Artificial Intelligence
[Latest] Global Food Diagnostics Market Size/Share Worth USD 30.75 Billion by 2032 at a 7.2% CAGR: Custom Market Insights (Analysis, Outlook, Leaders, Report, Trends, Forecast, Segmentation, Growth, Growth Rate, Value)
Austin, TX, USA, July 29, 2023 (GLOBE NEWSWIRE) — Custom Market Insights has published a new research report titled “Food Diagnostics Market Size, Trends and Insights By Type (Systems, Test kits, Consumables), By Site (Outsourcing facility, Inhouse), By Application (Meat, poultry, and seafood, Processed food, Dairy products), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” in its research database.
“According to the latest research study, the demand of global Food Diagnostics Market size & share was valued at approximately USD 16.32 Billion in 2022 and is expected to reach USD 17.45 Billion in 2023 and is expected to reach a value of around USD 30.75 Billion by 2032, at a compound annual growth rate (CAGR) of about 7.2% during the forecast period 2023 to 2032.”
Click Here to Access a Free Sample Report of the Global Food Diagnostics Market @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=25298
Regional Snapshots.
Europe held a dominant position and is predicted to be in the dominating region during the forecast period due to the strict regulations being established by the regional regulatory and governing agencies. To provide a more secure supply of food for people in domestic and international economies, food security requirements are getting more and more strict.
The market for food diagnostics in Europe is anticipated to develop as a result of causes including an increase in incidents of food adulteration, financial constraints, food control concerns, a lack of knowledge about the harmful effects of foodborne diseases, and a lack of hygienic practices.
Market Dynamics.
Drivers.
Foodborne disease cases are on the rise and are expected to fuel the growth of the food diagnostics market. Diagnostics is an important process because it involves the use of diagnostic techniques on food in order to ensure its quality and safety. These systems are made to detect contamination and contaminants in food that happen during the stages of production, processing, and packaging.
Increased international outbreaks of foodborne illnesses are expected to continue to be the main factor influencing the market for food diagnostics. Additionally, the market for food diagnostics is expected to be significantly impacted by the rise of food process trade safety testing with quicker findings.
The market for food diagnostics systems is expected to rise as a result of rising concerns about food quality and safety, stricter food safety regulations, increased food trade, and rising consumer knowledge of food safety.
Consumer consumption habits are continuing to change in favour of natural, organic, healthy eating, which frequently includes food that is devoid of GMOs and antibiotics, especially in developed countries. The product lineups of manufacturers are being impacted by this change. Hence, it is expected that healthy food consumption demand is driving the food diagnostics market.
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Restraints.
The safety of food reaching end consumers may be in danger due to a lack of strict control measures and resources to monitor food safety along the food chain. Due to a lack of sufficient resources, expertise, and modernized standards for food production and monitoring, the growing number of small-scale producers in developing nations are frequently sources of dangerous food.
Small businesses in underdeveloped nations might not have implemented basic food testing procedures, which increases the danger of contamination. This is a significant aspect that will probably prevent the market from expanding. Moreover, food makers transmit information about a food product and its nutritional properties using statements, and other food labels.
False labelling is restricting the market growth. It is when a business sells or distributes any product with inaccurate or misleading information about its composition, nature, origin, or use. Food fraud lawsuits and false labelling have increased as a result of the surge in adulteration of food and ingredients. It is preventing the market from expanding.
(A free sample of the Food Diagnostics report is available upon request; please contact us for more information.)
Our Free Sample Report Consists of the following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.
- About 220+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on the Request.
- Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2023
- Includes Tables and figures have been updated.
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Custom Market Insights (CMI) research methodology
(Please note that the sample of the Food Diagnostics report has been modified to include the COVID-19 impact study prior to delivery.)
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Opportunities.
Many countries are launching programs to improve food quality, safety, and fair trade, which could spur the market for food diagnostics to expand. Consumers’ concerns about food safety and quality are growing as the prevalence of foodborne illnesses rises, providing enormous opportunities for producers of food diagnostics. When food producers adhere to the standards, consumers can have confidence in the quality and safety of the products they buy.
