Artificial Intelligence Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis

Artificial Intelligence Market Size

The surge in adopting autonomous synthetic intelligence (AI) is propelling a good-sized market increase. Autonomous AI systems, geared up with machine learning and deep learning capabilities, can function independently and adapt to changing environments. These structures provide remarkable performance and accuracy in tasks, including facts evaluation, decision-making, and procedure automation across manufacturing, transportation, and healthcare industries. As agencies increasingly leverage autonomous AI to power innovation and competitive advantages, the demand for such technology continues to skyrocket, fueling the expansion of the artificial intelligence market.

Also, the growth in market demand for intelligent systems to improve efficiency and productivity is propelling the expansion of the global artificial intelligence market. Technological advancements in the artificial intelligence market, such as rapid speech and natural language processing, influence the market's growth. Artificial intelligence, generally called machine intelligence, is an area of computer science that focuses on increasing and managing technology that can remember to make choices and independently perform transactions on behalf of humans. Also, tech businesses are growing their product offerings and services to broaden their global obtainability.

Research scientists are increasingly embracing artificial intelligence technology due to its transformative talents. This trend is anticipated to be maintained in the coming years while presenting a possibility for the artificial intelligence market to become more prominent. Technology hurries information evaluation, identifies styles, and facilitates complicated simulations, permitting breakthroughs across diverse sectors. AI-powered equipment streamlines repetitive tasks, freeing scientists to focus on innovation. In many fields, research scientists have begun appreciating the importance and capacity of AI to predict effects, find hidden insights, and optimize experiments. The scientific community acknowledges AI's role in amplifying research performance and propelling discoveries, leading to a more symbiotic relationship between technology and human information.

Growth Driver in the Global Artificial Intelligence Market

Advancements in Machine Learning and Deep Learning Technologies

The innovations such as ML and deep learning algorithms pose as some of the primary growth stimulants throughout the artificial intelligence global market. These technologies are useful to AI systems because they will allow them to assimilate greater amounts of data and to employ their weightier determinations in decision making and rote tasks. The industries like healthcare, finance, and retail are employing these developments in organization’s productivity and formation of exclusive client experiences. The steady advancement in the computing technology as well as the development of better algorithms fueling various applications of AI across sectors continues to fuel market growth.

Increased Adoption of AI in Healthcare

Artificial intelligence revolutionizes healthcare by improving diagnostics, treatment planning, and drug discovery. AI-powered systems can analyze medical images, predict patient outcomes, and assist in early disease detection. This helps healthcare providers offer more accurate diagnoses and personalized treatments. Additionally, AI is being used in telemedicine, remote patient monitoring, and robotic surgeries. As healthcare organizations continue to adopt AI technologies to enhance patient care, reduce costs, and optimize workflow efficiencies, the global AI market is expected to witness significant growth in the coming years.

Rising Demand for AI in Autonomous Vehicles

Various applications of artificial intelligence are found in revolutionizing the present-day healthcare: diagnosis, treatment planning, drug finding etc. Some benefits that AI-driven artificial systems are able to capture, interpret medical images, predict patient outcomes and even diagnose diseases at early stages. This assists the doctors in preparing much accurate diagnoses and appropriate treatment to render to the affected patient. Also, in specific areas of practice such as telemedicine, remote patient monitoring, and robotic surgeries AI is being employed. The global market for AI is expected to grow in the next few years as healthcare organizations implement AI technologies for improving patient care and operational performance and for reducing costs.

The artificial intelligence market is witnessing significant growth in software solutions

By solution, the global artificial intelligence is fragmented into Hardware, Software (AI Applications, AI System Infrastructure Software, AI Application Development & Deployment, and Artificial Intelligence Platforms), and Services. Software solutions are experiencing a significant increase in the artificial intelligence market. This is because of their versatility, scalability, and cost-effectiveness. The AI software program offers various packages, from natural language processing and image recognition to predictive analytics and robot process automation. This flexibility permits companies to tailor AI solutions to their needs, propelling adoption across numerous finance, healthcare, and retail sectors. Furthermore, the accessibility of cloud-based AI platforms democratizes access to advanced AI competencies, spurring fast growth in the software phase of the AI market.

