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Asset Integrity Management Services Market Size Worth $37.92Bn, Globally, by 2027 at 8.9% CAGR – Exclusive Report by The Insight Partners

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New York, Feb. 12, 2022 (GLOBE NEWSWIRE) — The latest research study on “Asset Integrity Management Services Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Service Type (Non-Destructive Testing (NDT) Inspection, Corrosion Management, Pipeline Integrity Management, Structural Integrity Management, Risk-Based Inspection (RBI), Hazard Identification (HAZID) Study, Reliability-Availability-Maintainability (RAM) Study, Forensic Engineering, and Failure Analysis Services); Industry (Oil & Gas, Power, Marine, Mining, Aerospace, and Others) and Geography”, published by The Insight Partners.

Report Coverage Details
Market Size Value in US$ 16.85 Billion in 2017
Market Size Value by US$ 37.92 Billion by 2027
Growth rate CAGR of 8.9% from 2017-2027
Forecast Period 2017-2027
Base Year 2017
No. of Pages 204
No. Tables 12
No. of Charts & Figures 69
Historical data available Yes
Segments covered Service Type Inspection ; Industry and Geography
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Asset Integrity Management Services Market: Competitive Landscape and Key Developments
SGS AG; Intertek Group plc; Aker Solutions ASA; Bureau Veritas SA; Fluor Corporation; DNV GL AS; John Wood Group PLC; Oceaneering International, Inc.; Rosen Group; and Cybernetix SA are among the key players in the global asset integrity management services market. The leading companies are focusing on expanding and diversifying their market presence by acquiring new customer base, thereby tapping prevailing business opportunities.

In 2018, Bureau Veritas announced a strategic partnership with Avitas Systems. This partnership is expected to advance the independent inspection services by integrating Avitas Systems cloud-based platform, combining automated data collection and artificial intelligence techniques to improve the asset based risk management.

The asset integrity management services market is anticipated to witness high growth in the coming years due to strict government safety regulations and the growing need for the operational safety of aging assets in risk-based industries. However, the cost involved in non-value added maintenance and improper operation is hampering the market growth.

Asset integrity management processes enhance the capability of an asset to perform its necessary functions. It provides different services in which auditing, inspections, and overall quality processes are the tools that make an integrity management system effective. Industries such as petrochemical, oil & gas, renewable energy, power, and infrastructure opt for these services to increase productivity and meet environmental and safety concerns. These industries are risk-based and highly asset-based in which maintenance and inspection of assets are essential. The asset integrity management services ensure improved reliability, productivity, and safety of the equipment to achieve performance sustainably. Also, this system reduces the overall repair cost of the equipment with increased plant reliability. It is a cost-effective, safe, and reliable solution to maintain the company’s assets and help extend the lifetime of the equipment.

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The COVID-19 outbreak has been unprecedented and has severely affected numerous countries across the globe. The outbreak has led a majority of governments across the globe to impose lockdown and allow industries to either work with minimum workforce or shut down the production units temporarily. The businesses of asset integrity management service market players were hit hard with the COVID-19 pandemic. However, since the end of the second quarter of 2020, several countries have uplifted the lockdown imposition and are allowing the industries to operate with an increased workforce. Thus, the studied market is likely to propel as the market situation returns to normalcy.

Stringent Government Safety Regulations to Propel Growth in Coming Years:
Several companies in the asset integrity management services market offer services that comply with government regulatory requirements. Currently, with the increase in industrialization, a wide range of companies are operating for advanced solutions to improve the overall efficiency of operation. In industries such as oil & gas, power, chemical, and mining, asset integrity management services play a vital role to minimize risk during manufacturing operations. These industries are associated with several government and environmental regulations. The regulations in the oil & gas industry are employed for major objectives of protecting the environment, conserving natural resources, and protecting workers & public’s health and safety. The US is recognized as a leading producer of oil and natural gas. The manufacturing activities in the oil & gas industry comprises the involvement of a wide range of equipment and operations that causes emissions. Also, equipment operators face difficulty in maintaining the emission control equipment considering the monitoring and manufacturer’s requirements. Thus, US federal regulations cover guidelines for the overall process and asset management for health and safety of the environment and workers. Therefore, several mining, oil & gas, power, marine, and other related industries have to comply with several emission standards for the equipment, health & safety requirements and control operational malfunction. Thus, companies are inclined toward the adoption of asset management services for equipment maintenance and inspection to avoid equipment failure.