The need for new, enhanced, user-friendly, and affordable diagnostic kits and assays to enable effective monitoring of food samples will be further translated into the necessity of manufacturers improving food safety at the consumer level through an emphasis on preventing contamination and the use of hygienic practices. This will give the market lots of chances to expand.
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Challenges.
Over the forecast period, high costs and complexity related to diagnostic systems are predicted to restrain the growth of the global market for food diagnostic systems. High-end technologies like chromatography and spectrometry, which are utilized to evaluate food samples effectively, relate to expensive instruments and associated consumables.
The cost of these diagnostics systems also rises because of a greater emphasis on R&D activities and the need for accurate and reliable readings. The cost of acquiring these technologies is increased, particularly in low- and middle-income nations, because most of these testing devices are exported in huge quantities from wealthy regions like North America and Europe. These elements make widespread use of food diagnostic systems difficult.
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Key questions answered in this report:
- What is the size of the Food Diagnostics market and what is its expected growth rate?
- What are the primary driving factors that push the Food Diagnostics market forward?
- What are the Food Diagnostics Industry’s top companies?
- What are the different categories that the Food Diagnostics Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the Food Diagnostics market sample report and company profiles?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2023−2032
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
- Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Report Scope
| Feature of the Report | Details |
| Market Size in 2023 | USD 17.45 Billion |
| Projected Market Size in 2032 | USD 30.75 Billion |
| Market Size in 2022 | USD 16.32 Billion |
| CAGR Growth Rate | 7.2% CAGR |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Key Segment | By Type, Site, Application and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Report Highlights.
On the basis of type, the systems segment is the leading segment and is expected to make the largest contribution to the food diagnostics market. Systems are simple to use, friendly to end users and deliver reliable test results. With the rising need for simple, quick, and fast diagnostics tools including immunoassay, PCR systems, PCR-based testing kits, and biosensors, the market for food diagnostic systems is anticipated to expand even more in the coming years. This market’s expansion is being driven by the rising need for quick technologies.
On the basis of site, the highest CAGR is projected for the outsourcing facility segment during the forecasted period. The increasing number of new players entering the food diagnostics market is responsible for the expansion of the outsourcing facility segment.
The expansion of outsourcing food testing services will also be fueled by the requirement for completely integrated, independent, and specialized equipment for collecting and analyzing food samples. The need for food testing laboratories is being fueled by decreased overhead and operational costs as well as the availability of cutting-edge testing technologies.
On the basis of application, the segment that includes meat, poultry, and seafood is expected to hold the largest market share during the forecast period. Products made from beef, chicken, sheep, mutton, fish, crustaceans, mollusks, crabs, and pork are included in this sector. Meat and meat products are evaluated using food diagnostics for a variety of pollutants, including pathogens, meat speciation, GMOs, allergies, and other residues. The diagnosis required more in this segment.
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Browse the full “Food Diagnostics Market Size, Share, Growth Analysis Report By Products & Software, (Instruments, Consumable, LIMS), By Services (Heavy Metal Testing, Microbial Analysis, Potency, Residual Screening), By End-User (Cultivators, Laboratories, Research Institutes), and By Region – Global Industry Overview, Statistical Data, Competitive Intelligence, Trends, Outlook, and Forecast 2022–2030” Report at https://www.custommarketinsights.com/report/food-diagnostics-market/
Recent Developments.
Two novel tests from the 3M Company were released: 3M Molecular Detection Assay 2 – STEC Gene Screen (stx and eae) and 3M Molecular Detection Assay 2 – STEC Gene Screen (stx). This will increase the company’s portfolio and make it easier for it to meet the varied screening requirements of laboratories.
List of the prominent players in the Food Diagnostics Market:
- 3M Company
- Merk Kgaa
- Danaher Corporation
- Agilent Technologies Inc.
