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 2024-2031

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

Smart Grid Market Insights

Global Smart Grid Market size was valued at USD 43.1 Billion in 2022 and is poised to grow from USD 51.33 Billion in 2023 to USD 207.82 Billion by 2031, at a CAGR of 19.9% over the forecast period (2024–2031).

The smart grid market is experiencing notable growth supported by increasing demand for energy due to the ever-growing population, and the need for better grid reliability, and energy efficiency. Smart grids simplify the incorporation of renewable resources, such as solar and wind power, which increases their demand. Moreover, it offers improved monitoring and better control to decrease power outages and enhance response times. These drivers are significantly propelling the growth of the smart grid market. Nonetheless, the market is hampered by factors like issues with technological standardization. The lack of standardization protocols and technologies might result in compatibility problems and uneven solutions, making it complex for diverse devices and systems to work jointly. Yet, a few opportunities seen in the market include the expansion of integration of renewable energy and development of energy storage techniques.

US Smart Grid Market is poised to grow at a sustainable CAGR for the next forecast year.

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Smart Grid Market providers need to focus on maximizing their business scope by reaching into new markets and developing smart grid for different industrial and personal uses. Raising new capital to fund their R&D and business expansion efforts will be essential for new smart grid companies going forward. The development of custom robots for specific applications across different industry verticals will also help companies expand their sales potential in the future. '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 '

Growing consumption of energy ultimately demands more effective management of grid and infrastructure upgrades to cater to the ever-increasing demand and confirm reliable supply. Smart grids also allow smooth incorporation of intermittent sources of renewable energy like solar and wind by offering better flexibility and control.

Growing Use of Energy Management Solutions (EMS): Energy Management Solutions enable businesses and utilities to control, monitor, and maximize energy distribution. It also plays a key role in renewable energy integration and demand response. These systems aid in the management of peak loads by proper balance of demand and power generation.

North America held majority share of the market in the past years and will continue dominance over the forecast period owing to advanced infrastructure in the developed nations like Canada and the United States. These countries hold well-established infrastructure that is actively being advanced with smart grid tools. In addition, growing investments in technologies is another key driver of the market in the region. Companies in the region and the utilities are the key investors in smart grid solutions. They are actively adopting improved solutions for energy storage, grid management, and consumer participation to enhance operational reliability and efficiency. The key companies operating in the region include Itron, Cisco, ABB Ltd., Honeywell, Oracle, CenterPoint Energy, Wipro, and more.

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