AI applications lead the software programs in the market due to their various functionalities and vast applicability across industries. From virtual assistants to predictive analytics, AI applications offer tangible solutions to complex issues, driving their prominence and dominance in the market.

Artificial intelligence industry is anticipated to witness substantial growth in deep learning technology

By technology, the global artificial intelligence is segmented into Deep Learning, Natural Language Processing (NLP), Machine Learning, and Machine Vision. Deep learning technology is projected to grow tremendously in the artificial intelligence market in the forecast duration. Its potential to analyze massive datasets and derive complex techniques autonomously makes it beneficial across industries like healthcare, finance, and independent motors. As groups increasingly harness deep learning for advanced programs like image recognition and natural language processing, its adoption is predicted to surge, driving growth in the artificial intelligence market.

Advertising and media industry is expected to take the lead in the global market

By end-user, the global artificial intelligence is divided into Healthcare, BFSI, LAW, Retail, Advertising & Media, Automotive & Transportation, Agriculture, Manufacturing, and Others. The advertising and media sector is poised to lead the worldwide market. This is due to its high demand for personalized and centered content. AI technology, like machine learning algorithms and natural language processing, permits unique audience concentration, content optimization, and real-time analytics. With advertisers and media agencies prioritizing data-driven strategies to enhance patron engagement and ROI, the adoption of AI solutions is expected to surge, propelling the advertising and media section's leadership in the market.

United States Artificial Intelligence Market

The United States is anticipated to have a sizable market for artificial intelligence. This is due to federal investments in advanced technology that have helped create a robust innovation ecosystem. In recent years, scientists and entrepreneurs from everywhere in the world, as well as renowned research centers, have come collectively to the United States to boost the development of AI. The US authorities have several AI-associated tasks, including the Expanding AI Innovation via Capacity Building and Part II software launched by the National Science Foundation in December 2022. The program aims to increase under represented companies' participation in AI learning, research, and workforce improvement through capability-building projects and collaboration.

Asia Pacific Artificial Intelligence Market

The artificial intelligence market in the Asia Pacific region is growing at a fast pace due to higher investments in artificial intelligence and advanced government policies and support for the digital economy. Today, countries like China, Japan, and India are leading the way, using AI in healthcare and manufacturing and in boosting creativity across numerous other sectors.

China Artificial Intelligence Market Size

The AI market in China is growing steadily backed by forceful governmental policies and huge investment commitments to transform the country’s AI into a global one. Currently with the availability of new technologies such as machine learning, natural language processing and computer vision, China is continuing to expand and implement the usage of Artificial Intelligence in industries such as health care, manufacturing, and transportation, smart cities. Tech giants and domestic corporations including Baidu, Tencent, Alibaba, etc, are the key movers and AI developers for the country’s local and international markets. China's focus on AI-driven automation and its strategic AI policy framework are key factors contributing to the country's fast-paced growth in the AI sector: August 2024, China’s first artificial intelligence standardization research institute will be established in Beijing.

Saudi Arabia Artificial Intelligence Market

The Saudi Artificial Intelligence market is still emerging but shows significant growth potential because of the official Saudi Arabia Vision 2030 that plans to diversify the economy and improve digitalization. AI is pushing its ways across various industries, ranging from healthcare and finance to energy and smart cities to education and facilities with more investment in research and education. The country is aiming to create new AI solutions that will allow increasing the efficiency of work, encouraging innovations, and increasing the quality of the services provided. Key initiatives include:

• Establishing the National Center for Artificial Intelligence (NCAI).
• Promoting the adoption of AI technologies.
• Positioning Saudi Arabia as a regional leader in AI.
• Contributing to its economic development.

