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Artificial Intelligence

AI Market Growth: Investment Patterns and Future Potential

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“BCC Research Study Projects a 39.7% CAGR, with Market Growth Driven by Increasing AI Investments and Expanding Applications, Rising from $148.8 Billion in 2023 to $1.1 Trillion by 2029”
BOSTON, Oct. 16, 2024 /PRNewswire/ — The global AI market is booming, with huge investments aimed at harnessing its transformative power across various industries. However, despite this influx of money, the true potential of AI is still largely untapped due to challenges like technical hurdles and ethical concerns. While progress is steady, there’s a lot more to achieve to fully realize AI’s capabilities.

“According to the latest BCC research study, the demand for Global Artificial Intelligence (AI) Market: Investments vs Potential is expected to grow to increase from $148.8 billion in 2023 and is projected to reach $1.1 trillion by the end of 2029, at a compound annual growth rate (CAGR) of 39.7% during the forecast period of 2024 to 2029.”
This report takes a deep dive into the global AI market, breaking it down into different segments like software, services, and hardware, as well as how AI is deployed—whether on-premise or in the cloud. It looks at key AI technologies like machine learning, computer vision, natural language processing (NLP), and context-aware computing, and explores how these technologies are used across various industries, including finance, healthcare, entertainment, retail, and more.
The report also examines AI solutions offered by different companies and provides a regional analysis of AI adoption in North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. It discusses the main factors driving AI growth in these regions, along with current industry trends. Finally, the report profiles major AI providers and offers projections for the market from 2024 to 2029, including expected growth rates. The study is based on data from 2023.
Some Interesting Facts about Global Artificial Intelligence (AI) Market: Investments vs Potential
AI: The Game-Changer
Designing the Future, Faster: Imagine creating complex computer chips in just a few hours, instead of months! AI is making this possible, revolutionizing the field of chip design and speeding up technological progress.Unlocking the Secrets of Space: AI is helping scientists make new discoveries by analyzing vast amounts of data from space missions. It can spot tiny patterns and signals that humans might miss, leading to exciting breakthroughs in our understanding of the universe.The Creative Genius of AI: AI is not just about logic and data; it’s also a creative force! Algorithms can analyze artistic styles, and then generate entirely original works of art, music, and even literature. Get ready for a new wave of AI-powered creativity!to discover more insights and information about Global Artificial Intelligence (AI) Market: Investments vs Potential, click here for further exploration.
Factors contributing to this growth include:
1.  Advances in AI Technology.: Advances in AI technology involve rapid improvements in how these systems learn, think, and perform tasks. This includes better language understanding, image recognition, predictive abilities, and even creating art and music. As AI evolves, it becomes more accurate and capable of handling complex tasks, driving innovations in fields like healthcare, finance, and daily life.
2.  Use of AI to Enhance Customer Service.: AI enhances customer service by using tools like chatbots for 24/7 support, personalized recommendations, and quick problem-solving. These AI systems automate routine tasks and provide fast, accurate responses, improving service while allowing human staff to focus on more complex issues.
3.  Rise of Cloud Computing.: Cloud computing involves using internet-based services to store and manage data instead of local servers. It allows access to files and applications from anywhere, enhancing collaboration, scaling, and cost-efficiency. This shift has revolutionized technology use, offering greater flexibility and innovation for both businesses and personal tasks.
4.  Analyzing and Interpreting Large Amounts of Data.: Analyzing large amounts of data involves using advanced tools, often powered by AI, to uncover patterns and insights from massive datasets. This helps businesses and researchers make informed decisions, predict outcomes, and discover valuable opportunities that would be hard to identify manually.
5.  Increased Demand for Automation and Efficiency.: More businesses are seeking to streamline operations by automating repetitive tasks with technology. This shift aims to save time, cut costs, and improve accuracy. Automation tools, such as robots and AI, enhance efficiency, allowing employees to tackle more complex tasks and boosting overall productivity.
