The artificial intelligence market has experienced remarkable growth, increasing from $73.38 billion in 2023 to $93.19 billion in 2024, reflecting a compound annual growth rate (CAGR) of 27.0%. This growth during the historical period is attributed to historical AI applications, market competition, ethical considerations, sector-specific AI use, investment trends, and industry adoption. Looking ahead to 2028, the market is projected to reach $214.74 billion, growing at a CAGR of 23.2%. Expected growth drivers include the development of AI talent, industry-specific applications, regulatory changes, AI-integrated products, and global AI adoption. Key trends include advancements in machine learning, AI adoption in healthcare, expansion in robotics, the rise of natural language processing (NLP), and AI applications for marketing personalization.
Major Driver In The Artificial Intelligence Market
Increasing demand from businesses and governments for AI solutions is expected to propel the growth of the artificial intelligence market going forward. Artificial intelligence (AI) refers to the intelligence of machines or software, as opposed to the intelligence of humans or animals. AI can free up millions of labor hours, allowing government workers to focus on more important tasks and resulting in the government being able to provide services to the public faster. For instance, according to the 2023 AI Index Report, published by Stanford University, a US-based private research university, an AI Index analysis of the legislative records of 127 countries shows that the number of bills containing artificial intelligence that were passed into law has increased. The number of bills containing artificial intelligence passed into law grew from just 1 in the past ten years to 37 in 2022. Thus, increasing demand from businesses and governments for AI solutions is driving the growth of the artificial intelligence market.
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Artificial Intelligence Market Competitive Landscape
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
Key Artificial Intelligence Market Trend
Major companies operating in the artificial intelligence market are developing innovative products such as ChatGPT Enterprise to improve customer satisfaction and loyalty. ChatGPT Enterprise is an AI chatbot that uses natural language processing to create human-like conversational dialogue. For instance, in August 2023, OpenAI, a US-based artificial intelligence company, launched ChatGPT Enterprise, the AI chatbot's business tier. The tool includes access to GPT-4 with no usage caps, performance that’s up to two times faster than previous versions, and API credits. The beta users included Block, Canva, and The Estée Lauder Cos.
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Artificial Intelligence Market Segmentation
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
By Geography:The regions covered in the artificial intelligence market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the artificial intelligence market in 2023.
The Artificial Intelligence Global Market Report 2024 furnishes information about the global artificial intelligence market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