- Neogen Corporation
- Biorex Food Diagnostics
- thermo Fisher Scientific Inc.
- Biomerieux Sa
- Bio-Rad Laboratories Inc.
- Randox Food Diagnostics
- Others
Recent Developments
The AuroFlow AQ Afla strip test was introduced by PerkinElmer to screen for harmful chemicals in corn. This will assist the business in diversifying its offering of grain mycotoxin testing services.
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The Food Diagnostics Market is segmented as follows:
By Type
- Systems
- Test kits
- Consumables
By Site
- Outsourcing facility
- Inhouse
By Application
- Meat, poultry, and seafood
- Processed food
- Dairy products
Click Here to Get a Free Sample Report of the Global Food Diagnostics Market @ https://www.custommarketinsights.com/report/food-diagnostics-market/
By Region
North America
- The U.S.
- Canada
- Mexico
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
This Food Diagnostics Market Research/Analysis Report Contains Answers to the following Questions.
- Which Trends Are Causing These Developments?
- Who Are the Global Key Players in This Food Diagnostics Market? What are Their Company Profile, Product Information, and Contact Information?
- What Was the Global Market Status of the Food Diagnostics Market? What Was the Capacity, Production Value, Cost and PROFIT of the Food Diagnostics Market?
- What Is the Current Market Status of the Food Diagnostics Industry? What’s Market Competition in This Industry, Both Company and Country Wise? What’s Market Analysis of Food Diagnostics Market by Considering Applications and Types?
- What Are Projections of the Global Food Diagnostics Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
- What Is Food Diagnostics Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
- What Is the Economic Impact On Food Diagnostics Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
- What Are Market Dynamics of Food Diagnostics Market? What Are Challenges and Opportunities?
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Food Diagnostics Industry?
Click Here to Access a Free Sample Report of the Global Food Diagnostics Market @ https://www.custommarketinsights.com/report/food-diagnostics-market/
Reasons to Purchase Food Diagnostics Market Report
- Food Diagnostics Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
- Food Diagnostics Market report outlines market value (USD) data for each segment and sub-segment.
- This report indicates the region and segment expected to witness the fastest growth and dominate the market.
- Food Diagnostics Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
- The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
- Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
- The Industry’s current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
- Food Diagnostics Market Includes in-depth market analysis from various perspectives through Porter’s five forces analysis and provides insight into the market through Value Chain.
Reasons for the Research Report
- The study provides a thorough overview of the global Food Diagnostics market. Compare your performance to that of the market as a whole.
- Aim to maintain competitiveness while innovations from established key players fuel market growth.
Buy this Premium Food Diagnostics Research Report | Fast Delivery Available – [220+ Pages] @ https://www.custommarketinsights.com/report/food-diagnostics-market/
What does the report include?
- Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Food Diagnostics market analysis.
- The competitive environment of current and potential participants in the Food Diagnostics market is covered in the report, as well as those companies’ strategic product development ambitions.
- According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.
- For each segment mentioned above, actual market sizes and forecasts have been given.
Who should buy this report?
- Participants and stakeholders worldwide Food Diagnostics market should find this report useful. The research will be useful to all market participants in the Food Diagnostics industry.
- Managers in the Food Diagnostics sector are interested in publishing up-to-date and projected data about the worldwide Food Diagnostics market.
- Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Food Diagnostics products’ market trends.
- Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.
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Artificial Intelligence
Lucinity’s AI Innovation Recognized at Microsoft’s Prestigious Global Partner Awards 2024
REYKJAVIK, Iceland, June 28, 2024 /PRNewswire/ — Lucinity has been recognized as a finalist in the AI Innovation category at the prestigious Microsoft Global Partner Awards 2024, recognizing its breakthrough AI solution and contribution to financial security through its collaboration with Microsoft.
Lucinity beat more than 4,700 companies to be named a finalist at the annual Microsoft Global Partner Awards, which highlights Lucinity’s achievements as a Microsoft partner in optimizing business processes, improving customer experiences, and opening new pathways for digital transformation.