Request a Sample Copy of the Global Artificial Intelligence (AI) Market: Investments vs Potential
Report Synopsis
Report Metrics
Details
Base year considered
2023
Forecast Period considered
2024-2029
Base year market size
$148.8 billion
Market Size Forecast
$1.1 trillion
Growth Rate
CAGR of 39.7% for the forecast period of 2024-2029
Segment Covered
Solution Type, Deployment Mode, Technology, End-User Industry
Regions covered
North America, Europe, Asia-Pacific, Latin America, Middle East and Africa
Countries covered
U.S., Canada, U.K., Germany, France, Italy, Russia, Spain, the Netherlands, Portugal, Japan, China, India, Thailand, Singapore, Vietnam
Key Market Drivers
•  Advances in AI Technology
•  Use of AI to Enhance Customer Service
•  Rise of Cloud Computing
•  Analyzing and Interpreting Large Amounts of Data
•  Increased Demand for Automation and Efficiency
This report on global artificial intelligence (ai) market: investments vs potential provides comprehensive insights and analysis, addressing the following key questions:
What is the projected market size and growth rate of the market?The market is projected to reach $1.1 trillion by 2029, growing at a CAGR of 39.7%.What are the key factors driving the growth of the market?The key factors driving the market include advancements in AI technology, rising adoption of AI among businesses to enhance customer service, rise of cloud computing, increasing demand to analyze and interpret large amounts of data, etc.What segments are covered in the market?By Solution TypeBy Deployment ModeBY TechnologyBy End-user IndustryBy GeographyBy Solution Type, which segment will dominate the market by the end of 2029?By Solution type, software is expected to dominate the market by the end of 2029. Which region has the highest market share in the market?North America holds the highest share of the global market.Some of the Key Market Players Are:
ADVANCED MICRO DEVICES INC.DELL INC.INTEL CORP.MEDIATEK INC.MICRON TECHNOLOGY INC.SAMSUNGBROADCOMCISCO SYSTEMS INC.HEWLETT PACKARD ENTERPRISE DEVELOPMENT LPHUAWEI TECHNOLOGIES CO. LTD.TELEFONAKTIEBOLAGET LM ERICSSONIBM CORP.INFINEON TECHNOLOGIES AGMICROSOFTNVIDIA CORP.ORACLESALESFORCE INC.CHECK POINT SOFTWARE TECHNOLOGIES LTD.FORTINET INC.SAS INSTITUTE INC.GOOGLE INC. (ALPHABET INC.)METASAP SESIEMENSBrowse for more related reports:
AI in Oil and Gas: Global Markets and Technologies: AI in oil and gas refers to using artificial intelligence technologies to improve various aspects of the industry. This includes optimizing exploration and drilling processes, predicting equipment failures, and enhancing safety measures. AI helps companies analyze large amounts of data for better decision-making, increase operational efficiency, and reduce costs. Globally, AI is becoming a key tool in transforming how the oil and gas sector operates, leading to more advanced and efficient methods in exploration, production, and management.
Global AI Camera Market: The global AI camera market involves the use of artificial intelligence in camera systems to enhance their capabilities. These AI-powered cameras can recognize and analyze images and videos in real time, enabling features like facial recognition, object detection, and automated monitoring. They are used in various applications, from security and surveillance to smart home devices and automotive systems. The market is growing as AI technology improves and the demand for advanced, intelligent imaging solutions increases across different industries.
Directly Purchase a copy of the report with BCC Research.
For further information or to make a purchase, please get in touch with [email protected].
About BCC Research
BCC Research provides objective, unbiased measurement and assessment of market opportunities with detailed market research reports. Our experienced industry analysts’ goal is to help you make informed business decisions, free of noise and hype.
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Email: [email protected],
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For media inquiries, email [email protected] or visit our media page for access to our market research library.
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher.
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Artificial Intelligence

Sinopec at World Media Summit: Advocating for AI’s Role in Media and Global Development

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URUMQI, China, Oct. 16, 2024 /PRNewswire/ — The 6th World Media Summit, themed “Artificial Intelligence and Media Transformation,” began its sessions in Urumqi on October 14th, hosted by Xinhua News Agency and the People’s Government of Xinjiang Uygur Autonomous Region. Sinopec Corp. Director Zhong Ren addressed the opening, focusing on the transformative potential of media in bridging global divides. 

