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Generative AI Market to Surpass USD 165.49 Billion by 2031 | SkyQuest Technology

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WESTFORD, Mass., April 24, 2024 /PRNewswire/ — SkyQuest projects that the generative AI market will attain a value of USD 165.49 billion by 2031, with a CAGR of 32.8% during the forecast period (2024-2031). The global generative AI market is likely to experience phenomenal growth via neural network revolutions in deep learning and will witness applications in multiple fields such as diverse as healthcare, automotive, gaming, and media. And as the volume of big data grows and the need for new ways of deriving meaningful insights from it grows, more and more companies are adopting creative AI technologies to create new words, images and restructuring on their own.

Download a detailed overview:
https://www.skyquestt.com/report/generative-ai-market
Browse in-depth TOC on “Generative AI Market”
Pages – 165Tables – 100Figures – 76Generative AI Market Overview:
Report Coverage
Details
Market Revenue in 2023
$17.1 billion
Estimated Value by 2031
$165.49 billion
Growth Rate
Poised to grow at a CAGR of 32.8%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Component, Industry Verticals, End Users, and Region
Geographies Covered
North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Integration of AI and Machine Learning
Key Market Drivers
Increasing Demand for Personalized Content 
Software Segment to Dominate Due to Rise in Data Privacy Concerns
The software segment accounted for more than 65% of the global generative AI market share in 2022. Increase in fraudulent activities, coupled with overestimating capacity, and unexpected results and growing concerns about data privacy are all projected to boost the software sector. Key players in the software sector offer algorithms with intelligent WOM and machine learning solutions to stand out in the competition and generate high revenues for the overall market. Introducing original products to ever-changing corporate needs is also likely to add a boost to the market revenue generation rate. Such software systems offer organizations the opportunity to automate processes, break down creative barriers, explore new possibilities for company growth and positioning in the global generative AI market.  Furthermore, the availability of technological advances and the expanding need for powerful equipment and systems are likely to bode well for the future growth of this section.
Service Sector Segment to Witness Rapid Expansion Owing to Growing Concern over Data Security
The service sector is expected to grow at a rapid pace of over 35% during the forecast period. The growth of this segment is attributed to the increasing concern over data security, fraud detection, business forecasting, and risk modeling. Additionally, service providers are also helping organizations address the ethical and legal issues arising from the use of genetic AI. Currently AI technologies are evolving rapidly with increasing awareness and high adoption by the service industry. With the increasing investment in AI adoption and a greater need for strategic partnerships between businesses, the need for generative AI and network services will help create lucrative growth opportunities soon.
North America Emerge Dominant Due to Increase in Fraudulent Bank Activities
North America dominated the global generative AI market with more than 41% market share and is expected to continue so due to high levels of bank and medical fraud activities. The presence in the generative AI sector is predicted to drive the market growth in the region.
However, Asia Pacific is expected to grow at the fastest growth rate of over 35% during the period. Growing government initiatives to incorporate AI in Asia Pacific, coupled with increasing adoption of AI-based services drive the market growth during the analyzed period in the region are supporting factors. In addition, governments in the region have a strategic approach to AI development that includes flexible policies, funding and strategic partnerships to create a platform for the market to grow. Furthermore, increased internet connectivity, smartphone usage and adoption of various digital channels which supports the growing number of AI-based applications, making the market a more attractive destination for market players.
Request Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/generative-ai-market
Generative AI Market Insights:
Drivers
Increasing Demand for Personalized ContentAdvancements in AI TechnologyRestraints
Data Privacy ConcernsEthical and Bias IssuesProminent Players in Generative AI Market
Microsoft CorporationNVIDIA CorporationAdobe Inc.IBM CorporationAutodesk Inc.Unity TechnologiesAltair Engineering Inc.DeepMind Technologies LimitedAutodesk Inc.Runway MLMetaSalesforce.com, Inc.View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/generative-ai-market
Key Questions Answered in Generative AI Market Report
What specific growth drivers are projected to impact the market during the forecast period?List the top companies in the market and explain how they have achieved their positions of influence.In what ways do regional trends and patterns differ within the global market, and how do these differences shape the market’s future growth?This report provides the following insights:
Analysis of key drivers (increasing demand for personalized content, advancements in AI technology), restraints (data privacy concerns, ethical and bias issues), opportunities (integration of ai and machine learning, shift towards subscription-based models), influencing the growth of global generative AI Market.Market Dynamics: Comprehensive information about the various products offered by the dominant players in the global Generative AI Market.Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Generative AI market.Market Growth: Detailed information on profitable growing industries.Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.Related Reports:
Global Artificial Intelligence Market
Global Artificial Intelligence In Healthcare Market
Global Artificial Intelligence In Retail Market
Global Artificial Intelligence In Security Market
Global Artificial Intelligence In Telecommunication Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific. 
Contact:
Mr. Jagraj SinghSkyQuest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/