This achievement comes in addition to winning two prestigious awards at Microsoft Partner Awards 2024 last month, including Partner of the Year – Iceland, and the Sustainability and Social Impact award.
The accolade recognizes Lucinity’s significant advancements in AI for financial crime operations, particularly through their AI-powered copilot, Luci. This innovative solution utilizes Microsoft Azure OpenAI technology to integrate advanced generative AI into financial crime investigations and regulatory compliance, optimizing processes and saving significant time and resources for financial institutions.
The Lucinity platform streamlines compliance, provides instant insights, and reduces typical investigation times from three hours to just 30 minutes. The technology can also save financial institutions an estimated $100 million in productivity savings, as well as savings in training and recruitment.
Microsoft comments on Lucinity’s award recognition, saying “Financial crime profoundly impacts our global community, with far-reaching economic, security, and social implications. It can harm a country’s reputation and increase exposure to criminal activities, emphasizing the critical need for robust anti-money laundering initiatives and persistent vigilance. Lucinity, with their innovative AI solutions, has really tried to combat this huge global challenge. They use ‘Human AI’ to enhance financial crime prevention, combining AI with human expertise for efficient, user-friendly solutions. Additionally, Lucinity has developed a tool called Luci, an AI-powered copilot that helps transform financial crime prevention from a process that took hours to one that takes minutes.”
“Being recognized as a finalist at the Microsoft Global Partner Awards is validation of our impactful collaboration with Microsoft in financial crime operations. Our partnership has been pivotal for our innovations, enabling us to use Azure OpenAI to bring tools like Luci to life and deliver impactful results for our clients,” says Guðmundur Kristjánsson, Founder & CEO of Lucinity.
Contact:Name: Celina PabloEmail: [email protected]: +354 792 4321
Logo: https://mma.prnewswire.com/media/2208676/4669079/Lucinity_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/lucinitys-ai-innovation-recognized-at-microsofts-prestigious-global-partner-awards-2024-302186091.html
Artificial Intelligence
Asia Pacific View: Foreigners Looking for the Most Practical Smart Technology at the 2024 World Intelligence Expo
BEIJING, June 28, 2024 /PRNewswire/ — Bionic robots that speak both Chinese and English can have the same skin and nails as humans? A flying car powered solely by wind can have a maximum payload of 160 kg? A smart wheelchair can control its operation with just the “mind”? Kevin and Daria, two foreign bloggers, have experienced during the World Intelligence Expo held in Tianjin how the artificial intelligence can empower people’s future lives in industries such as technology, trade, logistics and cultural tourism.
With the theme of “Intelligent Travel Empowering Future”, the Expo integrates exhibitions, experiences and events, attracting more than 550 exhibitors and institutions from all over the world, including more than 70 well-known enterprises such as Huawei, Alibaba, Baidu and Danfoss, and 57 universities and research institutions such as Peking University, Tsinghua University, Nankai University and Tianjin University. The Expo set up 10 major themes such as artificial intelligence, intelligent networked vehicles, intelligent manufacturing and robots, covering the frontier hot spots of the intelligent industry. A number of cutting-edge new technologies, new products, and new experiences from all over the world were showcased centrally, reminding people that technology will completely change the lifestyles in the future.
At the exhibition site, various intelligent robot products such as humanoid robots, bionic robots, and intelligent robot dogs interact with the audience on the spot. They are no longer fantasies in science fiction or movies, but play an important role in monitoring, rescue, cultural tourism and other fields. In the low-altitude economic exhibition area, a number of drones, flying vehicles, and aerospace technology companies collectively display advanced technology products. A low-altitude aircraft shaped like a helicopter brought by the German company Tensor can independently complete cargo transportation, takeoff and landing according to pre-set routes according to the instructions. Robotic arms incorporating technologies such as 5G, IoT, edge computing, rocker robotics, and artificial intelligence can shoot high-frame-rate video and support autofocus, achieving effects that cannot be achieved in traditional shooting modes. Viewers can also have more novel experiences with the help of smart technology.
