The composite AI market is estimated to grow at a CAGR of 35.4% from 2024 to 2031. The growth in this sector is driven by increasing investment in the AI/ML industry, rapidly growing competition, better access to technology, changing businesses' tendencies to more data-driven decisions, and increasing rate of data production among others. For instance,
In September 2023, NVIDIA and Tata Group joined forces to co-create AI computing infrastructure and platforms within India. Tata Communications and NVIDIA are set to work together to construct an AI cloud within the country. Simultaneously, TCS, a Tata Group entity, will harness this AI infrastructure to develop generative AI applications. In addition to this, TCS intends to enhance the skills of its workforce through this collaborative partnership.
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In September 2023, Ant Group introduced its sizeable language model (LLM), which is the technology employed for training chatbots such as ChatGPT. Additionally, they have unveiled a new Web3 brand aimed at the Hong Kong and international markets, further enhancing their capabilities in generative artificial intelligence (AI) for the financial services sector.
In January 2023, Deepspatial, an AI company specializing in outcome-based solutions, secured a 3-year contract valued at $1.5 million. They will utilize their Geospatial AI platform to assist Government bodies in conducting crop-cutting experiments, on-field surveys, and other agricultural processes in Uttarakhand, India. This initiative, led by the Directorate of Agriculture, Government of Uttarakhand, aims to collect valuable data to enhance decision-making, improve insurance coverage, and support farmers and government officials. It represents a significant data collection project in the region, leveraging new technologies for the benefit of the agricultural sector.
In June 2023, The Defence Science and Technology Laboratory (Dstl) entered into a memorandum of understanding (MoU) with Google Cloud to facilitate the integration of cloud and artificial intelligence (AI) technologies within the UK defense sector. This collaboration will grant Dstl access to Google Cloud's array of AI services, along with various staff training and development initiatives to transition the organization into one prepared to utilize AI effectively.
In June 2023, Quantiphi, a US-based digital engineering company with a focus on AI, partnered with Mumbai's Pharmarack and US-based Snowflake, a data cloud company. This collaboration aims to modernize Pharmarack's digital infrastructure, utilizing Snowflake's platform for advanced analytics and seamless integration. This partnership emphasizes the importance of leveraging technology to improve customer service in the Indian pharmaceutical sector.
Global composite AI Market Report Segment
By Deployment
- Cloud-Based
- Embedded/edge.
By application
- Fraud detection and prevention
- Security and surveillance
- Supply chain management
- Customer services
- Others
By End users
- Healthcare
- Manufacturing
- Finance
- Retail
- Education
- Agriculture
- Others (Automotive, Defense)
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Composite AI market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
· Clarivate (subsidiary of Onex Corporation)
· Cloudera Inc.
· Databricks, Inc.
· DataRobot, Inc.
· Enlitic Inc.
· Fair Isaac Corporation
· Graphcore Limited
· H2O.ai, Inc.
· Nvidia Corporation
· Palantir Technologies Inc.
· Salesforce, Inc.
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