Chicago, June 20, 2024 (GLOBE NEWSWIRE) -- The global Artificial Intelligence (AI) Market size is anticipated to grow at a CAGR of 35.7% during the forecast period, from USD 214.6 billion in 2024 to USD 1,339.1 billion by 2030, according to a new report by MarketsandMarkets™. The artificial intelligence market is poised for substantial growth, propelled by several key business drivers. Factors such as surge in autonomous AI implementation, enhancements in computational infrastructure and data availability, and the proliferation of deep learning and machine learning innovations collectively steer the expansion of the artificial intelligence market.
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Artificial Intelligence (AI) Market Dynamics:
Drivers:
- Growth in adoption of autonomous artificial intelligence
- Rise in technological advancements and innovations.
- Advancements in deep learning and growth of data-based artificial intelligence
Restraints:
- Shortage of skilled artificial intelligence professionals.
- Issues related to data availability and quality
Opportunities:
- Rapid growth in digital data from various sources.
- Rise in investment in research & development by businesses and governments
List of Top Companies in Artificial Intelligence (AI) Market:
- Microsoft (US)
- IBM (US)
- Google (US)
- AWS (US)
- NVIDIA (US)
- Anthropic (US)
- Cerebras (US)
- OpenAI (US)
- Anduril Industries (US)
- Cohere (Canada)
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Recent AI advancements are revolutionizing various business sectors. AI robots with learning capabilities, including emotion interpretation, enhance human-robot interactions and customer service. AI-based cybersecurity uses machine learning to detect and respond to threats, bolstering organizational defenses. In healthcare, AI X-ray diagnostics enable rapid, accurate disease detection. Smartphone apps integrate AI for personalized recommendations and improved user experiences. In FinTech, AI enables better fraud detection, risk management, and personalized financial services. These developments promise to enhance productivity, security, and user engagement across industries, reshaping the business landscape. One prevalent regulatory change is the Artificial Intelligence Act (AI Act) of the European Union. Proposed by the European Commission on 21 April 2021 and passed on 21 May 2024, it aims to establish a common regulatory and legal framework for AI.
Based on software type, the generative AI segment is projected to grow at the fastest rate during the forecast period due to its transformative capabilities in content creation, design, and innovation. Unlike other AI types that rely on data for analysis, generative AI can create new content autonomously, ranging from images and videos to text and music. This versatility enables businesses to streamline creative processes, generate personalized content at scale, and develop innovative solutions. Moreover, generative AI fosters collaboration between human creativity and machine intelligence, unlocking new possibilities in various industries.
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Based on technology, context-aware AI technology is poised for rapid growth during the forecast period due to several key factors. Advancements in machine learning algorithms and natural language processing enable AI systems to understand and interpret contextual information more accurately, allowing for more personalized and adaptive user experiences across various applications. The proliferation of Internet of Things (IoT) devices generates vast amounts of contextual data that can be leveraged by context-aware AI systems to make more informed decisions and predictions. Moreover, the integration of context-aware AI into virtual assistants, autonomous vehicles, and smart cities further fuels its growth potential, making it one of the fastest-growing segments within the AI market.
The artificial intelligence market presents abundant opportunities for companies to innovate and grow. Firstly, AI enables companies to automate routine tasks, streamline operations, and enhance efficiency across various industries, ranging from manufacturing to healthcare. Secondly, AI-driven analytics offer valuable insights from vast datasets, empowering businesses to make data-driven decisions and improve customer experiences. Thirdly, the expansion of AI into emerging fields like edge computing, quantum computing, and autonomous systems opens doors for companies to pioneer new solutions and disrupt traditional markets. To tap into these opportunities, companies must invest in AI talent, foster a culture of innovation, and prioritize collaboration with partners and stakeholders to harness the full potential of artificial intelligence.
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