In September 2024, the Minister of Education and Saudi Data and AI Authority launched the "One Million Saudis in AI" initiative to empower 1 million Saudis in artificial intelligence (AI).

Key Players

The leading companies in the global artificial intelligence market are Microsoft Corporation, IBM Corporation, Amazon, Baidu Inc., Nvidia Corporation, Oracle Corporation, Hewlett Packard Enterprise, Intel Corporation, Salesforce Inc., and Alphabet Inc.

• In February 2023 - NVIDIA recently launched the NVIDIA DGX Cloud, which provides companies with access to the DGX AI supercomputer for their AI models. The DGX Cloud is currently available through the Oracle Cloud infrastructure and will soon be accessible on other cloud platforms such as Microsoft Azure, GCP, and others.

Renub Research report titled “Global Artificial Intelligence Market By Solution (Hardware, Software (AI Applications, AI System Infrastructure Software, AI Application Development & Deployment, and Artificial Intelligence Platforms), and Services), Technology (Deep Learning, Natural Language Processing (NLP), Machine Learning, and Machine Vision), End-User (Healthcare, BFSI, LAW, Retail, Advertising & Media, Automotive & Transportation, Agriculture, Manufacturing, and Others),Countries (North America (United States, Canada), Europe (France, Germany, Italy, Spain, United Kingdom, Belgium, Netherlands, and Turkey), Asia Pacific (China, Japan, India, South Korea, Thailand, Malaysia, Indonesia, Australia, and New Zealand), Latin America (Brazil, Mexico, and Argentina), Middle East & Africa (Saudi Arabia, UAE, and South Africa)), Company Analysis (Microsoft Corporation, IBM Corporation, Amazon, Baidu Inc., Nvidia Corporation, Oracle Corporation, Hewlett Packard Enterprise, Intel Corporation, Salesforce Inc., and Alphabet Inc.)” provides a complete study of the Global Artificial Intelligence Industry.

Solution – Global Artificial Intelligence Market breakup in 3 viewpoints:

1.    Hardware
2.    Software

2.1    AI Applications
2.2    AI System Infrastructure Software
2.3    AI Application Development & Deployment
2.4    Artificial Intelligence Platforms

3.    Services

Technology – Global Artificial Intelligence Market breakup in 4 viewpoints:

1.    Deep Learning
2.    Natural Language Processing (NLP)
3.    Machine Learning
4.    Machine Vision

End-User – Global Artificial Intelligence Market breakup in 9 viewpoints:

1.    Healthcare
2.    BFSI
3.    LAW
4.    Retail
5.    Advertising & Media
6.    Automotive & Transportation
7.    Agriculture
8.    Manufacturing
9.    Others

Countries – Global Artificial IntelligenceMarket breakup in 25 viewpoints:

1.    North America

1.1    United States
1.2    Canada

2.    Europe

2.1    France
2.2    Germany
2.3    Italy
2.4    Spain
2.5    United Kingdom
2.6    Belgium
2.7    Netherland
2.8    Turkey

3.    Asia Pacific

3.1    China
3.2    Japan
3.3    India
3.4    South Korea
3.5    Thailand
3.6    Malaysia
3.7    Indonesia
3.8    Australia
3.9    New Zealand

4.    Latin America

4.1    Brazil
4.2    Mexico
4.3    Argentina

5.    Middle East & Africa

5.1    Saudi Arabia
5.2    UAE
5.3    South Africa

All the Key players have been covered from 3 Viewpoints:

•    Overview
•    Recent Development
•    Revenue Analysis

Company Analysis:

1.    Microsoft Corporation
2.    IBM Corporation
3.    Amazon
4.    Baidu Inc.
5.    Nvidia Corporation
6.    Oracle Corporation
7.    Hewlett Packard Enterprise
8.    Intel Corporation
9.    Salesforce Inc.
10.    Alphabet Inc.

Report Details: