Find stats on top websites
Industry Landscape
The AI software and services industry is experiencing rapid growth, driven by increasing adoption across diverse sectors. It's characterized by continuous innovation in ML algorithms, natural language processing, and computer vision. Cloud-based AI solutions are prevalent, enabling scalability and accessibility. Ethical AI and responsible development are becoming key considerations as the technology matures.
Total Assets Under Management (AUM)
Artificial Intelligence (AI) Software Market Size in United States
~Expected to reach over 120 billion USD in 2024
(37.3% (2024) CAGR)
This growth is fueled by expanding enterprise adoption.
Increased demand for automation and efficiency.
Rapid advancements in AI technology and applications.
Total Addressable Market
121.7 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Generative AI
Generative AI, especially large language models (LLMs) and diffusion models, will revolutionize content creation, code generation, and complex data synthesis, pushing the boundaries of automated intelligence.
Explainable AI (XAI)
XAI will become crucial for building trust and ensuring transparency in AI decision-making, particularly in highly regulated industries, by providing insights into how AI models arrive at their conclusions.
Edge AI
Edge AI will enable real-time processing and faster decision-making by bringing AI computation closer to data sources, reducing latency and reliance on centralized cloud infrastructure, especially for IoT and autonomous systems.
Impactful Policy Frameworks
National AI Initiative Act of 2020 (NAIIA)
The National AI Initiative Act of 2020 established a comprehensive program across federal agencies to accelerate AI research and development, ensuring U.S. leadership in AI.
This policy provides funding opportunities for AI research and development, potentially benefiting Red Buffer through grants or partnerships with government-funded initiatives.
NIST AI Risk Management Framework (AI RMF 1.0) 2023
The NIST AI Risk Management Framework (AI RMF 1.0) provides a voluntary framework for organizations to manage risks associated with AI, promoting trustworthy and responsible AI development and deployment.
Red Buffer will need to integrate the principles of the NIST AI RMF into its development processes to ensure its AI solutions are trustworthy, responsible, and compliant with emerging best practices, enhancing client confidence.
Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence (2023)
This executive order directs federal agencies to set new standards for AI safety and security, protect privacy, advance equity and civil rights, stand up for consumers, and promote innovation and competition.
Red Buffer will need to prioritize the ethical implications, security, and privacy aspects of its AI solutions, ensuring compliance with federal directives and potentially developing new services around AI governance and safety for clients.
Transform Your Ideas into Action in Minutes with WaxWing
Sign up now and unleash the power of AI for your business growth
