Artificial Intelligence

Artificial Intelligence Market by Component (Hardware, Services, Software), Technology (Computer Vision, Context-Aware Computing, Handwriting Recognition), Industry - Global Forecast 2024-2030

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[191 Pages Report] The Artificial Intelligence Market size was estimated at USD 447.77 billion in 2023 and expected to reach USD 599.88 billion in 2024, at a CAGR 35.41% to reach USD 3,738.34 billion by 2030.

Artificial Intelligence Market
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Artificial intelligence (AI) refers to the simulation of human intelligence in machines programmed to learn and think as humans. Artificial intelligence is integrated with machines that exhibit similar traits associated with the human mind, such as learning and problem-solving. This technology aims to enable machines to perform tasks that require human intelligence, including reasoning, knowledge representation, planning, education, natural language processing (NLP), perception, and the ability to manipulate and move objects. The exponential growth in data generation and the availability of large datasets for training AI systems create a platform for the artificial intelligence market. Substantial investments from both public and private sectors in AI research and startups have propelled the technology forward, driving innovation and broadening its application spectrum. The convergence of AI with other fields of study, such as cognitive science and robotics, has expanded its capabilities and applications, fostering growth in the market. Certain technical limitations, data bias, and quality issues with the usage of artificial intelligence hampers the growth of the market. Rising advancements in artificial intelligence algorithms that improve the efficiency of AI solutions are expected to create opportunities for market growth.

Artificial Intelligence Market - Global Forecast 2024-2030
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Component: Growing usage of AI software for creating, training, and deploying AI models

Hardware in artificial intelligence includes physical devices and equipment necessary for implementing AI solutions. This includes GPUs for parallel processing capabilities, TPUs for accelerating machine learning workloads, and other specialized hardware designed to optimize AI computations and energy efficiency. Memory is crucial for AI operations as it stores data and algorithms temporarily during processing. High-speed, large-capacity memory solutions are essential to handle the vast data processing required by AI applications. Network components ensure fast and reliable communication between different parts of an AI system. This includes the internet for cloud-based AI services and internal networking hardware for data centers. Network capabilities are essential for distributing AI tasks across multiple devices and locations. Processors are the core of AI computations as they execute the mathematical operations AI algorithms require. This category includes CPUs for general-purpose computing, GPUs for high-speed parallel processing, and ASICs designed specifically for AI tasks. Sensors collect data from the environment that AI systems use to make decisions, learn, and interact. This includes cameras for computer vision tasks, microphones for voice recognition, and other sensors for collecting real-world data. AI services provide access to AI functionalities through the cloud, allowing developers to integrate AI capabilities such as natural language processing and image recognition into their applications without the need for in-depth AI expertise or infrastructure. Deployment & integration services are concerned with the methodologies and technologies used to integrate AI capabilities into existing systems and workflows. This includes tools and practices for deploying AI models and ensuring they function seamlessly within broader software ecosystems. Support & maintenance services are essential for the ongoing operation of AI systems, including updates to AI models, troubleshooting, optimization, and ensuring the security of AI applications. The software includes programs and algorithms that drive AI functionalities. Software components are essential for creating, training, and deploying AI models. Application program interface (API) allows for integrating AI functions into existing software applications, enabling systems to leverage AI capabilities without the need to develop specific AI algorithms from scratch. Machine learning frameworks provide tools and libraries for designing, training, and validating machine learning models.

Industry: High potential of AI solutions in the information technology industry to ensure higher network reliability and better customer experiences

