The artificial intelligence market size to grow from USD 150.2 billion in 2023 to USD 1,345.2 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 36.8% during the forecast period. The growth of the artificial intelligence market is influenced by several major factors. Technological advancements and increased computing power facilitate the development of advanced AI algorithms and models, expanding the capabilities of AI systems. The availability of abundant data fuels the training of AI models, resulting in improved accuracy and performance. Furthermore, the rising demand for automation, efficiency, and enhanced decision-making across industries drives the adoption of AI solutions. Supportive government initiatives, investments, and research initiatives also contribute to the growth of AI. Additionally, ethical considerations, data privacy concerns, and the need for transparent and responsible AI practices shape the regulatory and societal landscape, influencing the acceptance and adoption of AI technologies.
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As per verticals, the healthcare & life sciences segment to grow at highest CAGR during the forecast period
The artificial intelligence market is segmented on verticals into retail & eCommerce, BFSI, Government & Defense, Healthcare & Life Sciences, Telecom, Energy & Utilities, Manufacturing, Agriculture, IT/ITeS, Media & Entertainment, Automotive, Transportation and Logistics and other verticals (Construction, education, and travel and hospitality). As per verticals, the healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. This industry is experiencing significant growth and is poised to contribute significantly to the global artificial intelligence market. Artificial intelligence applications in healthcare & life sciences includes patient data and risk analysis, medical imaging and diagnostics, precision medicine, drug discovery, and much more. The use of electronic medical records has led to the expansion of patient data, while the risk analysis market benefits from artificial intelligence systems’ risk management and predictive analytics capabilities for payers and healthcare providers. These advancements in artificial intelligence technology are driving innovation and transformation within the healthcare sector.
By business function marketing and sales accounts to hold the largest market size during the forecast period
As per business function, marketing and sales segment to hold the largest market size for the artificial intelligence market during the forecast period. With the aid of AI-powered algorithms, businesses personalize their marketing campaigns, target the right audience, and deliver relevant content at the optimal time. Artificial intelligence also enhances sales processes by providing predictive analytics, lead scoring, and automated customer support through chatbots. Furthermore, artificial intelligence enables advanced data analytics and segmentation, optimizing sales funnels and improving conversion rates. The adoption of artificial intelligence in marketing and sales is reshaping how businesses engage with customers, optimize their strategies, and drive revenue growth.
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Unique Features in the Artificial Intelligence Market
Advanced machine learning algorithms are used in AI solutions to allow for autonomous and adaptive behaviour by letting systems to learn from data, identify patterns, and make predictions or judgements without the need for explicit programming.
AI technologies enable applications like virtual assistants, chatbots, language translation, sentiment analysis, and text summarization by incorporating natural language processing (NLP) skills to comprehend, interpret, and generate human language.
AI systems can analyse and interpret visual information from photos or videos by using computer vision techniques. This allows for the use of AI in applications including object recognition, image categorization, facial recognition, autonomous cars, and medical imaging diagnostics.
Artificial neural networks with several layers are an example of deep learning networks that are used by AI solutions to process complex data, extract high-level characteristics, and carry out sophisticated tasks like speech recognition, image recognition, and natural language understanding.
Through trial and error interactions with their environment, AI systems use reinforcement learning techniques to acquire optimal decision-making strategies. This allows for the development of applications such as personalised recommendation systems, autonomous robotics, and game playing.
Major Highlights of the Artificial Intelligence Market
In order to encourage cooperation, investment, and the responsible application of AI, governments are introducing policies and programmes to assist AI research, development, and adoption. These include data governance frameworks, financing programmes, AI strategies, and ethical standards.
With applications including drug discovery, remote patient monitoring, personalised medicine, medical imaging diagnostics, and predictive analytics, artificial intelligence (AI) is accelerating medical research, improving patient outcomes, and cutting costs in the healthcare industry.
Through sentiment analysis, chatbots, virtual assistants, recommendation engines, and personalisation, artificial intelligence (AI) is revolutionising the way that businesses communicate with their customers. This allows them to create more engaging, personalised, and responsive interactions across digital channels.
The ethical and responsible application of AI is becoming more and more important. This includes tackling issues like bias mitigation, fairness, accountability, transparency, and privacy protection to make sure AI systems benefit society while lowering risks and unforeseen consequences.
Artificial intelligence (AI) vendors are driving sector-specific innovation and value creation by providing industry-specific solutions that are tailored to the particular requirements and challenges of vertical markets. Examples of these solutions include healthcare diagnostics, financial fraud detection, retail personalisation, autonomous vehicles, and predictive maintenance.
