Press release
Artificial Intelligence Products Global Market Reach $3.34 Billion by 2028, Growing at 7.2% of CAGR | Apple Inc., Alphabet Inc., Microsoft Corporation, Tencent Holdings Ltd., Amazon Web Services Inc.
Artificial Intelligence Products Global Market
According to The Business Research Company's, The artificial intelligence products market size has grown strongly in recent years. It will grow from $2.35 billion in 2023 to $2.53 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to increased computing power, rise of big data, government investments in research and development, growing adoption of cloud computing.
The artificial intelligence products market size is expected to see strong growth in the next few years. It will grow to $3.34 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to exponential growth in data generation, AI integration in business processes, Focus on responsible AI, increasing AI in cybersecurity. Major trends in the forecast period include embrace of AI in predictive maintenance, AI in natural language processing (NLP), the emergence of AI-powered virtual assistants and chatbots, and initial integration of AI in predictive analytics platforms.
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Market Drivers and Trends:
The increasing government initiatives are expected to fuel the growth of the artificial intelligence products market going forward. Government initiatives refer to specific actions, programs, or policies undertaken by a government to address issues, achieve specific goals, or bring about positive changes in various aspects of society. Governments act as facilitators, bringing together researchers, industry players, and civil society organizations to collaborate to develop AI products. For instance, in June 2023, the Ministry of Innovation, Science, and Industry, a Canada-based government agency, initiated the second phase of the Pan-Canadian artificial intelligence program, and this rollout is supported by a substantial investment exceeding US$ 443 million, underscores the government's commitment to enhance the integration and commercialization of AI across various sectors of the country's economy. Therefore, increasing government initiatives is driving the growth of the artificial intelligence products market.
Major companies operating in the artificial intelligence products market are developing innovative products with advanced technologies, such as application programming interfaces, to gain a competitive edge in the market. The application programming interface is a software interface that enables developers to integrate automatic speech recognition (ASR) capabilities into their applications or services. For instance, in April 2021, Verint Systems, Inc., a US-based company that specializes in the provision of enterprise workforce optimization and customer engagement solutions, launched Verint Virtual Assistant (IVA), a low-code Speech-to-Text API solution. This solution enables the swift transformation of existing conversational data into automated self-service experiences. This tool empowers business professionals to efficiently deploy a fully operational chatbot, accelerating the process of deflecting calls and providing customer support.
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Major Key Players of the Market:
Apple Inc., Alphabet Inc., Microsoft Corporation, Tencent Holdings Ltd., Amazon Web Services Inc., Siemens AG, Intel Corporation, International Business Machines Corporation, NVIDIA Corporation, Salesforce Inc., Advanced Micro Devices Inc., Baidu Inc., Zebra Technologies Corp., Autodesk Inc., Arm Holdings plc, Palantir Technologies Inc., Databricks Inc., UiPath, Open AI, Ayasdi AI LLC, AiCure, Enlitic Inc., Clarifai Inc., Sensely Inc., Atomwise Inc.
Artificial Intelligence Products Market 2024 Key Insights:
• The artificial intelligence products market is expected to grow to $3.34 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• Artificial Intelligence Products Market Soars With Increasing Initiatives
• Increasing Focus On Application Programming Interface Technologies To Gain A Competitive Edge In The Market
• North America was the largest region in the artificial intelligence products market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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