Press release
Artificial Intelligence Market Trends, Demand, Insights: 2024-2033
Artificial Intelligence Market
Artificial Intelligence Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $214.74 billion In 2028 At A CAGR Of 23.2% :
The artificial intelligence market size has grown exponentially in recent years. It will grow from $73.38 billion in 2023 to $93.19 billion in 2024 at a compound annual growth rate (CAGR) of 27.0%. The growth in the historic period can be attributed to historical ai applications, historical market competition, historical ethical considerations, ai in specific sectors, historical investment trends, historical industry adoption.
The artificial intelligence market size is expected to see exponential growth in the next few years. It will grow to $214.74 billion in 2028 at a compound annual growth rate (CAGR) of 23.2%. The growth in the forecast period can be attributed to ai talent and workforce, industry-specific ai applications, regulatory changes and compliance, rise in ai-integrated products, global expansion of ai adoption. Major trends in the forecast period include advancements in machine learning, increased adoption of ai in healthcare, expansion of ai in robotics, rise of natural language processing (nlp), ai for personalization in marketing.
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Artificial Intelligence Market Major Segments
The artificial intelligence market covered in this report is segmented -
1) By Offering: Hardware, Software, Services
2) By Technology: Machine learning, Natural language processing, Context-Aware Computing, Computer Vision, Other Technologies (Image processing, Speech recognition)
3) By End-user Industry: Healthcare, Automotive, Agriculture, Retail, Marketing, Telecommunication, Defense, Aerospace, Media & Entertainment, Other End-User Industries
Key Driver - Increasing Demand From Businesses And Governments Fuels The Artificial Intelligence Market
Increasing demand from businesses and governments for AI solutions is expected to propel the growth of the artificial intelligence market going forward. Artificial intelligence (AI) refers to the intelligence of machines or software, as opposed to the intelligence of humans or animals. AI can free up millions of labor hours, allowing government workers to focus on more important tasks and resulting in the government being able to provide services to the public faster. For instance, according to the 2023 AI Index Report, published by Stanford University, a US-based private research university, an AI Index analysis of the legislative records of 127 countries shows that the number of bills containing artificial intelligence that were passed into law has increased. The number of bills containing artificial intelligence passed into law grew from just 1 in the past ten years to 37 in 2022. Thus, increasing demand from businesses and governments for AI solutions is driving the growth of the artificial intelligence market.
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Prominent Trend - Innovative AI Solutions Enhance Customer Satisfaction And Loyalty In The Artificial Intelligence Market
Major companies operating in the artificial intelligence market are developing innovative products such as ChatGPT Enterprise to improve customer satisfaction and loyalty. ChatGPT Enterprise is an AI chatbot that uses natural language processing to create human-like conversational dialogue. For instance, in August 2023, OpenAI, a US-based artificial intelligence company, launched ChatGPT Enterprise, the AI chatbot's business tier. The tool includes access to GPT-4 with no usage caps, performance that's up to two times faster than previous versions, and API credits. The beta users included Block, Canva, and The Estée Lauder Cos.
Artificial Intelligence Market Players
Major companies operating in the artificial intelligence market report are Amazon.com Inc., Apple Inc., Alphabet Inc., Samsung Electronics Co.Ltd., Microsoft Corporation, Huawei Technologies Co.Ltd., Intel corporation, International Business Machines Corporation, Qualcomm Technologies Inc., SAP SE, Micron Technology lnc., NVIDIA corporation, Salesforce.com Inc., Advanced Micro Devices Inc., Baidu Inc., Arista Networks Inc., iFlyTek Co. Ltd., ARM Holding plc, Xilinx Inc., Verint Systems Inc., IPsoft Inc., Qlik Technologies Inc., MicroStrategy Inc., Megvii Technology Ltd., H2O.ai lnc., Brighterion lnc., KITT.AI Inc., Albert Technologies Ltd., People.ai lnc., Brainasoft Pvt. Ltd., AlphaSense lnc., OpenAI LP, Clarifai lnc., CrowdStrike lnc., Phrasee Ltd., Meta Platforms Inc., Taiwan Semiconductor Manufacturing Co. Ltd., ASML Holding NV, RELX plc
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the artificial intelligence market in 2023. North America was the second largest region in the global artificial intelligence market share. The regions covered in the artificial intelligence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Artificial Intelligence Market Report Structure
3. Artificial Intelligence Market Trends And Strategies
4. Artificial Intelligence Market - Macro Economic Scenario
5. Artificial Intelligence Market Size And Growth
…..
27. Artificial Intelligence Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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