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Artificial Intelligence Market Expansion at 15.92% CAGR by 2031 | SkyQuest Technology

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WESTFORD, Mass., June 27, 2024 /PRNewswire/ — According to SkyQuest, the global Artificial Intelligence Market size was valued at USD 157.8 Billion in 2022 and is poised to grow from USD 285.9 Billion in 2023 to USD 1,047.0 Billion by 2031, at a CAGR of 15.92% during the forecast period (2024-2031).

Artificial intelligence is developing human intelligence systems using devices to create intelligent software and hardware capable of performing human behaviors such as learning and problem solving. The report also includes AW-based solutions such as AWS Chatbots, OpenAI Codex, and Azure AI. The global market is set to grow exponentially with the rise of artificial intelligence, increased share and efficiency, growth of smaller AI providers, changing complex business models and highly personalized service requirements.

In recent years, digital technology and the widespread use of the Internet have contributed significantly to the global expansion of the AI industry. Technological advances in various industries are always driven by the huge investments in R&D by large tech companies.

In response to the introduction of new AI tools, hyper-scalers around the world are introducing AI-powered chatbots. These chatbots will compete directly with ChatGPT and help Hyper Scalar maintain its dominant position in this market. According to OpenAI, their AI tool ChatGPT reached over one million people in just five days when it was launched in November 2022. The tool can generate human-like text and translation from writing short texts, term papers and writing songs to mathematics Solution problems. But it took much longer for other popular online services to reach the million-user mark. The figures below show the time it took for popular online programs to reach a million views.

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Artificial Intelligence Market Overview: 

Report Coverage 

Details 

Market Revenue in 2023 

$ 285.9 Billion 

Estimated Value by 2031 

$ 1047.0 Billion 

Growth Rate 

Poised to grow at a CAGR of 15.92% 

Forecast Period 

2024–2031 

Forecast Units 

Value (USD Billion) 

Report Coverage 

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends 

Segments Covered 

Offering, Technology, Business Function and Industry

Geographies Covered 

North America, Europe, Asia Pacific, Middle East & Africa, Latin America

Report Highlights 

Updated financial information / product portfolio of players 

Key Market Opportunities 

Technological advancements in AI algorithms and hardware are pivotal drivers for the artificial intelligence market’s rapid growth

Key Market Drivers 

The growing adoption of AI across various industries is a significant driver of market expansion

Segments covered in Artificial Intelligence Market are as follows:

