Artificial Intelligence
Hyperloop Technology : It will change the way we travel || Research Report Covers Scope and Price Analysis, Demand Scenario, Application Analysis, Implementation challenges, Technology Behind The Hyperloop, Cost And Efficiency of The Journ
SAN FRANCISCO, March 05, 2021 (GLOBE NEWSWIRE) — The global Hyperloop Technology Market is anticipated to reach a value of US$ 820.00 million in 2021 and is expected to reach US$ XX million by 2026, at an estimated CAGR of 46.03% from 2022 to 2026.
Travel and transportation sector market players are continuously trying to find out how to increase the precision of travel, safety, and travel with growing technology. The rising requirement for these reasons is being fulfilled by using hyperloop technology as they offer breakneck speed of transportation, which is twice that of aircraft with low power consumption. The hyperloop technology in many countries is widely adopting and developing to solve traffic congestion and environmental issues. Hyperloop technology enables critical players to ensure the safety of people and the environment. The global hyperloop technology market is rapidly growing due to increased demand to enhance the travel experience by saving time and cost through hyperloop technology.
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The hyperloop technology market’s growth has been highly boosted by less travel time required and low transport costs. Hyperloop systems have a tolerance to earthquakes and other natural calamities which are promoting the growth of the hyperloop technology market, safety and security concerns of passengers in the hyperloop technology acts as major restraining factors for the global hyperloop technology market.
This hyperloop technology market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographical expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Some of the major players operating in the hyperloop technology market are AECOM, Tesla, Virgin Hyperloop, Hyperloop Transportation Technologies, SPACEX, TRANSPOD, WASHINGTON HYPERLOOP, VicHyper, Dinclix GroundWorks Private Limited., Delft Hyperloop, Hardt B.V., NEXT Prototypes e.V., Zeleros, Waterloop and Badgerloop among others. MarketDigits analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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Tube Segment is anticipated to Lead the Market:
The tube segment is anticipated to lead the market in the system type segmentation. Tube is a tunnel or an encapsulated pathway or track, where hyperloop pod travels. The tube is contained with near vacuum pressure to reduce the air drag on capsule motion. The near vacuum atmosphere in the tube is controlled by installing vacuum/pressure/evacuating pumps at regular intervals along the tube length and maintaining a pressure of around 5 to 6 pounds per square inch. Currently, these tubes are made of steel. Hyperloop tubes would be either constructed above or below the ground, occupying a smaller area than a traditional rail or road. Above the ground tubes are supported by pylons, and each tube is welded or bolted together in a side by side configuration, which allows the capsule/pod to travel in both directions. So far, the constructed hyperloop tubes are above the ground due to the following benefits:
Tube erection on pillars above the ground provided benefits of saving money, provision of protection from earthquakes, snowfall, and rainfall, and allowed the installation of solar panels on top of the tube.
The energy obtained from these solar panels is used to satisfy the operational need of the hyperloop, as power generated through the solar panels is much more than the power consumed by propulsion and evacuating pumps. Additionally, the solar energy can be stored in battery packs for operation during cloudy and rainy conditions, and during nights.
In 2018, the third hyperloop test track was noticed under construction. Hyperloop Transportation Technologies (HyperloopTT) has started assembling its tubes for constructing a 1-kilometer-long test track near its R&D center in France.
Hyperloop One has developed 500 meters long hyperloop test track in Nevada, US where hyperloop one achieved a speed of 200 miles per hour.
Hyperloop Technology Market Segmentation:
In this report, the Hyperloop technology market has been segmented into the following categories:
Hyperloop Technology Market, by Component: Capsule, Tube, Propulsion System, Route
Hyperloop Technology Market, by Transportation Type: Passenger, Cargo/Freight
Hyperloop Technology Market, by Geography: North America, Europe, Asia Pacific (APAC), Middle East & Russia
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Top Impacting Factors:
Factors that are expected to impact the growth of the global market during the forecast period are as follows:
- High speed of hyperloop technology in comparison to other modes of transportation
- Rise in environmental concerns
- Low cost of hyperloop technology as compared to other similar technologies
- Safety & security concerns
- Decongestion of traffic
Intended Audience:
- Hyperloop Technology manufacturers
- Component suppliers
- OEM
- Component distributors
- Software providers
- Testing & Engineering Firms
- Government Bodies
- Capital investors
- Research Firms
Market Analysis
Besides target market information, MarketDigits also provides information about your competitor, your customers, products etc. A few techniques we use are:
- Customer analysis
- Competitor analysis
- Risk analysis
- Product research
- Advertising research
- E-mail survey and many more…
Selecting and Establishing Research Design
The step selecting and establishing research design consists of three main steps:
- Select the research design
- Identify information types and sources
- Determine and design research instrument
Market Research Methodology
We define the research problem: The step defining the research problem exists of two main steps:
- Formulating the problem
- Establishing research objectives
MarketDigits offers four types of research design:
- Exploratory research design
- Descriptive research
- Quantitative research
- Causal research
This Hyperloop Technology report generally comprises of absolute and distinct analysis of the market drivers and restraints, major market players involved in this industry, analysis of the market segmentation, and competitive analysis of the key players. The report also endows with evaluations based on the market type, availability on-premises, organization size, end-users’ organization type, & the availability in areas such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. The moves or actions of major market players and brands are analysed in the Hyperloop Technology report that range from product developments, products launches, acquisitions, mergers, joint ventures, & future products to technologies.