The Expo also hosted three major events such as the Asia-Pacific Robotics World Cup Tianjin International Invitational, the World Intelligent Driving Challenge, and the International Intelligent Sports Conference. A number of technological achievements and innovative applications were demonstrated in the competitions. For exhibiting companies, this Expo is also an opportunity to further promote the transformation of enterprises to information technology and digitalization, and will also bring huge business opportunities.
Contact: Guo RanPhone: 008610-68332663Email: [email protected]
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USA News Group Commentary
Issued on behalf of Avant Technologies Inc.
VANCOUVER, BC, June 28, 2024 /PRNewswire/ — USA News Group – The world is changing rapidly thanks to artificial intelligence (AI), with what’s being called the Transformative AI era which comes with great benefits and also potential dangers. The economic impacts are global, with a new report from The Bank for International Settlements (BIS) urging central banks to adapt rapidly to AI advances. Now it’s become apparent how important it is for companies to understand how to harness the full potential of GenAI to secure strategic revenue growth in the coming years. The surge of AI’s usefulness is accelerating innovation in R&D, while behind the scenes tech companies are advancing the infrastructure required to keep this revolution going, including new developments from Avant Technologies Inc. (OTCQB: AVAI), Accenture plc (NYSE: ACN), Cloudflare, Inc. (NYSE: NET), Alphabet Inc. (NASDAQ: GOOG, GOOGL), and Amazon.com, Inc. (NASDAQ: AMZN).
Known for pioneering advancements in AI, Avant Technologies Inc. (OTCQB: AVAI) has persistently refined and expanded its premier offering, Avant AI™. This sophisticated AI platform, celebrated for its machine learning and deep learning capabilities, is the culmination of Avant’s efforts to deliver unprecedented and cost-effective compute infrastructure that unlocks the full potential of AI and ushers in a new era of technological advancement.
“There is a real unmet need as rapid growth across the entirety of the AI and big data industries is outpacing the necessary infrastructure for an industry that demands exponential power and capacity while remaining cost effective,” said Avant’s CEO William Hisey in a recent address of progress on AI supercomputer-driven data centers. “Avant’s ‘edge-native’ approach doesn’t rely on cloud-based services so we can offer AI and big data companies many advantages over the more familiar ‘cloud-native’ approach, including, reduced latency, improved security and privacy, increased scalability, and reduced costs.”
In a recent strategic development, Avant entered into a Binding Letter of Intent (BLOI) with Flow Wave, LLC (FW), a prominent Florida-based firm specializing in immersible computer server technology. This agreement allows Avant to acquire up to 50 cutting-edge immersible computer servers from FW, in a transaction valued at $50 million.
“By integrating proprietary machine learning algorithms with open-source innovations into these servers, Avant is developing a highly intelligent system designed to optimize resource allocation, enhance performance, and drive unprecedented levels of efficiency and automation,” said Hisey. “This marks the beginning of a new era for Avant Technologies, positioning us at the forefront of the supercomputer-driven data center industry and setting new standards for managing and storing AI applications.”
Flow Wave Immersible AI Supercomputer Servers are engineered for demanding AI and machine learning applications, delivering powerful processing capabilities that accelerate data analysis. Their cutting-edge cooling system is both energy-efficient and cost-effective, reducing environmental impact. These servers’ compact design facilitates easy installation in space-constrained data centers, and their robust construction ensures longevity and lower maintenance requirements.
In response to digital era challenges, Avant intends to acquire up to 50 of these high-performance servers. Their superior cooling technology boosts performance while conserving energy, aligning with Avant’s goal of providing top-tier AI infrastructure and maximizing efficiency. Additional details about the acquisition will be shared once the final agreement is secured.
