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Artificial Intelligence Market Size Worth $2,172.63 Billion, Globally, by 2031 Growing at 39.1% CAGR | Exclusive Report by The Insight Partners

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NEW YORK, Feb. 20, 2025 /PRNewswire/ — The global artificial intelligence market share is set for explosive growth with a CAGR of 39.1% during 2025–2031, it was valued at $199.47 billion in 2024, with projections indicating a surge to $2,172.63 billion by 2031. This remarkable expansion is driven by growing demand for generative Al.

According to a new comprehensive report from The Insight Partners, “Artificial Intelligence Market Size and Forecast (2021 – 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component, Technology, Industry Vertical, and Geography”, the global artificial intelligence market is observing healthy growth owing to the adoption of artificial intelligence technology by numerous industries across different regions.

For More Information and To Stay Updated on The Latest Developments in The Artificial Intelligence Market, Download The Sample Pages: https://www.theinsightpartners.com/sample/TIPRE00008424/

The artificial intelligence market was valued at US$ 199.47 billion in 2024 and is projected to reach US$ 2,172.63 billion by 2031; it is expected to register a CAGR of 39.1% during 2025–2031.

The report runs an in-depth analysis of market trends, key players, and future opportunities. Trade shows are a robust platform that allows companies to showcase their entire business at one booth, raising company awareness among customers. This is further boosting the market growth.

Market Overview and Growth Trajectory:

Artificial intelligence is used for various purposes across industries such as healthcare, retail and e-commerce, and manufacturing. These industries use AI technology to automate repetitive tasks, enhance accuracy, and accelerate job completion. As a result, it allows staff members to focus on more complex activities alongside increasing their efficiency and production outputs.

For Detailed Market Insights, Visit: https://www.theinsightpartners.com/reports/artificial-intelligence-market

Growing Demand for Multimodal Al: Multimodal Al is one of the most popular artificial intelligence tools used by businesses in Europe. It leverages machine learning algorithms on modalities such as speech, images, video, audio, text, and traditional numerical data sets. This approach creates a more holistic and human-like cognitive experience. Businesses in Europe are investing in building intelligent systems (BIS) and creating awareness of multimodal Al that improve natural language understanding and analyze diverse data streams, visual perception, and voice recognition to enhance user experiences. For instance, in June 2024, the University of Sheffield organized a Second Workshop on Multimodal AI to bring together researchers and practitioners from AI, data science, and various scientific and application domains to create awareness of multimodal AI. This workshop will feature four keynote speakers from academia and industry—Maria Liakata (Professor of NLP, Queen Mary University of London, Turing AI Fellow), Tian Xie (Principal Research Manager, Microsoft Research AI4Science), Nataliya Tkachenko (Generative AI Ethics & Assurance Lead, Lloyds Banking Group), and Adam Steventon (Director of Data Platforms, Our Future Health)—to discuss problems and difficulties, share experiences and solutions, and explore collaborations and future directions for multimodal AI.

Rising Adoption in the Healthcare Industry: Artificial intelligence is transforming the healthcare sector by improving diagnostics, personalizing treatment regimens, streamlining processes, and lowering costs. Healthcare organizations are using image-based AI models as diagnostic tools, which can speed up interpretation and lead to early disease identification. For instance, in September 2023, Paige AI, Inc. collaborated with Microsoft to develop the world’s largest image-based AI models for digital pathology and oncology to fight cancer. The companies are engaged in developing a new AI model that is larger than any other image-based AI model existing today. Configured with billions of parameters, this model would assist in capturing the subtle complexities of cancer and serve as the foundation of next-generation clinical applications and computational biomarkers pushing the boundaries of oncology and pathology. Further, as stated in July 2024, the European Academies Science Advisory Council (EASAC) and the Federation of European Academies of Medicine (FEAM) are jointly working on projects and case studies to evaluate AI-incorporated healthcare products and services. Hence, a growing number of research and development activities related to the use of AI in the healthcare industry are fueling the market.