In the aerospace & defense industry, AI technologies enhance predictive maintenance, simulation and training, threat simulation, and autonomous operations. AI-driven analytics are employed for real-time decision-making, improving safety, and optimizing mission outcomes. AI transforms automotive & transportation through autonomous vehicles, real-time navigation, traffic management, and predictive maintenance. AI improves safety, efficiency, and personalization, reshaping the future of mobility and logistics. The banking, financial services & insurance sectors leverage AI for risk assessment, fraud detection, personalized banking, automated customer service, and algorithmic trading. AI enables smarter, faster decision-making, enhancing customer experience and operational efficiency. Building, construction & real estate sectors deploy AI applications for predictive maintenance, construction automation, project management, and smart building solutions. Integrating AI in consumer goods & retail revolutionizes inventory management, supply chain optimization, customer experience, and personalized marketing. AI assists in understanding consumer behavior, optimizing operations, and augmenting sales strategies. AI disrupts traditional education methods through personalized learning, automation of administrative tasks, and intelligent tutoring systems. It enhances learning experiences, improves accessibility, and supports educators in curriculum development and student assessment. In energy & utilities, AI optimizes grid management, predictive maintenance, energy consumption analysis, and renewable energy forecasting. It contributes to operational efficiency, sustainability, and the transition towards smarter and more resilient energy systems. AI applications within the government & public sector include smart city initiatives, public safety solutions, health and social services, and automated citizen services. AI enhances public service delivery, governance, and policy implementation efficiency. AI revolutionizes healthcare & life sciences through diagnostic automation, patient care personalization, drug discovery, and predictive analytics for disease outbreaks. It promises improved patient outcomes, operational efficiencies, and breakthroughs in medical research. The information technology sector employs AI in cybersecurity, cloud computing, data analytics, and software development. AI drives innovation, enhances data security, and enables handling complex computing tasks more efficiently. AI underpins predictive maintenance, quality control, supply chain optimization, and industrial robotics in manufacturing. AI fosters operational resilience, reduces downtime, and streamlines production processes for higher productivity. AI technologies in media & entertainment personalize content delivery, automate content creation, enhance recommendation engines, and streamline production processes. AI enriches user experience, optimizes content distribution, and unlocks new creative possibilities. AI reshapes the telecommunication industry through network optimization, predictive maintenance, customer service automation, and fraud detection. It ensures higher network reliability, better customer experiences, and enhanced operational efficiency. Integrating AI in travel & hospitality transforms customer service, personalized recommendations, pricing optimization, and operation automation. AI elevates the customer journey, improves business operations, and drives industry innovation.

Regional Insights

The Americas represents a significant region for the artificial market as it's a global hub for advanced technology companies and startups focusing on AI and machine learning (ML). The presence of major tech companies that lead in AI research and development pushes the boundaries of AI in healthcare, finance, and autonomous vehicles. With its distinguished AI research community, Canada has seen considerable growth in AI startups, largely concentrated in cities including Toronto, Montreal, and Vancouver. These hubs are supported by government initiatives and academic institutions internationally recognized for their contributions to AI and ML research. The Asia-Pacific region is characterized by rapid growth in AI, with countries including China, South Korea, and Australia's growing focus on digitalization. South Korea heavily invests in AI for manufacturing, smart cities, and robotics, while Australia's AI sector is burgeoning, driven by investments in health, education, and mining technologies. This region benefits from strong governmental support, high levels of investment, and a quickly growing tech-savvy population. The EMA region presents a diverse AI landscape, with each area focusing on different aspects of AI utilization and development. Europe is at the forefront, with countries including the UK, Germany, and France focusing on AI research and development. The European Union's investment in AI and its focus on AI ethics and regulation, notably the AI Act, showcases its dual approach of fostering innovation while protecting citizens' rights. The Middle East, particularly the UAE and Saudi Arabia, is channeling investments into AI to diversify from oil-dependent economies, focusing on health, education, and smart cities. Africa shows promise with its rapidly growing tech startup ecosystem, focusing on solving continent-specific health, agriculture, and finance challenges.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Artificial Intelligence Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Artificial Intelligence Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments
  • Microsoft Invests in Europe’s Mistral AI to Expand Beyond OpenAI

    Microsoft embarked on an innovative partnership with the French start-up Mistral AI, marking a strategic expansion into the artificial intelligence sector. By announcing a significant investment of EUR 15 million into Mistral AI, Microsoft aims to harness new commercial prospects and facilitate Mistral's growth on a global scale. Additionally, the partnership intends to enhance Mistral's customer reach by rolling out its ChatGPT-like multilingual assistant, "Le Chat." [Published On: 2024-02-26]

  • HEALWELL AI to Acquire Intrahealth to Create Next Generation AI-powered EHR

    HEALWELL AI Inc. announced its acquisition of Intrahealth Systems Limited from WELL Health Technologies Corp. With Intrahealth's substantial professional network and its forecast to produce significant revenue and high gross margins in 2024, the acquisition promises to be a transformative combination for delivering advanced clinical decision support and shaping the trajectory of value-based care globally. [Published On: 2024-01-25]

