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Industry Landscape
The AI software industry is experiencing rapid growth, driven by increasing adoption across various sectors. Innovations in machine learning, deep learning, and MLOps are transforming business operations and creating new opportunities. Despite challenges like data privacy and talent shortages, the demand for sophisticated AI solutions continues to accelerate, making it a highly dynamic and competitive landscape.
Total Assets Under Management (AUM)
Artificial Intelligence Market Size in United States
~31.9 Billion USD (2024)
(37.3% (2024) CAGR)
The growth is driven by:
* Increased enterprise adoption of AI.
* Advancements in ML and deep learning.
* Rising demand for automation and efficiency.
Total Addressable Market
31.9 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Generative AI
Generative AI models are capable of creating new content, from code and text to images and videos, fundamentally changing content creation and automation.
Federated Learning
Federated learning allows AI models to be trained on decentralized datasets without directly sharing raw data, enhancing privacy and data security.
AI Ethics and Explainable AI (XAI)
Focuses on developing AI systems that are transparent, fair, and accountable, crucial for building trust and ensuring responsible AI deployment.
Impactful Policy Frameworks
AI Bill of Rights (2022)
The White House Office of Science and Technology Policy (OSTP) released a 'Blueprint for an AI Bill of Rights' in October 2022, outlining five principles to guide the design, use, and deployment of automated systems to protect the American public in the age of artificial intelligence.
This non-binding blueprint guides ethical AI development, potentially influencing future legislation and requiring companies to prioritize fairness and accountability in their AI solutions.
NIST AI Risk Management Framework (AI RMF 1.0) (2023)
The National Institute of Standards and Technology (NIST) published its Artificial Intelligence Risk Management Framework (AI RMF 1.0) in January 2023, providing voluntary guidance for managing risks associated with AI.
The AI RMF 1.0 offers best practices for developers and deployers to identify, assess, and mitigate AI risks, impacting Nova by encouraging integration of risk management into their MLOps platforms.
Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence (2023)
President Biden issued a comprehensive Executive Order in October 2023, directing agencies to set new standards for AI safety and security, protect privacy, promote innovation, and advance equity.
This Executive Order mandates new safety standards, data privacy protections, and responsible AI development practices, directly affecting how Nova's clients develop, deploy, and govern their AI systems, thus creating demand for compliant tools and services.
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