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

Palm Beach, FL – March 18, 2024 – FN Media Group News Commentary – Artificial intelligence (AI) is revolutionizing multiple industries, positioning itself as a key driver for emerging technologies such as big data analytics, robotics, and the Internet of Things (IoT).  Furthermore, the rise of generative AI tools such as ChatGPT and AI art generators highlights its mainstream prominence. With its continued trajectory, AI industry is set to persist as a powerful technological innovator, propelling advancements in the foreseeable future.  A report from MarketsAndMarkets said that the global artificial intelligence market size was valued at USD 150.2 billion in 2023 and is expected to grow at a CAGR of 36.8% from 2023 to 2030. The revenue forecast for 2030 is projected to reach $1,345.2 billion. The base year for estimation is 2022, and the historical data spans from 2023 to 2030.  The report added: “The increasing adoption of autonomous artificial intelligence (AI) is driving the growth of the Artificial Intelligence Industry. This trend is fueled by advancements in algorithms, machine learning techniques, and natural language processing, enabling the development of sophisticated autonomous AI systems. These systems offer improved accuracy and reliability, attracting organizations from various industries. Autonomous AI optimizes operations, leading to cost savings and enhanced productivity. It finds applications in healthcare, finance, manufacturing, transportation, and retail sectors. The cost reduction associated with autonomous AI industry, driven by automation, further drives its adoption. As technology advances and more industries recognize its benefits, the Artificial Intelligence (AI) Market size is poised for expansion, fostering innovation and new opportunities.”  Active A.I. tech companies in the markets this week include Rezolve A.I., Armada Acquisition Corp. I (NASDAQ: AACI), NVIDIA Corporation (NASDAQ: NVDA), Microsoft Corporation (NASDAQ: MSFT), Alphabet Inc. (NASDAQ: GOOG), Beamr Imaging Ltd. (NASDAQ: BMR).


MarketsAndMarkets continued: “The exponential ai growth statistics of digital data from various sources presents immense opportunities for the AI market. With the proliferation of connected devices, social media platforms, online transactions, and sensors, an unprecedented volume of data is generated every day. This abundance of data offers a vast and diverse resource for AI algorithms to leverage. AI thrives on data, and the availability of large and diverse datasets enables AI systems to learn, analyze, and make accurate predictions. The more data available, the better AI algorithms understand patterns, AI trends, and correlations. This empowers businesses and organizations to gain valuable insights, make data-driven decisions, and drive innovation. For instance, in marketing, AI algorithms analyze extensive customer data to identify preferences, personalize campaigns, and improve engagement. In healthcare, AI analyzes patient data to identify early signs of diseases, provide personalized treatment plans, and enhance patient care. Furthermore, the growth of digital data fuels the development of AI technologies and solutions. The increasing availability of data spurs investment in AI research and development, leading to advancements in algorithms, machine learning models, and data processing techniques.”


The Kingdom of Saudi Arabia and Rezolve AI Ink Pioneering MOU to Establish Global AI Market Leaders In a strategic move that highlights the Kingdom of Saudi Arabia’s commitment to technological advancement and economic growth, the Ministry of Investment of Saudi Arabia (MISA) has forged a groundbreaking partnership with Rezolve AI Limited. This collaboration is set to revolutionize the artificial intelligence (AI) landscape, establishing an AI Centre of Excellence in Saudi Arabia as a cornerstone of Vision 2030’s innovation and development goals.


Key Highlights of the Partnership:

  • Establishment of an AI Centre of Excellence in Saudi Arabia: To serve as a hub for innovation, leveraging Rezolve AI’s unique technology to navigate and solve the industry’s pressing challenge of AI hallucinations, ensuring the creation of reliable and ethical AI solutions.
  • Creation of Global Market Leaders: In partnership with the Ministry of Investment, the goal is to launch at least five AI ventures in diverse market sectors, funded and headquartered locally, each aspiring to become global market leaders. These ventures will leverage Rezolve’s cutting-edge AI Large Language Model (brainpowa) to foster innovation and ensure global leadership without succumbing to AI hallucinations.


The initiative is integral to Saudi Arabia’s strategic vision, positioning the Kingdom not just as a leader in AI technology but also as the foundation for global AI-driven companies. This underscores Saudi Arabia’s role as a nucleus for technological innovation and economic diversification.


The Ministry of Investment will facilitate the participation of leading public and private financial and corporate institutions to anchor and support Rezolve’s upcoming listing on NASDAQ. This demonstrates KSA’s commitment to being open for business and welcoming the next generation of global leaders, encouraging them to base their operations and Headquarters in the Kingdom.


At the signing ceremony in Riyadh this week, Saleh Al-Khabti, Deputy Minister of Investment Transactions for the KSA, and Dan Wagner, CEO and Chairman of Rezolve AI Limited, underscored the transformative potential of this partnership. It marks a significant milestone in Saudi Arabia’s journey toward becoming a global technology powerhouse, showcasing the Kingdom’s commitment to nurturing the growth of next-generation technology leaders on an international stage.