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Artificial Intelligence

EZVIZ unveils its groundbreaking H9c Dual-lens Smart Pan-and-tilt Camera series: a new paradigm for automated, all-round outdoor protection

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By combining a pan-and-tilt panoramic lens and a fixed 180-degree wide-angle lens, one H9c Dual smartly secures large areas with performance better than that of two ordinary ones.
HOOFDDORP, Netherlands, May 6, 2024 /PRNewswire/ — EZVIZ, a leading global player in innovative smart home security, proudly introduces the H9c Dual series, its latest dual-lens outdoor pan-and-tilt cameras that redefine smart protection for homes and small businesses. With options in 2K and 3K resolutions, their groundbreaking design combines a sharp bullet camera and a flexible PT camera, addressing complex security needs effectively. The interlinked dual lenses work collaboratively to safeguard wide property areas, detect and track activities, and offer auto-patrol options for hands-free security.

“The H9c Dual challenges traditional outdoor cameras with unrivaled vision, unmatched automation, and high versatility for basically any scenario,” said Candice Tu, the lead product manager, “EZVIZ leads the way in the development and application of advanced dual-lens technology. This underlines our dedication to bringing cutting-edge technology within reach for practical, everyday situations.”
At the core of the H9c Dual is its groundbreaking dual-lens technology, highlighted by EZVIZ’s distinctive co-action function. The two lenses can work independently at two static viewing angles or act together as a team. When the fixed lens detects motions, the pan-and-tilt lens automatically rotates to track the same activity. This co-action function can also be manually controlled through the EZVIZ App.
The series addresses unnoticed blind spots by offering a 180-degree comprehensive view in a single frame, supplemented by the bottom PT lens for intricate close-ups. Both lenses, with high resolutions of 2K/3K, use built-in AI chips to detect people and vehicles in customizable zones, ensuring users are informed of crucial activities. Users can set up to four patrol spots for the PT lens to complete automatic rotations on a schedule.
Equipped with powerful LEDs, the H9c Dual provides color night vision up to 40 meters and warns potential trespassers with a loud siren and dazzling flashlight upon detection. Offering superior protection compared to a traditional two-camera system, the H9c is a breeze to set up thanks to its adaptable mounting design. Users can manage and control their H9c through the user-friendly EZVIZ App, and enjoy seamless integration with prevailing voice assistants and the larger EZVIZ ecosystem.
Learn more at www.ezviz.com.
Photo – https://mma.prnewswire.com/media/2404810/EZVIZ_H9c_Dual_Lens_Pan_Tilt_Wi_Fi_Camera.jpg

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Artificial Intelligence

Red light therapy for repairing spinal cord injury passes milestone

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BIRMINGHAM, England, May 6, 2024 /PRNewswire/ — Patients with spinal cord injury (SCI) could benefit from future treatment to repair nerve connections using red and near-infrared light.