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Government Initiatives and Investments to Support Adoption of AI: Government initiatives toward the adoption of AI technology are driving the market. For instance, in January 2024, the European Commission (EU) announced the AI innovation package, which contains numerous initiatives to help entrepreneurs and SMEs in the region create trustworthy AI that adheres to EU principles and standards. EU also set the main GenAI4EU initiative that aims to increase the adoption of generative AI across the Union’s key strategic industrial ecosystems. The initiative encourages the development of large open innovation ecosystems that foster collaboration between AI startups and deployers in the industrial and public sectors. Moreover, government and private organizations are increasingly investing in raising AI adoption in Europe. According to the European Parliamentary Research Service of March 2024, the EU and the UK attracted €9 billion (~US$ 9.35 billion) in private investment in AI technology. EU-based AI firms observed an investment of ~€32.5 billion (US$ 33.78 billion) from 2018 to the third quarter of 2023. These investments provide support to AI companies to assist them in developing and upgrading their AI solutions to expand their customer base in Europe. Similarly, the EU’s Digital Europe program offers a total of €2.1 billion (approximately US$ 2.18 billion) in funding for AI-related projects during 2021–2027.

Geographical Insights: In 2024, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific, respectively. Asia Pacific is expected to register the highest CAGR during the forecast period.

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Artificial Intelligence Market Segmentation, Applications, Geographical Insights:

Based on component, the global artificial intelligence market is segmented into hardware, software, and services. The software segment held the largest market share in 2024.On the basis of organization size, the global artificial intelligence market is segmented into large enterprises and SMEs. The large enterprises segment held the largest market share in 2024.By industry vertically, the global artificial intelligence market is segmented into automotive, healthcare, manufacturing, retail and e-commerce, IT and telecommunications, BFSI, and others. The IT and telecom segment held a larger share of the market in 2024.

Key Players and Competitive Landscape:

The Artificial Intelligence Market is characterized by the presence of several major players, including:

Accenture PlcAdvanced Micro Devices IncGoogle LLCInternational Business Machines CorpIntel CorpMicrosoft CorpNVIDIA CorpAmazon Web Services IncSAP SESAS Institute Inc.

These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.

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Artificial Intelligence Market Recent Developments and Innovations:

SoftBank Corp. has entered into a strategic partnership with generative AI search startup Perplexity AIIndia’s Advance in AI RegulationThe Arm AI Partner Program brings partners together to collaborate and innovate solutions that help simplify AI deployment across multiple segments.

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Conclusion:

The global artificial intelligence market size is mainly supported by the rise in adoption across various industries, government initiatives, and investment to support the adoption of AI technology, and the burgeoning demand for multimodal AI are a few of the significant factors driving the global artificial intelligence market. Furthermore, increasing investments in industrial automation solutions and the growing popularity of agentic Al is likely to propel the demand for the artificial intelligence market in the future. Technological advancements and integration of advanced technologies such as machine learning, natural language processing (NLP), and robotic process automation (RPA); demand for generative Al; and development of explainable AI (XAI) and AI-powered cybersecurity solutions that reduce operating costs are expected to create opportunities for the market growth during the forecast period.

Asia Pacific region is likely to register the fastest growing CAGR during 2025-2031. This is mainly due to an upsurge in the need for customized AI-based solutions, manufacturers’ focus on developing small language models and open source advancements, and an increase in research and development activities that also benefit the global artificial intelligence market. Moreover, significant benefits offered by AI include 24 × 7 availability, repetitive task automation, fewer human errors, more and faster data insights, reduced physical risks, and enhanced decision-making.