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Top Companies in the Artificial Intelligence Market
Some major players in the artificial intelligence market include Google (US), Microsoft (US), IBM (US), Oracle (US), AWS (US), Intel (US), Salesforce (US), SAP (Germany), Cisco (US), Meta (US), HPE (US), Siemens (Germany), Huawei (China), NVIDIA (US), Baidu (China), SAS Institute (US), OpenAI (US), H2O.ai (US), iFLYTEK (China), Alibaba Cloud (China), General Vision (US), Darktrace (UK), Blackberry Limited (Canada), DiDi Global (China), Face++ (China), Inbenta (US), Anju Software (US), Butterfly Network (US), Atomwise (US), AIBrain (US), SK Hynix (South Korea), Progress (US), PrecisionHawk (US), AgEagle Aerial System (US), Neurala (US), Twitter (US), Aurea Software (US), Persado (US), 8×8 (US), Appier (Taiwan), GumGum (US), IPRO (US), Graphcore (UK), Preferred Networks (Japan), Applied Brain Research (Canada), Pilot AI (US), Iris Automation (US), Gamaya (Switzerland), ec2ce (Spain), Descartes Labs (US), Mythic (US), Ada (Canada), Mostly AI (Austria), Sentient.io (Singapore), Lumen5 (Canada), AI Superior (Germany), Fosfor (India), Intrinsic (US), Jasper (US), Soundful (US), Writesonic (US), One AI (Israel). These players have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the global artificial intelligence market.
Amazon Web Services, a subsidiary of Amazon, is a globally recognized leader in cloud computing services and is at the forefront of innovation in artificial intelligence (AI). With its comprehensive suite of AI services, AWS empowers organizations across industries to harness the power of machine learning, deep learning, and natural language processing (NLP) to drive transformative outcomes. AWS offers a wide range of AI tools and platforms, such as Amazon SageMaker, Amazon Rekognition, Amazon Comprehend, and Amazon Transcribe. With these offerings, AWS enables businesses to extract insights, automate processes, enhance customer experiences, and drive operational efficiencies. AWS’s AI capabilities cater to diverse industry verticals, including media and entertainment, healthcare, finance, manufacturing, and more. It has a presence in North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Its expansive global infrastructure, comprising data centers across multiple regions, ensures reliable and scalable AI solutions for organizations worldwide. By leveraging AWS’s AI services, businesses can accelerate innovation, improve decision-making, and unlock the full potential of their data. With a strong focus on delivering cutting-edge AI technologies, AWS continues to drive advancements in the field, empowering customers to leverage AI to fuel their digital transformation and gain a competitive edge in the market.
Microsoft offers a robust portfolio of AI solutions, including NLP- and ML-based solutions, which have expanded its presence across various industry groups. With the development of new Azure Machine Learning, Visual Studio Tools for AI, Cognitive Services, and enterprise AI solutions, Microsoft has strengthened its global foothold in the AI market. The company also develops software, services, devices, and solutions to compete in the era of intelligent cloud and intelligent edge. With increased investments in mixed reality cloud, Microsoft empowers its customers to digitize their business processes. The company provides cloud-based solutions encompassing software, platforms, and content. Its product offerings include operating systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. Microsoft’s platforms and tools drive small businesses’ productivity, enhance large businesses’ competitiveness, and improve public sector efficiency. In June 2016, Microsoft acquired LinkedIn, granting access to LinkedIn’s massive user base, making it the largest and most successful social network worldwide, and leveraging Microsoft’s sales and distribution capabilities. Microsoft focuses on three pillars: privacy, cybersecurity, and responsible AI. It provides tools and frameworks to facilitate policy change for its customers. The company emphasizes investments in data centers, hybrid infrastructure, and edge infrastructure to enhance its service offerings. Microsoft operates in three segments: productivity and business processes, intelligent cloud, and personal computing. It caters to various verticals such as finance and insurance, manufacturing and retail, energy, and more. Microsoft’s presence spans over 190 countries across North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe.
Oracle, a multinational technology corporation, has emerged as a prominent player in the AI market. With a strong foundation in enterprise software and database management systems, Oracle strategically integrates AI capabilities into its offerings, enabling businesses to harness advanced analytics and machine learning. Its comprehensive AI platform empowers the development, deployment, and management of scalable AI models, complemented by an autonomous database that automates database management tasks using AI algorithms. Oracle’s cloud infrastructure delivers AI-powered services for data science, image recognition, chatbots, and language translation. Furthermore, Oracle embeds AI capabilities into its enterprise software applications, facilitating intelligent decision-making and process automation. Industry-specific AI solutions for finance, healthcare, retail, and manufacturing sectors demonstrate Oracle’s commitment to delivering tailored AI innovations. Collaborations with research institutions and strategic acquisitions further bolster Oracle’s AI expertise. By leveraging its extensive software portfolio and AI technologies, Oracle aims to drive innovation and provide value across industries, empowering businesses with advanced analytics, automation, and intelligent decision-making.
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