Press release
Rising Investment in AI Startups and Government Initiatives: A Key Driver Transforming the Artificial Intelligence (AI) Software Market 2024
Artificial Intelligence (AI) Software Market
The global artificial intelligence (AI) software market reached a value of nearly $59.97 billion in 2023, having grown at a compound annual growth rate (CAGR) of 35.52% since 2018. The market is expected to grow from $59.97 billion in 2023 to $223.25 billion in 2028 at a rate of 30.07%. The market is then expected to grow at a CAGR of 31.03% from 2028 and reach $59.97 billion in 2033.
What are the upcoming opportunities in the global artificial intelligence (AI) software market?
The key players in the market are adopting extensive strategies in the edtech and smart classrooms market such as:
• Enhance operational capabilities through the launch of new products and developments.
• Strengthen business operations through the introduction of new solutions.
• Enhance operational capabilities through strategic partnerships.
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To take advantage of the opportunities, The Business Research Company recommends the artificial intelligence (AI) software companies to focus on:
• Focus on integrating innovative solutions like search tools to enhance data retrieval, user experience, and business efficiency.
• Emphasize AI-powered technologies, such as AI-driven PC operating systems and programs.
• Develop innovative products like AI chatbots to improve customer interaction.
• Focus on enhancing AI capabilities with products like Rufus.
• Streamline legal research and analytics with services like Lexis+ AI.
• What are edtech and smart classrooms: market definition?
What are artificial intelligence (AI) software: market definition?
Artificial intelligence (AI) software refers to computer programs and algorithms capable of learning from data, recognizing patterns, making decisions, and solving problems autonomously or with minimal human intervention, designed to simulate and perform tasks that require human intelligence. This software is applied across various industries and domains to automate processes, enhance decision-making, personalize experiences, optimize operations, and innovate products and services.
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Who are the major companies operating in the global artificial intelligence (AI) software market?
The global artificial intelligence (AI) software market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 19.0% of the total market in 2023. NVDIA Corporation. was the largest competitor with a 5.9% share of the market, followed by:
• Google LLC (Alphabet Inc.).
• Open AI
• Microsoft Corporation
• Intel Corporation
• Oracle Corporation.
• Cisco Systems Inc.
• International Business Machines (IBM) Corporation
• Adobe Inc
• Baidu Inc.
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