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AvePoint, a global leader in data management and governance solutions (NASDAQ: AVPT), announced today the official establishment of an AI lab with the support of the Singapore Economic Development Board (EDB). This strategic move will significantly advance innovative research in the fields of artificial intelligence and machine learning, further enhancing the AI capabilities of the AvePoint Confidence platform. The newly established AI lab will serve as a globally influential R&D center. Over the next three years, the lab plans to recruit more than

The global AI application market experienced explosive growth in 2024, with total revenue expected to reach $3.3 billion, a year-on-year increase of 51%. North America contributed the most, accounting for 47% of global revenue. India became the largest market in terms of downloads, capturing 21%. ChatGPT emerged as the market leader, with over 160 million downloads from January to August and revenue nearing $230 million, alongside more than 190 million monthly active users. AI+Chatbot applications surpassed 630 million downloads, with revenue approaching $580 million, reflecting a 1.5% growth compared to 2023.

In the fourth quarter of 2023, global spending on cloud infrastructure services grew by 19% year-over-year, reaching $78.1 billion. The top three cloud providers, AWS, Microsoft Azure, and Google Cloud, accounted for 66% of total spending. Global spending on cloud infrastructure services is expected to grow by 20% in 2024. Leading cloud providers are increasing investments in generative AI to meet the rising demand.

The generative AI market is expected to reach $136 billion by 2031, with a compound annual growth rate (CAGR) of 33.2%. North America is the largest market, followed by Europe and the Asia-Pacific region, with rapid growth in the healthcare, media, and entertainment sectors. Generative AI has wide-ranging applications across multiple fields, including art design and healthcare, indicating a positive market outlook. The global market growth is driven by innovations in cloud storage and government initiatives, and generative AI is set to continue its expansion in the future.

In 2023, the global genomics artificial intelligence market size reached $11.5 billion and is expected to reach $19.72 billion by 2030, with a compound annual growth rate of 50.1%. The surge in genomic data is driving the application of AI in genomics, accelerating drug discovery and diagnostics, while reducing costs. Increased awareness among medical professionals and the public about the potential benefits of AI in genomics is propelling market demand. During the forecast period, on-premise delivery models are expected to dominate the global genomics artificial intelligence market.

China's AI models account for 40% of the global market, leading the United States. Investors warn that the large model industry will face a reshuffle. Market predictions indicate that only the strongest models will survive. Giants like Alibaba, Tencent, and Baidu are participating in the battle of hundreds of models. The large model industry may face consolidation and price wars.