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Generative AI Market Poised for Growth, Expected to Exceed $521.51 Billion by 2031 | SkyQuest Technology

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WESTFORD, Mass., June 26, 2024 /PRNewswire/ — According to SkyQuest, the global Generative AI Market size was valued at USD 16.81 Billion in 2022 and is expected to grow from USD 24.62 Billion in 2023 to reach USD 521.51 Billion by 2031, at a CAGR of 46.45% during the forecast period (2024-2031). 

Generative AI is a type of artificial intelligence capable of creating different types of content through prompts from users. Generative AI models to create text, images, videos, audio, and other synthetic data are gaining massive popularity around the world. The rising abundance of digital data to train generative AI models and extensive utilization of deep learning and neural networks are also promoting the demand for generative AI. The global generative AI market is segmented into component, end-use, industry vertical, and region.
Download a detailed overview:
https://www.skyquestt.com/sample-request/generative-ai-market
Generative AI Market Overview: 
Report Coverage 
Details 
Market Revenue in 2023 
$ 24.62 Billion 
Estimated Value by 2031 
$ 521.51 Billion 
Growth Rate 
Poised to grow at a CAGR of 46.45% 
Forecast Period 
2024–2031 
Forecast Units 
Value (USD Billion) 
Report Coverage 
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends 
Segments Covered 
Component, End-use and Application
Geographies Covered 
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights 
Updated financial information / product portfolio of players 
Key Market Opportunities 
Advancements in Deep Learning Techniques
Key Market Drivers 
Growing Demand for Personalized Content and Experiences
 
Segments covered in Generative AI Market are as follows:
ComponentHardware, Services, and Software (On Premises, & Cloud)End-useTechnology and Communication, Automotive & Assembly, Financial Services, Healthcare, Business, Legal & Professional Services, Consumer Goods/ Retail, OthersApplicationBusiness Intelligence and Visualization, Content Management, Synthetic Data Management, Search and Discovery, OthersRequest Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/generative-ai-market
Generative AI Software Takes Crown in Revenue Generation
Generative AI software is the key component that brings in the most revenue for market players. High investments in the development of new and advanced generative AI software to satisfy demand from multiple industry verticals are slated to bolster market growth via this sub-segment. The need for custom generative AI software from enterprises to empower creativity or automate processes will also help boost market growth. Meanwhile, the demand for generative AI services is also surging at a rapid pace. A high emphasis on maintaining data security and compliance with different regulations is projected to help the generative AI services sub-segment to propel market growth at a rapid pace.
From Content to Code, Generative AI Does it All
Content is king in this increasingly digital world, whether it be text, video, image, or audio. Generative AI is being extensively used to create content. Use of generative AI for general writing applications is peaking around the world, which is why this end-use holds a significant share of the global market. Image generation and video generation/editing are also estimated to emerge as popular end-uses of generative AI with the launch of models such as Sora and Dall-E.
As generative AI models continue to advance, they are also estimated to revolutionize the marketing industry by automating different SEO and marketing tasks. Coding and web development are also being automated through simple prompts in a generative AI model. The growing use of smart virtual assistants is also estimated to bolster the demand for generative AI with AI assistance capabilities.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/generative-ai-market
Generative AI Holds Potential to Revolutionize Multiple Industries
The IT and telecommunication industry is projected to witness widespread adoption of generative AI models. Increasing deployment of artificial intelligence by tech companies to streamline their resource utilization and high investments in AI adoption allow this sub-segment to hold sway over others. Meanwhile, the use of generative AI in the healthcare industry is also estimated to hold a prominent market share. The use of generative AI in diagnostic algorithms, AI-based imaging, and other digital healthcare solutions allows the generative AI market to be fostered through the healthcare sub-segment.
Other industries such as BFSI and manufacturing are also deploying generative AI models to automate their processes and provide better customer services. Use of generative AI models to create intelligence and smart virtual assistance for vehicle infotainment systems and autonomous vehicles will help the automotive and transportation sub-segment bolster market growth in the future.
The global generative AI market has immense untapped potential in almost all segments and sub-segments. Companies operating in the global generative AI industry need to introduce innovation to expand their market presence via all segments. Use of generative AI models for image and video generation is slated to pick up pace and create many new opportunities in the long term.
Related Report:
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Artificial Intelligence of Things (AIoT) Market
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Mobile Artificial Intelligence (AI) Market
Artificial Intelligence (AI) Hardware 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 Singh Skyquest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/
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Artificial Intelligence

Twelve Students from KIIT-DU Qualify for Paris Olympics

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KIIT-KISS Founder announces Rs 7 lakh to each of the athletes 
BHUBANESWAR, India, July 19, 2024 /PRNewswire/ — In a big achievement for KIIT Deemed to be University (KIIT-DU), Bhubaneswar, 12 students have successfully qualified for the Paris Olympics 2024 beginning July 26, bringing pride and joy to the institution.

