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eClinical Solutions Market to Reach Valuation of USD 27 Bn at CAGR of 12.8% by 2032 – Report by Market.us

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New York, April 25, 2023 (GLOBE NEWSWIRE) — Market.us forecasts that the eClinical Solutions market will achieve a CAGR of 12.8% between 2023 and 2032, resulting in a market size of over USD 27 billion by 2032, up from USD 8 billion in 2022. Additionally, the development of the market for eClinical solutions in developed countries like the U.S. is greatly influenced by the existence of a strict regulatory framework for clinical trials and a greater requirement for safety monitoring. For instance, the National Institutes of Health and the U.S. Department of Health and Human Services are encouraging the exchange of clinical data and strengthening the criteria for registering clinical trials. One of the key factors driving the market for eClinical solutions is the soaring demand from pharmaceutical and biopharmaceutical businesses for software solutions for clinical trials. Moreover, expanding the end-user base for eClinical solutions and increasing government funds to support trials are predicted to drive the market for these products throughout the study period.

eClinical Solutions Market

To get additional highlights on major revenue-generating segments, Request an eClinical Solutions Market sample report at https://market.us/report/eclinical-solutions-market/request-sample/

Key Takeaway:

  • By Product, in 2022, Electronic Clinical Outcome Assessment (eCOA) dominate the eClinical market.
  • By Mode Of Delivery, Due to the higher level of interoperability of these products, the web-hosted sector, with a market share of USD $2973.24 million, dominated the market in 2022.
  • By Development Phase, the phase III sector of clinical trials dominated the eClinical solutions market in 2022, as more pharmaceuticals successfully advanced to phase III.
  • By end-user, the Pharmaceutical & Biotechnology Companies dominate the market.
  • In 2022, North America dominated the market with the highest revenue share.

Factors affecting the growth of eClinical Solutions?

  • Increasing Adoption of Clinical Trials: As the pharmaceutical industry continues to grow, there is an increasing need for clinical trials to test new drugs and treatments. The adoption of eClinical solutions is growing as they offer an efficient and cost-effective way to manage these trials.
  • Technological Advancements: The development of new technologies such as cloud computing, big data analytics, and mobile devices has enabled eClinical solutions to become more accessible, faster, and more efficient. This has led to increased adoption and growth of the eClinical solutions market.
  • Need for Real-time Data: eClinical solutions provide real-time access to data from clinical trials, which can be crucial in decision-making. The ability to quickly and easily access data can lead to more efficient and effective clinical trial management, which is essential for drug development.
  • Increasing Regulations: The pharmaceutical industry is heavily regulated, and there are strict guidelines that need to be followed during clinical trials. eClinical solutions can help to ensure compliance with these regulations, leading to increased adoption.
  • Growing Pressure to Reduce Costs: Clinical trials can be expensive, and eClinical solutions can help to reduce costs by streamlining processes and improving efficiency. As the pressure to reduce costs continues to grow, eClinical solutions become more attractive.
  • Growing Demand for Personalized Medicine: Personalized medicine is an emerging field that requires more complex and customized clinical trials. eClinical solutions offer the flexibility to customize trials to individual patients, leading to increased adoption in this area.

To understand how our report can bring a difference to your business strategy, Inquire about a brochure at https://market.us/report/eclinical-solutions-market/#inquiry

Top trends of the eClinical Solutions market

Cloud-based eClinical solutions are becoming more and more popular, due to their scalability, cost-effectiveness, and ease of deployment. Furthermore, cloud-based systems offer improved data security and accessibility. The integration of AI and Machine Learning into eClinical solutions is growing, providing opportunities to enhance efficiency and accuracy in clinical trial data management and analysis. This includes predictive analytics, natural language processing, and image recognition. There is an increasing emphasis on patient-centricity in clinical trials, creating a unique opportunity for eClinical solution providers to create patient-centric products such as ePRO systems and mHealth applications. There is an increasing emphasis on regulatory compliance, particularly within the pharmaceutical industry. This includes using electronic signatures and audit trails to guarantee data integrity and adherence to regulatory requirements. Overall, the eClinical solutions market is rapidly transforming with an emphasis on cloud-based solutions, AI/ML technologies, patient centricity, wearable devices & IoT applications, virtual trials & regulatory compliance.

