Press release
Innovation In The Artificial Intelligence Services Market Trend: A Crucial Influence on the Artificial Intelligence Services Market's Transformation in 2025
Artificial Intelligence Services Market Size
The growth of the artificial intelligence services market is projected to be fuelled by the increasing incorporation of AI into healthcare. Artificial intelligence (AI) technologies are utilized in healthcare to enhance patient results, decrease costs, and boost efficiency. Real-time data is provided to healthcare professionals through AI, allowing them to make well-informed decisions, and automate routine tasks such as data entry, claims processing, and appointment scheduling, thereby saving time and resources. In March 2023, for instance, the UK government allocated $17.27 million (£16 million) to speed up research on nine top AI healthcare technology prospects. Among the beneficiaries, Ibex, a startup, received over $1.51 million (£1.5 million) to further its development of an AI-based algorithm for breast cancer screening. Also, Medtronic was granted $2.69 million (£2.5 million) to develop its AI-integrated medical device, GI Genius. This device interprets colonoscopy images to distinguish signs of colon cancer, leading to earlier and more accurate diagnosis. Hence, the proliferating adoption of AI in healthcare is propelling the expansion of the artificial intelligence services market.
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What Is the projected market size and growth rate for the artificial intelligence services market?
In recent times, there has been a significant expansion in the size of the artificial intelligence services market. We can expect this growth to continue from $26.15 billion in 2024, escalating to $38.02 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 45.4%. Several factors influenced this growth during the historic period, namely the impact on historical business, past implementation challenges, development of AI talent, market competition, and the use of AI in customer service.
The market size of artificial intelligence services is predicted to experience a rapid surge in the coming years. It is forecasted to reach $197.68 billion in 2029 with a compound annual growth rate (CAGR) of 51.0%. This market expansion during the anticipated period can be traced to ethical AI applications, AI incorporation into business operations, investment patterns, significant global uptake of AI services, and AI solutions tailored to specific industries. Key trends during this period are anticipated to be an increase in AI partnerships and collaborations, a focus on ethical AI, integration with Internet of Things (IoT) and edge computing, AI-as-a-service (AIAAS), and advanced analytics and data insights.
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What new trends are reshaping the artificial intelligence services market and its opportunities?
Prominent corporations in the artificial intelligence services sector are introducing innovative products such as the text-to-image tool to enhance customer contentment and allegiance. The text-to-image tool is a software or web-based application enabling users to transform text into images. For example, in September 2023, OpenAI, an American artificial intelligence firm, released Dall-E 3, the most recent edition of its text-to-image tool. Dall-E 3 leverages its hugely popular AI chatbot, ChatGPT, to assist in completing prompts. The tool is adept at translating intricate requests into highly precise and detailed pictures.
What major market segments define the scope and growth of the artificial intelligence services market?
The artificial intelligence services market covered in this report is segmented -
1) By Technology: Machine Learning, Computer Vision, Natural Language Processing (NLP), Other Technology
2) By Services Type: Managed Services, Professional Services
3) By Software Tools: Web-based and Cloud Application Programming Interface, Processing and Modeler, Archiving and Data Storage
4) By Application Type: Fraud Detection, Data Analytics & Visualization, Customer Service and Management, Risk Management, Compliance & Security
5) By End-User: Banking, Financial, and Insurance (BFSI), IT & Telecom, Retail, Manufacturing, Public Sector, Energy & Utility, Healthcare, Other End-Users
Subsegments:
1) By Machine Learning: Supervised Learning, Unsupervised Learning, Reinforcement Learning, Deep Learning
2) By Computer Vision: Image Recognition, Video Analytics, Facial Recognition, Object Detection
3) By Natural Language Processing (NLP): Text Analysis, Sentiment Analysis, Speech Recognition, Language Translation
4) By Other Technology: Robotics Process Automation (RPA), Expert Systems, Neural Networks, Predictive Analytics
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Which region dominates the artificial intelligence services market?
Asia-Pacific was the largest region in the artificial intelligence services market in 2024. North America was the second largest region in the global artificial intelligence services market share. The regions covered in the artificial intelligence services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the artificial intelligence services industry growth?
Major companies operating in the artificial intelligence services market include Apple Inc., Google LLC, Microsoft Corporation, Dell Technologies Inc., Huawei Technologies CO. Ltd., Hitachi Ltd., Siemens AG, Amazon Web Services Inc., General Electric Company, Intel Corporation, accenture* plc, International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, H2O.ai Inc., Cisco Systems Inc., PricewaterhouseCoopers International Limited, Ernst & Young Global Limited, Oracle Corporation, Honeywell International Inc., KPMG International Limited, SAP SE, Fujitsu Ltd., Tata Consultancy Services Ltd., NEC Corporation, Salesforce Inc., Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, Baidu Inc., Wipro Ltd., SAS Institute Inc., Fair Isaac Corporation, HCL Technologies Ltd., Cognitive Scale Inc., BigML Inc.
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What Is Covered In The Artificial Intelligence Services Global Market Report?
• Market Size Forecast: Examine the artificial intelligence services market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the artificial intelligence services market for a structured understanding.
• Key Players Overview: Analyze major players in the artificial intelligence services market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the artificial intelligence services market.
• Segment Contributions: Evaluate how different segments drive overall growth in the artificial intelligence services market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the artificial intelligence services market.
• Industry Challenges: Identify potential risks and obstacles affecting the artificial intelligence services market.
• Competitive Landscape: Review strategic developments in the artificial intelligence services market, including expansions, agreements, and new product launches.
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