At the World Media Summit, Mr. Zhong highlighted the crucial role of media cooperation in fostering global understanding and people-to-people bonds. He pointed out that the summit overcomes geographical, cultural, and ideological barriers, providing a significant venue for media organizations worldwide to forge connections. The event is designed to leverage media influence to better humanity’s future. Mr. Ren affirmed SINOPEC’s dedication to this cause, looking forward to enhancing collaboration with media organizations and other societal sectors to advance global human progress.  
Mr. Zhong described SINOPEC’s dedication to the principles of “clean energy and beautiful life” as part of its strategy as a responsible global corporation. He emphasized the company’s efforts to contribute to a future marked by peace, prosperity, openness, and innovation. In recent developments, SINOPEC has established 16 intelligent refineries and petrochemical plants, focusing on intelligent manufacturing to drive transformation. Additionally, the company has achieved recognition with six of its business units cited by the Chinese government as production facilities that have successfully implemented 5G technologies across their operations (a “National 5G factory”) and ten as national intelligent manufacturing demonstration factories. 
SINOPEC is deeply engaged in green and low-carbon development initiatives. The company’s Tahe Refining and Chemical Cotton Field Agricultural Film Recovery and Recycling Project in Xinjiang is noted as China’s first large-scale continuous waste plastic pyrolysis demonstration project. The groundbreaking 10,000-ton facility is on track to be completed within the year, marking a significant advancement in industrial recycling techniques. Additionally, SINOPEC has established the first 10,000-ton green hydrogen facility powered by renewable electricity in Kuqa. The facility is already operational and capable of reducing annual carbon emissions by 485,000 tons—comparable to the environmental impact of planting 300,000 trees. Mr. Zhong has invited journalists to tour the facilities and see for themselves SINOPEC’s commitment to environmental sustainability. 
In his remarks, Mr. Zhong emphasized the profound influence of technological revolutions on economic and societal progress, with particular attention to the role of emerging technologies such as AI. He advocated for the media and industrial sectors to embrace innovation for enhanced efficiency. SINOPEC is championing the adoption of renewable energy technologies such as wind, solar, geothermal, and hydrogen to drive industrial innovation and improve productivity. The company is also enhancing its integration into the global economy through deepened collaborations with international media and leading think tanks, striving to build a robust international communication network that supports global cultural exchanges.
This year’s WMS took place in Beijing and Xinjiang from October 12 to 17. The summit brought together over 500 representatives from 208 media organizations, government agencies, and international entities from 106 countries and regions. Participants engaged in in-depth discussions on topics of shared interest, including the application of AI in media, the common mission of news media organizations in the digital era, and the high-level openness and quality-driven development in Xinjiang, China.
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Accelerating AI advancement: Abu Dhabi’s innovation champions & tech pioneers shine bright at GITEX GLOBAL 2024

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Abu Dhabi Government’s AI-driven knowledge app and Abu Dhabi Police’s autonomous 4×4 bulletproof patrol vehicle among the latest innovations launchedDUBAI, UAE, Oct. 16, 2024 /PRNewswire/ — Abu Dhabi’s innovation champions and tech pioneers exhibited the brand-new services and solutions destined to reshape the future at GITEX GLOBAL 2024. As the Emirate consolidates its global leadership position in the emerging AI economy, some of the UAE capital’s proudest companies showcased a plethora of AI-based advancements designed to drive digital transformation across the nation and beyond.

Taking place from 14-18 October at Dubai World Trade Centre (DWTC), GITEX GLOBAL is the world’s largest and best-rated tech event. It presents a record-breaking 44th edition in 2024 – welcoming over 6,500 exhibitors, 1,800 startups, 1,200 investors alongside governments from more than 180 countries. 
Wednesday saw tens of thousands of visitors examine first-hand how Abu Dhabi charting a course to the future AI economy – with local enterprises and startups at the forefront of progression. In line with Abu Dhabi Economic Vision 2030 and the UAE National Strategy for AI 2031, the local tech community – home to over 400 specialist AI companies – illustrated its unwavering commitment to boosting AI-backed socio-economic development.