Market Growth

The rise in investments by pharmaceutical and biotechnology companies in drug development and clinical research is expected to drive the demand for eClinical solutions. These solutions help companies to improve the efficiency of clinical trials, reduce costs, and accelerate the drug development process. Overall, it is anticipated that the market for eClinical solutions will expand as more pharmaceutical and biotechnology companies realize the value of effective data management and analysis in clinical trials and as consumer demand for more sophisticated eClinical solutions rises.

Regional Analysis

Based on area analysis with a $4.20 billion market valuation, North America dominates. The Middle East and Africa (MEA) area includes Israel, Saudi Arabia, the United Arab Emirates, South Africa, Egypt, and the Philippines in addition to the rest of the world. North America has dominated the market for e-clinical solutions due to the growing target population and rising prevalence of lifestyle-related diseases like diabetes and heart conditions. Large unmet medical requirements and an increase in the prevalence of serious chronic diseases like cancer, cardiovascular problems, and communicable diseases are to blame for Asia-expected Pacific’s CAGR of 15.4% from 2023 to 2030.

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Scope of the Report

Report Attribute Details
Market Value (2022) USD 8 billion
Market Size (2032) USD 27 billion
CAGR (from 2023 to 2032) 12.8%
North America Revenue Share 64%
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032

Market Drivers

With the increasing complexity of clinical trials and the need for more efficient data management, clinical trial automation has become a critical part of the drug development process. This is driving the demand for eClinical solutions, which enable the automation of key clinical trial processes. Chronic diseases, such as cancer, diabetes, and cardiovascular disease, are on the rise globally. This has led to an increase in the number of clinical trials focused on developing treatments for these diseases, which in turn is driving the demand for eClinical solutions. The drug development process is expensive and time-consuming. eClinical solutions offer a cost-effective way to streamline the drug development process, which has led to their increasing adoption by pharmaceutical companies.

Real-world data is becoming increasingly important in drug development, as it can provide insights into how drugs perform in the real world. eClinical solutions are key in collecting, managing, and analyzing real-world data from clinical trials. Advancements in technology, such as cloud computing, mobile devices, and artificial intelligence, are driving the development of more sophisticated eClinical solutions that can automate a wider range of clinical trial processes and provide more advanced analytics.

Market Restraints

Along with the drivers, the eClinical solutions market also faces some restraints, including:

  • High implementation and maintenance costs: eClinical solutions require significant investment in terms of implementation and maintenance, which can be a barrier to adoption, especially for small and mid-sized pharmaceutical companies.
  • Lack of standardization: There is a lack of standardization in the eClinical solutions market, which can lead to compatibility issues and increase the complexity of the drug development process.
  • Data security concerns: Clinical trial data is highly sensitive and confidential, and there is a risk of data breaches or unauthorized access to data. This can create concerns around data security and privacy, which can impact the adoption of eClinical Solutions. 

Market Opportunities

The eClinical solution market offers numerous opportunities for growth and innovation. Some of the key opportunities in this market include:

  • Increasing demand for efficient clinical trial management: As the number of clinical trials continues to increase, the demand for efficient clinical trial management solutions is also on the rise. eClinical solutions offer an integrated approach to managing clinical trials, including data collection, analysis, and reporting, which can help improve efficiency and reduce costs.
  • Advancements in technology: With the rapid advancements in technology, eClinical solutions are becoming more sophisticated and offer a wide range of features and functionalities. These include electronic data capture, clinical trial management systems, and electronic patient-reported outcomes.
  • Rising adoption of cloud-based solutions: Cloud-based eClinical solutions are becoming increasingly popular due to their ease of use, scalability, and cost-effectiveness. Cloud-based solutions also offer real-time data access, which can help improve decision-making and accelerate clinical trial timelines.

Grow your profit margin with Market.us – Purchase This Premium Report at https://market.us/purchase-report/?report_id=100469

Report Segmentation of the eClinical Solutions Market

Product Insight

Electronic Clinical Outcome Assessment (eCOA) dominates the eclinical industry, according to product analysis. The different market segments for eClinical include the Clinical Analytics Platform, Clinical Data Integration Platform, Clinical Trial Management Systems (CTMS), Electronic Clinical Outcome Assessment (eCOA), Electronic Data Capture (EDC), Clinical Data Management Systems (CDMS), Electronic Trail Master Files (eTMF), Randomization and Trial Supply Management (RTMS), Safety Solutions, and Others. The CTMS group, which in the past brought in the most money, held sway over the market for eClinical solutions. eCOA is anticipated to advance most quickly during the anticipated era as a result of the expanding significance of high-quality clinical data. The inclusion of eCOA in the measurement of patient-reported, clinician-reported, and observer-reported outcomes is growing, which helps to maintain total quality.

