The Composite AI Market is estimated to grow from USD 0.9 billion in 2023 to USD 4.4 billion by 2028, at a CAGR of 36.5% during the forecast period. Deep learning and natural language processing developments in AI technology have simplified designing and combining various AI models into composite AI.
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Software to hold the largest market share during the forecast period
Composite AI software typically provides a platform or framework enabling seamless integration and orchestration of different AI models or algorithms. It allows users to leverage the diverse capabilities of these AI components to solve multifaceted challenges and make more informed decisions. With composite AI software, organizations can build sophisticated AI applications that can process and analyze diverse data types, understand complex patterns, generate insights, make predictions, and perform tasks that require a combination of AI techniques. The software enables the development of intelligent systems that can handle real-world complexities and deliver robust and reliable results.
Data mining & machine learning to grow at the highest CAGR during the forecast period
Data mining and machine learning techniques are crucial in implementing Composite AI solutions in the market. Combining data mining and machine learning techniques within composite AI solutions enables the system to analyze vast amounts of data, discover patterns, make predictions, and optimize decision-making. These techniques form the foundation for developing and deploying AI models and algorithms that power composite AI systems. They enable composite AI solutions to harness the power of data and deliver intelligent, adaptive, and context-aware capabilities across various domains and applications.
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Key players operating in the composite AI market include IBM (US), SAS Institute (US), Microsoft (US), Google (US), AWS (US), Salesforce (US), BlackSwan Technologies (Israel), Oracle (US), OpenText (Canada), SAP (Germany), HPE (US), Pega (US), NVIDIA (US), Intel(US), UiPath(US), Zest AI(US), Dynamic Yield(US), DataRobot(US), H2O.ai (US), Squirro(Switzerland), CognitiveScale(US), SparkCognition(US), Diwo (US), ACTICO(Germany), Kyndi(US), Nauto(US), Netra(US), and Exponential AI (US). These composite AI vendors have adopted various organic and inorganic strategies to sustain their positions and increase their global market shares.
IBM
IBM is a multinational technology and consulting corporation that offers infrastructure, hosting, and consulting services. The company operates through five major business segments: software, consulting, infrastructure, and financing. IBM caters to various industries: aerospace & defense, education, healthcare, oil & gas, automotive, electronics, insurance, retail & consumer products, banking & finance, energy & utilities, life sciences, telecommunications, media & entertainment, chemicals, government, manufacturing, travel & transportation, construction, and metals & mining. The company offers the IBM Watson Assistant in the composite AI market. It maintains strong partner relationships with leading IT providers, like AWS, Adobe, Cisco, KPMG, Kyndryl, Microsoft, Oracle, Salesforce, Samsung, SAP, ServiceNow, and Workday. The company is active in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America.
SAS Institute
SAS Institute is an American multinational analytics software developer, which creates and sells a suite of analytics software that facilitates access to, management of, analysis of, and reporting on data to support decision-making. The corporation is the world’s largest privately held software company; most Fortune 500 companies utilize it. Its analytics platform enables enterprises to connect data and gain actionable business insights. Apart from IoT data management solutions and services, the company offers streaming analytics solutions for fraud and security intelligence, cloud analytics, data and decision management, and business intelligence. The company offers a robust, scalable, and open edge-to-enterprise analytics platform, which bridges the gap between IT and operational environments. It incorporates visualization, statistical modeling, and predictive and prescriptive analytics to deliver expertise in IoT analytics and AI, ML, and deep learning, to reduce risks and extract business value. It applies advanced analytics and AI to IoT to reduce downtime. SAS Institute caters to many industries, including banking, capital markets, communications, education, government, healthcare, insurance, life sciences, manufacturing, and retail. The company has a geographic presence in the Americas, Europe, the Middle East, Africa, and Asia Pacific. SAS Visual Text Analytics is an open platform NLP solution in the AI market provided by SAS Institute that aids in data preparation and visualization, parsing, trend analysis, information extraction, hybrid modeling approaches, sentiment analysis, and flexible deployment with native support for 33 languages.
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