OfferingHardware (AI Accelerators, Processors [Central Processing Units, Graphics Processing Units, Field Programmable Gate Arrays and Other Processors], Memory, Networking Hardware), Software (Type [discriminative AI {Classificational Algorithms, Regression Algorithm, Deep Learning Platforms, and Ensemble methods}, Deployment Model {Cloud and On-Premises}, Coding Automation {NO-CODE AI, LOW CODE AI, PRO CODE AI}]), Services (Professional Services [Training & Consulting Services, System integration & Deployment Services and Support & Maintenance Services], and Managed Services)TechnologyMachine Learning (Supervised Learning, Unsupervised Learning, Reinforcement Leaning), Natural Language Processing (Natural Language Understanding [Text-Classification NLP, Name Entity Recognition, Intent Recognition, Relationship Extraction, and Others], Natural Language Generation [Text Summarization, Machine Translation, Language Modelling, Dialogue Generation]), Computer Vision (Object Detection, Image Classification, Semantic Segmentation, Facial Recognition, and Others), Generative AI, Robotics, Autonous & Sensor technology, Context-Aware AI (Context-Aware Recommendation Systems, Multi-modal AI, and Context- Aware Virtual Assistants)Business FunctionMarketing & Sales (Customer Segmentation, Predictive Lead Scoring, Personalized Recommendations, Dynamic Pricing Optimization, Churn Prediction, Sentiment Analysis, Marketing Attribution and Others), Human Resources (Candidate Screening, Employee Retention Analysis, Performance Management, Workforce Planning & Forecasting, Employee Feedback Analysis, Skill Gap Analysis, Diversity & Inclusion Analytics and Others), Finance & Accounting (Fraud Detection, Financial Forecasting, Expense Management, Invoice Processing, Credit Risk Assessment, Regulatory Compliance, Budgeting & Planning and Others (Tax Automation, Financial Reporting Automation)), Operations (Predictive Maintenance, Supply Chain Optimization, AIops, IT Service Management, Quality Control, Route Optimization, Cold Chain Monitoring, Inventory Management, Procurement Automation, Equipment Failure Prediction, and Others), Cybersecurity (Threat Detection & Response, Anomaly Detection, Vulnerability Assessment, Identity & Access Management, Security Automation & Orchestration, Endpoint Protection, Network Traffic Analysis) and OthersIndustryBFSI (Fraud Detection & Prevention, Risk Assessment & Management, Algorithmic Trading, Credit Scoring & Underwriting, Customer Service Automation, Personalized Financial Recommendations, Investment Portfolio Management, Regulatory Compliance Monitoring and Others), Retail & E-commerce (Personalized Product Recommendation, Customer Relationship Management, Visual Search, Virtual Customer Assistant, Price Optimization, Supply Chain Management & Demand Planning, Virtual Stores and Others), Automotive, Transportation & Logistics (Semi-autonomous & Autonomous Vehicles, Route Optimization, Intelligent Traffic Management, Driver Assistance Systems, Smart Logistics & Warehousing, Supply Chain Visibility & Tracking, Fleet Management, Vehicle Diagnostics & Telematics and Others), Government & Defense (Surveillance & Situational Awareness, Law Enforcement, Intelligence Analysis & Data Processing, Simulation & Training, Command & Control, Disaster Response & Recovery Assistance, E-governance & Digital City Services and Others), Healthcare & Life Sciences (Patient Data And Risk Analysis, Lifestyle Management & Monitoring, Precision Medicine, Inpatient Care & Hospital Management, Medical Imaging & Diagnostics, Drug Discovery, AI-assisted Medical Services, Medical Research and Others), Telecommunications (Network Optimization, Network Security, Customer Service & Support, Network Planning & Optimization, Network Analytics, Intelligent Call Routing, Network Fault Prediction, Virtual Network Assistants, Voice And Speech Recognition and Others), Energy & Utilities (Energy Demand Forecasting, Grid Optimization & Management, Energy Consumption Analytics, Smart Metering & Energy Data Management, Energy Storage Optimization, Real-time Energy Monitoring & Control, Power Quality Monitoring And Management, Energy Trading & Market Forecasting, Intelligent Energy Management Systems, Others), Manufacturing (Material Movement Management, Predictive Maintenance & Machinery Inspection, Production Planning, Recyclable Material Reclamation, Quality Control, Production Line Optimization, Intelligent Inventory Management), Agriculture [Crop Monitoring & Yield Prediction, Precision Farming, Soil Analysis & Nutrient Management, Pest & Disease Detection, Irrigation Optimization & Water Management, Automated Harvesting And Sorting, Weed Detection & Management Weather & Climate Monitoring, Livestock Monitoring & Health Management, and Others] and Others), IT/ITes (Automated Code Generation & Optimization, Automated IT Asset Management, IT Ticketing & Support Automation, Intelligent Data Backup & Recovery, Automated Software Testing & Quality Assurance and Others), Media & Entertainment (Content Recommendation Systems, Content Creation & Generation, Content Copyright Protection, Audience Analytics & Segmentation, Personalized Advertising and Others) and Other Verticals

Request Free Customization of this report:

https://www.skyquestt.com/speak-with-analyst/artificial-intelligence-market

Segments Redefining the Artificial Intelligence Market

With increasing demand for AI deployment, integration and maintenance services across industries, the service segment is the fastest growing in the global artificial intelligence market as enterprises seek to adopt AI-powered solutions. Many companies such as Accenture, IBM, and Deloitte offer comprehensive AI services that help organizations develop AI strategies, create custom AI models, and integrate AI into business processes.

The fastest growing category is NLP or Natural Language Processing due to its widespread use in various industries, increased demand for conversational AI while virtual assistants and chatbots playing a more important role in enhancing human-computer interaction which has also boosted the market. Transformer models such as GPT-3 and BERT, have greatly improved the capabilities of NLP for greater efficiency and versatility. Companies like Google, Amazon and Apple use NLP extensively for things such as understanding and responding to commands, translating text and speech, analyzing social media posts to predict public sentiment and much more.

The Asia Pacific region in the market is expected to witness the fastest growth during the forecast period. Demand for technology is growing due to increasing investments by many companies in the use of AI. In addition, the Asia Pacific artificial intelligence market is expanding, as AI is applied in a variety of industries, including automotive, healthcare, retail and food and beverage industries.