Mode of Deliver  Insight

The eClinical market is segmented into three groups based on the delivery channel: cloud-based, licensed enterprise, and web-hosted (on-demand) (SaaS). Due to these goods’ greater interoperability, the web-hosted sector dominated the market in 2022 with a market share of $2973.24 million. The cloud-based category is expected to experience the highest CAGR of 13.4% during the projection period for eclinical solutions due to its flexibility, broad accessibility, low handling costs, and straightforward data backup. The web-hosted category, which produced the largest income share throughout history, dominated the market for eClinical solutions. Suppliers can customize the display of information for different user groups thanks to the simplicity of customization, accessibility, and usability of web-hosted products. Additionally, these goods are more interoperable.

Development Phase Insight

eClinical solutions market in 2022 was dominated by phase III clinical trials, according to development phase analysis, as more pharmaceuticals effectively advanced to phase III. The phase I sector is expected to experience the highest CAGR of 13.0% over the course of the projection period due to the significant role that these systems play in forecasting future outcomes and eliminating drug candidates with the lowest probability of success. The market categories for eClinicals are Phase I, Phase II, Phase III, and Phase IV. The phase III category previously dominated the eClinical solutions industry and was responsible for the largest revenue share. The efficacy of a drug is investigated in Phase III.

End User Analysis

Through end-user research, North America is anticipated to hold the largest market share, followed by Europe, Asia-Pacific, and LAMEA, thanks to its developed business infrastructure, cutting-edge technology, and accessibility of key participants. Asia-Pacific is predicted to have the highest CAGR over the projected period due to the region’s rapid technological advancement in the healthcare industry and the increase in public-private investment in the market for eClinical solutions.

Recent Development of the eClinical Solutions Market

In 2021, Signiant Health expanded its electronic informed consent options and powers with the launch of SmartSignalsTM eConsent. Due to modifications made to important product features and tiered licensing options, sponsors now have more control over obtaining electronic informed consent and re-consent of any study design. The most current version of the Bright Clinical Data CloudTM, made available in 2021 by eClinical Solutions LLC, offers improved automation of data review and mapping capabilities across the platform, stronger analytics, and more visualizations.

For more insights on the historical and Forecast market data from 2016 to 2032 – download a sample report at https://market.us/report/eclinical-solutions-market/request-sample/

Market Segmentation

Based on Product:

  • Electronic Data Capture (EDC)9
  • Clinical Data Management Systems (CDMS)
  • Clinical Trial Management Systems (CTMS)
  • Electronic Clinical Outcome Assessment (eCOA)
  • Randomization and Trial Supply Management Solution (RTMS)
  • Safety Solutions
  • Analytics and Reporting Platforms
  • Integration Platforms
  • Electronic Trial Master File (eTMF)

Based on Delivery Mode:

  • Web-hosted (On-Demand)
  • Licensed Enterprise (On-premise)
  • Cloud-based/software-as-a-service (SaaS)

Based on the Development Phase:

  • Phase I
  • Phase II
  • Phase III
  • Phase IV

Based on End-User:

  • Academic Institutes
  • Medical Device Manufactures
  • Hospitals
  • CROs
  • Pharmaceutical & Biotechnology Companies

By Geography

  • North America
    • The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Competitive Landscape

The eClinical solution market is a rapidly growing sector in the healthcare industry, driven by the increasing demand for innovative technologies that improve patient outcomes, streamline clinical trial processes, and reduce costs. Here is an overview of the competitive landscape of the eClinical solution market:

  • Oracle Corporation
  • Medidata Solutions, Inc.
  • Parexel International Corporation
  • BioClinica, Inc.
  • Signant Health
  • Datatrak International, Inc.
  • ERT
  • eClinical Solutions, Inc.
  • MaxisIT Inc.
  • Bio-Optronics, Inc.
  • Dassault Systemes
  • IBM Watson Health
  • Anju Life Sciences Software
  • Merge Healthcare Incorporated
  • OmniComm System
  • Other Key Players

Browse More Related Reports:

  • Electronic clinical outcome assessment solutions market was valued at USD 12,900 million in 2021. It is forecast to grow at a compound annual growth rate (CAGR), of 15.6% between 2022-2023.
  • Preclinical imaging market size was valued at USD 3.25 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 3.8% from 2022 to 2030
  • Clinical trials market size is expected to be worth around USD 886.5 billion by 2032 from USD 450.1 billion in 2022, growing at a CAGR of 7.2% during the forecast period from 2022 to 2032.
  • Clinical nutrition market size is expected to be worth around USD 85.2 billion by 2032 from USD 47.4 billion in 2022, growing at a CAGR of 6.20% during the forecast period from 2022 to 2032.

