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Artificial Intelligence

Artificial Intelligence Market Size to surpass US$ 1394.30 Billion by 2029 | CAGR 20.1% (2022-2029)

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Pune, India, June 09, 2022 (GLOBE NEWSWIRE) — The artificial intelligence (AI) market valuation is slated to increase from USD 387.45 billion in 2022 to USD 1,394.30 billion by 2029, expanding at a CAGR of 20.1% during the forecast duration (2022-2029). Growing investment in AI technology by enterprises of all sizes across industries is expected to garner momentum in the next several years. The rising demand for artificial intelligence technology across various induce verticals such as a retail, BFSI, healthcare, food and beverages, automotive, and logistics is significantly contributing towards the growth of the global market. This information is published by Fortune Business Insights™, in its report titled “Artificial Intelligence (AI) Market Forecast, 2022-2029.”

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The growing applications and easy deployment modes have dragged the governments’ attention toward AI technology, which led to the growing investments by governments in AI and its related technologies. Furthermore, progress in the profound learning and Artificial Neural Networks (ANN) has also fueled the adoption of Artificial intelligence (AI) in several industries, such as aerospace, healthcare, manufacturing, and automotive. Also, growth in the demand for analyzing and interpreting large amounts of data is boosting the demand for artificial intelligence industry solutions.

Industry Development:

April 2021 – Microsoft Corporation, the U.S. based multinational tech major, announced the acquisition of Nuance Communications, Inc., a leading AI and cloud software provider. Nuance primarily caters to the healthcare industry, and its acquisition would support Microsoft Cloud for Healthcare.

Report Scope & Segmentation

Report Coverage Details
Forecast Period 2022 to 2029
Forecast Period 2022 to 2029 CAGR 20.1%
2029 Value Projection USD 1394.30 Billion
Base Year 2021
Artificial Intelligence Market Size in 2021 USD 328.34 Billion
Historical Data for 2018 to 2020
No. of Pages 160
Segments covered Component, Function, Deployment, Industry and Geography
Artificial Intelligence Market Growth Drivers Key Players Emphasize R&D and Acquisitions to Deliver Customized Solutions
Heightened Demand from Healthcare led to 150% Surge in Market Growth during 2020  
Advancing Landscape of Artificial Internet of Things (AIoT) to Open Up New Growth Opportunities 
North America generated USD 143.49 Billion in 2021 and will Grow Substantially through 2029

Heightened Demand from Healthcare led to 150% Surge in AI Market Growth

Artificial intelligence market growth experienced an upward trend during the COVID-19 pandemic, as AI adoption surged across healthcare. Compared to 2019, a staggering 150% increase in market growth was observed during 2020. AI has emerged as a highly sought-after technology in healthcare during COVID-19, from tackling pandemic-related challenges to providing efficient and reliable models for improved outcomes. Drug discovery is also an important area of application for AI technology. Recently, Facebook AI and Tata Consultancy Services were seen utilizing AI to better understand the coronavirus and identify potential molecules against the pandemic. Apart from healthcare, retail, ecommerce, logistics, and transportation have been among the leading adopters of the technology.

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https://www.fortunebusinessinsights.com/industry-reports/artificial-intelligence-market-100114

Drivers & Restraints:

Advancing Landscape of Artificial Internet of Things (AIoT) to Open Up New Growth Opportunities

Although the adoption of IoT has increased tenfold in recent years, connected devices have comparatively lower memory, making it more complex to collect and analyze data in real-time. Consequently, Artificial Intelligence of Things (AIoT) is gaining rapid traction across the world. The technology helps boost operational efficiency, improve IoT scalability, improvise solutions and services, improve risk management, and cut down unplanned downtime and associated costs. New AIoT solution are constantly entering the market. Citing a recent instance, in May 2021, Bosch unveiled The Phantom Edge – a new AIoT platform that provides real-time data on energy consumption at manufacturing facilities.

However, despite the increasing penetration of AI, its application could be limited due to factors such as data protection and privacy concerns.

Growing focus towards developing autonomy in robots

AI technology is significantly driving the robotics industry. The rising competitiveness in the market has encouraged the businesses to adopt fully automated robots that can interact and perceive the surroundings. The deep learning, machine learning, and other AI technologies are gaining a rapid traction in the development of automated robots across the globe. The surging demand for the robotics across various end use verticals is expected to drive the growth of the artificial intelligence market during the forecast period.

