & telecommunication are leveraging AI for cognitive solutions, computer vision, and natural language processing. However, challenges such as data management, ethical concerns, regulatory issues, and privacy concerns persist. Advanced techniques like machine learning algorithms, deep learning techniques, and generative AI are driving innovation in areas like conversational AI, robotics, and edge computing. SaaS companies and tech giants are leading the way in next-generation tech fields, while open-source AI platforms offer customizable solutions. Pretrained models and AI marketplaces are simplifying access to AI for businesses. In industries like finance, cybersecurity, and legal, AI is revolutionizing fraud prevention, workflow management, and trend forecasting. The future of AI is bright, with advancements in hardware, software, and data storage enabling parallel processing and on-premises solutions. However, job displacement and bias in algorithms are significant concerns that need to be addressed. Skilled AI professionals are in high demand to meet the evolving needs of businesses.

•         Many businesses express interest in implementing Artificial Intelligence (AI) solutions, but face challenges in doing so due to resource constraints. AI applications, such as machine learning and deep learning, necessitate access to substantial data sets, specialized infrastructure, and significant processing power. Moreover, employing a team of AI experts is essential for successful implementation. However, the competition for top AI talent is intense, making recruitment challenging. Additionally, companies must carefully consider the appropriate use cases for AI algorithm deployment before investing in large-scale implementation. These requirements demand substantial investments, making AI an expensive and elusive solution for most businesses.

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Segment Overview 

This artificial intelligence (ai) market report extensively covers market segmentation by  

Component 1.1 Software1.2 Hardware1.3 ServicesEnd-user 2.1 Retail2.2 Banking2.3 Manufacturing2.4 Healthcare2.5 OthersGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and AfricaTechnology

1.1 Software-  Artificial Intelligence (AI) market growth is driven by the increasing use of AI software by developers to create intelligent applications. These tools, including algorithms, libraries, frameworks, and developer kits, enable the integration of machine learning and speech recognition capabilities into software. The adoption of AI in software development is becoming standardized, enhancing employee experience and automating manual tasks. Companies benefit from improved efficiency and better decision-making, while software engineers develop solutions for various sectors, such as corporates, using AI software. The reliance on AI software is expected to continue growing, fueling the expansion of the AI market.

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Research Analysis

Artificial Intelligence (AI) is a next-generation tech field that leverages deep learning techniques, machine learning algorithms, and cognitive solutions to enable systems to learn and perform tasks that typically require human intelligence. Deep learning, a subset of machine learning, uses neural networks and large datasets for training. Data analytics and data science are crucial components, providing the foundation for deriving insights from big data. Software engineering, algorithms, and intelligence standards ensure the development and implementation of reliable AI systems. Cloud computing, hardware, and data storage facilitate the deployment and processing of AI applications. Computer vision and natural language processing enable machines to interpret and understand visual and textual data. AI is transforming various industries, including healthcare, with automated image diagnostic and fraud prevention systems. Tech Giants, SaaS companies, and open-source AI platforms are driving the adoption of AI in diverse sectors. Parallel processing and on-premises solutions cater to specific use cases and performance requirements. Pretrained models accelerate the development of AI applications, while machine learning algorithms continue to evolve, pushing the boundaries of what’s possible.

Market Research Overview

Artificial Intelligence (AI) is a cutting-edge technology that encompasses deep learning, data analytics, data science, software engineering, cognitive solutions, and various techniques such as computer vision, natural language processing, and algorithms. It’s transforming industries like healthcare, banking, e-commerce, and more, with applications ranging from chatbots and virtual assistants to robot-assisted surgery and automated image diagnostics. AI is powered by supercomputers and quantum computers, with machine learning algorithms and big data analysis at its core. However, ethical and regulatory concerns, privacy issues, bias in algorithms, and job displacement are significant challenges. Skilled AI professionals are in high demand, and automation, robotics, and edge AI are driving innovation. AI is also being used in IT and telecommunication, retail & e-commerce, agriculture, media and entertainment, finance & accounting, cybersecurity, legal and compliance, and operation. Pretrained models, customizable AI, and AI marketplaces are making AI more accessible, while biopharmaceutical companies and private sectors are leveraging AI for fraud prevention, workflow management tools, trend forecasting, and financial firms. Conversational artificial intelligence is revolutionizing customer service, while next-generation tech fields like generative AI, open-source AI platforms, and hardware and software are pushing the boundaries of what’s possible.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ComponentSoftwareHardwareServicesEnd-userRetailBankingManufacturingHealthcareOthersGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And AfricaTechnology

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SolRiver Announces the Start of Construction on its Longleaf Solar Project in Davie County, North Carolina

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The project marks SolRiver’s 12th project in the Carolinas

ADVANCE, N.C., March 14, 2025 /PRNewswire/ — SolRiver Capital, a Denver-based renewable energy investment firm, announced the start of onsite construction at its 7 MW Longleaf Solar Project in Davie County, North Carolina. SolRiver acquired the project as a development asset, finished the remaining development work, and brought the project to Notice to Proceed (NTP). The project will be owned and operated as part of the company’s larger Carolinas portfolio.