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Asset Integrity Management Services Market: Service Type
Sustainable development is a concept that addresses how the industrial assets must be exploited to receive anticipated return on investment without hampering the natural environment and societal safety. Conventionally, the performance of these assets is evaluated on the basis of financial returns. However, sole dependence on financial evaluation techniques might be suboptimal for determination of industrial assets’ performance. Thus, the industries opt for asset integrity management services that facilitate them with an assurance that the equipment and other assets operating under their surveillance are planned, designed, developed, procured, executed and maintained in a way that they do not disrupt the operation/functioning of their intended application. Some of the most prominent services considered by the industries for the asset integrity management includes Risk-Based Inspection (RBI), Forensic Engineering and Failure Analysis Services, Structural Integrity Management, Corrosion Management, Pipeline Integrity Management, Hazard Identification (HAZID) study, Reliability-Availability-Maintainability (RAM) study, and Non-Destructive Testing (NDT) Inspection.

About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Contact Us:
If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Sameer Joshi
E-mail: [email protected]
Phone: +1-646-491-9876
Press Release: https://www.theinsightpartners.com/pr/asset-integrity-management-services-market

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Artificial Intelligence

PolyU research finds improving AI large language models helps better align with human brain activity

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HONG KONG, May 27, 2024 /PRNewswire/ — With generative artificial intelligence (GenAI) transforming the social interaction landscape in recent years, large language models (LLMs), which use deep-learning algorithms to train GenAI platforms to process language, have been put in the spotlight. A recent study by The Hong Kong Polytechnic University (PolyU) found that LLMs perform more like the human brain when being trained in more similar ways as humans process language, which has brought important insights to brain studies and the development of AI models.

Current large language models (LLMs) mostly rely on a single type of pretraining – contextual word prediction. This simple learning strategy has achieved surprising success when combined with massive training data and model parameters, as shown by popular LLMs such as ChatGPT. Recent studies also suggest that word prediction in LLMs can serve as a plausible model for how humans process language. However, humans do not simply predict the next word but also integrate high-level information in natural language comprehension. 
A research team led by Prof. Li Ping, Dean of the Faculty of Humanities and Sin Wai Kin Foundation Professor in Humanities and Technology at PolyU, has investigated the next sentence prediction (NSP) task, which simulates one central process of discourse-level comprehension in the human brain to evaluate if a pair of sentences is coherent, into model pretraining and examined the correlation between the model’s data and brain activation. The study has been recently published in the academic journal Sciences Advances.
The research team trained two models, one with NSP enhancement and the other without, both also learned word prediction. Functional magnetic resonance imaging (fMRI) data were collected from people reading connected sentences or disconnected sentences. The research team examined how closely the patterns from each model matched up with the brain patterns from the fMRI brain data.
It was clear that training with NSP provided benefits. The model with NSP matched human brain activity in multiple areas much better than the model trained only on word prediction. Its mechanism also nicely maps onto established neural models of human discourse comprehension. The results gave new insights into how our brains process full discourse such as conversations. For example, parts of the right side of the brain, not just the left, helped understand longer discourse. The model trained with NSP could also better predict how fast someone read – showing that simulating discourse comprehension through NSP helped AI understand humans better.
Recent LLMs, including ChatGPT, have relied on vastly increasing the training data and model size to achieve better performance. Prof. Li Ping said, “There are limitations in just relying on such scaling. Advances should also be aimed at making the models more efficient, relying on less rather than more data. Our findings suggest that diverse learning tasks such as NSP can improve LLMs to be more human-like and potentially closer to human intelligence.”
He added, “More importantly, the findings show how neurocognitive researchers can leverage LLMs to study higher-level language mechanisms of our brain. They also promote interaction and collaboration between researchers in the fields of AI and neurocognition, which will lead to future studies on AI-informed brain studies as well as brain-inspired AI.”
Media ContactMs Annie WongSenior Manager, Public AffairsTel: +852 3400 3853Email: [email protected] 

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Artificial Intelligence

VivaTech 2024: a record-breaking event

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PARIS, May 27, 2024 /PRNewswire/ — VivaTech 2024 broke records with more than 165,000 visitors over four days, a 10% increase over 2023. The event welcomed 13,500 start-ups, a 20% increase over the previous year.