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Rainbow Robotics begins pre-orders of Bimanual Mobile Manipulator RB-Y1, the world’s first research platform for AI experts for $80,000 USD

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DAEJEON, South Korea, May 9, 2024 /PRNewswire/ — Rainbow Robotics(CEO Jungho Lee), a robot platform specialized company, will begin pre-orders for the Bimanual Mobile Manipulator RB-Y1 from May 8.

During the pre-order period, the research platform is sold for $80,000 USD and the commercial platform is sold for $120,000 USD (VAT excluded). Products are scheduled to be delivered sequentially starting in October.
RB-Y1 is a research platform that has both arms with 7 degrees of freedom per arm for smooth movements similar to human movements. It is a humanoid-like robot with a single leg with 6 degrees of freedom on a mobile platform for a wide work radius. The LiDAR system is adopted for autonomous movement, and a high-performance 3D recognition sensor and master ARM are provided as options to increase usability. In line with the recent trend of the AI era, Rainbow Robotics plans to provide various APIs and options so that AI developers can easily utilize them for research purposes.
Recently, various organizations are introducing humanoid robots. However, they are only used for their own purposes and there is no standard platform for various AI robot researchers. Rainbow Robotics’ RB-Y1 is the first to commercially sell such a research platform.
Unlike existing simple industrial robots, a Bimanual Mobile Manipulator is a humanoid robot that uses both arms and is suitable for advanced manufacturing sites and services. It is a next-generation robot platform that can be used for complex assembly, manufacturing, and collaboration beyond existing simple automation processes.
If you would like to pre-order RB-Y1, please contact us through enquiry page or email us at [email protected].
Meanwhile, Rainbow Robotics will participate as a bronze sponsor in the IEEE International Conference on Robotics and Automation (ICRA 2024), which will be held at Pacifico Yokohama, Japan on May 13.
During the exhibition, various demonstrations will be shown of controlling RB-Y1 with real-time remote operation technology, which links the data arm and simulation system. Additionally, Rainbow Robotics plans to exhibit the small, high-precision collaborative robot RB3-730 and the quadruped robot RBQ-10.
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AgriBusiness Global™ Announces 2024 Event Line-Up: Connecting Crop Input Leaders Worldwide

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WILLOUGHBY, Ohio, May 8, 2024 /PRNewswire/ — AgriBusiness Global, the premier business source for leaders in the global crop input value chain, is thrilled to announce its lineup of events for 2024. For 37 years, AgriBusiness Global has been the go-to resource for quality, trustworthy information and analysis, leading the industry in providing the next generation of crop solutions covering synthetic crop protection, biologicals, and plant health.

In 2024, AgriBusiness Global will host three events, each designed to connect industry leaders, promote innovation, and drive business growth:
AgriBusiness Global℠ LATAM Conference Date: 14-15 MayLocation: Panama City, Panama
Capitalizing on Emerging Technologies in LATAM
The ABG LATAM Conference will bring together industry experts and influencers to discuss the latest trends and developments in crop protection, plant health, biologicals, and ag technology specific to the Latin American region. The Latin-American market offers new opportunities for business growth and partnerships with leading players in the region. Learn More>
AgriBusiness Global℠ Trade Summit Date: 7-8 AugustLocation: Orlando, Florida, USA
The #1 Global Agribusiness Event- Dedicated to Worldwide Networking and New Business Development               
The ABG Trade Summit is the trusted forum for advancing development in the rapidly emerging global crop protection, ag tech, plant health, and biological sectors. Attendees can expect to meet with the world’s leading manufacturers, exporters, trading companies, sellers, formulators, and consultants.  Trade Summit facilitates global trade by offering educational sessions, a robust exhibit floor, private meeting rooms, and dedicated networking opportunities for the world market to connect, engage, and build business. Learn More>
AgriBusiness Global℠ SE Asia ConferenceDate: 6-7 NovemberLocation: Jakarta, Indonesia
Empowering Southeast Asia’s AgriBusiness for Global Impact
The ABG Southeast Asia Conference, produced in cooperation with the Indonesian CropCare Association, will showcase cutting-edge technologies and innovations in crop production, addressing the unique challenges and opportunities in the Southeast Asian market. Attendees will gain unique insights to prepare for the future and navigate the present in the rapidly evolving agricultural market. Learn More>
“Our events are dynamic platforms for industry leaders to connect, collaborate, and drive innovation,” said Eric Davis, Group Director at AgriBusiness Global. “We are excited to bring together the brightest minds in the industry to explore new ideas, foster partnerships, and shape the future of agriculture.”
For information about the 2024 events and how to participate, visit AgriBusinessGlobal.com.
About Meister Media Worldwide
For media inquiries, please contact:Amy Reddington, Show Director
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Economic Shifts Ahead as AI Integrates Deeply into Work and Society, Fueling $4.4 Trillion Growth

