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Artificial Intelligence

AI in Renewable Energy Market to Reach $4.6 Billion, Globally, by 2032 at 23.2% CAGR: Allied Market Research

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The global artificial intelligence in renewable energy market is experiencing growth due to several factors such as an increase in the adoption of renewable energy technologies, and AI-powered advancements in renewable energy efficiency. 
WILMINGTON, Del., Oct. 24, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Artificial Intelligence in Renewable Energy Market by Deployment Type (On-Premises, Cloud), By Component Type (Solution, Service), By End-Use Industry (Energy Generation, Energy Transmission, Energy Distribution, Utilities): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global artificial intelligence in renewable energy industry was valued at $0.6 billion in 2022 and is projected to reach $4.6 billion by 2032, growing at a CAGR of 23.2% from 2023 to 2032. 

Artificial Intelligence (AI) in renewable energy refers to the use of artificial intelligence (AI) technologies and methods to improve the performance, efficiency, and management of renewable energy (RE) systems and applications. It involves the use of AI algorithms and ML models to process large volumes of data, enhance energy production and usage, and make smart decisions in RES operations. 
Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/224556
Prime Determinants of Growth:  
The global artificial intelligence in renewable energy market is experiencing growth due to several factors such as an increase in the adoption of renewable energy technologies, and AI-powered advancements in renewable energy efficiency. However, the high cost of artificial intelligence-driven technologies hinders market growth to some extent. Moreover, AI-driven optimization for enhanced energy storage systems offers remunerative opportunities for the growth of artificial intelligence in the renewable energy market.  
Report Coverage & Details: 
Report Coverage
Details
Forecast Period
2023–2032
Base Year
2022
Market Size in 2022
$0.6 billion
Market Size in 2032
$4.6 billion
CAGR
23.2 %
No. of Pages in Report
242
Segments covered
Development Type, Component Type, End-Use Industry, and Region
Drivers
Increase in adoption of renewable energy technologies
AI-Powered advancements in renewable energy efficiency
Opportunities
AI-Driven optimization for enhanced energy storage systems
Smart grid energy distribution and storage
Restraints
High cost of artificial intelligence-driven technologies
The cloud segment to retain its dominance throughout the forecast period- 
Based on development type, the cloud segment held the highest market share in 2022, accounting for nearly two-thirds of the global artificial intelligence in renewable energy market revenue, and is expected to retain its dominance throughout the forecast period. This is due to cloud-based AI systems can manage energy storage solutions, such as batteries, by predicting when to charge and discharge them optimally. This maximizes the use of renewable energy and reduces reliance on fossil fuels during peak demand periods. However, the on premises segment is projected to manifest the highest CAGR of 23.44% from 2023 to 2032. This is because AI can help on-premises renewable energy systems interact with the wider electrical grid more effectively. This includes managing the flow of excess energy back into the grid and participating in demand response programs. 
Procure Complete Report (242 Pages PDF with Insights, Charts, Tables, and Figures) @ 
http://www.alliedmarketresearch.com/checkout-final/artificial-intelligence-in-renewable-energy-market
The solution segment is expected to lead the trail by 2032- 
Based on component type, the solution segment held the highest market share in 2022, accounting for more than three-fifths of the global artificial intelligence in renewable energy market revenue, and is expected to lead the trail by 2032. The growth is attributed to the fact that AI can facilitate peer-to-peer energy trading among consumers who generate excess renewable energy. Blockchain technology combined with AI can enable secure and transparent energy transactions. On the other hand, the service segment is projected to manifest the highest CAGR of 23.38% from 2023 to 2032. This is because service applications such as grid management can adjust their energy consumption based on real-time supply fluctuations and pricing signals.  
The utilities segment to maintain its lead position during the forecast period- 
Based on end-use industry, the utilities segment held the highest market share in 2022, accounting for more than one-third of the global artificial intelligence in renewable energy market revenue, and is expected to maintain its lead position during the forecast period. This can be attributed to the fact that artificial intelligence can help utilities schedule field maintenance crews more efficiently by considering factors like travel time and skill sets. This leads to cost savings and quicker response times during outages. Furthermore, the energy distribution segment is projected to manifest the highest CAGR of 23.67% from 2023 to 2032. The growth is attributed to AI-powered systems that can analyze vast amounts of data from sensors, smart meters, and other sources in real-time to monitor the health of the grid. 
For Purchase Inquiry: https://www.alliedmarketresearch.com/artificial-intelligence-in-renewable-energy-market/purchase-options
Asia-Pacific to maintain its dominance by 2032- 
Based on region, Asia-Pacific held the highest market share in 2022, contributing to more than two-fifths of the global artificial intelligence in renewable energy market revenue, and is expected to maintain its dominance throughout the forecast timeframe. The same region would also portray the fastest CAGR of 23.58% during the forecast period. The growth is attributed to the fact that countries in the Asia-Pacific region, such as China and India, have vast wind energy potential. AI plays a crucial role in optimizing wind farm operations. Machine learning algorithms can predict wind patterns and adjust the orientation of wind turbines in real-time to maximize energy output. AI also aids in the early detection of turbine faults, reducing downtime and maintenance costs. 
Leading Market Players: – 
ALPIQ HOLDING LTD. APP ORCHID ATOS SE ENEL SPA ENPHASE ENERGY FLEX LTD. GENERAL ELECTRIC ORIGAMI SIEMENS AG VESTAS The report provides a detailed analysis of these key players in the global artificial intelligence in renewable energy market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.  
Trending Reports in AI in Energy Industry:
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Energy Transition Market: Global Analysis and Industry Forecast, 2022-2031
Solar Energy Market: Global Opportunity Analysis and Forecast, 2023-2032
About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact us:
David Correa1209 Orange Street,Corporation Trust Center,Wilmington, New Castle,Delaware 19801 USA.Int’l: +1-503-894-6022Toll Free: +1-800-792-5285Fax: [email protected]: https://www.alliedmarketresearch.com/reports-store/energy-and-powerFollow Us on | Facebook | LinkedIn | YouTube
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Artificial Intelligence

