WESTFORD, Mass., June 27,
2024 /PRNewswire/ -- According to SkyQuest, the
global Artificial Intelligence Market size was valued at
USD 157.8 Billion in 2022 and is
poised to grow from USD 285.9 Billion
in 2023 to USD 1,047.0 Billion by
2031, at a CAGR of 15.92% during the forecast period
(2024-2031).
Artificial intelligence is developing human intelligence systems
using devices to create intelligent software and hardware capable
of performing human behaviors such as learning and problem solving.
The report also includes AW-based solutions such as AWS Chatbots,
OpenAI Codex, and Azure AI. The global market is set to grow
exponentially with the rise of artificial intelligence, increased
share and efficiency, growth of smaller AI providers, changing
complex business models and highly personalized service
requirements.
In recent years, digital technology and the widespread use of
the Internet have contributed significantly to the global expansion
of the AI industry. Technological advances in various industries
are always driven by the huge investments in R&D by large tech
companies.
In response to the introduction of new AI tools, hyper-scalers
around the world are introducing AI-powered chatbots. These
chatbots will compete directly with ChatGPT and help Hyper Scalar
maintain its dominant position in this market. According to OpenAI,
their AI tool ChatGPT reached over one million people in just five
days when it was launched in November
2022. The tool can generate human-like text and translation
from writing short texts, term papers and writing songs to
mathematics Solution problems. But it took much longer for other
popular online services to reach the million-user mark. The figures
below show the time it took for popular online programs to reach a
million views.
Download a detailed overview:
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Artificial Intelligence Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$ 285.9 Billion
|
Estimated Value by
2031
|
$ 1047.0
Billion
|
Growth
Rate
|
Poised to grow at a
CAGR of 15.92%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and
Trends
|
Segments
Covered
|
Offering, Technology,
Business Function and Industry
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Technological
advancements in AI algorithms and hardware are pivotal drivers for
the artificial intelligence market's rapid growth
|
Key Market
Drivers
|
The growing adoption of
AI across various industries is a significant driver of market
expansion
|
Segments covered in Artificial Intelligence Market are
as follows:
- Offering
- Hardware (AI Accelerators, Processors [Central Processing
Units, Graphics Processing Units, Field Programmable Gate Arrays
and Other Processors], Memory, Networking Hardware), Software (Type
[discriminative AI {Classificational Algorithms, Regression
Algorithm, Deep Learning Platforms, and Ensemble methods},
Deployment Model {Cloud and On-Premises}, Coding Automation
{NO-CODE AI, LOW CODE AI, PRO CODE AI}]), Services (Professional
Services [Training & Consulting Services, System integration
& Deployment Services and Support & Maintenance Services],
and Managed Services)
- Technology
- Machine Learning (Supervised Learning, Unsupervised Learning,
Reinforcement Leaning), Natural Language Processing (Natural
Language Understanding [Text-Classification NLP, Name Entity
Recognition, Intent Recognition, Relationship Extraction, and
Others], Natural Language Generation [Text Summarization, Machine
Translation, Language Modelling, Dialogue Generation]), Computer
Vision (Object Detection, Image Classification, Semantic
Segmentation, Facial Recognition, and Others), Generative AI,
Robotics, Autonous & Sensor technology, Context-Aware AI
(Context-Aware Recommendation Systems, Multi-modal AI, and Context-
Aware Virtual Assistants)
- Business Function
- Marketing & Sales (Customer Segmentation, Predictive Lead
Scoring, Personalized Recommendations, Dynamic Pricing
Optimization, Churn Prediction, Sentiment Analysis, Marketing
Attribution and Others), Human Resources (Candidate Screening,
Employee Retention Analysis, Performance Management, Workforce
Planning & Forecasting, Employee Feedback Analysis, Skill Gap
Analysis, Diversity & Inclusion Analytics and Others), Finance
& Accounting (Fraud Detection, Financial
Forecasting, Expense Management, Invoice Processing, Credit Risk
Assessment, Regulatory Compliance, Budgeting & Planning and
Others (Tax Automation, Financial Reporting Automation)),
Operations (Predictive Maintenance, Supply Chain Optimization,
AIops, IT Service Management, Quality Control, Route Optimization,
Cold Chain Monitoring, Inventory Management, Procurement
Automation, Equipment Failure Prediction, and Others),
Cybersecurity (Threat Detection & Response, Anomaly Detection,
Vulnerability Assessment, Identity & Access Management,
Security Automation & Orchestration, Endpoint Protection,
Network Traffic Analysis) and Others
- Industry
- BFSI (Fraud Detection & Prevention, Risk
Assessment & Management, Algorithmic Trading, Credit Scoring
& Underwriting, Customer Service Automation, Personalized
Financial Recommendations, Investment Portfolio Management,
Regulatory Compliance Monitoring and Others), Retail &
E-commerce (Personalized Product Recommendation, Customer
