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.

Global Smart Grid Market Size, Share, Growth Analysis, By Application(Generation, Transmission), By Component(Solutions and Services), By Solution(Advanced Metering Infrastructure (AMI), Smart Grid Distribution Management) - Industry Forecast 2024-2031

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

Global Smart Grid Market News

In February 2022, Tantalus acquired smart grid management solution provider Congruitive. The acquisition adds new capabilities to Tantalus’s smart grid solution portfolio to support the growing penetration of electric vehicles and other distributed energy resources.

In April 2022, The Hera Group, one of Italy's largest multi-utilities, and Gridspertise, a division of the Enel Group devoted to the digital transformation of electricity grids, have signed a collaboration agreement with the aim of creating the future smart grids through a cutting-edge integrated system for the collection and measurement of data from their respective networks in a multi-utility environment.

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Smart Grid Market size was valued at USD 43.1 billion in 2019 and is poised to grow from USD 51.33 billion in 2023 to USD 207.82 billion by 2031, growing at a CAGR of 19.9% in the forecast period (2024-2031).

Competition in the global Smart grid market is expected to increase during the forecast period because new players are expected to enter in the global market and the number of services compatible with Smart grid will also increase. Currently, only a few key players are providing their services in the global Smart Grid market but these numbers will increase in the upcoming years. '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'

Energy efficiency, the dependability of the current electrical supply, the incorporation of more renewable energy sources into an existing network, new solutions for customers to optimize their electricity consumption, and a decrease in carbon emissions are just a few of the significant benefits of installing a smart grid. Every country has an increasing need to lower the price of power outages and blackouts, which are brought on by outdated electricity infrastructure. With the aid of smart grid technologies, these exorbitant sources of blackouts and power outages can be eliminated.

Plugging electric vehicles are the major trend in the vehicle market. This vehicles are being rolled out in the market to sell consumers across the various nations to support the transition towards the low carbon transportation. Do an apple the efficient usage of plug in electric vehicles, a smart grid system designed to have that infrastructure.

Globally, North America is estimated to hold the highest global Smart grid market share in 2021. Main factors during this growth period is the presence of top market players such as ABB, Siemens, IBM.

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Global Smart Grid Market Size, Share, Growth Analysis, By Application(Generation, Transmission), By Component(Solutions and Services), By Solution(Advanced Metering Infrastructure (AMI), Smart Grid Distribution Management) - Industry Forecast 2024-2031

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