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What Is The Leading Driver Behind Increasing Demand From Businesses And Governments Fuels The Artificial Intelligence Market Market Expansion in 2025
Artificial Intelligence Market
What Will the Artificial Intelligence Industry Market Size Be by 2025?
The scale of the artificial intelligence market has expanded vastly in the past few years. The size is projected to escalate from $93.19 billion in 2024 to $117.94 billion in 2025, reflecting a compound annual growth rate (CAGR) of 26.6%. The increment seen in the past can be traced back to historical AI utilization, previous market rivalry, past ethical factors, AI deployment in sector-specific scenarios, past investment patterns, and industry adoption rates in history.
What's the Long-Term Growth Forecast for the Artificial Intelligence Market Size Through 2029?
Expectations are that the artificial intelligence market will experience vast growth in the forthcoming years, escalating to a value of $249.68 billion by 2029. This growth represents a compound annual growth rate (CAGR) of 20.6%. Several factors will contribute to this increase during the forecast period, including the development of AI skills and labor force, the application of AI within specific industries, amendments to regulations and compliance, the surge in AI integrated products, and the worldwide adoption of AI. Notable trends expected during the forecast period encompass progress in machine learning, the rise in utilization of AI in the healthcare sector, the broadening use of AI in robotics, advancements in natural language processing (NLP), and the adoption of AI for targeted personalization in the marketing industry.
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What Are the Key Growth Drivers Fueling the Artificial Intelligence Market Expansion?
The artificial intelligence market is expected to see substantial growth due to the rising demand from businesses and governments for AI technologies. This term refers to the intelligence exhibited by machinery or software, contrasted with the natural intelligence of humans or animals. The implementation of AI can save millions of labor hours, letting government personnel focus on critical duties and in turn, improving the government's speed in delivering services to the public. The 2023 AI Index Report from Stanford University, a private research institution in the US, highlighted an AI Index analysis of legislative records from 127 countries. It noted an upsurge in the number of laws passed containing artificial intelligence elements. Just a decade ago, only one bill containing artificial intelligence passed into law, compared to 37 in 2022. Hence, the growing need for AI solutions from businesses and governments is fuelling the expansion of the artificial intelligence market.
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What Are the Key Trends Driving Artificial Intelligence Market Growth?
Prominent enterprises within the artificial intelligence sector are working on innovative products like ChatGPT Enterprise to enhance customer satisfaction and increase loyalty. ChatGPT Enterprise is an AI-enabled chatbot that employs natural language processing to produce dialogues resembling human conversation. For example, in August 2023, OpenAI, an AI firm based in the United States, initiated the business tier of this AI chatbot, titled ChatGPT Enterprise. This product offers uncapped access to GPT-4, performance that is twice as fast as prior versions, and API credits. Block, Canva, and The Estée Lauder Cos were amongst the initial users of the beta version.
How Is the Artificial Intelligence Market Segmented?
The artificial intelligencemarket covered in this report is segmented -
1) By Offering: Hardware, Software, Services
2) By Technology: Machine learning, Natural language processing, Context-Aware Computing, Computer Vision, Other Technologies (Image processing, Speech recognition)
3) By End-User Industry: Healthcare, Automotive, Agriculture, Retail, Marketing, Telecommunication, Defense, Aerospace, Media & Entertainment, Other End-User Industries
Subsegments:
1) By Hardware: AI Processors, AI-Optimized Servers, Edge Devices with AI Capabilities, IoT Devices With AI Integration
2) By Software: Machine Learning Software, Natural Language Processing (NLP) Software, Computer Vision Software, AI Frameworks And Platforms, Robotics Process Automation (RPA) Software
3) By Services: AI Consulting Services, AI System Integration Services, Managed AI Services, AI Training And Support Services, Custom AI Development Services
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Which Companies Are Leading the Charge in Artificial Intelligence Market Innovation?
Major companies operating in the artificial intelligence market include Amazon.com Inc., Apple Inc., Alphabet Inc., Samsung Electronics Co.Ltd., Microsoft Corporation, Huawei Technologies Co.Ltd., Intel Corporation, International Business Machines Corporation, Qualcomm Technologies Inc., SAP SE, Micron Technology lnc., NVIDIA corporation, Salesforce.com Inc., Advanced Micro Devices Inc., Baidu Inc., Arista Networks Inc., iFlyTek Co. Ltd., ARM Holding plc, Xilinx Inc., Verint Systems Inc., IPsoft Inc., Qlik Technologies Inc., MicroStrategy Inc., Megvii Technology Ltd., H2O.ai lnc., Brighterion lnc., KITT.AI Inc., Albert Technologies Ltd., People.ai lnc., Brainasoft Pvt. Ltd., AlphaSense lnc., OpenAI LP, Clarifai lnc., CrowdStrike lnc., Phrasee Ltd., Meta Platforms Inc., Taiwan Semiconductor Manufacturing Co. Ltd., ASML Holding NV, RELX plc
Which Regions Are Leading the Global Artificial Intelligence Market in Revenue?
Asia-Pacific was the largest region in the artificial intelligence market in 2024. North America was the second largest region in the global artificial intelligence market share. The regions covered in the artificial intelligence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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