View report summary and Table of Contents (TOC):

https://www.skyquestt.com/report/artificial-intelligence-market

AI: Shaping the Future of Industries Worldwide

Artificial intelligence continues to revolutionize industries, driving innovation, efficiency and economic growth. As AI technologies continue to evolve, their roles will become more diverse and impactful. Artificial intelligence has emerged as a transformative force, reshaping industries from healthcare to finance through automation, predictive analytics and personalized experiences. However, to unlock the real potential of Artificial Intelligence, ethical considerations, data privacy, and the need for a skilled workforce must be addressed. AI advancements pave way for innovation, expanded applications and integration into everyday life, paving the way for a smarter, more connected future.

Related Report:

Generative AI Market 

Artificial Intelligence of Things (AIoT) Market

Edge Artificial Intelligence (AI) Market

Mobile Artificial Intelligence (AI) Market

Artificial Intelligence (AI) Hardware Market

About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

Contact:

Mr. Jagraj Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/

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Ravelin Defense Launches Unified Brand Identity, Marking the Completion of ArmorWorks and Fox Valley Metal Tech Integration

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CHANDLER, Ariz., June 16, 2026 /PRNewswire/ — ArmorWorks Enterprises and its wholly-owned subsidiary Fox Valley Metal Tech (“FVMT”) announced today the completion of their brand integration under a unified identity: Ravelin Defense. The launch marks the culmination of the strategic integration effort following the 2024 acquisition of Fox Valley Metal Tech and its combination with ArmorWorks Enterprises, bringing together more than six decades of combined defense manufacturing expertise under one name, one brand, and one go-to-market platform. Ravelin Defense is a portfolio company of Littlejohn Capital.

About the Name
The name Ravelin Defense draws from a defense architectural reference. A ravelin is a forward-positioned, triangular fortification — a structure engineered to provide layered protection and absorb a threat before it reaches the core. The name reflects both the nature of what the company builds and how it thinks about its role in the defense industrial base.

A Platform Built on Two Proven Legacies
ArmorWorks Enterprises spent more than 30 years building its reputation as a trusted provider of survivability solutions — delivering armor systems, blast attenuating seating, crew protection, nuclear protection, and mission-critical products to the U.S. military and global defense partners. Fox Valley Metal Tech built a complementary organization as a precision metal fabricator with advanced manufacturing capabilities serving defense and industrial customers with large, complex, tight-tolerance precision enclosures. Acquired by ArmorWorks in 2024 and operating as a wholly owned subsidiary since, FVMT’s integration added manufacturing depth and precision fabrication capacity and a significant maritime customer base that materially broadened what the combined platforms support.

Since the acquisition, the two businesses have operated as one company under a unified leadership team and common strategy. All customer relationships, contracts, certifications, and points of contact remain unchanged.

Strategic Rationale
The Ravelin Defense brand reflects the completion of a deliberate platform-building strategy. The integrated company offers a unified capability spanning survivability structures, armor, precision enclosures, blast attenuating seating, nuclear security systems, signature management, and situational awareness solutions — delivered through two established locations and one cohesive leadership team. That combination positions Ravelin Defense to pursue larger, multi-domain defense programs at a scale the businesses could not have accessed independently.

Kevin Dahlin, Chief Executive Officer of Ravelin Defense says, “ArmorWorks and Fox Valley Metal Tech each built substantial credibility over the past three decades — proven capability, hard-won customer trust, and a standard of quality that defines who we are. We have been one company since 2024, and Ravelin Defense is the name that reflects that reality in the market. Operating under a unified identity gives our customers a clearer picture of the full scope of what we can deliver across Land, Sea, and Air — and opens doors to program opportunities that match the scale of what we have built.

The name has changed, but the mission remains constant: to protect and enable warfighters and global partners by delivering mission-critical and survivability solutions through innovative products and advanced manufacturing.”

About Ravelin Defense
Ravelin Defense is an integrated survivability and precision manufacturing platform serving the U.S. defense market and global partners across Land, Sea, Air, and Infrastructure domains. The company delivers mission-critical and survivability solutions — including armor systems, blast attenuating seating, precision enclosures, nuclear security, signature management, survivability structures, and situational awareness capabilities — through innovative products and advanced manufacturing.

Ravelin Defense is headquartered in Chandler, Arizona, with manufacturing operations in Green Bay, WI.

ArmorWorks Enterprises and Fox Valley Metal Tech are operating units of Ravelin Defense. All existing contracts, certifications, registrations, and customer and supplier relationships remain in full effect under the new brand.

For more information, visit www.ravelindefense.com.

