TAIPEI, Sept. 3, 2024 /PRNewswire/ -- The global generative AI market is experiencing rapid growth. According to the latest "Generative AI Special Report" from DIGITIMES, the market size is expected to expand quickly, reaching USD 40 billion by 2024 and growing to USD 1.5 trillion by 2030, with a compound annual growth rate (CAGR) of 83% from 2022 to 2030.
Generative AI is being applied across an increasingly broad range of areas, from text and images to music and more. Analyst Zouhao Shen notes that as AI transitions from the cloud to the edge, hardware limitations and model development become major challenges. It is anticipated that the development of edge AI chips will increasingly focus on enhancing domain specificity and strengthening software-hardware integration to meet the low-power, high-efficiency demands of various edge applications. Analyst Evan Chen further explains that as edge AI moves towards real-world applications, it will face four key challenges: miniaturization, adaptation, scalability, and cost-effectiveness. Beyond developing diverse hardware, integrating development platforms and deepening vertical applications will also be critical for establishing a foothold in the edge AI landscape.
In terms of industrial development the rapid rise of generative AI is set to drive Taiwan's ICT industry chain's export value, including upstream sectors such as chip design, chip/memory manufacturing, and packaging; midstream sectors like PCBs, passive components, and power components; and downstream sectors such as server manufacturing. Generative AI is expected to generate substantial orders for Taiwan's ICT industry.
Analyst Wing Hwang believes that the generative AI market is currently in its early stages, with the global market size primarily driven by AI computing hardware. However, over the next five years, the share of AI-related software and services is expected to increase significantly, with projections indicating that by 2030, software and services will account for 32% and 55% of the overall generative AI market, respectively. The growth of generative AI software and services will be a crucial factor in driving the market's expansion. Taiwan, leveraging its ICT industry chain advantage, is poised to seize early opportunities in the generative AI hardware market. Looking ahead, software and services will be the key areas for future growth, and early investment in these sectors could enable Taiwanese companies to gain a competitive edge.
To gain a comprehensive understanding and stay at the forefront of the generative AI revolution, acquire the latest generative AI research report from DIGITIMES Research. This report offers in-depth analysis and valuable insights essential for navigating the future of this transformative market.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Generative AI market to reach US$1.5 trillion by 2030 with Taiwan holds hardware advantage; software and services to see promising future, says DIGITIMES Research
PORTLAND, Ore. and HYDERABAD, India, April 8, 2025 /PRNewswire/ -- OptiMIM, a Form Technologies company and a leader in advanced metal injection molding (MIM) solutions, is pleased to announce a strategic joint venture with Vasantha Tool Crafts Pvt.Ltd., a division of the globally recognized Vasantha Group. The new entity, "OptiMIM Global," marks a significant step in enhancing manufacturing capabilities, expanding market presence, and delivering cutting-edge MIM solutions to industries worldwide.
By combining OptiMIM's state-of-the-art MIM technology with Vasantha's industry-leading expertise in precision mold design and high-accuracy manufacturing, this collaboration is set to redefine the standards for complex metal components across automotive, medical devices, consumer electronics, industrial, defense, and aerospace sectors.
Strategic Advantages of the Joint Venture
"Partnering with Vasantha Tool Crafts Pvt.Ltd. aligns with OptiMIM's mission to deliver world-class precision metal components with superior performance," said Marc Riquelme, President of OptiMIM & Signicast. "This joint venture enables us to leverage Vasantha's deep expertise in mold design and manufacturing to further enhance our offerings and provide even greater value to our customers worldwide."
Dayanand Reddy, Managing Director, Vasantha Tool Crafts added, "We are excited to join forces with OptiMIM to push the boundaries of MIM technology. Our complementary strengths in high-precision manufacturing and innovative design will drive new possibilities for our customers across various industries."
This partnership is expected to accelerate growth, expand production capabilities, and enhance customer solutions by leveraging both companies' combined expertise, infrastructure, and commitment to excellence under the new OptiMIM Global brand.
About OptiMIM
OptiMIM, a Form Technologies company, is a leading provider of high-performance metal injection molding solutions, delivering world-class strength, corrosion resistance, and precision for the most demanding industries. With expertise in custom-formulated alloys and state-of-the-art manufacturing, OptiMIM ensures superior performance whether customers need thousands or millions of parts. Learn more at optimim.com.
About Vasantha Tool Crafts Pvt.Ltd.
Vasantha Tool Crafts Pvt. Ltd., established in 1989 in Hyderabad, India, is a leader in high-precision plastic injection molds and metal injection molding (MIM) solutions. Serving industries such as FMCG, healthcare, and consumer durables, the company has delivered over 4,000 Class 101 molds worldwide. Vasantha's advanced manufacturing capabilities include robotic automation, 3D metal printing, and in-house vacuum heat treatment. The company operates five state-of-the-art facilities across three continents. For more information, visit vasantha.com.
Media Contact:
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** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
OptiMIM and Vasantha Tool Crafts Pvt.Ltd. Announce Strategic Joint Venture "OptiMIM Global" to Advance Metal Injection Molding Innovation and Global Reach