KIIT is the first university in the country to be sending the largest contingent of athletes among all universities in India.
The Founder of KIIT and KISS Dr Achyuta Samanta has announced Rs 7 lakh to each of the athletes, encouraging them to give their best in the field and bring glory to the country. 
The athletes who have earned their spots are — Amit Rohidas in Men’s Hockey, Kishore Kumar Jena in Javelin Throw; Parul Chaudhary in 3000m Steeplechase & 5000m; Priyanka in 20 km Race Walk & Marathon Race Walk Mixed Relay; Annu Rani in Javelin Throw; Jyothi Yarraji in 100m Hurdles; Tajinderpal Singh Toor in Shot Put; Abha Khatua in Shot Put; Prachi in the 4x400m Relay Team; Ankita in 5000m; Paramjeet Singh Bisht in 20km Race Walk and Suraj Panwar in the Marathon Race Walk Mixed Relay Team. 
Dr. Achyuta Samanta, Founder, KIIT & KISS, congratulated the proud contingent at a special programme in Bhubaneswar, saying, “Your hard work and dedication have brought you to this prestigious stage.” He declared Rs. 7 lakh cash support to each player. All 12 players, who are currently in various camps in different countries of Europe, joined the programme virtually. 
Informing the media, Dr. Samanta said that KIIT & KISS is the first organization in India to send the highest number of players to the Olympics. He also mentioned that KIIT & KISS has produced 20 Olympians and 2 Paralympians who represented India at the 2016 Rio Olympics, the 2020 Tokyo Olympics, and will be representing the country at the 2024 Paris Olympics. KIIT & KISS is proud to have 7 Arjuna Awardees, he added.
“We are happy that 12 students from KIIT are participating in the Paris Olympics 2024, making us and the country proud. Give your best and shine with your achievements. The entire KIIT & KISS family stands behind you, cheering you on”, he said.
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eQ Technologic Elevates Industry Standards with Inaugural Customer Conference, exeQute

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COSTA MESA, Calif., July 18, 2024 /PRNewswire/ — In an era brimming with industry conferences, eQ Technologic, Inc., the developers of the eQube®-DaaS Platform, is making a bold entrance with its inaugural customer conference, exeQuteSM, Oct. 7-10, 2024. Unlike other customer conferences in the data as a service (DaaS) industry, exeQute is set to stand out with a focus on actionable tactics tailored to meet the unique needs of its customers, reflecting the company’s deep commitment to customer-centricity and innovation.

As Gartner predicts that by 2027, 25% of CIOs will have compensation linked to their sustainable technology impact, exeQute’s conference is shaping the future of digital transformation with sustainability and responsibility top of mind. This conference goes beyond theoretical discussions, offering a hands-on experience where top brands share real-world solutions that attendees can immediately apply. This focus on actionable content ensures that every participant leaves with a toolkit of strategies to drive improvements in their business.
eQ Technologic’s dedication to understanding customer needs is evident in every aspect of exeQute. The conference sessions delve into the specific challenges faced by customers, offering personalized solutions and insights. This tailored approach showcases the company’s commitment to not just listening to its customers but collaborating with them to develop solutions that drive their success.
“Execution is one of our key operating principles at eQ. An organization’s ability to execute materially separates winners from the pack,” said Dinesh Khaladkar, President & CEO of eQ Technologic. “We strongly believe that the gap between the future and now is bridged by execution. The future doesn’t just happen, it must be defined, and actions must be taken to achieve it. It’s time to envision what lies ahead and act upon the future vision with exeQute.”
exeQute provides a unique platform for attendees to network with industry leaders, peers, analysts, and media, fostering a collaborative environment where new ideas and partnerships will enable the future growth of companies. The conference’s comprehensive approach to addressing both current challenges and future opportunities highlights eQ Technologic’s role as a catalyst for positive change in the industry by catalyzing cross-industry innovation and offering insight into how organizations leverage eQ’s industry agnostic solutions to gain and maintain a competitive advantage.
exeQute is not merely another event in the crowded conference landscape. It is setting a new standard for customer engagement, providing value through actionable insights, innovative solutions, and a steadfast commitment to sustainable practices. For those seeking to navigate the complexities of digital transformation responsibly, exeQute is an indispensable resource, reinforcing eQ Technologic’s position as a leader in the industry. With executives and decision-makers from some of the world’s leading organizations, the conference will unravel future trends, disruptive technologies, and emerging opportunities. Power-packed with keynotes, success stories, product roadmaps, demos, fireside chats, and more, the conference furthers eQ Technologic’s position as a leader in the industry.
Conference details:
VEA, A Marriott Resort & Spa, Newport Beach, California Oct. 7-11, 2024 Agenda, speakers, sponsorship opportunities, and registration information can be found at exequteconference.com.
About eQ Technologic
Over the past two decades, eQ has been instrumental in accelerating digital transformation across industries such as Aerospace & Defense, Department of Defense, Automotive, Energy, Heavy-Machinery, Electronics, High-Tech, Electronics, Consumer Packaged Goods (CPG), and more.
The Low/No-Code eQube®-DaaS (Data as a Service) Platform establishes a Data Fabric with a connected network of integrated data, applications and devices that puts the power of analytics in the hands of end users, leading to Actionable Insight. eQ’s 100+ OOTB plug and play Connectors connect disparate heterogeneous systems in an instant, empowering organizations to work with any data, any format, any API, any speed, with any system, any application, and any device without writing any code. It enables secure, scalable, and robust information collaboration while honoring security rules. This enables eQ to offer solutions like Digital Thread, CLM (Closed Loop Manufacturing), Multi-PLM Solutions, For-purpose Apps, API Factory with Common Data Model, and many others.
Some of eQ’s marquee customers include Lockheed Martin, Northrop Grumman, US Navy, Rolls-Royce, Collins Aerospace, Pratt & Whitney, Adient, ULA, Moog, Micron Technologies, Boeing, General Electric, Siemens Energy, Panasonic, EDF, and General Dynamics to name a few.
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Research Solutions Announces Partnership with Jisc to Enhance UK Higher & Further Education Research