VeriPark and FICO Announce Strategic Partnership to Transform Financial Services

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ISTANBUL, June 26, 2024 /PRNewswire/ — VeriPark and FICO have launched a partnership to revolutionize the financial services sector through AI-driven decision making and digital transformation.

 
The collaboration between VeriPark, a global provider of innovative digital solutions, and FICO, a renowned analytics software company, will enhance decision-making and promote financial inclusion across Turkey, the Middle East, Africa, Asia and CIS regions.
Combining FICO’s decision automation, optimization and omnichannel communications capabilities with VeriPark’s customer engagement, omni-channel delivery, branch automation and loan origination solutions, the partnership aims to improve customer experience and accelerate digital transformation.
“We are excited to bring FICO’s cutting-edge technology to our region. This collaboration will enhance customer experiences and operational efficiency across the financial services sector. Integrating FICO’s technology with our solutions represents a significant leap forward, ensuring we stay ahead in a rapidly changing environment. We look forward to showcasing our joint success stories soon,” said Ozkan Erener, CEO of VeriPark.
“The combination of FICO and VeriPark’s strengths brings a unique blend of innovation to the market. Our goal is to help build a better society by bringing more people into the banking system, and our partnership with VeriPark is a critical step towards achieving that. FICO has been working with AI since 1992, and we are eager to introduce this long-standing expertise to businesses in this region through our collaboration with VeriPark.” said Alexandre Graff, Vice President of Global Partners & Alliances, FICO.
About VeriPark (https://www.veripark.com)VeriPark is a global solutions provider enabling financial institutions to become digital leaders with its Intelligent Customer Experience suite. With offices located in United Kingdom, Europe, the United States & Canada, Asia, Africa and the Middle East, VeriPark is helping businesses to enhance their customer acquisition, retention and cross-sell capabilities by providing proven, secure and scalable Customer Relationship Management, Omni-Channel Delivery, Branch Automation, and Loan Origination solutions.
About FICO (https://www.fico.com/)FICO powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries.
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Artificial Intelligence