Report Coverage:

The report offers:

  • Major growth drivers, restraining factors, opportunities, and potential challenges for the AI market
  • Comprehensive insights into the regional developments
  • List of major industry players
  • Key strategies adopted by the market players
  • Latest industry developments include product launches, partnerships, mergers, and acquisitions

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Regional Insights:

North America generated USD 143.49 Billion in 2021 and will Grow Substantially through 2029

North America dominated the global artificial intelligence market share in 2020 with, recording USD 143.49 billion in annual revenue. Led by the U.S., the region is slated to show similar trends over the forthcoming years. The presence of established AI companies and emergence of new start-ups will strengthen the regional outlook.

The market in Asia Pacific is slated to grow at the fastest CAGR over 2022-2029, led by the increasing 5G deployment in China, Japan, South Korea, India, and Singapore. Meanwhile, the European AI market will expand on account of increased federal funding in AI technology.

Market Segments:

In terms of component, the artificial intelligence market share is segmented into software, hardware, and services.

By function, the market share is broken down into marketing & sales, human resources, product/service deployment, risk, service operation, supply-chain management, and others. The others segment is bifurcated into corporate finance and strategy.

Based on deployment, the market share is split into on-premises and cloud.

According to industry, the market share is divided into healthcare, IT & telecom, retail, BFSI, advertising & media, automotive, manufacturing, and others.

Region-wise, the market share is segregated into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa.

The Report Lists the Key Players:        

  • Amazon, Inc. (Washington, U.S.)
  • IBM Corporation (New York, U.S.)
  • Microsoft Corporation (Washington, U.S.)
  • Salesforce.com Inc. (California, U.S.)
  • Alphabet Inc. (Google LLC) (California, U.S.)
  • NVIDIA Corporation (California, U.S.)
  • Baidu, Inc. (Beijing, China)
  • SAP SE (Walldorf, Germany)
  • Oracle Corporation (Texas, U.S.)
  • Hewlett Packard Enterprise Company (Texas, U.S.)
  • SAS Institute Inc. (North Carolina, U.S.)    

Quick Buy – Artificial Intelligence Market Research Report 2029:

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Major Table of Contents:

  • Global AI Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
    • Key Findings
    • By Component (USD)
      • Hardware
      • Software/Platform
      • Services
    • By Function (USD)
      • Human Resources
      • Marketing & Sales
      • Product/Service Deployment
      • Service Operation
      • Risk
      • Supply-Chain Management
      • Others (Strategy and Corporate Finance)
    • By Deployment (USD)
      • Cloud
      • On-premises
    • By Industry (USD)
      • Healthcare
      • Retail
      • IT and Telecom
      • BFSI
      • Automotive
      • Advertising & Media
      • Manufacturing
      • Others
    • By Region (USD)
      • North America
      • Europe
      • Middle East & Africa
      • Asia Pacific
      • Latin America
  • North America Artificial Intelligence Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
    • Key Findings
    • By Component (USD)
      • Hardware
      • Software/Platform
      • Services
    • By Function (USD)
      • Human Resources
      • Marketing & Sales
      • Product/Service Deployment
      • Service Operation
      • Risk
      • Supply-Chain Management
      • Others (Strategy and Corporate Finance)
    • By Deployment (USD)
      • Cloud
      • On-premises
    • By Industry (USD)
      • Healthcare
      • Retail
      • IT and Telecom
      • BFSI
      • Automotive
      • Advertising & Media
      • Manufacturing
      • Others
    • By Country (USD)
      • United States
        • By Component
      • Canada
        • By Component
  • Europe Artificial Intelligence Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
    • Key Findings
    • By Component (USD)
      • Hardware
      • Software/Platform
      • Services
    • By Function (USD)
      • Human Resources
      • Marketing & Sales
      • Product/Service Deployment
      • Service Operation
      • Risk
      • Supply-Chain Management
      • Others (Strategy and Corporate Finance)
    • By Deployment (USD)
      • Cloud
      • On-premises
    • By Industry (USD)
      • Healthcare
      • Retail
      • IT and Telecom
      • BFSI
      • Automotive
      • Advertising & Media
      • Manufacturing
      • Others

TOC Continued…!

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.

US: +1 424 253 0390

UK: +44 2071 939123

APAC: +91 744 740 1245

Email: [email protected]

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

50 Scholarships Empowering STEM & Sustainability Education for UK Youth

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NEW YORK, April 15, 2024 /PRNewswire/ — AFS Intercultural Programs, a global non-profit educational exchange organisation, is proud to announce the second year of Global STEM Innovators scholarships in the United Kingdom – equipping young people with access to STEM, sustainability, and global competence education.