Riley Sullivan, Executive Vice President at SolRiver Capital, commented, “When we purchased the Longleaf project, it wasn’t quite ready to build yet. Fortunately, we have a good playbook for wrapping up development and getting projects built.”

Once finished, SolRiver will have brought a dozen solar projects online in the Carolinas, totaling approximately 100 MW of generating capacity. Longleaf Solar is expected to become operational in Q2 2025. The company is also building the Williams project, a 6 MW installation expected to come online around the same time as Longleaf.

Brandon Conard, Managing Partner at SolRiver Capital, stated, “We’ve been active in this market since 2019 and are happy to add more assets to the mix in North and South Carolina.”

The project is utilizing safe-harbor panels purchased and delivered in 2023. Eligible for safe harbor, these panels were stored in a North Carolina warehouse and have been deployed on this project as well as several other projects built over the past two years. Panel deliveries were recently completed at the Longleaf site. “This approach helped us stay ahead in a rapidly evolving market.” added Brandon Conard.

About SolRiver Capital:
SolRiver Capital (https://solrivercapital.com/) is a leading renewable energy investment firm dedicated to financing the development, construction, and acquisition of projects across the U.S. Founded in 2016, SolRiver currently manages over 1.5 GW of projects across multiple markets and technologies. With a focus on forging strong partnerships and delivering innovative solutions, SolRiver Capital invests in projects that advance sustainability and foster economic growth.

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SOURCE SolRiver Capital

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Versus Sports Simulator Expands Coverage to Include Women’s D1 College Basketball and Men’s D2/D3 College Basketball

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Versus Sports Simulator expands its coverage to include Women’s NCAA D1 College Basketball and Men’s NCAA D2/D3 College Basketball, offering fans comprehensive rankings and data insights across additional divisions. This expansion further solidifies the platform’s position as a leading resource for sports analysis.

RICHMOND, Va., March 14, 2025 /PRNewswire-PRWeb/ — Versus Sports Simulator, a trusted resource for sports rankings and data analysis for over 15 years, is proud to announce the expansion of its college basketball coverage. In addition to its long-standing coverage of Men’s NCAA Division I College Basketball, the platform now offers comprehensive rankings and data insights for Women’s D1 College Basketball as well as Men’s D2 and D3 College Basketball.

Expanding our coverage to include additional college basketball divisions felt like the natural next step, and we are extremely excited to contribute our unique data insights into this space.

Founder Steve Pugh shared his excitement about the expansion: “For 15 years, fans of the game have enjoyed our College Basketball rankings and insights, and the feedback has been overwhelmingly positive. Our product has earned respect and appreciation from sports enthusiasts nationwide. Expanding our coverage to include additional college basketball divisions felt like the natural next step, and we are extremely excited to contribute our unique data insights into this space.”

The Versus Sports Simulator platform empowers sports fans, analysts, and bracket enthusiasts with proprietary mathematical models that generate precise predictions and valuable insights. Users can explore comprehensive team rankings, customize game simulations, and analyze side-by-side matchups for more than a dozen sports.

With March Madness Selection Sunday fast approaching on March 16, fans can use the Versus Sports Simulator to make informed decisions when filling out their NCAA Tournament brackets. The platform’s advanced data models provide valuable insights for identifying potential upsets, sleeper teams, and tournament favorites.

“As someone who’s personally used the Versus Sports Simulator to win my own tournament pool four of the past five years, I can confidently say — it works!” said Pugh. “I wouldn’t suggest blindly following every prediction when filling out your bracket, though. I use the tool to help me identify matchups that deserve a closer look, and then I do my homework only on those matchups. I find that it speeds up the process tremendously and helps me identify the most probable Final Four teams. And Versus Sports Simulator provides a unique blend of statistical team data that I find to be much more insightful than focusing only on player stats.”

In addition to helping fans with their brackets, Versus Sports Simulator is also available to provide daily or weekly Top 25 rankings for Men’s D1/D2/D3 and Women’s D1 basketball to interested media outlets. For journalists or publications looking to feature weekly rankings in their coverage, please reach out directly.

Explore the new rankings here:

NCAA D1 Women’s College Basketball RankingsNCAA D2 Men’s College Basketball RankingsNCAA D3 Men’s College Basketball Rankings

For additional information or media inquiries, visit VersusSportsSimulator.com or contact Steve Pugh directly.