This Hyperloop Technology report is an ultimate source of information about the industry, important facts and figures, expert opinions, and the latest developments across the globe. The report studies various inhibitors as well as motivators of the market in both quantitative & qualitative manner so that users can have perfect information. The base year for calculation in the Hyperloop Technology report is considered as 2021 while the historic year is 2020 which will tell you how the Hyperloop Technology market is going to perform in the forecast years. The Hyperloop Technology report introduces the basics of industry such as market definitions, classifications, applications and industry chain overview, after which it covers industry policies and plans, product specifications, manufacturing processes, cost structures and so on.
Key Benefits:
- This study comprises analytical depiction of the global hyperloop technology market with current trends and future estimations to portray the imminent investment pockets.
- The overall market potential is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current market is quantitatively analyzed from 2022 to 2026 to highlight the financial competency of the market.
- Porter’s Five Forces analysis illustrates the potency of the buyers and suppliers in the industry.
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More Information Related to TOC, Tables and Figures Can Be Provided
- No. of Hyperloop Technology Market Report Pages: 120
- No. of Tables: 90
- No. of Figures: 28
TABLE OF CONTENTS:
1 EXECUTIVE SUMMARY …………………………………………………………………………………….. 10
2 INTRODUCTION ……………………………………………………………………………………………… 12
2.1 KEY TAKEAWAYS ………………………………………………………………………………………….. 12
2.2 REPORT DESCRIPTION …………………………………………………………………………………… 12
2.3 MARKET SCOPE & DEFINITION ………………………………………………………………………… 13
2.4 STAKEHOLDERS ……………………………………………………………………………………………. 14
3 RESEARCH METHODOLOGY ………………………………………………………………………………. 15
3.1 MARKET SIZE ……………………………………………………………………………………………….. 15
3.2 KEY DATA SOURCES ………………………………………………………………………………………. 17
3.2.1 KEY DATA POINTS TAKEN FROM PRIMARY SOURCE…………………………………………….. 17
3.2.2 KEY DATA POINTS TAKEN FROM SECONDARY SOURCE ………………………………………… 18
3.2.3 LIMITATIONS/ASSUMPTIONS MADE FOR THIS REPORT ……………………………………….. 18
3.3 MARKET RESEARCH APPROACH ………………………………………………………………………. 19
3.3.1 BOTTOM UP APPROACH ………………………………………………………………………………….. 19
3.3.2 TOP DOWN APPROACH …………………………………………………………………………………… 20
3.4 DATA VALIDATION AND TRIANGULATION …………………………………………………………. 20
3.4.1 MARKET FORECASTING MODEL ……………………………………………………………………….. 22
4 MARKET OVERVIEW ………………………………………………………………………………………… 23
4.1 INTRODUCTION ……………………………………………………………………………………………. 23
4.2 MARKET DRIVERS …………………………………………………………………………………………. 24
4.2.1 SIGNIFICANT REDUCTION IN TRAVEL TIME ………………………………………………………… 24
Hyperloop Technology Market (2021 – 2026) 2
4.2.2 REQUIREMENT OF MINIMAL LAND AREA …………………………………………………………… 24
4.2.3 LOW SETUP COST …………………………………………………………………………………………… 25
4.2.4 RESISTANCE TO EXTREME WEATHER CONDITIONS ……………………………………………… 25
4.3 BARRIERS/CHALLENGES …………………………………………………………………………………. 26
4.3.1 REGULATORY CHALLENGES ……………………………………………………………………………… 26
4.3.2 TECHNICAL HURDLES ………………………………………………………………………………………. 26
4.4 MARKET OPPORTUNITIES ………………………………………………………………………………. 27
4.4.1 BOOST ENERGY EFFICIENT TRANSPORTATION ……………………………………………………. 27
4.4.2 NEED TO DECONGEST CITIES ……………………………………………………………………………. 27
4.5 VALUE CHAIN ANALYSIS…………………………………………………………………………………. 28
5 COVID 19 IMPACT ASSESSMENT ………………………………………………………………………… 30
5.1 IMPACT OF COVID-19 ON HYPERLOOP TECHNOLOGY MARKET BY TRANSPORTATION SYSTEM ……………………………………………………………………………. 30
5.2 IMPACT OF COVID-19 ON HYPERLOOP TECHNOLOGY MARKET BY TUBE MATERIAL …………………………………………………………………………………………………… 31
5.3 IMPACT OF COVID-19 ON HYPERLOOP TECHNOLOGY MARKET BY CARRIAGE …………… 32