A BUSINESS AND FINANCE ACCELERATOR
VivaTech has established itself as a key business event, generating more than 400,000 online business connections this year. Startups forged business relationships with companies from 25 sectors and met over 2,000 investors.
VIVA TECHNOLOGY CONFIRMS ITS INTERNATIONAL APPEAL
The event attracted representatives from more than 120 countries and 40 national pavilions. Japan, the country of the year, showcased its ecosystem with a ministerial delegation and more than 40 startups. Africa was also in the spotlight with the Africa Tech Lab and the AfricaTech Awards, honouring innovative startups such as Schoolz, Rology and Inclusivity Solutions.
AI AND SUSTAINABLE TECH AT THE HEART OF THE PROGRAMME
VivaTech 2024 showcased the latest advances in artificial intelligence, with nearly 40% of exhibitors dedicated to this technology. Sustainable tech was also in the spotlight, especially through the Impact Bridge, a space dedicated to initiatives for a sustainable future. VivaTech’s environmental efforts were rewarded with ISO 20-121 certification.
DIVERSITY MORE THAN EVER IN VIVATECH’S DNA 
Diversity took centre stage where over 40% of speakers were women. Among the most notable initiatives, the Female Founder Challenge rewarded Albane Dersy from Inbolt. At the same time, Femtech France took advantage of the event to launch its second Femtech industry barometer.
THE MEETING PLACE FOR REVEALS, EXCLUSIVITIES AND INNOVATIONS
For four days, VivaTech was the scene of numerous revelations, with some fifty worldwide or European exclusives unveiled. Among these, Tesla’s Cybertruck made its first appearance in France, marking a highlight of the event.
INTERNATIONAL SPEAKERS
VivaTech 2024 consolidated its position as the must-attend technology event with over 400 international speakers sharing their visions on AI and sustainable tech. Speakers included Elon Musk, John Kerry, Eric Schmidt, Arthur Mensch, Robin Li, Linda Yaccarino and Serena and Venus Williams. Institutional figures such as Fumio Kishida, Bruno Le Maire and Thierry Breton also took an active part in the debates.
WE LOOK FORWARD TO SEEING YOU FROM 11 TO 14 JUNE 2025 AT PARIS PORTE DE VERSAILLES!
Contact: [email protected]
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Artificial Intelligence

Only Much Louder’s AI-powered influencer marketing tech, Hypothesis, expands globally, to empower brands to connect with international creators

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OML Entertainment’s Hypothesis is targeting the Asia–Pacific Region, Middle East, Africa, and USA by 2025.Hypothesis will open borders for brands and agencies, facilitating a region-agnostic global platformMUMBAI, India, May 27, 2024 /PRNewswire/ — Only Much Louder’s AI-powered influencer marketing tech, Hypothesis, expands its global footprint, after revolutionizing the Indian influencer market. In the first phase, Hypothesis will be available in the Asia–Pacific region (Singapore, Australia, Malaysia, Philippines, Vietnam, Thailand), Middle Eastern countries (Abu Dhabi, GCC nations, Egypt, Lebanon, Saudi Arabia, Kuwait, Qatar) as well as in Africa (Kenya, Nigeria, South Africa) and the USA.

Himani Agrawal, Senior Vice President, Hypothesis-OML, said, “At Hypothesis, we’re proud to offer a comprehensive kit for creator evaluation using 100+ data points. We provide the ultimate tool for your marketing arsenal. This is made even more convenient with our self-serve mode, empowering brands to initiate impactful influencer campaigns independently.”
Hypothesis streamlines data-driven influencer marketing globally, after recognising a critical disconnect between creator technology and services. Hypothesis was created with an inherent potential to serve a global audience, by empowering brands and agencies to transcend geographical limitations and unite discovery, outreach, and analytics in a single, user-friendly platform. This will accelerate the growth of the creator economy, creating opportunities for creators and brands.
Gunjan Arya, CEO of OML Entertainment, said, “We will be closely monitoring the milestones of Hypothesis to infiltrate the markets at the rate of 5–10% in the first year. We will also keep an eye on the acquisition rate, which is aimed to rise by 15–20%. Besides, we seek to derive over 35% of revenue from our global expansion efforts.”
With Hypothesis, OML is strategizing to expand into markets like Australia, the Asia–Pacific, the Middle East, and Africa, due to the region’s influencer marketing industry, which stands at 33.4% CAGR. Regions like the USA and the MENA have emerged as key players that are driven by advanced technologies and demand for data analytics.
Leveraging OML’s successful presence in Southeast Asia, the Middle East, Africa, and Eastern Europe, Hypothesis is set for a smooth rollout. OML’s established network, combined with their in-house expertise, will provide a strong foundation for this endeavor.
For details, visit hyp.io
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