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Automotive Artificial Intelligence (AI) Market Size and Forecast (2021 – 2031)Artificial Intelligence (AI) Platform Market Size and Forecasts (2021-2031)Artificial Intelligence in Transportation Market Size and Forecasts (2021 – 2031)Artificial Intelligence in Defense Market Size and Forecasts (2021 – 2031)Artificial Intelligence In Fashion Market Size and Forecasts (2021-2031)

About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Contact Us:
If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Ankit Mathur
E-mail: ankit.mathur@theinsightpartners.com
Phone: +1-646-491-9876
Website – https://www.theinsightpartners.com/

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Tradier Brokerage Data Breach Investigation: Edelson Lechtzin LLP Probes Class Action Claims After a Vendor Attack Exposes Social Security Numbers

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National class action law firm offers free, confidential case evaluations to Tradier Brokerage customers and others whose personal information may have been exposed.

NEWTOWN, Pa., Oct. 30, 2026 /PRNewswire/ — Edelson Lechtzin LLP, a national class action law firm, is investigating data privacy claims arising from a data breach affecting Tradier Brokerage Inc., a Charlotte, North Carolina-based online broker-dealer. Anyone who received a breach notice or believes their information may have been exposed can request a free case evaluation.

What Happened

On August 28, 2026, a cyberattack targeted Etna Software Corporation, a third-party vendor that provides the order management system and pre-trade controls Tradier uses to operate its brokerage business. Tradier became aware of the incident on September 3, 2026. Tradier has said that its own internal network was not compromised and remained secure throughout the incident, and that the breach was limited to systems and data held by Etna.

Tradier began notifying affected customers by email and disclosed the incident to the California Attorney General. According to regulatory filings, the incident has affected 9,404 Texas residents and 1,580 Massachusetts residents so far. Tradier has said it is reviewing its third-party relationships and its data minimization program.

What Information Was Exposed

According to Tradier Brokerage, the personal information that may have been accessed includes:

Full namesAddressesPhone numbersSocial Security numbersGovernment-issued tax identification numbers

Because Social Security numbers and tax identification numbers are among the most sensitive categories of personal information, the exposure creates a heightened risk of identity theft and financial fraud for affected individuals.

Who May Be Affected

The investigation focuses on Tradier Brokerage customers whose personal information was held in the Etna systems used to operate Tradier’s brokerage business. Tradier has arranged with Cyberscout, a TransUnion company, to provide affected individuals up to two years of complimentary credit monitoring and identity theft protection; eligible individuals must enroll within 90 days of receiving their notification letter.

Your Legal Options

Edelson Lechtzin LLP is investigating a potential class action on behalf of individuals whose data may have been compromised. A successful case could recover compensation for losses such as lost time, out-of-pocket costs, and loss of privacy, and could press Tradier Brokerage to strengthen its data protection. The firm evaluates claims at no cost.

Recommended Steps to Protect Yourself

Watch for the notice from Tradier Brokerage and keep the enclosed code for the free credit monitoring being offered, enrolling within 90 days.

Place a free fraud alert or credit freeze with Equifax, Experian, and TransUnion, and obtain your free reports at AnnualCreditReport.com.Review your account statements for anything you do not recognize, and report suspected identity theft to the Federal Trade Commission at IdentityTheft.gov.

Contact Us for a Free Case Evaluation

Speak confidentially with a data privacy attorney: Marc Edelson, Esq., Edelson Lechtzin LLP, 411 S. State Street, Suite N-300, Newtown, PA 18940; Phone: 844-696-7492; Email: medelson@edelson-law.com; or click HERE to request a free consultation.

About Edelson Lechtzin LLP

Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. Beyond data breach litigation, the firm handles class and collective actions involving securities and investment fraud, antitrust violations, ERISA benefit plans, wage theft, and consumer fraud.

Media and Partnership Inquiries: Use the contact information above regarding interviews, co-counsel opportunities, and referral partnerships.

Legal Notice: This press release may be considered Attorney Advertising in some jurisdictions. Prior results do not guarantee a similar outcome.