Department of Government Enablement – Abu Dhabi’s innovative products
The Abu Dhabi government showcased an innovative lineup of next-generation solutions, including GovGPT. Based on an AI-driven knowledge agent, GovGPT will assist Abu Dhabi government employees with access to various AI tools, guiding them towards governmental policies and essential information almost instantaneously.
Also unveiled was TAMM 3.0, an integrated platform offering a diverse range of AI-enabled government services alongside personalised experiences for users. Accompanied by over 800 seamless services, TAMM 3.0 powered by AI and features conversational voice capabilities, allowing users to interact through voice commands in Arabic and English.
Presenting next-gen police 4×4, autonomous racing car, and AI-assisted chest X-rays
Elsewhere, attendees witnessed the future of mobility as Abu Dhabi Police unveiled its autonomous 4×4 bulletproof patrol vehicle, the ‘Magnum MK1’. Boasting a 1.5 tonne payload capacity, this stylish car is designed for patrol, surveillance, and secure transport of detainees and can reach top speeds of 150km/h.
Among its standout features are advanced surveillance including 360-degree camera coverage, and a bespoke prisoner cell and monitoring system, showcasing a leap forward in digitalisation.
The Advanced Technology Research Council (ATRC) displayed its upgraded EAV24, next-generation autonomous race car, which will hit the iconic Yas Marina Circuit track in next April’s Abu Dhabi Autonomous Racing League, centred around AI innovation.
The model is made up of sustainable bio-composite materials and features a sleek design inspired by digital algorithms and AI-driven data patterns.
ATRC also owns VentureOne, the dynamic commercialization arm, turning applied research from the Technology Innovation Institute (TII) into game-changing commercial products and solutions that address industry challenges worldwide.
Reda Nidhakou, Acting CEO, VentureOne, said: “VentureOne is dedicated to bringing the Technology Innovation Institute’s groundbreaking tech to market through ambitious tech ventures — from research to reality, and from Abu Dhabi to the world. At GITEX, we showcased AI71, a venture that develops enterprise AI solutions powered by open-source AI models with a focus on TII’s Falcon. We’ll be announcing three more exciting ventures in the coming months — we look forward to putting the power of AI, post-quantum cybersecurity, and autonomous robotics into the hands of as many people as possible.”
It comes at a time where TII is driving generative AI with the Falcon 180B one of its super-powerful large language models, which is at the top of the Hugging Face Leaderboard for pre-trained open Large Language Models (LLM).
Meanwhile, Capital Health Screening Centre backed by M42, an Abu Dhabi head-quartered global tech-enabled health powerhouse announced at GITEX GLOBAL they will perform
2,000 AI-assisted chest X-rays to screen for TB – a 10-fold increase compared with traditional methods.
As the world’s largest and best-rated tech event, GITEX GLOBAL 2024 is opening new opportunities for enterprises and governments to forge new partnerships and embark on future-focused tech projects across key industries.
GITEX GLOBAL is seamlessly connecting the world’s largest network of tech events with a stellar list including GITEX EUROPE Berlin, GITEX ASIA Singapore, GITEX AFRICA Morocco, and GITEX NIGERIA. These events are fostering global collaboration and cross-continental innovation to shape the tech landscape of tomorrow.