The method, invented by University of Birmingham scientists and patented by University of Birmingham Enterprise, delivers light directly to the site of the injury. 
Their latest research, published in Bioengineering and Translational Medicine, determined an optimal ‘dose’ for this novel approach, and showed it can deliver therapeutic improvements including significant restoration of sensation and movement, and regeneration of damaged nerve cells. 
Researchers led by Professor Zubair Ahmed used cell models of SCI to determine the frequency and duration of light required to achieve maximum restoration of function and stimulate nerve cell regrowth. 
They found delivery at a wavelength of 660nm for one minute a day increased cell viability (the number of live cells) by 45% over five days’ treatment. 
Professor Ahmed said: “The effect of 660nm light was both neuroprotective, meaning it improved survival of nerve cells, and neuroregenerative, meaning it stimulated nerve cell growth.” 
The researchers also investigated the effect of light therapy in preclinical models of SCI, using an implantable device and transcutaneous delivery with the light source placed against the skin. They showed comparable results for both methods, with a one-minute dose of 660nm light, delivered daily for seven days resulting in reduced tissue scarring, increased levels of proteins associated with nerve cell regeneration, improvements in the connections between cells and significant functional recovery. 
This is the first time transcutaneous and direct light delivery have been compared in SCI. Professor Ahmed said: “To make light therapy viable for treating SCI in humans an implantable device will be required, to provide line of sight to damaged tissue and the opportunity for greater accuracy and standardise dosing without impedance due to the thickness of the skin and other tissues surrounding the spinal cord.”
The researchers are planning to develop an implantable device for use in humans with traumatic SCI. They have already received further funding and are seeking commercial partners or investors to develop a prototype device to take into first-in-man clinical trials.
Full release here. 
University of Birmingham Enterprise helps researchers turn ideas into products and services that meet real-world needs. Follow us on LinkedIn and X.
Photo: https://mma.prnewswire.com/media/2404909/University_of_Birmingham_Enterprise.jpg
Media enquiries: Ruth Ashton
Commercial enquiries: Veemal Bhowruth

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Artificial Intelligence

TerraPay Continues to Attract Top Industry Talent, Names Hassan Chatila as Vice President and Global Head of Network

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LONDON, May 6, 2024 /PRNewswire/ — TerraPay, a leading global money movement company, is excited to announce the appointment of Hassan Chatila as Vice President – Global Head of Network.

This key addition to TerraPay’s global network leadership also marks a critical step in the company’s ongoing strategy to simplify and streamline global money movement for businesses and individuals alike, underscoring its commitment to enhancing its network capabilities.
With over 20 years of experience in the cross-border payments, Hassan brings with him a rich legacy of leadership and innovation. Before joining TerraPay, he served as the Global Head of Western Union’s Account Payout Network, where he played a pivotal role in expanding and optimizing the network to support seamless global transactions. His impressive career portfolio also includes key leadership roles at Earthport and Temenos, where he led significant payments transformation initiatives and drove substantial growth.
In this new role at TerraPay, Hassan will lead the expansion and optimization of TerraPay’s global payout network. He will work closely with internal and external stakeholders to enhance the network’s capabilities, ensuring that TerraPay continues to offer its partners transparent and efficient payment solutions.
Welcoming Hassan to the team, TerraPay Founder and CEO, Ambar Sur, said, “It gives me great pleasure to welcome Hassan on board. As an industry expert, he comes with a highly reputable cross-border payment expertise and deep leadership experience. On TerraPay’s journey of growth, Hassan’s appointment is a critical step in furthering our network expansion goals. I look forward to working together and further deepen TerraPay’s position as a global money movement leader.”
Hassan Chatila, VP – Global Head of Network, TerraPay, commented on his new role, saying, “I am thrilled to join TerraPay at this pivotal time. Over the years, TerraPay has built an expansive global money movement network driven by the mission to build a borderless world of payments. I look forward to leveraging my experience to further develop our network capabilities, create new opportunities across markets and help TerraPay achieve its ambitious goals.”
For media inquiries, please contact [email protected]
About TerraPay
TerraPay simplifies global money movement – by providing a single connection to the most expansive cross-border payments network regulated in 31 global markets and enabling payments to 144 receive countries, 210+ send countries, 7.5Bn+ bank accounts and 2.1Bn+ mobile wallets. TerraPay is on a mission to connect a borderless financial world, making moving money everywhere instant, reliable, transparent and fully compliant. TerraPay pushes the boundaries for global businesses – ranging from banks, fintechs and money-transfer operators to travel businesses, creator economy platforms and e-commerce marketplaces – while driving financial inclusion in even the most inaccessible markets. Founded in 2014, TerraPay is headquartered in London, with global offices in Bangalore, Dubai, Miami, Bogota, Dar es Salaam, Kampala, Hague, Dakar, Joburg, Nairobi, Milan, Singapore and is expanding rapidly, having received funding from leading investors, including the IFC (the World Bank), Prime Ventures, Partech Africa and Visa.
Logo: https://mma.prnewswire.com/media/1222771/TerraPay_Logo.jpg
 

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