About Littlejohn Capital, LLC
Littlejohn Capital is the family office of Angus C. Littlejohn Jr., founder of Littlejohn & Co., where he currently serves as Chairman Emeritus. Founded in 2013, Littlejohn Capital seeks to make control investments in small to mid-sized private companies that are undergoing strategic, operational or generational transition. For more information, visit www.littlejohncapital.com

Media Contact
Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334
chris@tofallipr.com

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SOURCE Ravelin Defense

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F-Secure and IdentifAI Take Aim at AI-Generated Scams with Deepfake Protection Launch

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Real-time deepfake detection capabilities added to F-Secure’s Scam Protection Suite, helping service providers combat increasingly convincing AI-driven scams

HELSINKI and MILAN, June 16, 2026 /PRNewswire/ — Global consumer cyber security leader F-Secure and deepfake-detection experts IdentifAI have joined forces to help digital service providers combat the rapidly rising threat of AI-generated scams. Available now through the F-Secure Embedded portfolio, Deepfake Protection adds real-time detection of AI-generated images, video, and voice to F-Secure’s Scam Protection Suite, helping consumers determine what’s real and what’s not, while closing one of the fastest-growing gaps in global scam protection. 

AI-generated scams have quickly reached crisis levels: The FBI reports that Americans lost nearly $900 million to AI-generated scams in 2025. And according to F-Secure’s latest research, more than 56% of all consumers are targeted by scammers every month, with financial scam losses doubling in the last year alone.

Generative AI is pouring fuel on the fire: cloned voices, synthetic video, and hyper-realistic fake images are turning yesterday’s clumsy phishing attempts into convincing, personalized deception. The red flags aren’t obvious anymore, and consumers are increasingly left guessing whether what they’re seeing or hearing is real. This makes deepfake detection a critical new capability for service providers looking to help customers identify manipulated content before it can be used to scam them.

“A video, a voice message, a photo — things people once trusted instinctively can now be fabricated in minutes,” said Dimi Vellikok, SVP of Product Engagement at F-Secure. “The reality is that scam protection can’t stop at suspicious links and messages anymore. Consumers are increasingly being targeted with manipulated content, and service providers need tools that address those threats too. That’s exactly why we’ve partnered with IdentifAI: to give our partners real-time deepfake detection for the consumers they serve, as part of the protection they already trust.”

Protection built for the AI era

Deepfake Protection draws on IdentifAI’s multi-modal detection technology, which analyzes images, video, and voice in real time to flag AI-generated and manipulated content. IdentifAI takes a deliberately independent approach to the problem: the company exclusively detects AI-generated content and does not build generative models itself, avoiding the conflict of interest that affects vendors who do both. That focus lets its detection keep pace as new generative models reach the market.

“Our mission is to safeguard the fundamental human right to distinguish between the artificial and the human, ensuring we all engage with the world authentically,” said Marco Ramilli, IdentifAI Founder and CEO. “In partnering with F-Secure, we have turned this vision into reality—co-creating powerful, proven solutions to counter the threat of deepfakes.”

The partnership brings together F-Secure’s network of more than 200 service-provider partners and IdentifAI’s specialist deepfake detection technology. Together, the companies aim to make trustworthy, real-time content verification a standard part of everyday consumer protection, rather than a specialist tool solely reserved for enterprises. 

The future of scam protection, available now

Deepfake Protection is available to digital service providers as part of the F-Secure Embedded portfolio, the suite of consumer-security capabilities F-Secure delivers to its service-provider partners. Through the Embedded portfolio, providers can integrate deepfake detection into the security experiences they already offer without having to build new infrastructure of their own.

About F-Secure

F-Secure is a human-first, AI-powered consumer cyber security experience company with 38 years of expertise in tackling digital threats. We help digital service providers turn trust into a high-value growth engine — protecting their customers while enabling them to live their best digital lives in a world of relentless, AI-driven scams. With billions of digital interactions secured each year, tens of millions of consumers protected globally, and over $10bn in partner value created, we deliver proven impact at scale.