More information on GITEX GLOBAL, please visit www.gitex.com
Follow GITEX GLOBAL on social media: Facebook  |Instagram  |X  |LinkedIn  |Youtube
Hashtag: #GITEXGLOBAL
About GITEX GLOBAL
GITEX GLOBAL, the world’s largest tech event, is returning for its 44th edition at Dubai World Trade Centre from 14-18 October 2024. The 2024 edition will feature 6,500 exhibitors, and welcome 200,000 tech executives from 180 countries, converging the best minds, future-focused government leaders, and the most visionary enterprises and start-ups to scrutinise, challenge, define, and empower the digital agendas of the world. Independently rated globally as the world’s best tech show, GITEX GLOBAL’s continued expansion is amplified by the launch of GITEX EUROPE Berlin, GITEX ASIA Singapore, and GITEX NIGERIA in 2025, as well as the growth of GITEX AFRICA Morocco leading up to its third record-breaking edition. More information: www.gitex.com
About Dubai World Trade Centre
A global business facilitator since 1979, Dubai World Trade Centre (DWTC) is home to the region’s leading purpose-built convention and exhibition centre. DWTC provides a platform for connecting people, products, innovation and ideas from around the world through a dynamic calendar of international trade exhibitions and its own roster of sector leading mega events. As a designated free zone, complemented by award-winning commercial real estate, DWTC plays an integral role in Dubai and the region’s growth story. Since its inauguration, DWTC has hosted over 6,000 events, with an estimated economic output of AED 248 billion, attracting over 38 million business visitors to Dubai.
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Cross-examining cybercrime: GITEX GLOBAL 2024 sheds light on the innovation-igniting conundrum challenging industries worldwide

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–  “Cybersecurity Day” marks GITEX GLOBAL’s halfway stage as enlightening agenda reveals the challenges, threats and opportunities for international tech community
–  “AI is changing the game” – H.E. Dr. Mohamed Al Kuwaiti, Head of Cybersecurity for the UAE Government
DUBAI, UAE, Oct. 16, 2024 /PRNewswire/ — After an action-packed two days where GITEX GLOBAL 2024 presented exhilarating events and exhibitions across technology’s new frontiers, Wednesday witnessed another incredible programme as audiences examined the existing and future cybersecurity landscapes with the world’s foremost experts. 

Taking place from 14-18 October at Dubai World Trade Centre (DWTC), GITEX GLOBAL is the world’s largest and best-rated tech event. It presents a record-breaking 44th edition in 2024 – welcoming over 6,500 exhibitors, 1,800 startups, 1,200 investors alongside governments from more than 180 countries.
As GITEX GLOBAL’s biggest-ever international edition reached the halfway stage, “Cybersecurity Day” headlined the Wednesday schedule. An enlightening series of keynote speeches, fireside chats, and specialist panels cast a unique spotlight on the urgent challenges, emerging threats, and innovative opportunities facing individuals, enterprises, industries, and nations worldwide.
Cross-examining the cybercrime conundrum
With global cybercrime damaged projected to reach $10.5 trillion annually by 2025, the international tech community is determined to ignite a paradigm shift through reinvigorated determination. This universal attitude was on full display at GITEX GLOBAL as top CISOs, CIOs, and GRC leaders converged with a unified mission: establish the foremost line of defence globally.
In 2024, finance industry AI-driven fraud has surged by 40%, posing unprecedented challenges for incumbents. One of Wednesday’s must-attend conference sessions – ‘AI-Driven Digital Fraud: Safeguarding the Finance Industry’s Future’ – examined how emerging technologies are being harnessed to overcome the evolving threat.  
H.E. Dr. Mohamed Al Kuwaiti, Head of Cybersecurity for the UAE Government, revealed that the country has dispelled millions of threats this year alone while endorsing AI as a “gamechanger” in leading the industry’s cyber resurgence. He said to GITEX Tech Waves Podcast: “Cyber awareness is crucial – and AI is changing the game. The UAE is a financial hub that faced 71 million attacks in Q1 2024. We are resilient and thwarted these with early threat detection through AI. It’s a hugely beneficial technology alongside our great partnerships with the world.”
Todd Conklin also weighed in on the positive impact of AI. While acknowledging the potential repercussions of AI’s power when utilised by malicious actors, the Chief AI Officer & Deputy Assistant Secretary, Cybersecurity & Critical Infrastructure Protection at the US Department of the Treasury, added: “The US Treasury runs the largest payments ecosystem in the entire world. We’ve leveraged AI models to reduce fraud by almost $600 million in the last six months. It’s becoming increasingly critical in the counter-fraud space.”
