What Transformation Has the Artificial Intelligence Market Undergone?
The artificial intelligence market has seen considerable growth due to a variety of factors.
• The market size of artificial intelligence has seen monumental growth recently. It is projected to expand from $91.39 billion in 2024 to $115.4 billion in 2025, with an impressive compound annual growth rate (CAGR) of 26.3%.
Factors contributing to the growth in the past include historical AI applications, competition within the market, ethical considerations, AI use in specific sectors, investment trends, and overall industry adoption.
What Is The Projected Growth Of The Artificial Intelligence Market?
The artificial intelligence market is expected to maintain its strong growth trajectory in upcoming years.
• Over the upcoming years, the market size of artificial intelligence is anticipated to undergo exponential expansion. It is projected to advance to $250.98 billion by 2029, marking a compound annual growth rate (CAGR) of 21.4%.
This predicted growth for the upcoming period can be accredited to factors such as the prowess of AI and its workforce, AIlications specifically designed for various industries, changes in regulatory norms and compliance, an increase in the products integrated with AI, and worldwide broadening of AI incorporation. The key trends seen in the prediction period involve developments in machine learning, growing utilization of AI in healthcare sector, expansion of AI in the robotics field, the rise of natural language processing (NLP), and usage of AI for customization in marketing.
What Key Factors and Trends are Driving the Growth of the Artificial Intelligence Market?
The artificial intelligence market is anticipated to grow exponentially, powered by surging demands from businesses and governmental entities for AI technologies. AI, a term relating to machine or software intelligence contrasting human or animal intelligence, has the potential to save millions of working hours. This could enable government employees to concentrate on more crucial tasks, subsequently allowing faster public service delivery. For example, Stanford University's 2023 AI Index Report demonstrates an increase in AI legislative records passed into law across 127 countries. AI laws have seen an uptick from merely one a decade ago to 37 in 2022. Hence, escalating demands from corporate and governmental sectors for AI technologies are fueling the expansion of the artificial intelligence market.
What Are The Principal Market Segments In The Global Artificial Intelligence Healthcare Industry?
The artificial intelligence market 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 Emerging Market Trends Are Altering The Artificial Intelligence
Leading corporations active in the artificial intelligence market are pioneering groundbreaking products, such as ChatGPT Enterprise, with the aim to enhance customer happiness and loyalty. The AI-based chatbot, ChatGPT Enterprise employs natural language processing to facilitate interactions that mimic human conversation. For example, OpenAI, an American artificial intelligence company, unveiled the business tier of the AI chatbot, ChatGPT Enterprise, in August 2023. The package avails to GPT-4 without any usage limits, offers performance speed twice as fast as its predecessors, and comes with API credits. Early users of this development include Block, Canva, and The Estée Lauder Cos.
Who Are the Key Players in the Artificial Intelligence Market?
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
What are the Regional Insights into the Artificial Intelligence Market?
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.