Altair Names Devoteam Channel Partner for the EMEA Region

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Devoteam to offer Altair’s leading data analytics and AI solutions throughout the EMEA region
TROY, Mich., June 26, 2024 /PRNewswire/ — Altair (Nasdaq: ALTR), a global leader in computational intelligence, is thrilled to welcome Devoteam as a new channel partner for the EMEA region. Within the partnership, Devoteam will offer Altair’s leading data analytics and artificial intelligence (AI) solutions to its customers throughout the EMEA region.

“Partnering with Devoteam underscores our dedication to shaping the future of technology,” said Kimon Afsaridis, managing director of Eastern Europe and vice president of indirect EMEA sales, Altair. “This partnership marks a pivotal moment in our global expansion strategy, reinforcing our mission to lead and innovate in AI and beyond.”
“Together, Devoteam and Altair will help industrial companies harness the power of data to improve their efficiency, productivity, and competitiveness,” said Pablo Martin, industry and retail business unit director, Devoteam. “This collaboration is an important step in our commitment to help companies, particularly in the industrial sector, better their digital transformation efforts.”
Devoteam boasts more than 25 years of passion for tech and more than 11,000 tech-native specialists in offices in 25 countries. The company believes that technology combined with strong human values can drive change for the better, and specializes in managing large-scale projects while remaining agile enough to deliver customized solutions.
Altair works with a global network of channel and technology partners. To learn more or to become a partner, visit https://altair.com/altair-partners.
About Altair
Altair is a global leader in computational intelligence that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics, and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. To learn more, please visit https://www.altair.com.
Media contacts
Altair Corporate
 Altair Investor Relations
Bridget Hagan
 Stephen Palmtag
+1.216.769.2658
+1.669.328.9111
[email protected]
 [email protected]
Altair Europe/The Middle East/Africa 
Charlotte Hartmann
+49 7031 6208 0
[email protected]
 
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Artificial Intelligence

IBM Study: Fan Engagement and Consumption of Sports Shifting, Reveals New Opportunities for Technology Integrations including AI

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International sports fans surveyed are optimistic about the impact of technologies like AI on their digital sports experiences.Real-time updates and personalized content rank as top priorities for fans when it comes to how generative AI can enhance following and engaging with sports events.Younger sports fans overwhelmingly embrace AI-powered experiences and digital platforms for sports content consumption and engagement.ARMONK, N.Y., June 26, 2024 /PRNewswire/ — As sports fans worldwide tune in to a myriad of athletic events this summer, new research commissioned by IBM (NYSE: IBM) reveals a growing generational shift and acceptance of technology-driven experiences that will impact the future of sports consumption.

