The artificial intelligence services market has shown exponential growth, rising from $18.34 billion in 2023 to $27.75 billion in 2024, with a compound annual growth rate (CAGR) of 51.3%. This growth is due to factors such as business impact, implementation challenges, AI talent development, market competition, and AI integration in customer service. By 2028, the market is expected to grow to $96.86 billion, at a CAGR of 36.7%. Growth drivers include ethical AI practices, seamless AI integration into business processes, investment trends, global AI services adoption, and industry-specific AI solutions. Trends in the forecast period encompass AI partnerships, ethical AI focus, integration with IoT and edge computing, AI-as-a-service (AIaaS), and increased emphasis on predictive analytics and data insights.
Major Driver In The Artificial Intelligence Services Market
The rising adoption of AI in healthcare is expected to propel the growth of the artificial intelligence services market. AI in healthcare refers to the use of artificial intelligence (AI) technologies in the healthcare industry to improve patient outcomes, reduce costs, and increase efficiency. AI provides real-time data to healthcare professionals, enabling them to make informed decisions and saving time and resources by automating tedious tasks such as data entry, claims processing, and appointment scheduling. For instance, according to the National Center for Biotechnology Information, a US-based organization that provides access to biomedical and genomic information, stated that AI-associated healthcare market was expected to grow rapidly and reach USD 6.6 billion by 2021, corresponding to a 40% compound annual growth rate. Thus, the rising adoption of AI in healthcare is driving the growth of the artificial intelligence services market.
Request A Free Sample Of The Global Artificial Intelligence Services Market Report
Artificial Intelligence Services Market Competitive Landscape
Apple Inc., Alphabet 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.
Key Artificial Intelligence Services Market Trend
Major companies operating in the artificial intelligence services market are developing innovative products such as a text-to-image tool to improve customer satisfaction and loyalty. A text-to-image tool is a software or online application that allows users to convert text into images. For instance, in September 2023, OpenAI, a US-based artificial intelligence company, launched Dall-E 3, the latest version of its text-to-image tool. Dall-E 3 uses its wildly popular AI chatbot ChatGPT to help fill in prompts. The tool can translate nuanced requests into extremely detailed and accurate images.
Get The Full Global Artificial Intelligence Services Market Report
Artificial Intelligence Services Market Segmentation
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, Rsik Management, Compliance & Security
5) By End-User: Banking, Financial, and Insurance (BFSI), IT & Telecom, Retail, Manufacturing, Public Sector, Energy & Utility, Healthcare, Other End-Users
By Geography:The regions covered in the artificial intelligence services 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 services market in 2023.
The Artificial Intelligence Services Global Market Report 2024 furnishes information about the global artificial intelligence services 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.