6 INDUSTRY TRENDS ………………………………………………………………………………………….. 33
6.1 VENTURE FUNDING IN HYPERLOOP TECHNOLOGY MARKET ………………………………….. 33
6.2 LISTS OF PROJECT PROPOSALS IN THE HYPERLOOP TECHNOLOGY MARKET ……………… 36
6.3 CASE STUDIES ………………………………………………………………………………………………. 42
7 HYPERLOOP TECHNOLOGY MARKET, BY TRANSPORTATION SYSTEM ……………………….. 49
7.1 INTRODUCTION ……………………………………………………………………………………………. 49
7.2 CAPSULE …………………………………………………………………………………………………….. 50
7.3 TUBE ………………………………………………………………………………………………………….. 51
7.4 PROPULSION SYSTEM ……………………………………………………………………………………. 52
7.5 ROUTE ……………………………………………………………………………………………………….. 53
8 HYPERLOOP TECHNOLOGY MARKET, BY TUBE MATERIAL ………………………………………. 54
Hyperloop Technology Market (2021 – 2026) 3
8.1 INTRODUCTION ……………………………………………………………………………………………. 54
8.2 CARBON FIBER …………………………………………………………………………………………….. 55
8.3 VIBRANIUM ………………………………………………………………………………………………… 56
8.4 STEEL …………………………………………………………………………………………………………. 58
8.5 CONCRETE …………………………………………………………………………………………………… 59
9 HYPERLOOP TECHNOLOGY MARKET, BY CARRIAGE TYPE ……………………………………….. 61
9.1 INTRODUCTION ……………………………………………………………………………………………. 61
9.2 PASSENGER …………………………………………………………………………………………………. 62
9.3 CARGO/FREIGHT ………………………………………………………………………………………….. 64
10 HYPERLOOP TECHNOLOGY MARKET, BY REGION ………………………………………………….. 66
10.1 INTRODUCTION ……………………………………………………………………………………………. 66
10.2 NORTH AMERICA ………………………………………………………………………………………….. 67
10.2.1 NORTH AMERICA HYPERLOOP TECHNOLOGY MARKET, BY COUNTRY ……………………. 68
10.2.1.1 U.S. Hyperloop Technology Market …………………………………………………………….69
10.2.1.2 Canada Hyperloop Technology Market ……………………………………………………..69
10.2.2 NORTH AMERICA HYPERLOOP TECHNOLOGY MARKET, BY TRANSPORTATION SYSTEM …………………………………………………………………………………………………………. 71
10.2.3 NORTH AMERICA HYPERLOOP TECHNOLOGY MARKET, BY TUBE MATERIAL…………… 71
10.2.4 NORTH AMERICA HYPERLOOP TECHNOLOGY MARKET, BY CARRIAGE TYPE …………… 72
10.3 EUROPE ……………………………………………………………………………………………………… 73
10.3.1 EUROPE HYPERLOOP TECHNOLOGY MARKET, BY COUNTRY ………………………………… 74
10.3.1.1 Germany Hyperloop Technology Market …………………………………………………..74
10.3.1.2 U.K. Hyperloop Technology Market …………………………………………………………….75
10.3.1.3 France Hyperloop Technology Market ……………………………………………………….75
10.3.1.4 Rest of Europe Hyperloop Technology Market …………………………………………76
10.3.2 EUROPE HYPERLOOP TECHNOLOGY MARKET, BY TRANSPORTATION SYSTEM ………… 77
10.3.3 EUROPE HYPERLOOP TECHNOLOGY MARKET, BY TUBE MATERIAL ……………………….. 77
Hyperloop Technology Market (2021 – 2026) 4
10.3.4 EUROPE HYPERLOOP TECHNOLOGY MARKET, BY CARRIAGE TYPE ………………………… 78
10.4 ASIA PACIFIC ……………………………………………………………………………………………….. 79
10.4.1 ASIA PACIFIC HYPERLOOP TECHNOLOGY MARKET, BY COUNTRY ………………………….. 80
10.4.1.1 China Hyperloop Technology Market …………………………………………………………80
10.4.1.2 Japan Hyperloop Technology Market …………………………………………………………81
10.4.1.3 Singapore Hyperloop Technology Market …………………………………………………81
10.4.1.4 India Hyperloop Technology Market …………………………………………………………..82
10.4.1.5 Rest of APAC Hyperloop Technology Market …………………………………………..82
10.4.2 ASIA PACIFIC HYPERLOOP TECHNOLOGY MARKET, BY TRANSPORTATION SYSTEM …………………………………………………………………………………………………………. 84
10.4.3 ASIA PACIFIC HYPERLOOP TECHNOLOGY MARKET, BY TUBE MATERIAL …………………. 85
10.4.4 ASIA PACIFIC HYPERLOOP TECHNOLOGY MARKET, BY CARRIAGE TYPE ………………….. 85
10.5 REST OF THE WORLD …………………………………………………………………………………….. 86
10.5.1 REST OF THE WORLD HYPERLOOP TECHNOLOGY MARKET, BY COUNTRY ………………. 87
10.5.2 REST OF THE WORLD HYPERLOOP TECHNOLOGY MARKET, BY TRANSPORTATION SYSTEM ……………………………………………………………………………… 87
10.5.3 REST OF THE WORLD HYPERLOOP TECHNOLOGY MARKET, BY TUBE MATERIAL ……………………………………………………………………………………………………… 89
10.5.4 REST OF THE WORLD HYPERLOOP TECHNOLOGY MARKET, BY CARRIAGE TYPE ………. 90
11 COMPETITIVE ANALYSIS …………………………………………………………………………………… 91