The AFS Global STEM Innovators is a five-week, full-scholarship exchange program, for 50 youth (ages 14 to 17), that fosters the understanding and skills needed to help the world transition to a more sustainable future. The program combines an interactive virtual exchange focused on global skills, and a week-long, in-person workshop focused on innovations in STEM. Scholars will explore sustainability and social impact through diverse perspectives, innovations, and real-world case studies, including opportunities to meet with STEM industry leaders and experts.
Upon program completion, scholars earn the award-winning AFS Global Competence Certificate and are invited to join the AFS Global STEM alumni community, which offers mentorship, networking, and further academic and professional development opportunities.
Program Dates
Application Deadline: 15 May 2024Virtual Exchange: 8 July – 9 August 2024 (online)Workshop: 11-17 August 2024 (in-person)Eligibility
Legal residence in one of the following postcode areas: Aberdeen (AB), Cardiff (CF), Darlington (DL), Newport (NP), Swansea (SA), or Teesside (TS)Birthdate: 1 January 2007 – 31 July 2010AFS has partnered with Celtic English Academy in Wales to administer the program. Full scholarship funding is provided by bp, which supports AFS Global STEM programs to help build the STEM talent that the world needs to create sustainable solutions and improve the diversity of talent in STEM.
AFS brings decades of expertise in impact-driven educational exchange and the power of a global network. “We know that young people are eager to innovate and bring positive change to their communities, and we are proud to empower young people with critical global skills and knowledge, like cross-cultural communication, empathy, and conflict resolution,” says Daniel Obst, President & CEO of AFS. “Educating more young people to become global citizens is crucial to create a more sustainable future.”
To learn more or apply, please visit https://afs.org/global-stem/innovators/.
 
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Artificial Intelligence

Zimperium Positioned as the Leader in the 2024 SPARK MatrixTM for In-App Protection by Quadrant Knowledge Solutions

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The Quadrant Knowledge Solutions SPARK Matrix™ provides competitive analysis & ranking of the leading In-App Protection vendors.Zimperium, with its comprehensive technology for In-App Protection, has received strong ratings across the parameters of technology excellence and customer impact.MIDDLETON, Mass., April 15, 2024 /PRNewswire/ — Quadrant Knowledge Solutions announced today that it has named Zimperium as the 2024 technology leader in the SPARK Matrix™: In-App Protection, Q2 2024.

 
The Quadrant Knowledge Solutions SPARK Matrix™ includes a detailed analysis of the global market dynamics, vendor landscape, and competitive positioning. The study also provides a competitive analysis and ranking of the leading In-App Protection providers in the form of the SPARK Matrix™. The study also provides strategic information for users to evaluate different vendor capabilities, competitive differentiation, and market positions.
Ayush Patidar, Analyst at Quadrant Knowledge Solutions, states, “Zimperium’s Mobile Application Protection Suite (MAPS) provides ‘shift left’ security to Android and iOS mobile applications through a unified security platform that protects sensitive user information through app shielding techniques and advanced cryptographic key protection capabilities. Zimperium has received strong ratings across technology excellence and customer impact and has been positioned as a leader in the SPARK Matrix: In-App Protection, Q1 2024.”
 “In-app protection capabilities enable seamless integration of security throughout the application lifecycle from development to runtime without slowing down releases.  The app’s comprehensive protection prevents reversing and tampering in app stores and defends against on-device threats,” said Krishna Vishnubhotla, Vice President of Product Marketing, Zimperium. “Being able to update the in-app detections and responses over the air is key as it allows security teams to keep up with evolving threats without having to release a new app every time.”
Additional Resources:
For more information about Zimperium, visit hereSPARK Matrix: In-App Protection, Q1 2024Complimentary Download – SPARK Matrix: In-App Protection, Q1 2024: LinkAbout Zimperium
Zimperium enables companies to realize the full potential of mobile-powered business by activating a Mobile-First Security Strategy. Built for the demands of mobile business, Zimperium’s Mobile-First Security Platform™ delivers unmatched security across both applications and devices. Only Zimperium delivers autonomous mobile security that dynamically adapts to changing environments so companies can securely capitalize on the new world of mobile-powered opportunities. Zimperium is headquartered in Dallas, Texas and backed by Liberty Strategic Capital and SoftBank. For more information, follow Zimperium on Twitter (@Zimperium) and LinkedIn, or visit www.Zimperium.com.
Zimperium Media Contacts:
Lisa Bergamo [email protected]  (650) 380-9250, Sena McGrand [email protected] (917) 941-4975
About Quadrant Knowledge Solutions
Quadrant Knowledge Solutions is a global advisory and consulting firm focused on helping clients in achieving business transformation goals with Strategic Business and Growth advisory services. At Quadrant Knowledge Solutions, our vision is to become an integral part of our client’s business as a strategic knowledge partner. Our research and consulting deliverables are designed to provide comprehensive information and strategic insights for helping clients formulate growth strategies to survive and thrive in ever-changing business environments.
For more available research, please visit https://quadrant-solutions.com/market-research/
Quadrant Media Contact:Mr. Ajinkya Ingle Quadrant Knowledge Solutions Regus Business Center 35 Village Road, Suite 100, Middleton Massachusetts 01949 United StatesEmail: [email protected] Phone: (+1) 978-344-2770
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Artificial Intelligence

