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Artificial Intelligence Systems Spending Market Report 2024 - AI Systems Spending Market Demand And Size
Artificial Intelligence Systems Spending Market
According to The Business Research Company's, The artificial intelligence systems spending market size has grown exponentially in recent years. It will grow from $117.38 billion in 2023 to $174.16 billion in 2024 at a compound annual growth rate (CAGR) of 48.4%. The growth in the historic period can be attributed to increased computing power, rise of cloud computing, growing awareness and education, regulatory and compliance requirements, and increased industry-specific applications.
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Market Drivers and Trends:
The growing demand for automation is expected to propel the growth of the artificial intelligence systems spending market going forward. Automation refers to the process of using technology and systems to perform tasks or processes with minimal human intervention. Artificial intelligence system spending is used for automation to automate repetitive, rule-based tasks, typically in back-office operations such as data entry, customer service, and financial processing. For instance, in 2022, according to reports published by Routine Automation., a Poland-based operator of computer systems design, marketers adopting automation for content management increased from 22% in 2021 to 29% in 2022, with 48% using automation. Therefore, the growing demand for automation is driving the growth of the artificial intelligence systems spending market.
Major companies operating in the artificial intelligence systems spending market are focusing on AI advancements, such as EY.ai, an advanced AI platform, to help drive business transformation through confident decision-making. EY.ai is a unifying platform that integrates human capabilities with artificial intelligence (AI) to drive business transformation through confident decision-making. For instance, in September 2023, Ernst & Young Global Limited, a UK-based professional services company, launched EY.ai, a unifying platform that brings together human capabilities and artificial intelligence to provide a unifying platform that integrates human expertise with artificial intelligence (AI) to facilitate confident decision-making and drive business transformation. This platform leverages EY's leading-edge technology and AI capabilities across various domains, including strategy, transactions, transformation, risk, assurance, and tax. The EY.ai platform supports the embedding of AI into proprietary EY technologies and helps secure a series of leading-edge alliances with some of the world's most innovative organizations.
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• 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.
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Major Key Players of the Market:
Alphabet Inc., Microsoft Corporation, Alibaba Group Holding Limited, Facebook Inc., Dell Technologies Inc., Tencent Holdings Limited, Amazon Web Services, Siemens AG, General Electric (GE), Intel Corporation, Accenture* plc, IBM Corporation, Cisco Systems Inc., Oracle Corporation, Qualcomm Incorporated, SAP SE, Hewlett Packard Enterprise (HPE), NVIDIA Corporation, Salesforce.com, Baidu Inc., Adobe Inc., Splunk Inc., PTC Inc., Palantir Technologies Inc., Informatica LLC, Cloudera Inc.
Artificial Intelligence Systems Spending Market 2024 Key Insights:
• The artificial intelligence systems spending market is expected to grow to $827.98 billion in 2028 at a compound annual growth rate (CAGR) of 47.7%.
• Growing Demand For Automation Fuels Expansion Of Artificial Intelligence Systems Spending Market
• Pioneering AI Integration For Confident Decision-Making In Business Transformation
• North America was the largest region in the artificial intelligence systems spending 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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