Global Artificial Intelligence Market Expected to Grow to $1.3 Trillion by 2023 to 2030

Palm Beach, Florida, March 18, 2024, according to (GLOBE NEWSWIRE) FN Media Group News Commentary – Artificial intelligence (AI) is changing multiple industries and proving itself as an essential catalyst for innovations like analytics for big data, machines, and the Internet of Things. In addition, the growth of creative artificial intelligence (AI) tools like ChatGPT and AI art generators indicates their wide popularity. With its endured path, the AI sector remains an impressive specific innovator, speeding up developments for the foreseeable future. 

According to MarketsAndMarkets, the global AI market is expected to be worth USD 150.2 billion in 2023 and boost at a CAGR of 36.8% between 2023 and 2030. The expected revenue for 2030 is $1,345.2 billion. The basis year for calculation is 2022, with past information covering 2023 to 2030. According to the research, “the growing use of driverless artificial intelligence (AI) is driving the growth of the Artificial Intelligence Industry.” 

Rezolve AI and the Kingdom of Saudi Arabia signed a revolutionary deal to create the world’s leaders in the AI market. – The Saudi Ministry of Investment (MISA) entered a ground-breaking partnership with Rezolve AI Limited, a strategic step showing the Kingdom’s devotion to technological progress, AI development, and economic growth. The partnership is expected to transform the artificial intelligence (AI) market by developing an AI Centre of Excellence in Saudi Arabia as an essential part of Vision 2030’s growth and innovation objectives. 

On December 17, 2021, Rezolve AI signed the final Business The Integration Agreement (as amended and restated on June 16, 2023, the “Business Combination Agreement”) with the Armada, which is expected to be finalized in H1 2024, subject to Armada’s shareholder approval, the SEC stating the Registration Statement efficient, and other typical closing requirements. After the purchase, the combined company’s shares will continue trading on Nasdaq under the “ZONE.” Armada Acquisition Corp. (NASDAQ: AACI) is a blank cheque corporation that conducts mergers, capital stock exchanges, asset deals, stock purchases, reorganizations, and other business alliances with a few companies.

Other latest developments in the A.I. industry of note involved:

NVIDIA Corporation NVIDIA (NASDAQ: NVDA) and HP Inc. introduced NVIDIA CUDA-X™ data processing modules with HP AI workstation products. This will speed up data preparation and processing for creative AI development. 

Microsoft Corporation (NASDAQ: MSFT) and Oracle have just announced a growing partnership to meet the rising global client demand for Oracle Database@ Azure. Oracle Database@Azure will expand to five additional locations, increasing the total displayed multiple cloud availability footprint to 15 worldwide. 

Alphabet Corporation (NASDAQ: GOOG), VMware, Inc. (VMW), and Google Cloud have announced an expanded agreement for deploying Google Cloud’s AlloyDB Omni database to VMware Cloud Foundation, starting with on-premises cloud services. The powerful combination of AlloyDB Omni, a PostgreSQL-compatible database running anywhere and with built-in support for generative AI, and the highly performant, secure, and dependable VMware Cloud Foundation will allow organizations to modernize the most challenging database and applications. The solution will assist companies in simplifying PostgreSQL maintenance, modernizing their present databases, and accelerating their Al journey by offering an effective, proven platform for developing revolutionary generative AI applications.

Beamr Imaging Ltd. (NASDAQ: BMR), a leader in video optimization technological advances and remedies, announced that it recently presented its joint research on controlled video modernization with NVIDIA Corporation at the ACM Mile-High-Video 2024 conference, which took place in Denver, Colorado from February 11-14, 2024.

AOMedia Video 1 (AV1), backed by tech giants like Amazon, Google, and Microsoft, successfully creates video formats. Yet, it is being adopted gradually due to the extremely challenging and costly upgrading of currently available video libraries in new fields such as artificial intelligence (AI), machine learning, streaming, and user-generated content. Now, Beamr and NVIDIA will present a suggested solution to this difficulty for the first time at the ACM Mile-High-Video 2024 conference. 

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