11.1 INTRODUCTION ……………………………………………………………………………………………. 91
11.2 TOP COMPANY RANKINGS ……………………………………………………………………………… 92
11.2.1 TOP TUBE MATERIAL MANUFACTURERS ……………………………………………………………. 92
11.2.2 TOP TRANSPORTATION SYSTEM COMPANIES …………………………………………………….. 93
11.3 COMPETITIVE TREND ANALYSIS ………………………………………………………………………. 94
11.4 RECENT DEVELOPMENTS ……………………………………………………………………………….. 95
11.4.1 PARTNERSHIP ………………………………………………………………………………………………… 95
11.4.2 AGREEMENT ………………………………………………………………………………………………….. 96
11.4.3 COLLABORATION ……………………………………………………………………………………………. 97
Hyperloop Technology Market (2021 – 2026) 5
11.4.4 OTHERS* (FUNDING, GRANT, INVESTMENT, MOU, TESTING, PROJECT COMPLETION, AND NEW LOCATION) ………………………………………………………………… 98
12 COMPANY PROFILES ……………………………………………………………………………………….. 99
12.1 VIRGIN HYPERLOOP ONE ……………………………………………………………………………….. 99
12.1.1 OVERVIEW …………………………………………………………………………………………………….. 99
12.1.2 PRODUCT ………………………………………………………………………………………………………. 99
12.1.3 RECENT DEVELOPMENT…………………………………………………………………………………. 100
12.2 HYPERLOOP TRANSPORTATION TECHNOLOGIES (HYPERLOOPTT) ………………………… 102
12.2.1 OVERVIEW …………………………………………………………………………………………………… 102
12.2.2 PRODUCTS …………………………………………………………………………………………………… 102
12.2.3 RECENT DEVELOPMENT…………………………………………………………………………………. 103
12.3 TRANSPOD ………………………………………………………………………………………………… 105
12.3.1 OVERVIEW …………………………………………………………………………………………………… 105
12.3.2 PRODUCTS …………………………………………………………………………………………………… 105
12.3.3 RECENT DEVELOPMENT…………………………………………………………………………………. 105
12.4 HARDT B.V ………………………………………………………………………………………………… 107
12.4.1 OVERVIEW …………………………………………………………………………………………………… 107
12.4.2 PRODUCTS …………………………………………………………………………………………………… 107
12.4.3 RECENT DEVELOPMENT…………………………………………………………………………………. 108
12.5 ZELEROS ……………………………………………………………………………………………………. 109
12.5.1 OVERVIEW …………………………………………………………………………………………………… 109
12.5.2 PRODUCTS …………………………………………………………………………………………………… 109
12.5.3 DEVELOPMENT …………………………………………………………………………………………….. 110
12.6 DELFT HYPERLOOP ……………………………………………………………………………………… 111
12.6.1 OVERVIEW …………………………………………………………………………………………………… 111
12.6.2 PRODUCTS …………………………………………………………………………………………………… 111
12.6.3 RECENT DEVELOPMENT…………………………………………………………………………………. 111
12.7 AECOM …………………………………………………………………………………………………….. 113
12.7.1 OVERVIEW …………………………………………………………………………………………………… 113
Hyperloop Technology Market (2021 – 2026) 6
12.7.2 PRODUCTS …………………………………………………………………………………………………… 113
12.7.3 RECENT DEVELOPMENT…………………………………………………………………………………. 113
12.8 DINCLIX GROUNDWORKS PRIVATE LIMITED …………………………………………………….. 114
12.8.1 OVERVIEW …………………………………………………………………………………………………… 114
12.8.2 PRODUCTS …………………………………………………………………………………………………… 114
12.8.3 RECENT DEVELOPMENT…………………………………………………………………………………. 115
12.9 THE BORING COMPANY ……………………………………………………………………………….. 115
12.9.1 OVERVIEW …………………………………………………………………………………………………… 115
12.9.2 PRODUCTS …………………………………………………………………………………………………… 116
12.9.3 RECENT DEVELOPMENT…………………………………………………………………………………. 116
12.10 NEVOMO ………………………………………………………………………………………………….. 117
12.10.1 OVERVIEW …………………………………………………………………………………………………… 117
12.10.2 PRODUCTS …………………………………………………………………………………………………… 117
12.10.3 RECENT DEVELOPMENT…………………………………………………………………………………. 118
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Artificial Intelligence
SimSpace Welcomes Matt Knutsen as New Chief Revenue Officer to Spearhead Expansion Plan
SimSpace strengthens their leadership team, appointing Knutsen to drive revenue growth for the company as it expands further into the public sector
BOSTON, May 2, 2024 /PRNewswire/ — SimSpace, the US-based industry leader in AI-Powered cyber ranges, announced today the appointment of Matt Knutsen as its new Chief Revenue Officer (CRO). Matt will champion SimSpace’s global sales and revenue growth strategy. He will drive expansion initiatives and foster strategic partnerships to stress test businesses’ and state agencies’ people, processes and technologies against the most advanced adversaries.