Broadcom Earns Frost & Sullivan’s 2024 Global Company of the Year Award for Delivering Reliable and Flexible Hybrid Cloud Management Solutions

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Broadcom’s VMware software leads the industry with its innovative approach to hybrid cloud management, providing businesses with unparalleled visibility, automation, and control over diverse IT environments.
SAN ANTONIO, April 15, 2024 /PRNewswire/ — Frost & Sullivan recently researched the hybrid cloud management industry and based on its findings, recognizes Broadcom Inc. with the Global Company of the Year Award. This award is based on VMware software which Broadcom acquired in November 2023.

VMware software unifies and streamlines hybrid cloud environments and accelerates app innovation for the world’s most complex organizations. VMware hybrid cloud management solutions are globally recognized for their comprehensive features and integrations that extend visibility and control to Kubernetes environments and applications. VMware software, however, is unique based on in its integrated support for various infrastructures and its focus on automation to ensure consistent security and governance policies, reduce human error, and maintain budget alignment.
Through its acquisition of VMware, and with its strategic product development and highly innovative approach, Broadcom has solidified its position as a leader in the hybrid cloud management space. The company has solidified its position as a leader in the hybrid cloud management space by offering features not offered by other providers, including support for Kubernetes environments. Its hybrid management platforms support the widest variety of infrastructures and clouds in the market today, and recent enhancements have strengthened its security capabilities.
“Broadcom has earned its leadership position by acquiring VMware’s highly successful hybrid cloud platform. As Broadcom drives VMware’s roadmap for continued enhancements around app-aware infrastructure management comes to fruition, the company will experience continual growth as a market leader,” said Karyn Price, Industry Principal, ICT at Frost & Sullivan.
Recognizing the evolving needs of the global market, VMware successfully integrated new functionality by acquiring companies such as Mesh7 and SaltStack prior to the Broadcom acquisition. Mesh7 brought valuable API management capabilities, enhancing VMware’s service offerings, while SaltStack improved the company’s event-driven automation and security operations. This blend of strategic acquisitions with in-house platform development has allowed the company to offer a versatile solution that addresses a broad spectrum of cloud management demands.
Furthermore, VMware consistently demonstrated an unwavering commitment to organic growth, mainly through enhancing its app-aware infrastructure management capabilities. By consistently developing and updating its product suite, VMware ensured its offerings remained at the forefront of technology, catering to the dynamic needs of businesses undergoing digital transformation. In addition, Broadcom leverages generative artificial intelligence (AI) automation features, showing strategic thinking and leadership in platform growth and evolution. As a result, this commitment to innovation and growth positions VMware software as a key participant in the hybrid cloud management space, and Broadcom is expected to strengthen its market leadership in the next few years.
“With VMware software, Broadcom is one of the few providers that offers integrated support for APAC-based infrastructure providers and boasts the broadest variety of infrastructures supported on its hybrid cloud management platform,” noted Price.
Each year, Frost & Sullivan presents a Company of the Year award to the organization that demonstrates excellence, in terms of growth strategy and implementation in its field. The award recognizes a high degree of innovation with products and technologies and the resulting leadership, in terms of customer value and market penetration.
Frost & Sullivan Best Practices Awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.
About Frost & Sullivan
For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.
Contact:
Tarini SinghP: +91- 9953764546E: [email protected] 
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