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Artificial Intelligence Market worth $1,345.2 billion by 2030 - Exclusive Report by MarketsandMarkets(TM)
Saturday, July 8, 2023
CHICAGO, June 30, 2023 /PRNewswire/ -- The future of the AI market appears promising with the development of conversational AI and autonomous systems, as well as the penetration of new industries, deep learning, and edge computing. Personalization, continued investment, and research will all have an impact on the direction of the AI market in the future.
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The global Artificial Intelligence Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 36.8% during the forecast period, to reach USD 1,345.2 billion by 2030 from USD 150.2 billion in 2023, according to a new report by MarketsandMarkets(TM). The adoption of artificial intelligence (AI) technology has been remarkable since its introduction, leading to significant growth in the global market. This growth attributed to the increasing demand for artificial intelligence technologies across diverse industry verticals.
Browse in-depth TOC on "Artificial Intelligence Market"
270 - Tables
60 - Figures
300 - Pages
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Scope of the Report
Report Metrics
Details
Market size available for
years
2017 - 2030
Base year considered 2022
Forecast period
2023 - 2030
Forecast units
USD (Billion)
Segments covered
Offering, Technology, Business Function, Verticals, and Region
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered 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) and many more.
Organizations are recognizing the transformative potential of artificial intelligence in improving operational efficiency, enhancing customer experiences, and driving innovation. Artificial Intelligence technology such as machine learning, natural language processing, computer vision, and others are revolutionizing various sectors, including healthcare, finance, manufacturing, and retail. The advancements in AI algorithms, computing power, and data availability are further fuelling the growth of the AI market, as businesses seek to leverage the potential of AI to gain a competitive edge in the digital era.
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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As per region, Asia Pacific is anticipated to growth at the highest CAGR during the forecasted period
As per region, Asia Pacific is anticipated to grow at the highest CAGR during the forecasted period. The adoption of artificial intelligence (AI) in the Asia Pacific region is experiencing significant growth. With advancements in technology, increased digitalization, and a focus on innovation, businesses and governments in Asia Pacific are embracing artificial intelligence solutions across various sectors. Additionally, the availability of skilled talent and robust infrastructure further fuels the growth of artificial intelligence across the region. As a result, Asia Pacific is emerging as a hub for AI innovation and implementation.
Top Key Companies in Artificial Intelligence Market:
Some of the major Artificial Intelligence Market vendors are 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), 8x8 (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).
Recent Developments:
-- In May 2023, Google announced the launch of two new AI powered solutions
named Target and Lead Identification Suite, and Multiomics Suite for the
life sciences industry, aimed at expediting drug discovery and precision
medicine for biotech companies, pharmaceutical firms, and public sector
organizations.
-- In May 2023, HPE announced an enhancement to its HPE Ezmeral Software
platform. HPE Ezmeral Software expands the data and analytics
capabilities of HPE GreenLake, extending from the edge to the cloud. It
serves as the foundation for machine learning (ML) and artificial
intelligence (AI) initiatives, providing the necessary infrastructure
and tools for data processing and analysis.
-- In April 2023, IBM unveiled its new security suite named IBM Security
QRadar Suite, which is designed to unify and boost the security analyst
experience throughout the whole incident lifecycle. The IBM Security
QRadar Suite represents a significant evolution and expansion of the
QRadar brand, encompassing all fundamental threat detection,
investigation, and response capabilities. It has a single, updated user
interface for all products that is integrated with cutting-edge AI and
automation to enable analysts to work more quickly, effectively, and
precisely across their main toolsets.
-- In March 2023, Cisco has announced a number of new AI-powered
innovations for its Webex collaboration platform. These innovations are
designed to help organizations create more engaging and productive
hybrid work experiences.
-- In September 2022, SAP introduced recent improvements to the SAP
SuccessFactors HXM Suite that bring together data, machine learning and
artificial intelligence (AI) to provide organizations with a better
understanding of the capabilities within their workforce.
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Artificial Intelligence Market Advantages:
-- Automation of routine, repetitive operations is made possible by AI
technologies, which boosts productivity and efficiency. AI systems can
quickly and accurately analyse enormous amounts of data, which reduces
human error and enables organisations to make quicker and more informed
decisions.
-- By examining client information and preferences, AI-powered systems may
personalise customer experiences. Artificial intelligence-powered
chatbots and virtual assistants can offer real-time assistance and
support, increasing client satisfaction and engagement.
-- By automating tasks, artificial intelligence (AI) technology can
significantly reduce operating costs for businesses. Long-term cost
advantages emerge from AI-powered systems' ability to execute jobs that
would otherwise require human resources.
-- Organisations may make data-driven decisions with the aid of AI
algorithms, which can analyse complex databases and extract insightful
information. Predictive analytics driven by AI can discover anomalies,
spot patterns, and forecast trends, allowing businesses to find
opportunities and reduce risks.
-- Artificial intelligence (AI) systems can accurately handle and analyse
enormous volumes of data, removing human biases and errors. Data
patterns and linkages that humans might find difficult to identify can
be found by AI algorithms, producing findings that are more accurate and
trustworthy.
-- Without major infrastructure changes, AI systems can be quickly expanded
to manage increasing demands. AI algorithms are suited for firms
experiencing rapid expansion because they can adapt and handle greater
datasets as data volume increases.
-- AI promotes innovation by enabling the development of new products,
services, and business models. Numerous industries, including
healthcare, transportation, banking, and manufacturing, have benefited
from AI advancements, creating new opportunities and fostering economic
growth.
-- Organisations can monitor operations, spot anomalies, and react swiftly
to shifting conditions thanks to AI systems' ability to analyse data in
real-time. Real-time insights allow for proactive decision-making and
can aid in mitigating risks or possible problems.
-- Utilising AI technologies can provide businesses a competitive edge in
the marketplace. Processes can be streamlined, operations can be
improved, and businesses can produce better goods and services, giving
them an edge over rivals.
-- By examining fresh information and user feedback, AI algorithms may
continually learn and advance over time. AI systems can adjust and
improve their performance thanks to machine learning techniques like
neural networks, which ensures they remain useful and efficient in
changing contexts.
Report Objectives
-- To define, describe, and predict the Artificial Intelligence Market by
offering (hardware, software, and services), technology, business
function, vertical, and region.
-- To provide detailed information related to major factors (drivers,
restraints, opportunities, and industry-specific challenges) influencing
the market growth.
-- To analyze opportunities in the market and provide details of the
competitive landscape for stakeholders and market leaders.
-- To forecast the market size of segments with respect to five main
regions: North America, Europe, Asia Pacific (APAC), Middle East &
Africa (MEA), and Latin America
-- To profile key players and comprehensively analyze their market rankings
and core competencies.
-- To analyze competitive developments, such as partnerships, new product
launches, and mergers and acquisitions, in the Artificial Intelligence
(AI) market
-- To analyze the impact of the recession in the Artificial Intelligence
(AI) market
Browse Adjacent Markets: Artificial Intelligence (AI) Market Research Reports & Consulting
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Synthetic Data Generation Market - Global Forecast to 2028
Text to Video AI Market - Global Forecast to 2027
About MarketsandMarkets(TM)
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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore(TM) (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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SOURCE MarketsandMarkets
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