With more than 20 years of experience in the field, Matt most recently held the position of CRO at cyber training provider Immersive Labs, where he increased revenue growth by over 4000% and attracted over $180M in investment. He also launched the company into new markets, expanding the team across Australia, Europe, the Middle East, New Zealand and the US. The combination of Matt’s wealth of experience and his in-depth industry knowledge make him well-equipped to lead SimSpace’s next phase of growth.
As nation-state attacks rise in frequency, and AI drives a new wave of severe cyberattacks, companies also have to navigate uncertain economic conditions. SimSpace empowers organizations to cut unnecessary spending through stack optimization, allowing CISOs to maximize their ROI and effectiveness of their technology stack. Knutsen’s influence in the field will propel the SimSpace Platform to new heights, advancing access for companies and governments that need to optimize their cybersecurity defenses and safeguard their critical infrastructure from an increasingly volatile threat landscape.
Matt Knutsen is the most recent addition to SimSpace’s Executive Leadership Team, following Clint Sand’s appointment as Chief Product Officer in February 2024. His appointment underscores SimSpace’s continued growth trajectory, headed by the $45M they secured in funding from L2 Point Management, bringing the total capital raised over the past year to $70M. The company has also bolstered their presence in the public sector, marked by their recent partnership with Carahsoft and their multi-year contract with Florida to enhance the state’s cybersecurity preparedness. SimSpace’s high fidelity cyber ranges and simulations will enable state agencies and programs like Cyber Florida to rehearse and respond to cyberattacks.
Commenting on Matt’s arrival, SimSpace CEO William Hutchison said, “Matt is a seasoned executive, who has accumulated years of knowledge on cybersecurity best practices and established himself as a leading authority in cyber range exercises. His industry influence, strategic vision and conviction in the importance of cybersecurity preparedness will shape the future success of the company at this crucial time of expansion. With Matt leading our revenue organization, we have full confidence in our capacity to deepen our valued partnerships and build strong, new connections which will further elevate SimSpace’s position as a trusted cybersecurity partner.”
Matt Knutsen, Chief Revenue Officer commented, “I’m looking forward to bringing a proactive approach to cybersecurity risk management to even more private and public sector organizations. I’ve already been impressed by SimSpace’s high-fidelity cyber range simulations, both on and off premise. It’s a great time to be joining the company and I’m excited to build upon SimSpace’s recent rapid growth with even more partnerships.”
About SimSpace
SimSpace is the global leader in AI-Powered cyber ranges, founded by experts from U.S. Cyber Command and MIT’s Lincoln Laboratory to respond to a new era of unprecedented cyber threats. Having raised nearly $70 million in funding over the past year, the company’s Platform enables the most sophisticated enterprises, governments, and critical national infrastructure organizations to find intelligence-driven answers to the most vexing security, governance, training, and cyber readiness questions. SimSpace provides high-fidelity cybersecurity simulations, training, and safe live-fire exercises to Fortune 2000 financial, retail, insurance, and other commercial markets. SimSpace’s Platform results in an average reduction in cyber operational costs of 30% and a 40% reduction in breaches.
For more information, please visit: www.SimSpace.com.