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USA News Group News Commentary
Issued on behalf of Scope AI Corp.
VANCOUVER, May 8, 2024 /PRNewswire/ —  USA News Group News Commentary – New developments in AI technology are currently changing the face of work, economies, and society as we know it, according to analysts at McKinsey & Company who are projecting generative AI (gen AI) could add $4.4 trillion annually to the global economy. Between January and March of this year alone, the world’s largest cloud-computing giants have collectively invested $40 billion mostly into data centres equipped to deal with growing AI workloads, according to The Economist. The shift is leading experts to witness how AI companies are leading a transition from Software-as-a-Service to Service-as-Software, turning the table on the very essence of SaaS, representing a $4.6 trillion opportunity. A variety of tech companies have recently advanced the integration of AI, providing swift, safe, and cost-effective solutions for businesses to adopt artificial intelligence technology this past week, including: Scope AI Corp. (CSE: SCPE) (OTCQB: SCPCF), Meta Platforms, Inc. (NASDAQ: META), Amazon.com, Inc. (NASDAQ: AMZN), Apple Inc. (NASDAQ: AAPL), and C3.ai, Inc. (NYSE: AI).

The article continued: Seeing the extraordinary speed of AI’s advancements and impacts, combined with surging private- and public-sector demand, is causing regulators in the USA and EU to issue legislation calling for action. Now analysts are trying to determine whether the GenAI boom is setting up to be another bubble, or a legitimate long-term investment opportunity.
SCOPE AI PROVIDES CORPORATE UPDATE
Scope AI Corp. (CSE: SCPE) (OTCQB: SCPCF) (FSE: VN8) (“Scope” or the “Company”) today provided an update  on new developments of Scope’s artificial intelligence driven recognition technology called GEM (General Enterprise Machine Learning) system. Built on advanced visual recognition and neural network technology, GEM could advance industries, including Advertising and Gaming, by providing them with new insights and capabilities.
Advertising: GEM aims to enable advertising businesses to personalize ad content based on real-time user behavior analysis. By leveraging visual recognition technology, companies can create highly targeted and engaging ads, maximizing return on ad spend and driving customer engagement to new heights.
Gaming:  In the gaming industry, GEM aims to enhance user experiences by customizing gameplay and recommendations. By analyzing player behavior using neural networks, GEM provides customers and developers with invaluable insights with the intention of optimizing game design, increasing user retention, and maximizing revenue potential.
Unveiling Neural Networks: Neural networks are the foundation of GEM’s technology. These complex algorithms mimic the structure and functionality of the human brain, enabling machines to learn from vast amounts of data and make intelligent predictions and decisions. By harnessing the power of neural networks, GEM offers comprehensive capabilities in advanced pattern recognition, data analysis, and decision-making across industries.
“We’re very pleased at how seamless we were able to streamline, enhance, and strengthen our platform with the latest performance and security upgrades made to our infrastructure”, said Sean Prescott, Founder and Non-Executive Chairman of Scope AI. “The next generation of our platform will set us apart in the kind and sensitivity of data we can process and store. It’s a potential game-changer for the industry.”
Scope’s GEM platform includes advanced features designed to enhance user experience and security, all while streamlining operations. Built-in customer support and user management modules allow for seamless assistance, while the native referral system fosters user engagement and growth. Along with the full admin suite for comprehensive analysis and reporting, businesses are fully empowered with unparalleled capabilities and insights.
CONTINUED… Read this and more news for Scope AI at:  https://usanewsgroup.com/2024/04/26/the-currency-of-tomorrow-why-investing-in-cutting-edge-ai-recognition-tech-could-mean-big-money/
In other industry developments and happenings in the market this week include:
Meta Platforms, Inc. (NASDAQ: META), the parent company of Facebook, Instagram, and WhatsApp, recently teamed up with the Georgia Institute of Technology to create a massive open dataset to advance AI solutions for carbon capture, a technology with promising potential to address global climate concerns. As per the collaboration, Georgia Tech and Meta say their massive database could potentially make it easier and faster to design and implement new direct air capture technologies.