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This highlights Research Solutions’ commitment to improving the quality and accessibility of scientific research for academic institutions.
HENDERSON, Nev., July 18, 2024 /PRNewswire/ — Research Solutions (NASDAQ: RSSS), a trusted partner providing cloud-based workflow solutions to accelerate research for R&D-driven organizations, is proud to announce a significant partnership with Jisc, the UK digital, data, and technology agency focused on tertiary education, research, and innovation.

This collaboration will make Scite’s award-winning AI platform more affordable and accessible for more than 280 higher education and research institutions in the UK. It aims to advance research quality by leveraging ethical AI technology.
Scite, now part of the Research Solutions family, is transforming the discovery and evaluation of scientific articles through its innovative Smart Citations and AI Assistant. This advanced technology allows researchers to gain deeper insights into the impact and relevance of scientific work.
Beyond its powerful discovery search capabilities across over 187 million publications, 2 billion references, and 1.3 billion citation statements, Scite offers unique workflows for identifying editorial concerns and providing instant reference analysis through its Reference Check feature. The platform also enables the creation of integrated dashboards with reference library tools and validates large language models, assisting in the creation of structured literature reviews via Scite Assistant.
Scite is utilized by researchers and institutions worldwide, underscoring its global impact and commitment to advancing scientific research and innovation.
“We’re thrilled to be partnering with Jisc to make Scite more readily available to the Higher Education institutions in the UK,” states Josh Nicholson, co-founder of Scite and Chief Strategy Officer at Research Solutions. “By bringing context to citations, we can provide a better way to discover, understand, and evaluate research, something that is critically needed in the world today.”
Jisc’s endorsement of Scite highlights the platform’s value in delivering accurate, insight-rich research tools to prestigious institutions such as the University of Manchester and the University of Exeter. Research Solutions is delighted to extend services to additional UK educational institutions and looks forward to making significant contributions to the academic landscape.
For more information on how Jisc is enhancing lives through the digital transformation of education and research, visit their website here. To learn more about how Scite and Research Solutions are providing universities and libraries with tools to elevate their academic work, click here.
About Jisc
Jisc’s vision is for the UK to be a world leader in technology for education and research. It owns and operates the super-fast national research and education network, Janet, with built-in cyber security protection. Jisc also provides technology solutions for members (colleges, universities, and research centres) and customers (public sector bodies), helps members save time and money by negotiating sector-wide deals and provides advice and practical assistance on digital technology. Jisc is funded by the UK higher and further education and research funding bodies and member institutions. For more information, contact [email protected] or 07443 983571.
About Research Solutions
Research Solutions, Inc. (NASDAQ: RSSS) provides cloud-based technologies to streamline the process of accessing, managing, and creating intellectual property. Since its founding, the company has been a pioneer in developing solutions to serve researchers. Today, more than 70 percent of the top pharmaceutical companies, prestigious universities, and emerging businesses rely on our family of products, powered by AI and NLP technologies, to support the innovation process from end to end with the most comprehensive information and knowledge tools on the market. For more information and details, please visit www.researchsolutions.com.
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