View original content:https://www.prnewswire.co.uk/news-releases/simspace-welcomes-matt-knutsen-as-new-chief-revenue-officer-to-spearhead-expansion-plan-302134892.html
Artificial Intelligence
Enterprise AI Market to Be Worth $171.2 Billion by 2031–Exclusive Report by Meticulous Research®
REDDING, Calif., May 2, 2024 /PRNewswire/ — According to a new market research report titled, ‘Enterprise AI Market by Offering (Solutions, Services), Deployment Mode, Organization Size, Technology (ML, NLP), End-use Industry (IT & Telecom, Healthcare, Retail & E-commerce, Media & Advertisement) and Geography—Global Forecast to 2031,’ the global enterprise AI market is projected to reach $171.2 billion by 2031, at a CAGR of 32.9% from 2024 to 2031.
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Enterprise artificial intelligence (AI) is the integration of advanced AI-enabled technologies and techniques within large organizations to enhance business functions. Enterprise AI encompasses routine tasks of an organization such as data collection and analysis, supply chain management, finance, marketing, customer service, human resources and cybersecurity, and risk management. Enterprise AI is an integration of AI-enabled technologies such as machine learning, natural language processing, image processing, and speech recognition. Enterprise AI is used in various industries such as media & advertising, healthcare, retail & e-commerce, BFSI, government, automotive, and IT & telecom.
The growth of the enterprise AI market is driven by enterprises’ increasing need to enhance customer satisfaction and the growing implementation of enterprise AI solutions in the IT & telecom sectors. However, the high costs of enterprise AI solutions restrain the growth of this market. Furthermore, the increasing need for conversational AI solutions for optimized sales & marketing management and the growing need to automate business processes are expected to generate growth opportunities for the players operating in this market. However, data privacy & security concerns are a major challenge impacting market growth. Additionally, the growing adoption of AI chatbots for customer interaction and the increasing integration of Machine Learning (ML) technology into enterprise AI solutions are prominent trends in this market.
The global enterprise AI market is segmented by offering (solutions and services [professional services and managed services]), deployment mode (cloud-based deployment and on-premise deployment), organization size (large enterprises and small & medium-sized enterprises), technology (machine learning, image processing, natural language processing, and speech recognition), end-use industry (media & advertising, healthcare, retail & e-commerce, BFSI, government, automotive, IT & telecom, and other end-use industries), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.
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Based on offering, in 2024, the solutions segment is expected to account for the larger share of 63% of the enterprise AI market. The segment’s large market share is attributed to the growing adoption of enterprise AI solutions to solve specific business challenges or streamline business processes and the growing implementation of these solutions to automate tasks, analyze data, and provide insights.
However, the services segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by the growing need for AI consulting, data analysis, and enterprise-grade AI solution development, maintenance, and support and the rising adoption of services to automate tasks and help improve business operations efficiently.
Based on deployment mode, in 2024, the on-premise deployment segment is expected to account for the largest share of the enterprise AI market, with a revenue contribution of around USD 13 billion. The segment’s large market share is attributed to the increasing on-premise deployment of enterprise AI solutions by large enterprises and the growing demand for service flexibility, enhanced customer experience, and efficiency in managing risks and compliance.
However, the cloud-based deployment segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by benefits associated with cloud-based deployment, including easy maintenance of customer data, cost-effectiveness, and scalability, and the increasing demand for enterprise AI solutions that support multi-cloud deployments.
Based on organization size, in 2024, the large enterprises segment is expected to account for the larger share of the enterprise AI market. The segment’s large market share is attributed to the growing emphasis on developing strategic IT initiatives among large enterprises, the increasing need to manage large volumes of customer-level data, and the early adoption of advanced technologies across various sectors such as retail, manufacturing, healthcare, and automotive.
However, the small & medium-sized enterprises segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by the increasing need for chatbots and digital assistants among small & medium-sized enterprises and the increasing need to improve performance, quality management, and customer satisfaction in call centers.
Based on technology, in 2024, the machine learning segment is expected to account for the largest share of the enterprise AI market. The segment’s large market share is attributed to the growing adoption of enterprise AI solutions with machine learning capabilities to analyze historical data and identify patterns and the increasing use of these solutions in e-commerce, streaming platforms, and content websites.
However, the natural language processing segment is expected to register the highest CAGR of 37.4% during the forecast period. The growth of this segment is driven by the growing need to understand, interpret, and generate human language data and the rising adoption of NLP to analyze user preferences, behaviors, and interactions to deliver personalized content.
Based on end-use industry, in 2024, the IT & telecom segment is expected to account for the largest share of 26% of the enterprise AI market. The segment’s large market share is attributed to the increasing demand for personalized customer experiences enabled by AI technologies, the rising adoption of AI for analyzing data from network sensors to optimize operations, and the growing utilization of AI to enhance network performance and deliver customized services. Also, this segment is expected to register the highest CAGR during the forecast period.
