New York, United States, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The Global Artificial Intelligence Market Size to Grow from USD 168.5 Billion in 2022 to USD 2,760.3 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 32.5% during the forecast period.
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Artificial intelligence (AI) is the foundation of modern computing developments, generating extraordinary value for both organizations and consumers. AI encompasses a wide range of technologies, the majority of which rely on machine and deep learning. These technologies enable a wide range of applications, including data analytics, forecasts, and object classification, as well as natural language processing and intelligent data retrieval. As businesses progressively integrate AI into their operations, there is an urgent need for faster, more energy-efficient data processing. Traditional digital processors are incapable of servicing this growing demand. In response, innovators are developing systems based on neural models inspired by the human brain, with networks of artificial neurons and synapses handling information. These networks promise not only high-speed processing but also adaptive learning that is both energy-efficient and scalable. The proliferation of AI applications, rising strategic alliances, new small-scale AI suppliers, altering organizational difficulties, and the desire for highly personalized services are all driving the global AI market's rise.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the “Global Artificial Intelligence Market Size, By Offering (Hardware, Software, Services, Solutions), By Technology (Deep Learning, Machine Learning, Natural Language Processing, Machine Vision, Others), By Industry Verticals (BFSI, Healthcare, Telecom, Retail & E-commerce, Advertising & Media, Automotive & Transportation, Government & Defense, Agriculture, Manufacturing, Industrial, Others), By Geographic Scope and Forecast, 2022 – 2032.”
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Artificial Intelligence (AI) Market Growth Analysis
AI integration is expected to greatly accelerate economic progress. Automation enhances efficiency in capital-intensive sectors like manufacturing and transportation, leading to growing usage of robotics and autonomous cars. This change will reduce worker dependency while increasing efficiency. Furthermore, the availability of low-cost AI-augmented devices will increase consumer demand, boosting data collecting even further. According to the McKinsey Global Institute, by 2030, more than 70% of organizations will have implemented at least one AI technology, however less than half of significant corporations will fully leverage its expanse.
Artificial Intelligence (AI) Market Distribution Analysis
The AI market is developing across industries and geographies. With centres like Silicon Valley and considerable R&D, North America is at the forefront of AI initiatives. Meanwhile, Asia-Pacific, particularly China, is quickly expanding as a result of large investments and official assistance. IT and automotive industries are pioneering AI applications ranging from driving assistance to voice assistants. AI is important in healthcare diagnosis, finance fraud detection, and retail tailored experiences. Many AI discoveries are propelled by deep learning, a subset of machine learning. Furthermore, edge computing, or processing data close to its source, is gaining traction in AI.
Insights by Offering
The software segment accounted for the largest market share over the forecast period 2023 to 2032. AI software solutions are versatile and widely utilized in a wide range of industries and applications, from healthcare and finance to education and entertainment. Cloud platforms and open-source libraries have made artificial intelligence software solutions more accessible to a broader range of consumers, from startups to large corporations. The field of AI software is rapidly evolving. As artificial intelligence becomes more widely used, there has been a surge in the development of user-friendly software platforms, even for those with no programming experience.
Insights by Technology
The deep learning segment accounted for the largest market share over the forecast period 2023 to 2032. The capabilities of deep learning, notably in picture and speech recognition, have resulted in game-changing applications such as generative adversarial networks (GANs) and deepfake technologies. Furthermore, deep learning research has garnered significant financing from both academia and industry, resulting in faster discoveries and greater acceptance. Deep learning has gained popularity because of its ability to process vast and complex data sets, particularly with the assistance of big data and powerful computer resources.
Insights by Industry Verticals
The healthcare segment accounted for the largest market share over the forecast period 2023 to 2032. Significant financial investments have been made due to the immense potential for AI-driven healthcare solutions to improve patient diagnosis, treatment, and management. AI-assisted tailored therapy procedures and pharmaceutical discoveries adapt to specific patient needs, improving treatment efficacy. Because patient records create vast amounts of data, the industry is excellent for AI applications. There has also been a growth in the number of companies and research projects working on artificial intelligence in healthcare.
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Insights by Region
North America is anticipated to dominate the Artificial Intelligence (AI) Labels market from 2023 to 2032. With considerable developments and applications in a wide range of industries, North America has established itself as one of the main locations for the development and deployment of artificial intelligence (AI). The accessibility of venture capital funding in North America has accelerated AI-powered entrepreneurship and game-changing ideas. A trained workforce familiar with AI technology also contributes to the region's competitive advantage.
Asia Pacific is witnessing the fastest market growth between 2023 to 2032. This is due to increased expenditures in this industry and technology as a result of the pandemic. China's dominance in AI research will be a key driver of the business in the coming years. While China is in the lead, countries such as Japan, Singapore, South Korea, Taiwan, and India have also focused on artificial intelligence.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Artificial Intelligence (AI) Market Include Google LLC, Baidu, Inc., Microsoft, NVIDIA Corporation, Oracle, AWS, Intel, Salesforce, SAP, Cisco, Meta, HPE, Siemens, Huawei, X (Formerly Twitter), H2O.ai., HyperVerge, Inc., Ayasdi AI LLC, Clarifai, Inc, Applied Brain Research, Iris Automation, Pilot AI, Sensely, Inc. and other key vendors.
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Recent Market Developments
- On September 2023, Infosys has established a partnership with Microsoft to jointly build industry-leading solutions leveraging Infosys Topaz, Azure OpenAI Service, and Azure Cognitive Services. Both firms are combining their artificial intelligence (AI) skills in order to improve enterprise functions with AI-enabled solutions across several industries. The integrated solutions will hasten the democratization of data and information, assisting enterprises in increasing productivity and driving new revenue growth.
- On September 2023, Getty Images Holdings Inc. is introducing an artificial intelligence tool that will generate photos from the company's large content library — an attempt to create AI content that is free of the copyright and ownership issues that have hampered the technology thus far. Getty's new product, developed with chipmaker Nvidia Inc., will be trained Getty's own data and will endeavor to sidestep thorny legal issues, in part, by limiting what images will power the generator.
- On September 2023, Ernst & Young (EY) has announced the launch of EY.ai, a revolutionary platform aimed to boost enterprises' trust in AI adoption. This platform, backed by a massive US$1.4 billion investment, combines human expertise with cutting-edge AI to help clients embark on innovative commercial endeavors.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2032.
Artificial Intelligence (AI) Market, Offering Analysis
- Hardware
- Software
- Services
- Solutions
Artificial Intelligence (AI) Market, Technology Analysis
- Deep Learning
- Machine Learning
- Natural Language Processing
- Machine Vision
- Others
Artificial Intelligence (AI) Market, Industry Verticals Analysis
- BFSI
- Healthcare
- Telecom
- Retail & E-commerce
- Advertising & Media
- Automotive & Transportation
- Government & Defense
- Agriculture
- Manufacturing
- Industrial
- Others
Artificial Intelligence (AI) Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
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