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Artificial Intelligence (AI) Market to Grow by USD 237.4 Billion from 2024-2028, Driven by Fraud Prevention and Malicious Attack Mitigation, Report on AI’s Market Transformation – Technavio

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NEW YORK, Feb. 3, 2025 /PRNewswire/ — Report with the AI impact on market trends – The global artificial intelligence (ai) market size is estimated to grow by USD 237.4 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  30.07%  during the forecast period. Prevention of fraud and malicious attacks is driving market growth, with a trend towards increase in cloud-based ai services  However, shortage of ai experts  poses a challenge.Key market players include .Advanced Micro Devices, AiCure, Arm Limited, Atomwise, Inc., Ayasdi AI LLC, Baidu, Inc., Clarifai, Inc., Cyrcadia Health, Enlitic, Inc., Google LLC, H2O.ai, HyperVerge, Inc., International Business Machines Corporation, IBM Watson Health, Intel Corporation, Iris.ai AS, Lifegraph, Microsoft, NVIDIA Corporation, Sensely, Inc.

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Artificial Intelligence (Ai) Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 30.07%

Market growth 2024-2028

USD 237.4 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

23.17

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 56%

Key countries

US, China, Germany, UK, and France

Key companies profiled

Advanced Micro Devices, AiCure, Arm Limited, Atomwise, Inc., Ayasdi AI LLC, Baidu, Inc., Clarifai, Inc., Cyrcadia Health, Enlitic, Inc., Google LLC, H2O.ai, HyperVerge, Inc., International Business Machines Corporation, IBM Watson Health, Intel Corporation, Iris.ai AS, Lifegraph, Microsoft, NVIDIA Corporation, Sensely, Inc.

Market Driver

Artificial Intelligence (AI) is revolutionizing businesses with trends like deep learning, data analytics, and data science. Deep learning techniques and machine learning algorithms are driving advancements in areas such as computer vision, natural language processing, and cognitive solutions. Cloud computing and edge computing are enabling the deployment of AI in various industries. Healthcare, banking, e-commerce, and IT and telecommunication are major sectors adopting AI for customer experiences, fraud prevention, and workflow management. Ethical and regulatory concerns, privacy issues, and bias in algorithms are key challenges. Skilled AI professionals are in high demand for automation, robotics, chatbots, and virtual assistants. Next-generation tech fields like generative AI, edge AI, and IoT are transforming industries. SaaS, tech giants, and open-source AI platforms are leading the market. AI is being used in retail, agriculture, media, finance, cybersecurity, legal compliance, and more. Pretrained models, customizable AI, and AI marketplaces are enabling businesses to adopt AI easily. Biopharmaceutical companies, financial firms, and operation teams are leveraging AI for trend forecasting, workflow management, and preliminary diagnosis. AI is also being used in marketing, advertising, robot-assisted surgery, and hospital workflow management. 

Artificial Intelligence (AI) is revolutionizing business operations by enabling advanced automation and analysis. Companies are integrating AI technology into various applications such as recommendation engines, pricing optimization, lead generation, chatbots, and supply chain optimization. However, implementing AI in on-premises data centers requires substantial computing and data storage capabilities. Developing in-house AI products can be costly, leading many businesses to consider cloud solutions for more efficient and cost-effective implementation. By leveraging AI, companies can gain valuable insights, streamline processes, and enhance customer experiences. 

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 Market Challenges

Artificial Intelligence (AI) market is witnessing significant growth with various industries adopting this technology for different applications. Deep learning, data analytics, and data science are key areas driving the AI market. Software engineering, cognitive solutions, and cloud computing are essential components for building and deploying AI systems. Computer vision, natural language processing, and algorithms are core AI technologies. Challenges include developing intelligence standards, acquiring supercomputers and quantum computers, and addressing ethical concerns, regulatory issues, privacy, bias in algorithms, and job displacement. Industries like healthcare, banking, e-commerce, and IT & telecommunication are major adopters. AI is transforming sectors like retail, agriculture, media, finance, cybersecurity, and legal compliance. Advancements include edge AI, IoT, edge computing, machine learning, generative AI, and conversational AI. Pretrained models, customizable AI, and AI marketplaces are enabling easier access to AI. Biopharmaceutical companies, financial firms, and operation departments are leveraging AI for trend forecasting, fraud prevention, and workflow management. Robotics, chatbots, virtual assistants, and customer service are enhancing customer experiences. Cutting-edge technology from tech giants, SaaS, and next-generation tech fields are shaping the future of AI. Open-source AI platforms, hardware, and software are essential for the growth of the AI market. Data storage, parallel processing, on-premises, marketing, and sales are also impacted by AI.

