Press release
Future of the Artificial Intelligence Services Market: Trends, Innovations, and Key Forecasts Through 2034
Artificial Intelligence Services
What Will the Artificial Intelligence Services Industry Market Size Be by 2025?
The market size for artificial intelligence services has seen an impressive expansion in the past few years. It is projected to escalate from $26.15 billion in 2024 to an astounding $38.02 billion in 2025, with a compound annual growth rate (CAGR) of 45.4%. Several factors such as historical business impact, implementation challenges encountered in the past, development of AI talent, market rivalry, and the incorporation of AI in customer service have contributed to this growth during the historic period.
What's the Long-Term Growth Forecast for the Artificial Intelligence Services Market Size Through 2029?
The market for artificial intelligence services is projected to experience significant expansion in the coming years, blossoming to a size of $197.68 billion by 2029 with a compound annual growth rate (CAGR) of 51.0%. Several factors driving the growth in the forecast period include the emphasis on ethical AI practices, the incorporation of AI into business procedures, investment trends, the worldwide acceptance of AI services, and the provision of AI solutions specific to certain industries. Top trends anticipated in the forecast period encompass increases in AI alliances and collaborations, emphasis on ethical AI, integration with IoT and edge computing, AI-as-a-service (AIAAS), as well as predictive analytics and data insights.
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What Are the Key Growth Drivers Fueling the Artificial Intelligence Services Market Expansion?
The escalating implementation of artificial intelligence (AI) in the healthcare sector is set to drive the expansion of the artificial intelligence services market. AI's role in healthcare involves employing AI technologies to enhance patient results, streamline costs, and augment operational efficiency. AI presents real-time data to healthcare professionals, which allows them to make perceptive decisions while also automating time-consuming tasks such as data input, claims handling, and scheduling appointments, thereby economizing time and resources. As an illustration, in March 2023, the UK government sanctioned $17.27 million (£16 million) funding to spur research on the top nine AI healthcare technologies. Among the beneficiaries, Ibex, a start-up, secured over $1.51 million (£1.5 million) toward the development of an AI-powered algorithm to screen for breast cancer. Similarly, Medtronic gained $2.69 million (£2.5 million) to foster its AI-based medical contraption, GI Genius, which interprets colonoscopy images to detect colon cancer indicators, propelling earlier and more precise diagnoses. Hence, the proliferating embrace of AI in healthcare is stimulating the growth of the artificial intelligence services market.
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What Are the Key Trends Driving Artificial Intelligence Services Market Growth?
Leading entities in the artificial intelligence services market are focusing on the creation of pioneering products like text-to-image tools, designed to enhance customer satisfaction and dedication. A text-to-image tool is a piece of software or an online service that enables the transformation of text into images. For example, in September 2023, a notable AI company based in the US, OpenAI, introduced the newest version of its text-to-image tool, named Dall-E 3. This tool leverages its immensely popular AI chatbot, ChatGPT, to assist in completing prompts. It is capable of translating intricate requests into highly detailed and precise visuals.
How Is the Artificial Intelligence Services Market Segmented?
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 Companies Are Leading the Charge in Artificial Intelligence Services Market Innovation?
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.
Which Regions Are Leading the Global Artificial Intelligence Services Market in Revenue?
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.
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