Business Services Becoming More Reliant on Artificial Intelligence as AI Market Value Exceeds $130 Billion

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Mar 23, 2023, 09:15 ET

FinancialNewsMedia.com News Commentary

PALM BEACH, Fla., March 23, 2023 /PRNewswire/ -- Artificial Intelligence (AI) has become ubiquitous in the past several years. There is not a part of our businesses, cultures, governments and consumer markets. The continuous research and innovation directed by tech giants are driving the adoption of advanced technologies in industry verticals, such as automotive, healthcare, retail, finance, and manufacturing, staffing and education. Technology has always been an essential element for these industries, but artificial intelligence has brought technology to the center of organizations. For instance, from self-driving vehicles to crucial life-saving medical gear, AI is being infused virtually into every apparatus and program. A report from Grand View Research projected that the global artificial intelligence market size was valued at USD 136.55 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 37.3% from 2023 to 2030. The report said: "Software solutions led the market and accounted for more than 36.7% of the global revenue in 2022. This high percentage can be attributed to prudent advances in information storage capacity, high computing power, and parallel processing capabilities to deliver high-end services. Furthermore, the ability to extract data, provide real-time insight, and aid decision-making, has positioned this segment to capture the most significant portion of the market. Artificial intelligence software solutions include libraries for designing and deploying artificial intelligence applications... The need for enterprises to understand and analyze visual content to gain meaningful insights is expected to spur the adoption of artificial intelligence software over the forecast period. Active companies in the markets this week include ShiftPixy, Inc. (NASDAQ: PIXY), NVIDIA (NASDAQ: NVDA), C3 AI (NYSE: AI) Intel Corporation (NASDAQ: INTC), Advanced Micro Devices, Inc. (NASDAQ: AMD).

Grand View Research continued: "Companies adopt AI services to reduce their overall operational costs, yielding more profit. Artificial Intelligence as a Service, or AIaaS, is being used by companies to obtain a competitive advantage over the cloud. Artificial intelligence services include installation, integration, maintenance, and support undertakings. The segment is projected to grow significantly over the forecast period. AI hardware includes chipsets such as GPU (Graphics Processing Unit), CPU, application-specific integrated circuits (ASIC), and field-programmable gate arrays (FPGAs). GPUs and CPUs currently dominate the artificial intelligence hardware market due to their high computing capabilities required for AI frameworks. The growing deployment of cloud-based computing platforms and on-premises hardware equipment for the safe and secure restoration of large volumes of data has paved the way for the expansion of the analytics platform. Rising investments in research and development by leading players will also play a crucial role in increasing the uptake of artificial intelligence technologies. Vendors in the market are focusing on increasing the customer base to gain a competitive edge in the industry. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions, and partnerships with other major companies."

ShiftPixy, Inc. (NASDAQ: PIXY) BREAKING NEWS: AI to Accelerate Human Capital Engagement – ShiftPixy's High Value AI Use Case - ShiftPixy's Innovative AI Solution Boosts Efficiency and Productivity in the Worker Acquisition Process – ShiftPixy ("ShiftPixy" or "the Company"), a Miami-based national staffing enterprise which designs, manages, and sells access to a disruptive, revolutionary platform that facilitates employment in the rapidly growing Gig Economy, today announced the successful beta implementation of its AI-powered recruitment system, leveraging ChatGPT's open API, designed to address the growing gap in opportunity matching and recruitment efficiency.

For an overview of ShiftPixy's AI recruiting engagement, please view this video.

Current statistics reveal a significant gap in the recruitment industry, with recruiters receiving an average of 250 resumes for each open position, but only 12% of applicants meeting job requirements. With over 27 million workers seeking opportunities in the US alone according to Harvard Business School, the need for a more efficient recruitment process is paramount.

ShiftPixy's AI recruiting system tackles this challenge head-on by meeting workers where they are, capturing and aligning the best candidates for each opportunity, and actively guiding workers through the hiring process to start their gig. The platform's sophisticated automation effectively streamlines capturing, qualifying, screening, and deployment in the recruitment process. By continuously tracking and analyzing activity and data, ShiftPixy's AI-driven recruiting platform is constantly learning and adapting to improve its effectiveness, leading to a more dynamic and efficient recruitment process for both job seekers and employers.

"There's plenty of talk about how AI might do for business. We are focused on what we can do today with a high value application for AI in our business flow and it is only getting better" said Scott Absher, Co-Founder and CEO of ShiftPixy. "Our R&D has been to apply AI to human friction points in our human capital workflows. Where people lack speed or attention to the detail, our machine process is highly personal, results focused and always reliable." Watch Scott Absher's recent interview with Market Scale about how AI technology can boost efficiency in recruitment here. CONTINUED… Read this and more news for ShiftPixy at: https://www.financialnewsmedia.com/news-pixy/

In other developments in the markets:

Advanced Micro Devices, Inc. (NASDAQ: AMD) recently announced it is bringing world-class performance and energy efficiency to embedded systems with AMD EPYC™ Embedded 9004 Series processors. The new 4^thgeneration EPYC Embedded processors powered by "Zen 4" architecture provide technology and features for embedded networking, security/firewall and storage systems in cloud and enterprise computing as well as industrial edge servers for the factory floor.

NVIDIA Corporation (NASDAQ: NVDA) recently announced Google Cloud is integrating the newly launched L4 GPU and Vertex AI to accelerate the work of companies building a rapidly expanding number of generative AI applications.

Google Cloud, with its announcement of G2 virtual machines available in private preview today, is the first cloud services provider to offer NVIDIA's L4 Tensor Core GPU. Additionally, L4 GPUs will be available with optimized support on Vertex AI, which now supports building, tuning and deploying large generative AI models.

C3.ai, Inc. (NYSE: AI), the Enterprise AI application software company, recently announced an expansion of their Strategic Collaboration Agreement (SCA) with Amazon Web Services, Inc. (AWS) to deliver artificial intelligence (AI) solutions designed to solve customers' critical business challenges across a variety of industries, including defense and intelligence as well as state and local government. Under the expanded SCA, C3 AI will integrate C3 AI applications, such as C3 AI Law Enforcement, with AWS services including Amazon Comprehend, and co-sell the C3 AI Platform and applications with AWS.

C3 AI is a leading enterprise AI software provider building enterprise-scale AI applications and accelerating customers' digital transformation. For example, C3 AI Law Enforcement helps local government agencies use machine learning (ML) to organize and analyze datasets, surfacing valuable information in near real time.

Intel Corporation (NASDAQ: INTC) recently announced that the LF AI & Data Foundation Technical Advisory Council accepted Open Federated Learning (OpenFL) as an incubation project to further drive collaboration, standardization and interoperability. OpenFL is an open source framework for a type of distributed AI referred to as federated learning (FL) that incorporates privacy-preserving features called confidential computing. It was developed and hosted by Intel to help data scientists address the challenge of maintaining data privacy while bringing together insights from many disparate, confidential or regulated data sets.

Intel's federated learning hardware and software address data privacy concerns, providing increased confidentiality and integrity for code and data using confidential computing.

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