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Segment Overview 

This artificial intelligence (ai) market report extensively covers market segmentation by  

ComponentSoftwareHardwareServicesEnd-userRetailBankingManufacturingHealthcareOthersGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And AfricaTechnologyDeep LearningMachine LearningNatural Language Processing (NLP)Machine VisionGenerative AI

1.1 Software-  Artificial Intelligence (AI) market growth is driven by the increasing adoption of AI developer tools among software developers. These tools enable the creation of intelligent applications, enhancing existing ones with machine learning or speech recognition capabilities, or building new ones using AI platforms. Developers utilize algorithms, libraries, frameworks, or developer kits to integrate AI features into software. The use of AI in software development is becoming a standard, improving employee experience and providing efficient, automated solutions for manual jobs. Companies benefit from enhanced decision-making abilities and increased efficiency. Software engineers can create AI-powered solutions for various sectors, including corporates, by leveraging AI software. The reliance on AI software is expected to continue growing, fueling the expansion of the AI market during the forecast period.

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Research Analysis

Artificial Intelligence (AI) is a rapidly growing market that encompasses various technologies and applications. At its core, AI involves the development of intelligent machines that can learn from data and make decisions like humans. Key technologies include deep learning, data analytics, data science, software engineering, cognitive solutions, and natural language processing. AI is powered by algorithms, intelligence standards, and advanced computing platforms such as supercomputers and quantum computers. Deep learning techniques and machine learning algorithms are essential for training AI models on large datasets, known as big data. AI is transforming industries like healthcare, where it’s used for automated image diagnostics and disease prediction. Tech Giants are leading the charge in AI, with SaaS offerings and next-generation tech fields like computer vision and natural language processing. Open-source AI platforms, hardware, software, data storage, parallel processing, and on-premises solutions are also crucial components of the AI ecosystem. AI is revolutionizing various sectors, including fraud prevention, autonomous vehicles, and customer service, among others.

Market Research Overview

Artificial Intelligence (AI) is a cutting-edge technology revolutionizing various industries by enabling machines to learn and perform tasks that typically require human intelligence. Deep learning, a subset of machine learning, uses neural networks to analyze data and improve performance. Data analytics, data science, and software engineering are essential components of AI development. Cognitive solutions, including computer vision and natural language processing, enable machines to understand and interpret visual and textual data. Algorithms, intelligence standards, supercomputers, and quantum computers power AI’s advanced capabilities. Deep learning techniques and machine learning algorithms process big data for data analysis in sectors like healthcare, banking, e-commerce, and more. Ethical and regulatory concerns, privacy issues, bias in algorithms, and job displacement are significant challenges. Skilled AI professionals are in high demand for automation, robotics, chatbots, virtual assistants, and customer service support. Edge AI, Internet of Things, and edge computing expand AI’s reach. Machine learning, generative AI, and pretrained models offer customizable solutions. AI marketplaces facilitate access to AI tools and services. Biopharmaceutical companies, private sectors, and various industries leverage AI for fraud prevention, workflow management, trend forecasting, and more. AI’s impact on IT and telecommunication, retail & e-commerce, agriculture, media and entertainment, finance & accounting, cybersecurity, legal and compliance, and operation sectors is transformative.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ComponentSoftwareHardwareServicesEnd-userRetailBankingManufacturingHealthcareOthersGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And AfricaTechnologyDeep LearningMachine LearningNatural Language Processing (NLP)Machine VisionGenerative AI

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Finastra simplifies trade finance with AI-powered assistant using Microsoft Azure OpenAI Service

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Assist.AI boosts efficiencies and bridges the knowledge gap in trade finance, enabling banks to focus on strategic projects

LONDON, Feb. 10, 2025 /PRNewswire/ — Finastra today announced the launch of Assist.AI, an AI-powered assistant designed to enhance the trade finance operations within its Trade Innovation solution. The tool, built on architecture powered by Microsoft Azure OpenAI Service, bridges the knowledge gap in the trade finance industry, providing users with instant, accurate, and context-aware assistance.

The trade finance industry faces significant challenges, including a diminishing knowledge base and a widening disparity between seasoned professionals and new entrants. Assist.AI addresses these issues by offering prompt-based assistance, allowing users to interact with the tool by entering specific questions related to trade processes. This ensures that users receive precise answers sourced from relevant resources without the need to sift through extensive documentation.

