Artificial Intelligence Market Size & Trends
The global artificial intelligence market size was estimated at USD 106.43 billion in 2024 and is projected to grow at a CAGR of 36.6% from 2024 to 2030. The continuous research and innovation directed by tech giants are driving adoption of advanced technologies in industry verticals, such as automotive, healthcare, retail, finance, and manufacturing. For instance, in December 2023, Google LLC launched ‘Gemini’, a large language AI model, made available in three sizes, namely, Gemini Nano, Gemini Pro, and Gemini Ultra. Gemini stands out from its competitors due to its native multimodal characteristic.
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Furthermore, progress in profound learning and Artificial Neural Networks (ANN) has also fueled the adoption of AI in several industries, such as aerospace, healthcare, manufacturing, and automotive. ANN works in recognizing similar patterns and helps in providing modified solutions. Tech companies like Google Maps have been adopting ANN to improve their route and work on feedback received using ANN. ANN is substituting conventional machine learning systems to evolve precise and accurate versions.
For instance, recent advancements in computer vision technology, such as Generative Adversarial Networks (GAN) and Single Shot MultiBox Detector (SSD), have led to digital image processing techniques. For instance, images and videos taken in low light, or low resolution, can be transformed into HD quality by employing these techniques. Continuous research in computer vision has built the foundation for digital image processing in security & surveillance, healthcare, and transportation, among other sectors. Such emerging methods in machine learning are anticipated to alter the manner AI versions are trained and deployed.
COVID-19 outbreak stimulated market growth of next-generation tech domains, including artificial intelligence, owing to mandated work-from-home (WFH) policy due to the pandemic. For instance, LogMeIn, Inc., a U.S.-based company that provides Software-as-a-Service (SaaS) and cloud-based customer engagement and remote connectivity & collaboration services, has experienced a significant increase in new sign-ups across its product portfolios amid the pandemic.
Market Dynamics
The introduction of big data is projected to accelerate the expansion of the artificial intelligence market as a large volume of data needs to be stored, captured, and analyzed. End-users are increasingly concerned about the need to manage and improve the computational model of such data. This is encouraging companies to AI solutions at a faster pace and increase the implementation of artificial intelligence in business. Several private and public organizations have gathered tasks or application-specific information comprising issues, such as medical informatics, fraud detection, national intelligence, marketing, and cybersecurity. Artificial intelligence algorithms enable automated analysis of unsupervised and unorganized data by continuously improving each set of data.
AI is becoming increasingly important in big data because it enables the extraction of high-level and complex abstractions through a centralized learning process. The need for extracting and mining meaningful patterns from large amounts of data propels the growth of artificial intelligence in big data analytics. The technology also aids in overcoming big data analytics challenges such as data analysis trustworthiness, raw data format variation, imbalanced input data, and highly distributed input sources. Another issue is a lack of efficient storage and information retrieval, as data is collected in large quantities and made available across multiple domains. These difficulties are overcome by using semantic indexing, which improves comprehension and knowledge discovery.
Technology Insights
The deep learning segment led the market with the largest revenue share in 2023, owing to the growing prominence of the complicated data-driven applications of deep learning, including text/content or speech recognition. Deep learning offers lucrative investment opportunities as it helps overcome the challenges of high data volumes. Rising R&D investments by leading players will also play a crucial role in increasing the uptake of artificial intelligence technologies.
Machine learning and deep learning cover significant investments in AI. They include both AI platforms and cognitive applications, including tagging, clustering, categorization, hypothesis generation, alerting, filtering, navigation, and visualization, which facilitate the development of advisory, intelligent, and cognitively enabled solutions. Growing deployment of cloud-based computing platforms and on-premises hardware equipment for the safe and secure restoration of large volumes of data has paved the way for the expansion of the analytics platform.
During the forecast period, the Natural Language Processing (NLP) segment is expected to gain momentum. NLP is widely being used in various businesses to understand client preferences, evolving trends, purchasing behavior, decision-making processes, and more, in a better manner. This factor is anticipated to bode well for this segment’s growth.
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Key Artificial Intelligence Companies:
The following are the leading companies in the artificial intelligence market. These companies collectively hold the largest market share and dictate industry trends.
Advanced Micro Devices
AiCure
Arm Limited
Atomwise, Inc.
Ayasdi AI LLC
Baidu, Inc.
Clarifai, Inc.
Cyrcadia Health
Enlitic, Inc.
Google LLC
H2O.ai.
HyperVerge, Inc.
International Business Machines Corporation
IBM Watson Health
Intel Corporation
Iris.ai AS.
Lifegraph
Microsoft
NVIDIA Corporation
Sensely, Inc.
Zebra Medical Vision, Inc.
Europe AI Market Trends
The Europe artificial intelligence market is anticipated to witness a substantial CAGR of 33.2% from 2024 to 2030. The financial sector Europe is undergoing a significant transformation due to the growing adoption of AI technologies. Artificial intelligence is being integrated into different areas of finance, leading to revolutionary changes in traditional practices and improving customer experiences.
The AI market in UK accounted for a 24.8% revenue share of Europe in 2023. The UK’s rapid digitalization across various sectors, including banking, insurance, healthcare, and business services, has emerged as a primary catalyst for the accelerated growth of artificial intelligence in the UK.
The Germany AI market is expected to grow at a CAGR of 30.9% from 2024 to 2030. This growth is prominently driven by government initiatives such as the German AI Strategy and the National AI Competence Center (KI-Campus) that promote the adoption of artificial intelligence in the country.
The AI market in France is projected to grow over the forecast period, due to a rise in government initiatives such as the National Strategy for AI and France 2030. Furthermore, the increasing R&D investments and a notable rise in AI startups are anticipated to drive the growth of the artificial intelligence market in France.
Asia Pacific AI Market Trends
The Asia Pacific artificial intelligence market accounted for a 25.6% share of the global revenue in 2023. The educational institutions in Asia Pacific embrace AI to enhance educational outcomes through personalized learning experiences, intelligent tutoring systems, and data analytics.
Global Artificial Intelligence Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, MRA has segmented the global artificial intelligence market report based on solution, technology, function, end-use, and region:
Solution Outlook (Revenue, USD Billion, 2017 – 2030)
Hardware
Accelerators
Processors
Memory
Network
Software
Services
Professional
Managed
Technology Outlook (Revenue, USD Billion, 2017 – 2030)
Deep Learning
Machine Learning
Natural Language Processing (NLP)
Machine Vision
Generative AI
Function Outlook (Revenue, USD Billion, 2017 – 2030)
Cybersecurity
Finance and Accounting
Human Resource Management
Legal and Compliance
Operations
Sales and Marketing
Supply Chain Management
End-use Outlook (Revenue, USD Billion, 2017 – 2030)
Healthcare
Robot Assisted Surgery
Virtual Nursing Assistants
Hospital Workflow Management
Dosage Error Reduction
Clinical Trial Participant Identifier
Preliminary Diagnosis
Automated Image Diagnosis
BFSI
Risk Assessment
Financial Analysis/Research
Investment/Portfolio Management
Others
Law
Retail
Advertising & Media
Automotive & Transportation
Agriculture
Manufacturing
Others
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