Media Contact

Steve Pugh, Versus Sports Simulator, 1 8045370281, steve@versussportssimulator.com, https://www.versussportssimulator.com/

View original content:https://www.prweb.com/releases/versus-sports-simulator-expands-coverage-to-include-womens-d1-college-basketball-and-mens-d2d3-college-basketball-302402167.html

SOURCE Versus Sports Simulator

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Adapting to AI Regulations: Risk-Based Compliance Strategy From Info-Tech Research Group

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Info-Tech Research Group unveils a comprehensive four-step blueprint to help IT leaders navigate the growing complexity of AI compliance. The risk-based approach outlined in the resource provides IT leaders with crucial insights to mitigate legal exposure, stay ahead of tightening global regulations, and address emerging ethical challenges in the AI landscape.

TORONTO, March 14, 2025 /PRNewswire/ – Artificial intelligence is evolving at an unprecedented pace, bringing both opportunities and regulatory challenges for organizations worldwide. Recent developments, such as Spain’s new law imposing fines on unlabeled AI-generated content and legal action against Meta in France over AI training data, highlight the growing scrutiny surrounding AI compliance. Global research and advisory firm Info-Tech Research Group has a newly published resource, Develop an AI Compliance Strategy that provides organizations with a structured and risk-based approach to navigating these challenges. By following the framework outlined in this research, IT leaders can balance innovation with accountability, strengthen customer trust, and ensure long-term success.

“AI technologies are rapidly advancing, and complex regulations are emerging constantly to keep pace. Different jurisdictions have their own AI regulations, leading to a patchwork of rules that organizations must navigate,” says Safayat Moahamad, research director at Info-Tech Research Group. “While there is a growing need for AI solutions to address various business challenges, organizations must be cognizant of the obligations they may be subject to.”

Info-Tech’s insights in its Develop an AI Compliance Strategy resource explores the challenges and opportunities organizations face with the rapid rise of AI. The firm’s researchers highlight that AI applications rely on extensive data processing, making data privacy and security key concerns. As organizations work to address these challenges, establishing a clear and effective AI compliance strategy becomes essential. This process requires careful planning and prioritization to ensure compliance efforts are both comprehensive and manageable. Info-Tech advises that adopting a risk-based approach aligned with global standards allows organizations to focus on critical activities and navigate regulatory requirements with confidence.

“Business leaders have a responsibility to understand which local, national, and industry-specific regulations and standards for AI apply to their organization,” explains Moahamad. “They must identify AI systems, applications, and related vendors used within the organization.”

Info-Tech has outlined a four-step approach to help organizations proactively anticipate and address AI regulatory requirements. As AI continues to present significant opportunities for innovation and efficiency, the firm explains in its blueprint that it is crucial for organizations to balance these advantages with the challenges of compliance, transparency, and trust.

The four-step approach for IT leaders navigating AI regulatory requirements includes:

Identify AI systems and applications: Gain visibility by identifying current and planned AI solutions and develop a comprehensive portfolio of AI investments.Define controls necessary to govern the AI system: Establish controls that align with regulatory obligations and best practices to assess compliance with a responsible AI framework.Implement tasks and actions to mitigate risks: Prioritize initiatives to create a roadmap for achieving compliance, ensuring stakeholders are aligned on implementing necessary controls within established timelines.Monitor the effectiveness of the compliance program: Define metrics to track progress, periodically reviewing metrics and communicating updates to stakeholders.

By following the structured approach detailed in the blueprint, organizations can streamline the complex process of managing AI compliance. Info-Tech’s data-backed research advocates for a risk-based strategy aligned with international standards, enabling organizations to focus on critical tasks while addressing data privacy, security concerns, and regulatory obligations. This comprehensive strategy fosters responsible AI development to help IT leaders minimize legal and reputational risks and drive long-term success.

For exclusive and timely commentary from Safayat Moahamad, an expert in global privacy and cybersecurity trends, and access to the complete Develop an AI Compliance Strategy blueprint, please contact pr@infotech.com.

About Info-Tech Research Group
Info-Tech Research Group is one of the world’s leading research and advisory firms, proudly serving over 30,000 IT and HR professionals. The company produces unbiased, highly relevant research and provides advisory services to help leaders make strategic, timely, and well-informed decisions. For nearly 30 years, Info-Tech has partnered closely with teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.

To learn more about Info-Tech’s divisions, visit McLean & Company for HR research and advisory services and SoftwareReviews for software buying insights.

Media professionals can register for unrestricted access to research across IT, HR, and software and hundreds of industry analysts through the firm’s Media Insiders program. To gain access, contact pr@infotech.com.

For information about Info-Tech Research Group or to access the latest research, visit infotech.com and connect via LinkedIn and X.

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SOURCE Info-Tech Research Group

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