“The open-source database enabled the team to train an AI model that is orders of magnitude faster than existing chemistry simulations,” said Georgia Tech in a press release. “The project, named OpenDAC, could accelerate climate solutions the planet desperately needs.”
Researchers at Meta’s Fundamental AI Research (FAIR) team were already looking for ways to harness their machine-learning prowess to address climate concerns. They ultimately landed on direct air capture as what they believed to be a promising technology, and immediately reached out to Georgia Tech. FAIR’s lead authors generated the database by running quantum chemistry computations on inputs provided by Georgia Tech’s team, using about 400 million CPU hours along the way, and surpassing several hundreds of times more computing than the average academic computing lab can do in a year.
Amazon.com, Inc. (NASDAQ: AMZN) through its global Amazon Web Services (AWS) cloud system subsidiary recently rolled out its new AI system called Q, which it has dubbed as “the most capable generative artificial intelligence (AI)-powered assistant for accelerating software development and leveraging companies’ internal data.”
As well, Amazon also recently launched its Custom Model Import for Bedrock tool, which CEO Andy Jassy called a “sneak big launch as it satisfies a customer request we’ve heard frequently and that nobody has yet met.” The tool allows customers to import custom models they’ve built in Amazon SageMaker into tits Amazon Bedrock platform. Doing so lets enterprises utilize AI investments they’ve already made, while also leveraging Bedrock’s capabilities to scale their models and applications.
“Customers are excited about this, and as more companies find they’re employing a mix of custom-built models along with leveraging existing LLMs,” said Jassey. “The prospect of these two linchpin services in SageMaker and Bedrock working well together is quite appealing.”
Apple Inc. (NASDAQ: AAPL), whose iPhones currently hold the Top 4 (and 5 of the Top 10) best-selling smartphone models by sales, recently reported an all-time revenue record in sales in its most recent financial results. While being seen as potentially late to the game on AI, several reports in recent weeks has suggested that Apple is not only talking to OpenAI and/or Google about powering some of its AI features, it’s also been reportedly spending “millions of dollars a day” training its own AI model, called Ajax.
Now industry experts are saying the iPhone is about to become an “AI phone”, in anticipation of Apple’s upcoming iOS 18. A key anticipated feature of iOS 18 is Apple’s own large language model (LLM), similar to the technology behind AI chatbots like ChatGPT. It’s widely speculated that this Apple-developed LLM will be integrated with Siri, enhancing the capabilities of the iPhone’s digital assistant. As indicated by Bloomberg in late April, it’s suggested that Apple’s  LLM will be entirely on-device, meaning the tech will be powered inside by the iPhone’s processor, rather than in the cloud—which may be a bit less powerful and knowledgeable, but with far quicker response times.
C3.ai, Inc. (NYSE: AI), an Enterprise AI application software company, is actively working to enhance the petroleum industry in Houston, through a cooperative effort that allows oil and gas companies to share AI technology and applications with each other. This effort is meant to curb companies from withholding information from competitors, with the goal of collaboration instead.
“We’re building the applications that are, you know, monitoring every device on every offshore oil rig in real time so that they can see with 18 hours in advance before something fails and just shut it down,” said Tom Siebel, CEO of C3.ai. Siebel has explained that AI is at work in oil and gas, diagnosing issues and assisting with maintenance, giving the example of a giant like Shell uses AI to track their half a million valves around the world.
“They can see what’s going on,” said Siebel. “They can predict when a valve is going to be stuck open or closed before it happens, and if one of these valves gets stuck open or closed, things go real bad, real fast, right? And so, they’ve decided to make these applications available to Aramco, Eni, Chevron, Phillips.”
A recent report from Research and Markets predicted that the global AI in oil and gas market is expected to surge to an impressive $5.96 billion by 2028, growing at a CAGR of 13.3%.
Article Source: https://usanewsgroup.com/2024/04/26/the-currency-of-tomorrow-why-investing-in-cutting-edge-ai-recognition-tech-could-mean-big-money/
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