Press Release

Artificial Intelligence Market Expands with Software Segment at a robust CAGR of 40.71%

The increasing global artificial intelligence market is driven by advancements in machine learning and deep learning, increased computing power and cloud services during the forecast period 2024-2028

 

According to TechSci Research report, “Global Artificial Intelligence Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028, The global artificial intelligence (AI) market is undergoing a profound evolution, characterized by remarkable growth and pervasive influence across diverse industries. AI, encompassing machine learning, natural language processing, and robotics, has become a cornerstone of technological innovation. Advancements in machine learning algorithms, particularly within the realm of deep learning, are propelling the market forward, empowering AI systems to learn and make intelligent decisions autonomously. This progress is further augmented by the increasing availability of robust computing power and cloud services, providing the infrastructure necessary for AI development and deployment.

North America emerges as a stronghold in the global AI landscape, fueled by its innovation hubs, substantial investments, and the presence of industry leaders and startups. The region's dynamic ecosystem facilitates collaborative efforts in AI research, development, and application. However, challenges such as ethical concerns, interoperability issues, and evolving regulatory frameworks pose ongoing considerations for the responsible development and deployment of AI technologies.

The healthcare sector experiences a notable impact from AI, with applications ranging from diagnostics and predictive analytics to personalized medicine. Beyond healthcare, AI's influence extends into customer service, manufacturing, finance, and more, redefining operational paradigms. Automation driven by AI is reshaping industries, optimizing processes, and enabling data-driven decision-making on an unprecedented scale.

As the AI market continues to advance, talent development plays a crucial role in meeting the growing demand for skilled professionals. Collaboration and strategic partnerships are key components, fostering an environment where innovation thrives. The trajectory of the global AI market underscores the transformative potential of intelligent technologies, where ongoing software innovation, interdisciplinary collaboration, and a commitment to ethical considerations collectively shape the future of AI on a global scale.

 

Browse over 142 market data Figures spread through 221 Pages and an in-depth TOC on the "Global Artificial Intelligence Market."

 

The global artificial intelligence market is segmented into component, application, business function, end user, and region. Based on component, the market is segmented into software, hardware, services. Based on application, the market is segmented into machine learning, image recognition, natural language processing, speech recognition, others. Based on business function, the market is segmented into finance, marketing & sales, supply chain management, operations, human resource, security, others. Based on end user, the market is segmented into manufacturing, BFSI, automotive, fashion and retail, healthcare and life sciences, aerospace and defense, construction, others. Based on region, the market is further bifurcated into North America, Asia-Pacific, Europe, South America, Middle East & Africa.

Based on region, North America stands as the powerhouse in the global artificial intelligence (AI) market, commanding a substantial 46.54% market share in 2022. Renowned for its innovation hubs, tech giants, and robust investment in AI research and development, this region has established itself as the epicenter for cutting-edge AI technologies.

The United States, in particular, spearheads global AI initiatives, boasting a rich ecosystem of AI startups, established tech companies, and research institutions. This leadership translates into groundbreaking AI applications across various industries, from healthcare and finance to automotive and robotics.

Evidently, the North American region's dominance in AI is propelled by its thriving ecosystem of talent and resources. The amalgamation of top-tier universities producing skilled AI professionals and the influx of venture capital funding fuels groundbreaking advancements and disruptive innovations in artificial intelligence.

The emphasis on AI integration spans diverse sectors, with enterprises harnessing AI-powered solutions for automation, predictive analytics, natural language processing, and computer vision. This widespread adoption underscores the pivotal role of AI in driving efficiency, productivity, and competitive edge across industries.

Moreover, the prevalence of AI-driven platforms, digital assistants, and personalized recommendation systems further solidifies the region's status as a frontrunner in pioneering AI-powered consumer experiences.

 

Key market players in the global artificial intelligence market are: -

  • Microsoft Corporation
  • Amazon Web Services Inc.
  • IBM Corporation
  • Alphabet Inc.
  • Oracle Corporation
  • Intel Corporation
  • Cisco Systems Inc.
  • Salesforce.com, Inc.
  • SAS Institute Inc
  • Adobe Inc.
  • SAP SE
  • Alibaba Group Holding Limited

 

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“The global artificial intelligence (AI) market is experiencing rapid growth, driven by technological advancements and widespread adoption across industries. Machine learning, natural language processing, and robotics form the core of AI, reshaping businesses and operational landscapes. North America, particularly Silicon Valley, stands as a key hub with significant investments and innovation. Challenges include ethical considerations and regulatory frameworks. AI's impact spans healthcare, customer service, manufacturing, and finance, redefining processes and enabling data-driven decision-making. Talent development and strategic collaborations play pivotal roles in sustaining the market's momentum, highlighting the transformative potential of intelligent technologies worldwide.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Artificial Intelligence Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Component (Software, Hardware, Services) By Application (Machine Learning, Image Recognition, Natural Language Processing, Speech Recognition, Others), By Business Function (Finance, Marketing & Sales, Supply Chain Management, Operations, Human Resource, Security, Others), By End User (Manufacturing, BFSI, Automotive, Fashion and Retail, Healthcare and Life Sciences, Aerospace and Defense, Construction, Others), By Region, and By Competition, 2018-2028,” has evaluated the future growth potential of Global Artificial Intelligence Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Artificial Intelligence Market.

 

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