  • Accenture to Invest USD 3 Billion in AI to Accelerate Clients’ Reinvention

    Accenture unveiled a strategic commitment, investing USD 3 billion over the next three years into enhancing its Data & AI practice to aid entities across various sectors in leveraging Artificial Intelligence (AI) for improved growth, operational efficiency, and resilience. Accenture aims to prepare its clients for future competitiveness and performance enhancements by prioritizing the adoption and scaling of AI technologies. This initiative underscores Accenture's commitment to driving responsible and transformative AI innovation, positioning its clients at the forefront of industry advancements. [Published On: 2023-06-13]

Key Company Profiles

The report delves into recent significant developments in the Artificial Intelligence Market, highlighting leading vendors and their innovative profiles. These include Accenture PLC, Adobe Inc., Aerobotics, (Pty) Ltd., Alibaba Group Holding Limited, Altron Limited, Amazon Web Services, Inc., Autodesk, Inc., Baidu, Inc., Business Connexion (Pty) Ltd. by Telkom Group,, Inc., CLEVVA Pty. Ltd., Cortex Logic, Databricks, Inc., DataProphet Proprietary Limited, Dimension Data Holdings PLC by NTT DATA Corporation, EOH Holdings Limited, General Electric Company, Google LLC by Alphabet Inc.,, Inc., iiDENTIFii (PTY) Ltd., Infosys Limited, Intel Corporation, International Business Machines Corporation, MED AI SOL (PTY) Ltd., Microsoft Corporation, NVIDIA Corporation, OpenAI OpCo, LLC, Oracle Corporation, Palantir Technologies Inc., Qualcomm Inc., Robert Bosch GmbH, Salesforce Inc., SAP SE, SAS Institute Inc., ServiceNow, Inc., Splunk Inc. by Cisco Systems Inc., Tencent Holdings Ltd., UiPath, Inc., and Zindi.

Market Segmentation & Coverage

This research report categorizes the Artificial Intelligence Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Component
    • Hardware
      • Memory
      • Network
      • Processors
      • Sensors
    • Services
      • Deployment & Integration
      • Support & Maintenance
    • Software
      • Application Program Interface
      • Machine Learning Framework
  • Technology
    • Computer Vision
    • Context-Aware Computing
    • Handwriting Recognition
    • Machine Learning
      • Deep Learning
      • Reinforcement Learning
      • Supervised Learning
      • Unsupervised Learning
    • Natural Language Processing
    • Speech Recognition
  • Industry
    • Aerospace & Defense
    • Automotive & Transportation
    • Banking, Financial Services & Insurance
    • Building, Construction & Real Estate
    • Consumer Goods & Retail
    • Education
    • Energy & Utilities
    • Government & Public Sector
    • Healthcare & Life Sciences
    • Information Technology
    • Manufacturing
    • Media & Entertainment
    • Telecommunication
    • Travel & Hospitality

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

The report offers valuable insights on the following aspects:

  1. Market Penetration: It presents comprehensive information on the market provided by key players.
  2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
  3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
  4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
  5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

  1. What is the market size and forecast of the Artificial Intelligence Market?
  2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Artificial Intelligence Market?
  3. What are the technology trends and regulatory frameworks in the Artificial Intelligence Market?
  4. What is the market share of the leading vendors in the Artificial Intelligence Market?
  5. Which modes and strategic moves are suitable for entering the Artificial Intelligence Market?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Artificial Intelligence Market, by Component
  7. Artificial Intelligence Market, by Technology
  8. Artificial Intelligence Market, by Industry
  9. Americas Artificial Intelligence Market
  10. Asia-Pacific Artificial Intelligence Market
  11. Europe, Middle East & Africa Artificial Intelligence Market
  12. Competitive Landscape
  13. Competitive Portfolio
  14. List of Figures [Total: 22]
  15. List of Tables [Total: 674]
  16. List of Companies Mentioned [Total: 39]
Frequently Asked Questions
  1. How big is the Artificial Intelligence Market?
    Ans. The Global Artificial Intelligence Market size was estimated at USD 447.77 billion in 2023 and expected to reach USD 599.88 billion in 2024.
  2. What is the Artificial Intelligence Market growth?
    Ans. The Global Artificial Intelligence Market to grow USD 3,738.34 billion by 2030, at a CAGR of 35.41%
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