In Q3 2024, Accenture plc (NYSE: ACN) brought in over $900 million in new Generative AI bookings, for a total of $2 billion fiscal year-to-date. Despite missing its overall earnings targets, the market responded by sending its shares upward.
“We achieved strong new bookings of over $21 billion, up 22% over last year, and continued to accelerate our strategy to be the reinvention partner of choice, with another 23 clients with quarterly bookings of over $100 million, bringing the total of such bookings to 92 year-to-date,” said Julie Sweet, Chair and CEO of Accenture. “We also achieved two significant milestones this quarter — with $2 billion in Generative AI sales year-to-date and $500 million in revenue year-to-date — which demonstrate our early lead in this critical technology.”
Back in May, Accenture took steps to help its clients to scale their Generative AI responsibly.
“Clients are eager to embrace the potential of generative AI, and we are ready to help them build responsible AI into every use,” said Sweet. “We do this for ourselves, and we can use that example to help our clients find success faster. Our focus is to enable our clients to innovate AI safely and be ready to seize the opportunities that AI will bring in the decades ahead.”
Recently, the cloud-based security solution provider Cloudflare, Inc. (NYSE: NET) unveiled the general availability of its AI Gateway platform. Marketed as a comprehensive interface for managing and scaling generative AI workloads, the platform has transitioned from its beta phase, which started in September 2023, to full client use after successfully handling over 500 million requests.
This launch coincides with Cloudflare’s announcement of a partnership with Hugging Face, a leading platform for AI developers. The collaboration offers a one-click global deployment for AI applications via the Workers AI platform, now also generally available. As the first serverless inference partner integrated on the Hugging Face Hub, this allows developers to deploy AI models quickly, easily, and cost-effectively on a global scale, without the need for managing infrastructure or paying for unused compute capacity.
“Workers AI is one of the most affordable and accessible solutions to run inference,” said Matthew Prince, CEO and co-founder, Cloudflare. “With Hugging Face and Cloudflare both deeply aligned in our efforts to democratize AI in a simple, affordable way, we’re giving developers the freedom and agility to choose a model and scale their AI apps from zero to global in an instant.”
In the education space, Alphabet Inc. (NASDAQ: GOOG, GOOGL) through Google, is bringing new AI tools to Google Workspace for teen students using their school accounts to help them learn responsibly and confidently in an AI-first future, and empowering educators with new tools to help create great learning experiences.
“In the coming months, we’re making Gemini available to teen students that meet our minimum age requirements while using their Google Workspace for Education accounts in English in over 100 countries around the world, free of charge for all education institutions,” said Google in a blog post. “To ensure schools are always in control, Gemini will be off by default for teens until admins choose to turn it on as an Additional Service in the Admin console.”
Google has also developed a number of resources and trainings to help students, parents and educators use generative AI tools responsibly and effectively, including a video on how teens can responsibly use AI while learning.
After recently hitting a $2-trillion valuation, Amazon.com, Inc. (NASDAQ: AMZN) continues to be a big player in the AI space. Now it’s reportedly working on its own AI chatbot that some say might be smarter than ChatGPT, named Metis, which will generate answers by grabbing info from the internet.
Metis is driven by an internal Amazon AI model known as Olympus, drawing inspiration from Greek mythology. According to sources, Olympus is a more advanced version of Amazon’s publicly available Titan model.
Amazon’s CEO Andy Jassy has noted that nearly every division within the company is engaged in some form of AI project. As a pioneer in cloud computing, Amazon has been developing machine learning, a subset of AI, for many years. Jassy recently announced that Amazon’s AI initiatives are projected to generate over $1 billion in annual revenue, with expectations of driving “tens of billions of dollars” in sales in the coming years.
However, Amazon has lagged in the realm of consumer AI assistants. An internal document from last year highlighted that Amazon “does not have a publicly or internally available product that looks and works exactly like ChatGPT.”
According to a source reported by Business Insider, the tentative launch date for Metis is September, right around the time when Amazon is set to host a big Alexa event, although the timeline could still change.
Source: https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
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