Unveiling a new world of limitless possibilities and potential
In a week where 88% of exhibiting startups are GITEX GLOBAL debutants and no fewer than 230 new partnerships have been finalised between local, regional, and international entities and enterprises, the event is again fulfilling its pledge as a global cooperation and collaboration catalyst. Heading into Wednesday, over 13,000 pre-arranged concierge meetings had already taken place across GITEX GLOBAL and Expand North Star – the world’s largest startup and investment event – with many more a certainty as companies exhibit transformative solutions that could change the world.
Huawei shed light on its critical infrastructure and cloud tech solutions with Dr. Aloysius Cheang, Chief Security Officer for the Middle East & Central Asia at Huawei, revealing the staggering rate of cyber attacks worldwide. While calling on enterprises to ensure stringent security postures, he said: “Huawei is attacked 12 billion times a day on average. This is why cybersecurity is positioned as a very strategic asset within our company. Organisations must build a cybersecurity culture through a security-first, privacy-first approach – and their solutions must serve their purpose of protecting digital assets.”
Cybersecurity and anti-virus provider Kaspersky also showcased its pioneering Cyber Immunity approach and advanced threat intelligence solutions on Wednesday as US cyber firm Fortinet highlighted products and services part of its cybersecurity platform portfolio. solutions by stc also introduced visitors to the emerging technologies utilised to deliver new value to customers.
Elsewhere on day three at GITEX Global 2024, a host of activations, showcases, and conferences took place at GITEX Cyber Valley, this year’s most anticipated cybersecurity exhibition and programme hosted by the UAE Cyber Security Council. An unmissable session saw audiences hear from Brett Johnson – once America’s Most Wanted, now a leading global cybercrime and identity theft expert. During ‘Scamming the scammer: Inside the Mind of a Cybercriminal’, he revealed the extent of the virtual underworld while sharing his life story.
Live Hacks also headlined the GITEX Cyber Valley’s Dark Stage as ethical hackers showcased live demonstrations on AI-powered hacks. Visitors also got exclusive insights from Santiago Lopez, the world’s first million-dollar hacker, on how to turn hacking skills into a lucrative career during another special session – ‘Face to Face with 1# Million Dollar Hacker: Who wants to be a hacking millionaire?’.
What next at GITEX GLOBAL 2024?
GITEX GLOBAL 2024 continues Thursday as “Data Centres Universe” welcomes an ensemble cast of thought leaders and experts to discuss the future of data management and infrastructure. Sessions throughout the day’s schedule will explore the latest data technology and sustainable energy solutions alongside data centres’ pivotal role in supporting the exponential growth of digital services.
Future Mobility will explore the shifting paradigms of the global auto tech industry with the World Future Economy Digital Leaders Summit and Global DevSlam among the many day four highlights.
More information on GITEX GLOBAL, please visit www.gitex.com
Follow GITEX GLOBAL on social media: Facebook  |Instagram  |X  |LinkedIn  |Youtube
Hashtag: #GITEXGLOBAL
About GITEX GLOBAL
GITEX GLOBAL, the world’s largest tech event, is returning for its 44th edition at Dubai World Trade Centre from 14-18 October 2024. The 2024 edition will feature 6,500 exhibitors, and welcome 200,000 tech executives from 180 countries, converging the best minds, future-focused government leaders, and the most visionary enterprises and start-ups to scrutinise, challenge, define, and empower the digital agendas of the world. Independently rated globally as the world’s best tech show, GITEX GLOBAL’s continued expansion is amplified by the launch of GITEX EUROPE Berlin, GITEX ASIA Singapore, and GITEX NIGERIA in 2025, as well as the growth of GITEX AFRICA Morocco leading up to its third record-breaking edition. More information: www.gitex.com
About Dubai World Trade Centre
A global business facilitator since 1979, Dubai World Trade Centre (DWTC) is home to the region’s leading purpose-built convention and exhibition centre. DWTC provides a platform for connecting people, products, innovation and ideas from around the world through a dynamic calendar of international trade exhibitions and its own roster of sector leading mega events. As a designated free zone, complemented by award-winning commercial real estate, DWTC plays an integral role in Dubai and the region’s growth story. Since its inauguration, DWTC has hosted over 6,000 events, with an estimated economic output of AED 248 billion, attracting over 38 million business visitors to Dubai.
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