The international study*, conducted by Morning Consult, gathers insights from more than 18,000 sports fans across 10 countries to better understand both how they follow and engage with sports, including live coverage, highlights, and summaries, as well as preferences for future engagement and consumption. The findings confirm that fans are prioritizing more personalized and time-saving digital sports content, with the majority recognizing the positive impact technologies like artificial intelligence (AI) will have on these experiences.
The data also confirms that younger sports fans are more likely to favor AI-enhanced features as they increasingly turn to digital platforms for sports content. Surveyed fans aged 18-29 are using a mobile phone or tablet as their primary device to watch sporting events more often than older fans, with subscription streaming of live sporting events being most popular among the younger age group. More than half (58%) of 18-29 year old respondents also believe AI will have a positive impact on sports.
Alternatively, respondents from older age groups remain loyal to traditional methods of consumption, with linear broadcasting being most popular among fans 45+. Forty percent of surveyed fans over the age of 55 believe AI will have a positive impact on sports.
“Fans worldwide are continuing to embrace platforms and solutions that allow them to feel more connected and informed on their favorite sporting events and athletes, and IBM’s new study confirms this now includes embracing technologies like AI to deliver these experiences,” said Noah Syken, Vice President, Sports and Entertainment Partnerships. “IBM’s longstanding portfolio of Sports and Entertainment partnerships aims to deliver on these expectations from fans by putting in the hands of our partners the most advanced IBM technologies from our AI and data platform watsonx.”
Other key study findings include:
Fans are optimistic about the impact of technology on sports, paving the way for generative AI powered experiences
63% of respondents point to data analytics as having the most positive impact on sports, while 50% of respondents think AI will have a positive impact.When it comes to how generative AI can improve engagement, surveyed sports fans identify real-time updates (34%) and personalized content (29%) as the top priorities.India, UAE and Saudi Arabia rank the highest in countries where fans are prioritizing real-time updates and personalized content powered by generative AI.Fans now prioritize personalized, bite-sized content when it comes to their consumption of sport content
More than half (56%) of respondents turn to social media for additional sports content; 46% are getting additional content from broadcast/video news while 35% are turning to news articles.64% of those fans engaging in additional sports content are viewing highlight videos of best moments; 48% are consuming post-match recaps and analysis.Among those engaging in additional sports content, respondents rank summarized content (33%) as their top priority followed by personalized content (26%).Sports fans are watching event summaries more often, with 41% of respondents indicating they watch summaries or highlights weekly; 24% report daily engagement.Younger fans may be reshaping how consumers experience sports content, as they engage with content via multiple screens and are more likely to favor AI-powered enhancements
Younger fans (18-29) are most likely to view sports highlights through social media over other platforms.When it comes to consuming sports content, fans aged between 18-29 are more likely to rank personalized content as their top priority.Fans aged 18-29 are more likely to rate AI improvements as high priority, with real-time updates (40%) and personalized content (36%) topping the list of priorities.While real-time updates (26%) and personalized content (19%) also top the list of AI improvement priorities among older fans (55+), these respondents are much less likely to consider AI improvements a high priority.Younger fans are also more likely to be using multiple devices while engaging with sporting events than older fans (55+). 10% of younger fans surveyed use three or more devices while watching sports compared to only 2% of older fans.While TV is the most common method for viewing sports, fans are increasingly using multiple devices to follow sporting events
64% of surveyed fans say linear or streaming TV is their top choice for watching sports.31% of respondents say they are most likely to watch a live sporting event on linear broadcast; 28% say they use a subscription streaming service and 23% use a free streaming serviceSubscription streaming of live sporting events is most popular among younger fans aged between 18-29.Mobile devices are a noteworthy alternative for watching sports, with 20% of consumers reporting it is the top way they watch sporting events and 38% saying it is their second most likely options.28% of surveyed sports fans use at least two devices while watching sporting events; 24% report they use at least two devices while listening to sportsFans between 18-44 are more likely to be using three or more devices.Respondents rank multi-tasking as the top reason for using multiple devices when consuming sports, followed by finding more game information while watching or listening to the sport.To view the full study, visit: https://newsroom.ibm.com/image/IBM+Global+Sports+Attitudes+and+Behaviors+Report+June+2024.pdf
*Study MethodologyThis survey was conducted in May 2024 among a total sample of 18,082 sports fans 18+ in the US, Canada, the UK, France, Germany, Italy, Spain, India, the UAE, and Saudi Arabia. The interviews for each country were conducted online, and the data is unweighted, with ~2,000 responses per market in the US, Canada, the UK, France, Germany, Italy, Spain, and India and ~1,000 responses per market in the UAE and Saudi Arabia.
To qualify for this survey respondents must be at least an average sports fan and follow one or more of the following sports: Soccer, Cricket, Tennis, Basketball, Baseball, Rugby, Golf, American football, F1 racing, Track and field, Swimming, and the Olympics.
About IBMIBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s long-standing commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information.
Media Contacts:
Sarah BenchaitaIBM Corporate [email protected]
Marisa ConwayIBM Corporate [email protected]
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