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SOURCE Edelson Lechtzin LLP

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Glance Releases Practical Guide for AI-to-Human Customer Service

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New guide shows CX leaders how to close the AI-to-human handoff gap, as 76% of consumers say they get frustrated by repeating themselves when switching channels

WAKEFIELD, Mass., Oct. 30, 2026 /PRNewswire/ — Glance, the leader in enterprise cobrowse and guided customer experience, today released The Human Edge in AI Customer Service, a new guide making the human-in-the-loop case for visual engagement in an AI-first support stack. The guide gives leaders in customer experience, customer support and digital product a practical framework for deciding where AI should handle the work, where human experts should step in, and how to connect the two without forcing customers to start over.

Industry leaders expect AI to touch virtually every customer interaction. Yet the moment a customer needs a person remains one of the weakest points in the journey. According to the Glance 2026 Customer Experience Trends Report, 44% of consumers say they almost always have to repeat themselves when switching channels, while only 7% say they rarely or never do. Survey respondents described being stuck in an “endless loop” with AI when they needed a human.

“AI is now the front door to customer service, and that’s a good thing for the normal routine things that we consumers need done,” said Adam Atwood, CMO at Glance. “But the interactions that matter most—a mortgage application stalled on one confusing question, applying for a small business loan, or Medicare enrollment—still need a human expert. The question isn’t AI or people. It’s whether the handoff between them preserves context that helps the customer achieve their goal. This guide shows CX leaders how to design for continuity instead of escalation.”

The guide covers:

Why AI elevates the human role rather than replacing it. As automation absorbs routine requests, the conversations reaching live agents grow more complex, making expert judgment more valuable.The broken handoff problem. A side-by-side look at weak versus strong AI handoffs, and why transferring context matters more than transferring the conversation.Measuring resolution, not deflection. Outcome-based questions CX leaders are using to evaluate AI: first-contact resolution, customer effort, and whether the AI-to-human transition felt seamless.

The guide also features customer snapshots from medium to large enterprises in Financial Services, SaaS and Healthcare.

Availability

The Human Edge in AI Customer Service is available now as a free download.

About Glance

Glance helps enterprises earn, keep, and grow customers at high-touch moments through instant cobrowse and screen share collaboration sessions in mobile apps, portals, and websites.

The world’s most recognizable brands trust Glance as the critical visual layer for customer interactions, ultimately building loyalty, increasing revenue, and boosting customer lifetime value.

Learn more at www.glance.cx.

Media Contact

Adam Atwood
CMO, Glance Networks

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SOURCE Glance Networks, Inc

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SMTC Recognized with Frost & Sullivan’s 2026 North America Company of the Year Recognition for Mid-tier Electronic Manufacturing Services

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SMTC is redefining the value of a mid-sized EMS partner by combining responsive customer engagement, Tier 1 capabilities, and a resilient North American operating network.

SAN ANTONIO, Oct. 30, 2026 /PRNewswire/ — As original equipment manufacturers (OEM) place greater emphasis on supply chain resilience, regionalized production, and faster response to changing market conditions, the role of electronic manufacturing services (EMS) providers is evolving. Frost & Sullivan recognizes SMTC with the 2026 North America Company of the Year Recognition in the Mid-tier Electronic Manufacturing Services industry for its strong performance across strategy effectiveness and strategy execution. SMTC’s ability to work directly with customer decision-makers from the outset enables faster action, collaborative problem-solving, and closer alignment throughout engagements. This customer-centric approach, combined with a strategically positioned North American operating network and broad end-to-end manufacturing capabilities, strengthens the company’s ability to respond to complex customer requirements while supporting speed, flexibility, and supply chain continuity.

“SMTC differentiates itself from competitors by combining the flexibility and responsiveness of a smaller EMS company with many of the capabilities typically associated with a larger Tier 1 company. A key part of this advantage comes from its ability to work directly with customer decision-makers from the outset, which supports faster action, more collaborative problem-solving, and closer alignment throughout the engagement,” said Sujan Sami, Senior Research Director, Frost & Sullivan.

