Industry Overview - The global artificial intelligence market was valued at USD 150.2 billion in 2023 and is projected to grow at a CAGR of 36.8% from 2023 to 2030, reaching USD 1,345.2 billion by 2030 [1] - The increasing adoption of autonomous AI is driving growth, with advancements in algorithms, machine learning, and natural language processing enhancing the development of sophisticated AI systems [1][2] - The proliferation of digital data from connected devices and online transactions presents immense opportunities for AI, enabling better learning and predictive capabilities [2] Company Developments - Rezolve AI has partnered with the Kingdom of Saudi Arabia to establish an AI Centre of Excellence, aiming to create at least five AI ventures that aspire to become global market leaders [3][4] - The partnership emphasizes the importance of ethical AI solutions and aims to address the challenge of AI hallucinations [3] - The Ministry of Investment in Saudi Arabia will support Rezolve's upcoming NASDAQ listing, showcasing the Kingdom's commitment to fostering technological innovation [4][5] Technological Advancements - NVIDIA and HP announced the integration of NVIDIA CUDA-X data processing libraries with HP AI workstation solutions to enhance generative AI development [6][7] - Microsoft and Oracle are expanding their collaboration to meet customer demand for Oracle Database@Azure, which will now be available in five additional regions [8] - Alphabet and VMware are delivering Google Cloud's AlloyDB Omni database on VMware Cloud Foundation, facilitating the modernization of databases and applications for enterprises [9]
Global Artificial Intelligence Market Expected to Grow to $1.3 Trillion by 2023