Based on geography, in 2024, North America is expected to dominate the global enterprise AI market. North America enterprise AI market is estimated to be worth USD 9 billion in 2024. North America’s significant market share can be attributed to the growing adoption of enterprise AI solutions in the retail, healthcare, and finance sectors, the rising implementation of AI to enhance customer engagement, inventory management, and personalized shopping experience, and the increasing use of chatbots on websites, social media platforms, and messaging apps to respond customer inquiries.
However, Asia-Pacific is expected to register the highest CAGR of 34.3% during the forecast period. The growth of this regional market is driven by the growing emphasis by companies to launch chatbots and virtual assistants in the Asia-Pacific region, growing demand for chatbots and voice assistant solutions, and increasing demand for AI-powered customer support services.
Brows in Depth Report: https://www.meticulousresearch.com/product/enterprise-ai-market-5806
The key players operating in the enterprise AI market are NVIDIA Corporation (U.S.), Google LLC (A subsidiary of Alphabet Inc.) (U.S.), Amazon Web Services, Inc. (A Subsidiary of Amazon.com, Inc.) (U.S.), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Verint Systems Inc. (U.S.), SAP SE (Germany), Pegasystems Inc. (U.S.), Wipro Limited (India), Intel Corporation (U.S.), Oracle Corporation (U.S.), Hewlett Packard Enterprise (U.S.), MicroStrategy Incorporated (U.S.), Amelia US LLC (U.S.), Sentient.io (Singapore).
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Scope of the Report:
Global Enterprise AI Market Assessment—by Offering
SolutionsServicesProfessional ServicesManaged ServicesGlobal Enterprise AI Market Assessment—by Deployment Mode
On-premise DeploymentCloud-based DeploymentGlobal Enterprise AI Market Assessment—by Organization Size
Large EnterprisesSmall & Medium-sized EnterprisesGlobal Enterprise AI Market Assessment—by Technology
Machine LearningNatural Language ProcessingImage ProcessingSpeech RecognitionGlobal Enterprise AI Market Assessment—by End-use Industry
IT & TelecomNetwork OptimizationCustomer Service Automation and Virtual AssistantsHuman Resource ManagementCustomer AnalyticsCybersecurityOther IT & Telecom Applications BFSISecurity and Risk ManagementStreamlining Regulatory ComplianceCustomer Relationship ManagementReal-Time Transaction MonitoringData Analytics & PredictionOther BFSI Applications HealthcareHospital Workflow ManagementLifestyle ManagementPatient Data & Risk AnalyticsMedical Imaging & DiagnosisPrecision MedicineRemote Patient MonitoringRobot-assisted SurgeryDrug Discovery Retail & E-commerceSearch and RecommendationsCustomer Relationship ManagementInventory ManagementSupply Chain OptimizationIn-store Visual Monitoring & SurveillancePredictive AnalyticsDemand ForecastingChatbots Media & AdvertisementChatbots and Virtual AssistantsPredictive AnalyticsSales & Marketing AutomationAdvertising RecommendationContent GenerationTalent IdentificationProduction Planning & Management AutomotiveAdvanced Driver Assistance SystemsHuman-Machine InterfaceVehicle PersonalizationDesigning and Production ManagementSupply Chain ManagementOther Automotive Applications GovernmentFraud Detection and PreventionAdministrative ProcessesDisaster Management and ResponsePersonalized User SupportOther Government Applications Other End-use IndustriesGlobal Enterprise AI Market Assessment —by Geography
North AmericaU.S.CanadaEuropeGermanyU.K.FranceItalySpainRest of EuropeAsia-PacificChinaJapanIndiaSouth KoreaSingaporeRest of Asia-PacificLatin AmericaMiddle East & AfricaRelated Reports:
Conversational AI Market by Offering, Application, Organization Size, Deployment Mode, Sector (IT & Telecommunications, BFSI, Retail & E-commerce, Healthcare & Life Sciences, Travel & Hospitality, Education, Manufacturing) – Global Forecast to 2030
Speech and Voice Recognition Market by Function (Speech, Voice Recognition), Technology (AI and Non-AI), Deployment Mode (Cloud, On-premise), End User (Consumer Electronics, Automotive, BFSI, Other End Users), and Geography – Global Forecast to 2030
AI in Manufacturing Market by Component, Technology (ML, NLP, Computer Vision), Application (Predictive Maintenance & Machinery Inspection, Quality Management, Supply Chain Optimization), End-use Industry – Global Forecast to 2030
AI in E-commerce Market by Technology (ML, NLP, Computer Vision), Business Model, Deployment Mode, Product Offering (Beauty & Fashion, Pharmaceutical, Electronic), End User (B2B, B2C), and Geography – Global Forecast to 2031
Healthcare Artificial Intelligence Market by Offering (Software, Services), Technology (ML, NLP), Application (Hospital Workflow Management, Patient Management), End User (Hospitals & Diagnostic Centers), and Geography – Global Forecast to 2031
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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Mr. Khushal BombeMeticulous Market Research Inc.1267 Willis St, Ste 200 Redding,California, 96001, U.S.USA: +1-646-781-8004Europe : +44-203-868-8738APAC: +91 744-7780008Email- [email protected] Visit Our Website: https://www.meticulousresearch.com/Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-researchContent Source: https://www.meticulousresearch.com/pressrelease/1041/enterprise-ai-market-2031
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Artificial Intelligence
Virtual Assistant Market Size to Grow USD 8613.5 Million by 2030 at a CAGR of 22.3% | Valuates Reports
BANGALORE, India, May 2, 2024 /PRNewswire/ — Virtual Assistant Market is Segmented by Type (Fax, Media), by Application (Retail & Ecommerce, BFSI, Automotive, Healthcare).