SMTC’s strategy is built around providing customers with comprehensive manufacturing support while maintaining the agility needed to respond to changing market conditions. Headquartered in Melbourne, Florida, the company provides a abroad manufacturing footprint across North America and supports customers in aerospace/defense/security, medical and life sciences, advanced computing, robotics, and power and smart infrastructure. Its end-to-end capabilities encompass new product introduction (NPI), printed circuit board assembly, systems integration, testing, supply chain management, and other higher-value manufacturing services.

Innovation and operational flexibility remain central to SMTC’s approach. The company supports customers through complex production requirements, including factory transfers, operational transitions, and tariff-related supply chain decisions. Its ability to combine high-touch customer engagement with manufacturing depth allows customers to access the personalized support of a mid-sized provider without sacrificing the capabilities required for complex programs.

“We are honored to receive this award for the third year in a row. Our team members work tirelessly to exceed our customer’s expectations with excellence every minute of every day. It is through teamwork and collaboration, built on our purpose to enhance people’s lives and our world every day, that drives us to deliver in partnership with our customer needs”, said Mike Buseman, CEO at SMTC.

SMTC’s North American operating network further strengthens its competitive position. The company’s footprint includes manufacturing facilities, procurement and logistics centers, return merchandise authorization (RMA), refurbish and repair centers, design and engineering centers, wire cable and harnesses, and a metal fabrication center across key regions. This integrated model helps reduce handoffs, support smoother production transfers, and create greater continuity from product introduction through fulfillment and repair. SMTC can also shift production between sites, adjust capacity as demand changes, and help customers move manufacturing closer to key end markets.

Beyond manufacturing execution, SMTC creates customer value through value engineering, supply chain expertise, and disciplined production processes. Its capabilities are designed to reduce lead times and material costs, improve assembly efficiency, strengthen test coverage, and minimize scrap, rework, and field failures. Structured NPI processes, project simulations, stage gates, and Customer Focus Teams provide customers with greater visibility and support throughout the transition from concept to production.

The company’s approach also contributes to strong customer relationships. SMTC emphasizes transparent communication, responsiveness, and partnership throughout the manufacturing lifecycle, with many customer relationships extending for more than 20  years. This longevity demonstrates the value customers place on SMTC’s ability to provide dependable support, address challenges with urgency, and adapt alongside evolving production requirements.

Frost & Sullivan commends SMTC for establishing a differentiated position within the mid-tier electronic manufacturing services industry. By combining customer intimacy and responsiveness with Tier 1 capabilities, a resilient North American footprint, and comprehensive manufacturing expertise, the company is well positioned to help OEMs navigate increasingly complex supply chain and production environments.

Each year, Frost & Sullivan presents the Company of the Year Award to a company that demonstrates outstanding strategy development and implementation, resulting in measurable improvements in market share, customer satisfaction, and competitive positioning. The award recognizes forward-thinking organizations that are reshaping their industries through innovation and growth excellence.

Frost & Sullivan Best Practices Recognition

Frost & Sullivan’s Best Practices Recognitions honor companies across regional and global markets that exhibit exceptional achievement and consistent excellence in areas such as leadership, technological innovation, customer experience, and strategic product development. Each recognition is the result of a rigorous analytical process in which Frost & Sullivan industry experts benchmark performance through comprehensive interviews, deep-dive analysis, and extensive secondary research. The goal is to identify true best-in-class organizations that are driving transformative growth and setting new industry standards.
Contact us: Start the discussion.

Contact:
Ashley Shreve
E: ashley.weinkauf@frost.com

About SMTC

SMTC Corporation was founded in 1985. SMTC is a mid-size provider of end-to-end electronics manufacturing services (EMS) including PCBA production, systems integration and comprehensive testing services, enclosure fabrication, as well as product design, sustaining engineering and supply chain management services. SMTC has facilities and offices in the United States, Mexico, Asia and Canada. Services extend over the entire electronic product life cycle from the development and introduction of new products through to the growth, maturity and end-of-life phases.

Contact: Scott Smith
E. Scott.Smith@smtc.com

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SOURCE Frost & Sullivan

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