Assist.AI offers Trade Innovation users the following benefits:

Enhanced user support: Provides instant, accurate, and context-aware assistance, significantly improving the user experience.24/7 availability and efficiency: Ensures users can access support anytime, boosting efficiency by automating routine inquiries and freeing up valuable time for more strategic tasks.Continuous improvement and adaptability: The solution learns and adapts based on interactions, ensuring ongoing relevance and continuous improvement in responses.

“This timely and much needed solution represents a significant leap forward in our commitment to advancing Open Finance and leveraging AI technology to solve real-world challenges in financial services. By providing instant assistance to bank employees, we are empowering our clients to navigate the complexities of trade finance with greater ease and efficiency,” said Andrew Bateman, EVP Lending at Finastra.

Finastra identified a significant talent gap in the trade finance industry through interactions with various clients. As experienced staff retire or transition to other careers, banks need to invest in training new staff on the latest developments in trade finance and the use of Trade Innovation. Assist.AI uses Microsoft Copilot technology to facilitate this training and support, making it a timely and essential addition to the industry.

“We are pleased to work with Finastra to make trade finance simpler and more efficient for banks worldwide. Using the robust capabilities of Microsoft Azure, this solution exemplifies the power of AI in enhancing operational efficiency and user experience,” said Bill Borden, Corporate Vice President of Worldwide Financial Services at Microsoft.  “This collaboration not only showcases our shared vision for the future of financial technology, but also strengthens the long-standing relationship between Microsoft and Finastra. Together, we are committed to driving innovation and empowering businesses to achieve more through cutting-edge technology.”

Assist.AI is a global solution, available to users of Finastra Trade Innovation worldwide. To learn more, visit Finastra’s website.

finastra.com

About Finastra
Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of Open Finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world’s top 50 banks. For more information, visit finastra.com.

Logo: https://mma.prnewswire.com/media/2615478/FINASTRA_Logo.jpg

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RedotPay Partners with StraitsX and Visa to Revolutionise Digital Spending

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RedotPay is excited to announce its collaboration with Visa and StraitsX to launch a groundbreaking card programme in Singapore. This initiative aims to redefine how users interact with their digital assets in everyday transactions by combining RedotPay’s innovative technology with Visa’s extensive global payment network.

SINGAPORE, Feb. 10, 2025 /PRNewswire-PRWeb/ —

Partnership to Facilitate Launch of Crypto Credit Card for Seamless Transactions

Singapore, 10 February 2025 RedotPay, a leading provider of crypto payment solutions, is excited to announce its collaboration with Visa and StraitsX to launch a groundbreaking card programme in Singapore. This initiative aims to redefine how users interact with their digital assets in everyday transactions by combining RedotPay’s innovative technology with Visa’s extensive global payment network. The collaboration is made possible through the essential support of StraitsX as the BIN sponsor for the card programme.

Seamless Transactions

The new card programme will empower users to spend their cryptocurrencies effortlessly across millions of Visa-accepting merchants worldwide. With this innovative solution, users can utilise their cryptocurrencies directly, thanks to RedotPay’s proprietary real-time conversion technology. This feature bridges the gap between digital assets and traditional commerce, making crypto spending as seamless as using a conventional debit or credit card.

Compliance and Security

RedotPay is committed to providing users with a secure and trustworthy platform for their transactions. The partnership emphasises robust security measures to protect user data and funds, fostering confidence in the use of cryptocurrencies for everyday purchases.

Enhancing User Experience

“We are thrilled to partner with Visa and StraitsX to bring this innovative card program to Singapore,” said Michael, CEO of RedotPay. “This collaboration marks a significant step forward in our mission to make crypto payments accessible and user-friendly, promoting the mass adoption of cryptocurrencies in payment systems. Our users will enjoy the flexibility of spending their digital assets just like traditional currency.”

Jason Tay, Head of Commercial at StraitsX said, “We are excited to support RedotPay in launching this innovative card program in Singapore. This partnership is a game changer for everyday retail use cases, enabling users to easily leverage their digital assets for daily transactions. As the BIN sponsor, StraitsX is dedicated to powering this initiative, which will transform how consumers interact with cryptocurrencies in the retail space. By combining our technology with Visa’s vast network, we are making it easier than ever for users to seamlessly integrate digital assets into their everyday spending.”