On December 17, 2021, Rezolve AI entered into a definitive Business Combination Agreement (as amended and restated on June 16, 2023, the “Business Combination Agreement”) with Armada, which is expected to close in H1 2024, subject to approval by Armada’s shareholders, the Registration Statement being declared effective by the SEC, and other customary closing conditions. Upon closing of the transaction, the combined company’s shares are expected to trade on the Nasdaq under the ticker symbol “ZONE”.  Armada Acquisition Corp. I (NASDAQ: AACI) is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.  CONTINUED… Read this full press release and more news for Rezolve AI at:


Other recent developments in the A.I. industry of note include:


NVIDIA Corporation (NASDAQ: NVDA) and HP Inc. recently announced that NVIDIA CUDA-X™ data processing libraries will be integrated with HP AI workstation solutions to turbocharge the data preparation and processing work that forms the foundation of generative AI development.


Built on the NVIDIA CUDA® compute platform, CUDA-X libraries speed data processing for a broad range of data types, including tables, text, images and video. They include the NVIDIA RAPIDS™ cuDFlibrary, which accelerates the work of the nearly 10 million data scientists using pandas software by up to 110x using an NVIDIA RTX™ 6000 Ada Generation GPUinstead of a CPU-only system, without requiring any code changes.


Microsoft Corporation (NASDAQ: MSFT) and Oracle recently said that they are expanding their collaboration to meet growing customer demand for Oracle Database@Azurearound the world. Oracle Database@Azure will expand to five more regions, which brings the total planned multicloud availability footprint to 15 regions globally.


“Bringing Oracle Database@Azure to Europe will enable customers in the region to locally employ Oracle database services running on OCI hardware deployed in Azure datacenters for the first time,” said Microsoft CVP Azure Infrastructure Product and Design Erin Chapple. “The expansion of our collaboration with Oracle demonstrates our mutual commitment to help customers streamline the migration of workloads to the cloud so they can combine the best of Oracle with the breadth of Microsoft cloud services, like Azure AI, to empower business innovation.”


“We have embraced the tremendous global customer demand for Oracle Database@Azure and are hence announcing five additional regions to the road map today,” said Karan Batta, senior vice president, Oracle Cloud Infrastructure. “We are energized by the Global 500 companies in financial services, healthcare, manufacturing, oil and gas, pharmaceuticals, and more that are already utilizing Oracle Database@Azure. The increased uptick in demand and emerging and unified use cases across OCI and Microsoft Azure demonstrate just how important the multicloud deployments are for our joint customers.”


Alphabet Inc. (NASDAQ: GOOG) and VMware, Inc. (VMW) and Google Cloud recently announced an expanded partnership to deliver Google Cloud’s AlloyDB Omni database on VMware Cloud Foundation, starting with on-premises private clouds. The powerful combination of AlloyDB Omni, a PostgreSQL-compatible database that runs anywhere and offers built-in support for generative AI, and the highly performant, more secure, reliable VMware Cloud Foundation, will enable enterprises to modernize their more demanding databases and applications. The solution will allow customers to simplify their management of PostgreSQL, modernize their existing databases, and help accelerate their Al journey with a powerful, proven platform for building transformative generative AI applications.


Many VMware Cloud customers are looking to standardize on open technologies such as PostgreSQL and embrace modern application development. AlloyDB Omni will be the first third-party PostgreSQL-compatible database natively integrated with VMware Cloud Foundation through VMware Data Services Manager and VMware vSAN. The upcoming delivery of AlloyDB Omni on VMware Cloud Foundation will give customers access to an enterprise-grade version of PostgreSQL with full enterprise support from Google Cloud. AlloyDB Omni will be tightly integrated with VMware Data Services Manager and VMware vSAN to deliver the performance, scalability, and manageability required for demanding enterprise workloads. Data Services Manager will enable customers to deliver database-as-a-service (DBaaS) on-premises to their lines of business, and will provide administrators with a vSphere native experience for managing AlloyDB Omni on VMware Cloud Foundation.


Beamr Imaging Ltd. (NASDAQ: BMR), a leader in video optimization technology and solutions, recently announced that it recently presented its joint research relating to automated video modernization with NVIDIA Corporation at the ACM Mile-High-Video 2024 conference, which was held in Denver, Colorado from February 11-14, 2024.


Backed by tech giants like Amazon, Google and Microsoft, AOMedia Video 1 (AV1) is an efficient emerging video formatHowever, it is facing slow adoption due to the highly complex and costly processes of upgrading existing video libraries in growing markets like artificial intelligence (AI), machine learning, streaming and user-generated content. Today Beamr and NVIDIA are going to jointly present for the first time a proposed solution to this challenge, at the ACM Mile-High-Video 2024 conference.


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