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Composite AI Market Size, Driving Factors, Growth Statistics, Competitive Landscape And Forecast To 2033
Composite AI Market Size
According to The Business Research Company's, The composite ai market size has grown exponentially in recent years. It will grow from $1.04 billion in 2023 to $1.43 billion in 2024 at a compound annual growth rate (CAGR) of 37.9%. The growth in the historic period can be attributed to advancements in artificial intelligence (AI), increased computing power, rise of big data, growing acceptance of ai in creative industries, user-friendly interfaces.
The composite ai market size is expected to see exponential growth in the next few years. It will grow to $5.08 billion in 2028 at a compound annual growth rate (CAGR) of 37.2%. The growth in the forecast period can be attributed to continued ai advancements, emergence of quantum computing, ethical and responsible ai practices, global expansion of creative industries, market-specific customization. Major trends in the forecast period include enhanced human-ai collaboration, integration of ai and creativity tools, generative adversarial networks (gans) in creative processes, human-ai collaboration, personalized content creation.
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Market Drivers and Trends:
The increasing adoption of AI is expected to propel the growth of the composite AI market going forward. AI adoption refers to the process by which individuals, organizations, or societies integrate and incorporate artificial intelligence (AI) technologies into their existing systems, processes, or daily activities. AI adoption increasingly uses composite AI, combining multiple AI techniques, such as machine learning, natural language processing, computer vision, and rule-based systems, to enhance overall system capabilities and address complex problems more effectively. For instance, in March 2022, according to The International Business Machines Corporation, a US-based technology company, around 35-36% of global companies were already implementing AI, and 42-64% were exploring its potential in 2022. Further, around 64% of businesses believe that AI can improve business productivity, and 42% believe it can streamline job processes. Therefore, the increasing adoption of AI is driving the growth of the composite AI market.
Major companies operating in the composite AI market are focused on innovating new technologies, such as artificial intelligence platforms, to provide reliable services to customers. An Artificial Intelligence (AI) platform refers to a hardware architecture or software framework that enables the operation of software and the performance of tasks that mimic the cognitive abilities of humans, including learning, reasoning, problem-solving, and social intelligence. For instance, in October 2023, Fujitsu Limited, a Japan-based information technology company, launched Fujitsu's Kozuchi AI platform. The platform provides cutting-edge AI technologies and expedites the verification of various applications in various industries, including manufacturing, retail, finance, and healthcare, to streamline access to AI and machine learning (ML) solutions and promote a sustainable society. The new technology is a component of Fujitsu's Composite AI framework, which combines various AI innovation components to solve customers' increasingly complex problems, including demand forecasting and production scheduling.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Major companies operating in the composite ai market report are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Meta Platforms Inc., Intel Corporation , International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, Oracle Corporation, SAP SE, NVIDIA Corporation, Infosys Limited, Baidu Inc., Genpact Limited, OpenText Coporation, SAS Institute Inc., Nutanix Inc., Cloudera Inc., BlackSwan Technologies Inc., Gorilla Technology Group, Azion Technologies Inc., Tact.ai Technologies Inc., FogHorn Systems Inc., Veea Inc., ClearBlade Inc., Octonion SA, Anagog Ltd., E-SPIN Group of Companies, Exponential AI, Lalaland.ai
Composite AI Market 2024 Key Insights:
• The composite ai market is expected to grow to $5.08 billion in 2028 at a compound annual growth rate (CAGR) of 37.2%.
• Surge In Composite AI Market Growth Amidst Accelerating AI Adoption
• Future Of Business Transformation With An Innovative Composite AI Platform
• North America was the largest region in the composite AI market in 2023
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