The Global Virtual Assistant Market was valued at USD 2054.5 Million in 2023 and is anticipated to reach USD 8613.5 Million by 2030, witnessing a CAGR of 22.3% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Virtual Assistant Market:
Because of its advanced digital infrastructure and early acceptance of technology, North America is the leader in the virtual assistant business. With so many tech-savvy professionals in the US and Canada, virtual assistant jobs are becoming more and more appealing to them as flexible work options. This region’s virtual assistant platform industry is growing due in part to the presence of large technological corporations and startups. Furthermore, as companies look for affordable options for administrative help, the surge in remote work trends—particularly in the wake of the pandemic—has increased demand for virtual assistants.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL VIRTUAL ASSISTANT MARKET
The growing requirement for efficient administrative support services is driving the virtual assistant market in the BFSI sector. Virtual assistants, who manage administrative tasks including data entry, document preparation, and email correspondence, are a wonderful asset to financial firms. Their remote access to planning resources from a home office makes it easier for clients to cooperate and boosts output. Additionally, virtual assistants with specialised knowledge in banking, finance, and regulatory compliance improve customer service and operational performance in the BFSI sector.
Because they offer administrative help to companies in the retail and e-commerce sectors, virtual assistants are essential to this industry. Virtual assistants let retailers focus on their main business activities by streamlining their operations and performing tasks like inventory management, product listing updates, and customer questions and orders processing. Their remote access to common calendars and other planning materials guarantees smooth client collaboration and improves responsiveness to client requests. Because virtual assistants provide flexible support services that can adjust to changing demand levels, they can help retail and e-commerce enterprises scale.
Virtual assistants are fostering growth in the automotive industry by offering administrative support services to companies in this field. Virtual assistants help auto firms with a range of duties, such as addressing client questions, making appointment arrangements, and organising logistics for car delivery and maintenance. The flexibility and efficiency of the automotive supply chain are increased by their remote access to planning documents and capacity to work from home offices. Furthermore, virtual assistants enhance client satisfaction by offering prompt help and support during the whole lifespan of a vehicle.
The market for virtual assistants is expanding in the healthcare industry as providers look to enhance patient care and streamline administrative procedures. Virtual assistants help healthcare businesses by taking care of patient queries, organizing appointments, and helping with medical paperwork duties. They may collaborate with healthcare professionals more easily and efficiently since they can work from home offices and access shared calendars and patient information. By promptly responding to questions and concerns about healthcare, virtual assistants can help to increase patient satisfaction.
The demand for cost-cutting and operational efficiency, the emergence of software-defined networking (SDN) technologies, and the growing complexity of network infrastructures are the main drivers of the market for network automation. In response to expanding digital transformation projects and the growth of cloud-based services and apps, organisations across a wide range of sectors are adopting automation to increase agility, streamline network administration operations, and boost security posture.
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VIRTUAL ASSISTANT MARKET SHARE ANALYSIS
Due to the region’s early technological adoption and strong digital infrastructure, North America now dominates the virtual assistant industry. There is a sizable pool of tech-savvy workers in the US and Canada who are increasingly looking for flexible work options in virtual assistant professions. The existence of established tech firms and new ventures focused on virtual assistant platforms contributes to the expansion of this industry in this area. In addition, as companies look for affordable options for administrative help, the need for virtual assistants has increased due to the rise in remote work patterns, particularly in the wake of the pandemic.
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Key Companies:
OracleNuance CommunicationsMicrosoftInbenta TechnologiesSamsung ElectronicsAppleIBMIntelGOOGLE INCAmazonPurchase Chapters: https://reports.valuates.com/market-reports/QYRE-Auto-21S6075/global-and-united-states-virtual-assistant/1
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
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