“Based on a Visa study, close to six in 10 consumers in Singapore are aware of cryptocurrencies. In fact, over 35 per cent of cryptocurrency owners in Singapore use cryptocurrencies for retail purchases.[1] We are happy to support our partners who are helping more cryptocurrency users have a more seamless payment experience and access to digital payments leveraging on their Visa cards for face-to-face or online transactions. Visa is committed towards promoting innovation with our valued partners and this initiative with RedotPay and StraitsX aligns with our vision to become the best way to pay and be paid,” said Adeline Kim, Visa Country Manager for Singapore & Brunei.

Looking Ahead

The RedotPay card program is set to soft launch later this year, featuring a user-friendly interface designed for both convenience and security. Users will have the ability to manage their crypto assets easily, making everyday spending as simple as swiping a card.

About RedotPay

RedotPay is a leading crypto payment company, headquartered in Hong Kong, eligible to operate across various Asian, European and other jurisdictions. Their mission is to enable crypto adoption as a medium of exchange, increase payment efficiency with blockchain, and promote financial inclusion for the unbanked. Through intuitive interfaces and proprietary blockchain technology, RedotPay simplifies crypto transactions while prioritizing enterprise-grade security. The platform enables seamless integration of digital assets into everyday spending, ensuring accessibility and trust for both businesses and individuals.

For media inquiries, please contact: Press@RedotPay.com

About StraitsX

StraitsX is Southeast Asia’s leading digital payment infrastructure provider and a licensed Major Payment Institution regulated by the Monetary Authority of Singapore. Leveraging blockchain technology within a secure, regulated environment, StraitsX empowers businesses and individuals with innovative tools for managing funds, integrating digital assets, and enabling seamless cross-border transactions. Through partnerships with global financial institutions, businesses, and developers, StraitsX is driving the future of digital payments and financial connectivity.

1 Visa Green Shoots Radar: Study conducted across Asia Pacific markets, including 500 Singapore respondents in June 2023.

Media Contact

Jackee T. T. WONG, RedotPay, 1 85221290009, press@redotpay.com, https://www.redotpay.com/

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KBC Group renews collaboration with Cognizant to improve IT services and customer experience

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KBC Group and Cognizant celebrate over a decade of collaboration with a renewed agreement until 2027. Cognizant will provide various IT services, focusing on quality and cost-effectiveness.

BRUSSELS, Feb. 10, 2025 /PRNewswire/ — Cognizant (Nasdaq: CTSH) today announced the renewal of its relationship with KBC Group, a leading Belgian universal multi-channel bank-insurer.

This renewal of the agreement will extend until 2027, positioning Cognizant as KBC Group’s partner in supporting its IT and business transformation across the entire spectrum of IT services, including application development & maintenance, data services, infrastructure, and quality engineering.

“We are pleased to renew our agreement with Cognizant, as it supports our goals of creating superior customer experience, supporting innovation, and maintaining operational excellence,” said Isabel Van Mele, Chief Information Officer of KBC Bank & Insurance. “Cognizant’s ability to provide various IT services, focusing on quality, stability, and cost-effectiveness, makes it an important partner for KBC. We look forward to continuing our collaboration to achieve our organizational objectives.”

Cognizant and KBC Group have enjoyed a long-standing relationship for over 11 years, built on mutual trust, respect, and a proven track record. This agreement has been characterized by a collaborative spirit, seeking win-win solutions for both parties. The renewal of the relationship underscores the commitment of both organizations to continue bringing execution focus, innovative solutions and thought leadership to KBC Group. Cognizant’s existing team and service offerings are expected to enhance quality, ensure operational stability, foster innovation, and optimize cost-effectiveness for KBC Group.

“We are honored to extend our partnership with KBC Group,” said Geert Lejon, Country Manager, Belgium & Luxembourg at Cognizant. “Our extensive experience in delivering a wide range of IT services has been crucial in helping KBC achieve its objectives over the past eleven years. Our team is excited to continue this work and further enhance our collaboration.”

About Cognizant

Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we’re improving everyday life. See how at www.cognizant.com or @cognizant.

About KBC Group

KBC is one of the leading financial groups in Europe. It is a multi-channel bank-insurance group with a geographic focus on Europe, catering mainly to retail clients, SMEs and local midcaps. The group occupies significant, and in many cases leading positions in its core markets of Belgium, Czech Republic, Bulgaria, Hungary and Slovakia. The KBC group has also selectively established a presence in a number of other countries and regions around the world.

KBC Group employs around 41000 staff and caters for about 13 million clients in its core markets. KBC Group NV is listed on Euronext Brussels (ticker symbol ‘KBC’).

For more information, contact: GlobalCommunications@cognizant.com 

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SOURCE Cognizant Technology Solutions

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