What is the global market size of Artificial Intelligence Market?

Global Artificial Intelligence Market size was valued at USD 129.12 Billion in 2022 and is poised to grow from USD 241.80 Billion in 2023 to USD 2359.1 Billion by 2031, at a CAGR of 38.1% during the forecast period (2024-2031).

Who are the key vendors in the Global Artificial Intelligence Market?

Market vendors are focusing on growing their customer base in order to gain a competitive advantage. As a result, key players are pursuing a variety of strategic initiatives, including mergers and acquisitions and partnerships. For example, Advanced Micro Devices announced a strategic alliance with Oxide Interactive LLC, a video game developer company, in April 2020 to develop graphics technologies for the cloud gaming market space. Both companies intend to develop a set of tools and techniques to meet the real-time requirements of cloud-based gaming. In addition, Intel Corporation completed the acquisition of Habana Labs Ltd., an Israel-based deep learning company, in December 2019. This acquisition is expected to boost Intel Corporation's AI portfolio and efforts in the AI silicon market. 'Microsoft', 'IBM', ' Alphabet (Google) ', ' NVIDIA ', ' Meta Platforms (Facebook) ', ' Palantir ', ' Mobileye ', ' Dynatrace ', ' UiPath ', ' SentinelOne ', ' Aurora Innovation ', ' C3 AI ', ' Darktrace ', ' Presight AI ', ' ODDITY Tech ', ' Upstart ', ' NWTN Inc. ', ' Bayanat AI ', ' PROS ', ' Exscientia'

What is the key driver of Global Artificial Intelligence Market?

The growth in AI-powered virtual assistants has been a significant driver of the AI market. In 2024, there is a notable increase in AI-driven virtual assistants that can understand natural language, learn from user engagements, and adjust to individual preferences. The emergence of AI technologies and their incorporation into everyday products has spurred significant advancements in virtual assistant software. Presently, we have exceptionally efficient and robust virtual assistant software systems offering diverse functionalities and highly useful features. These virtual assistant tools are fueling a new era of advanced IoT products and enhancing customer accessibility.

What is the key market trend for Global Artificial Intelligence Market?

Global market is growing owing to the increased popularity of numerous life-saving medical gadgets and the self-driving functionality in new electric vehicles. The world's shifting attention to digitalization is having a favourable effect on market expansion.

Which region accounted for the largest share in Global Artificial Intelligence Market?

In 2023, North America held the greatest Global Artificial Intelligence market share. The artificial intelligence market has grown dramatically as a result of favourable government regulations encouraging North American enterprises to use AI and the rising demand for automated and technologically sophisticated hardware and software solutions across a variety of end-use verticals. Leading tech companies like Facebook, Amazon, Google, IBM, Microsoft, and Apple have a big impact on the growth of the North American AI market as they are based in North America.

Smart Grid Market Size, Share, Growth Analysis, By Component(Software (Advanced Metering Infrastructure, Smart Grid Distribution Management, Smart Grid Network Management, Grid Asset Management), By Application(Generation, Transmission, Distribution, Consumption/End Use), By Communication Technology(Wireline, Wireless), By End Use(Residential, Utility, Commercial, Government), By Region - Industry Forecast 2025-2032

Report ID: SQMIG55E2012 | Region: Global | Published Date: July, 2024
Pages: 157 | Tables: 93 | Figures: 76

Smart Grid Market News

In October 2023, Prolec and Ubicquia have collaborated to create and market a new fully integrated smart transformer. This transformer integrates Ubicquia's UbiGrid platform for real-time monitoring and grid analytics into Prolec's single-phase pad mount transformers.
In June 2023, Siemens presented its newly developed software for low-voltage networks. The LV Insights X software, part of the Siemens Xcelerator portfolio, enables distribution network operators (DSOs) to address their most pressing challenge, which is the need to significantly increase grid capacity even when grids are already strained.
In March 2023, Oregon utility Portland General Electric announced that it is testing Utilidata's recently announced artificial intelligence distributed smart grid platform. A smart grid based on the NVIDIA Jetson platform is proposed to be deployed with electricity meters that integrate distributed energy resources (DERs), including solar, battery storage, and electric vehicles (EVs).

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Smart Grid Market size was valued at USD 51.33 Billion in 2023 and is poised to grow from USD 61.54 Billion in 2024 to USD 249.18 Billion by 2032, growing at a CAGR of 19.9% during the forecast period (2025-2032).

The smart grid market boasts a diverse landscape of key players contributing to its dynamic growth and innovation. These key players collectively drive innovation, set industry benchmarks, and contribute significantly to the evolution of smart grids globally. Their strategic initiatives, technological advancements, and collaborative efforts underscore their commitment to revolutionizing the energy landscape through smart grid solutions. 'General Electric Company ', 'ABB Ltd. ', 'Siemens AG ', 'Schneider Electric SE ', 'Landis+Gyr Group AG ', 'Itron Inc. ', 'Honeywell International Inc. ', 'Cisco Systems Inc. ', 'Oracle Corporation ', 'IBM Corporation ', 'Eaton Corporation ', 'S&C Electric Company ', 'Wipro Limited ', 'Fujitsu Limited ', 'Mitsubishi Electric Corporation ', 'Toshiba Corporation ', 'Echelon Corporation ', 'Schweitzer Engineering Laboratories Inc. ', 'Trilliant Holdings Inc. ', 'Elster Group GmbH '

Increasing Demand for Energy in Smart Projects: The Smart cities are developed urban areas that create sustainable economic growth and high quality of life by excelling in various fields such as technology, mobility, environment and others. Traditional power grid segments cannot provide the same level of efficiency to the citizens and find it difficult to meet the requirements of energy monitoring, real time data gathering and smart assessment and billing. Therefore, smart cities are likely to be dependent on robust smart grid technology for creating a centrally planned and controlled infrastructures. 

North America is dominating with the largest smart grid market share. The region is witnessing a substantial increase in renewable energy projects, particularly in solar and wind, spurred by government initiatives, tax incentives, and heightened environmental awareness. The United States is leading the charge in the adoption of clean energy solutions, creating a strong demand for smart grid technologies to efficiently integrate these renewable sources into the power grid. Advancements in smart grid technology are central to this growth, enabling better energy management, real-time data analytics, and enhanced grid reliability. The electrification of various industries, coupled with the surge in electric vehicle (EV) adoption, further accelerates the deployment of smart grids, as they are essential for supporting the necessary charging infrastructure. As consumers and businesses in North America increasingly prioritize sustainability, the smart grid market is expanding rapidly. 

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