Relationship Management, Visual Search, Virtual Customer Assistant,
Price Optimization, Supply Chain Management & Demand Planning,
Virtual Stores and Others), Automotive, Transportation &
Logistics (Semi-autonomous & Autonomous Vehicles, Route
Optimization, Intelligent Traffic Management, Driver Assistance
Systems, Smart Logistics & Warehousing, Supply Chain Visibility
& Tracking, Fleet Management, Vehicle Diagnostics &
Telematics and Others), Government & Defense (Surveillance
& Situational Awareness, Law Enforcement, Intelligence Analysis
& Data Processing, Simulation & Training, Command &
Control, Disaster Response & Recovery Assistance, E-governance
& Digital City Services and Others), Healthcare & Life
Sciences (Patient Data And Risk Analysis, Lifestyle Management
& Monitoring, Precision Medicine, Inpatient Care & Hospital
Management, Medical Imaging & Diagnostics, Drug Discovery,
AI-assisted Medical Services, Medical Research and Others),
Telecommunications (Network Optimization, Network Security,
Customer Service & Support, Network Planning &
Optimization, Network Analytics, Intelligent Call Routing, Network
Fault Prediction, Virtual Network Assistants, Voice And Speech
Recognition and Others), Energy & Utilities (Energy Demand
Forecasting, Grid Optimization & Management, Energy Consumption
Analytics, Smart Metering & Energy Data Management, Energy
Storage Optimization, Real-time Energy Monitoring & Control,
Power Quality Monitoring And Management, Energy Trading &
Market Forecasting, Intelligent Energy Management Systems, Others),
Manufacturing (Material Movement Management, Predictive Maintenance
& Machinery Inspection, Production Planning, Recyclable
Material Reclamation, Quality Control, Production Line
Optimization, Intelligent Inventory Management), Agriculture [Crop Monitoring
& Yield Prediction, Precision Farming, Soil Analysis &
Nutrient Management, Pest & Disease Detection, Irrigation
Optimization & Water Management, Automated Harvesting And
Sorting, Weed Detection & Management Weather & Climate
Monitoring, Livestock Monitoring & Health Management, and
Others] and Others), IT/ITes (Automated Code Generation &
Optimization, Automated IT Asset Management, IT Ticketing &
Support Automation, Intelligent Data Backup & Recovery,
Automated Software Testing & Quality Assurance and Others),
Media & Entertainment (Content Recommendation Systems, Content
Creation & Generation, Content Copyright Protection, Audience
Analytics & Segmentation, Personalized Advertising and Others)
and Other Verticals
Request Free Customization of this report:
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Segments Redefining the Artificial Intelligence
Market
With increasing demand for AI deployment, integration and
maintenance services across industries, the service segment is the
fastest growing in the global artificial intelligence market as
enterprises seek to adopt AI-powered solutions. Many companies such
as Accenture, IBM, and Deloitte offer comprehensive AI services
that help organizations develop AI strategies, create custom AI
models, and integrate AI into business processes.
The fastest growing category is NLP or Natural Language
Processing due to its widespread use in various industries,
increased demand for conversational AI while virtual assistants and
chatbots playing a more important role in enhancing human-computer
interaction which has also boosted the market. Transformer models
such as GPT-3 and BERT, have greatly improved the capabilities of
NLP for greater efficiency and versatility. Companies like Google,
Amazon and Apple use NLP extensively for things such as
understanding and responding to commands, translating text and
speech, analyzing social media posts to predict public sentiment
and much more.
The Asia Pacific region in the
market is expected to witness the fastest growth during the
forecast period. Demand for technology is growing due to increasing
investments by many companies in the use of AI. In addition, the
Asia Pacific artificial
intelligence market is expanding, as AI is applied in a variety of
industries, including automotive, healthcare, retail and food and
beverage industries.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/artificial-intelligence-market
AI: Shaping the Future of Industries Worldwide
Artificial intelligence continues to revolutionize industries,
driving innovation, efficiency and economic growth. As AI
technologies continue to evolve, their roles will become more
diverse and impactful. Artificial intelligence has emerged as a
transformative force, reshaping industries from healthcare to
finance through automation, predictive analytics and personalized
experiences. However, to unlock the real potential of Artificial
Intelligence, ethical considerations, data privacy, and the need
for a skilled workforce must be addressed. AI advancements pave way
for innovation, expanded applications and integration into everyday
life, paving the way for a smarter, more connected future.
Related Report:
Generative AI Market
Artificial Intelligence of Things (AIoT) Market
Edge Artificial Intelligence (AI) Market
Mobile Artificial Intelligence (AI) Market
Artificial Intelligence (AI) Hardware Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
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