About IdentifAI

IdentifAI is an Italian startup that has developed an innovative AI platform capable of detecting whether images or videos were created by humans or generative AI. Its proactive solutions promote digital integrity, protect against misinformation, and empower users to distinguish between human and AI-generated content. In July 2025, identifAI raised €5 million in a funding round led by United Ventures, reflecting a continued commitment to developing anti-deepfake technologies and promoting a secure information ecosystem. For more information: www.identifai.net | sales@identifai.net

PRESS CONTACTS:
Meghan Sawyer
Senior Public Relations Manager, US
Meghan.Sawyer@f-secure.com

Joel Latto
Public Relations Manager, EMEA
Joel.Latto@f-secure.com

IdentifAI
pr.it@identifai.net | pr.uk@identifai.net

This information was brought to you by Cision http://news.cision.com.

https://news.cision.com/f-secure/r/f-secure-and-identifai-take-aim-at-ai-generated-scams-with-deepfake-protection-launch,c4364126

 

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SOURCE F-Secure

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Aviso Advances Technology Modernization with Broadridge’s Wealth Platform

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TORONTO, June 16, 2026 /CNW/ — Leading Canadian wealth services provider Aviso is collaborating with global Fintech leader Broadridge Financial Solutions, Inc. (NYSE: BR) to support the next phase of technology modernization for its Aviso Correspondent Partners business by deploying Broadridge’s Wealth Platform.

As part of its long-term strategic vision, and expanded multi-year relationship with Broadridge, Aviso is evolving the systems that support partners to enable modern, flexible technology that drives innovation, advisor productivity, and long-term growth while enhancing the overall client experience. This includes deepening its collaboration with Broadridge as part of a broader partner ecosystem.

Aviso will leverage Broadridge’s Wealth Platform, which provides a next-generation open API architecture and innovative Advisor Workstation components. The solution combines Broadridge’s technology and books and records engine with Aviso’s own capabilities and select third-party partner applications to offer a seamless, scalable experience for partners, advisors and clients.

“Our strategy is focused on delivering smarter, more agile digital experiences for our clients and advisors, while creating a strong foundation for future innovation,” said Bill Packham, President and Chief Executive Officer of Aviso. “Broadridge’s platform approach complements our vision by enabling us to integrate the best available capabilities across our own technology, Broadridge’s solutions, and other valued partners. This collaboration builds on our long-lasting relationship with Broadridge and positions us to deliver a future-ready platform that enhances advisor productivity and client experiences.”

“This expanded engagement with Aviso reflects our shared commitment to transforming and modernizing the wealth management ecosystem for advisors and their clients,” said Karin Kirkwood, President, Broadridge Canada. “We’re proud to deepen our collaboration with Aviso and play a key role in enabling their transformation. As a trusted provider of industry expertise and transformative technology, Broadridge supports large-scale modernization efforts across the financial services sector, helping forward-looking firms like Aviso lead with agility, confidence, and impact.”

The enhanced Advisor Workstation will increase advisor productivity, enable accelerated onboarding of new tools, reduce internal integration work and costs, and provide real-time access to data and insights while digitizing operations. Aviso will be better positioned to capitalize on growth opportunities while more easily responding to industry evolution and regulatory developments.

With an agile and scalable platform, Broadridge empowers wealth management firms to streamline operations, accelerate digital transformation, and unlock growth. As the Canadian wealth industry prioritizes modernization of their front- and middle-office operations, Broadridge’s integrated, future-ready platform serves as a strategic differentiator, enabling leading firms to shape the future of wealth management in Canada.  

About Broadridge

Broadridge Financial Solutions (NYSE: BR) is a global technology leader with trusted expertise and transformative technology, helping clients and the financial services industry operate, innovate, and grow. We power investing, governance, and communications for our clients – driving operational resiliency, elevating business performance, and transforming investor experiences.

Our technology and operations platforms process and generate over 7 billion communications annually and underpin the daily average trading of over $15 trillion in tokenized and traditional securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing over 15,000 associates in 21 countries.

For more information, visit www.broadridge.com.

About Aviso

Aviso is a leading wealth and investment services provider for the Canadian financial industry, with more than $220 billion in assets under administration and management as of May 31, 2026. Guided by our values — we care, we dare, we share, we deliver — we’re building a technology-enabled, client-centric wealth management ecosystem for partners, advisors and investors. Aviso supports over 4,600 advisors and nearly 900,000 investors.

Aviso works with over 450 partner organizations, including nearly all credit unions across Canada, as well as portfolio managers, investment dealers, insurance and trust companies, and introducing brokers. Our services include an investment and mutual fund dealer, insurance and estate planning, managed assets, online brokerage and automated investing, asset management, and custodial and carrying broker solutions. For more information, visit aviso.ca.

Media Contact:

Olivia Whalen
pro-BRWAM@prosek.com

 

SOURCE Broadridge Financial Solutions, Inc.

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