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Artificial Intelligence Market

Publisher Fortune Business Insights Pvt. Ltd.
Published Oct 01, 2024
Length 190 Pages
SKU # FOB19224307

Description

Artificial Intelligence Market



Growth Factors of Artificial Intelligence Market

The artificial intelligence market size was valued at USD 515.31 billion in 2023, and the market is now projected to grow from USD 621.19 billion in 2024 to USD 2,740.46 billion by 2032, exhibiting a CAGR of 20.4% during the forecast period of 2024-2032.

The pandemic has forced organizations to shift toward cloud solutions, increasing the employment of artificial intelligence and machine learning. This change was mainly driven by the healthcare sector, which enhanced diagnostic capabilities and treatment outcomes. According to a study conducted by Regenstrief Institute and Indiana University in January 2022, the ML models succeeded in backing public health decisions during the pandemic contributing to the artificial intelligence market growth, crisis and technology.

The AI business entities are in advanced partnerships for enhanced technological growth. Vendors foresee utilizing their collective proficiency to facilitate higher advancement rates and deployment of AI systems in the physical and digital environments. Higher spending in 2024 is expected to be due to increased investment in research and development, and enhancement of AI. These important aspects contribute to the reality that achieving significant growth in the artificial intelligence market share requires fast-moving collaborations.

However, ChatGPT gained more than one million users in the first five days of November 2022, which confirms that ChatGPT has more daily active users than most online services. In response, they are researching and deploying rival conversational AI chatbots to retain high ground in hyper scaling. The generative AI market is expected to grow from USD 40 billion by 2022 to USD 1.3 trillion in the next decade. By 2024 AI generative will spread to different areas and domains of the economy such as banking, healthcare and hospitality to minimise or eliminate human error and interference.

Comprehensive Analysis of Artificial Intelligence Market

The artificial intelligence market and information & communication technology industry are rising exponentially due to its market segmentation. This market expansion provides a detailed regional assessment considering the dominant supply and demand forces that impact the technology & media industry. These segmentations are methodically segregated by component, by function, by deployment and by industry. The component includes, Hardware, Software/Platform and Services. The function include, Human Resources, Marketing & Sales, Product/Service Deployment, Service Operation, Risk, Supply-Chain Management and Others (Strategy and Corporate Finance), The deployment includes, Cloud and On-premises. The industry includes, Healthcare, Retail, IT & Telecom, BFSI, Automotive, Advertising & Media, Manufacturing and Others.

North America is the largest market for natural language processing technologies and this can be attributed to hyper scalers such as IBM Corporation and Microsoft Corporation. Due to the recent generative AI craze as users’ needs change, these companies have sought to develop their AI technologies. According to the 2023 Skynova survey, 78% of small business owners in the U.S. remain positive concerning AI adoption. North America plays a vital role in AI technology.

Key players in the market have continued to be strategically involved in the information and communication technology industry that fosters industrial prospectus and defines the market. These players include, Microsoft Corporation (U.S.), Amazon.com, Inc. (U.S.), IBM Corporation (U.S.), Alphabet Inc. (Google LLC) (U.S.), Salesforce.com, Inc. (U.S.), Baidu, Inc. (China), NVIDIA Corporation (U.S.), H2O.ai (U.S.), Oracle Corporation (U.S.) and Hewlett Packard Enterprise Development LP (U.S.). These market players provide a level-playing competitive landscape.

In February 2023, IBM Corporation acquired StepZen Inc., specialising in GraphQL server development. StepZen’s server for a different architecture allows developers to build GraphQL APIs faster and in fewer lines of code.

Segmentation Table

Global Artificial Intelligence Market Scope

Study Period 2019-2032

Base Year 2023

Forecast Period 2024-2032

Growth Rate CAGR of 20.4% from 2024 to 2032

Historical Period 2019-2022

Unit Value (USD Billion)

Segmentation By Component, Function, Deployment, Industry, and Region

By Component
  • Hardware
    • Software/Platform
    • Services
    By Function
  • Human Resources
    • Marketing & Sales
    • Product/Service Deployment
    • Service Operation
    • Risk
    • Supply-Chain Management
    • Others
    By Deployment
    • Cloud
    • On-premises
    By Industry
  • Healthcare
    • Retail
    • IT & Telecom
    • BFSI
    • Automotive
    • Advertising & Media
    • Manufacturing
    • Others
    By Region
  • North America (By Component, By Function, By Deployment, By Industry, and By Country)
    • U.S. (By Component)
    • Canada (By Component)
    • Latin America (By Component, By Function, By Deployment, By Industry, and By Country)
    • Brazil (By Component)
    • Mexico (By Component)
    • Rest of Latin America
    • Europe (By Component, By Function, By Deployment, By Industry, and By Country)
    • U.K. (By Component)
    • Germany (By Component)
    • France (By Component)
    • Scandinavia (By Component)
    • Rest of Europe
    • Middle East & Africa (By Component, By Function, By Deployment, By Industry, and By Country)
    • GCC (By Component)
    • South Africa (By Component)
    • Rest of the Middle East & Africa
    • Asia Pacific (By Component, By Function, By Deployment, By Industry, and By Country)
    • China (By Component)
    • Japan (By Component)
    • India (By Component)
    • Southeast Asia (By Component)
    • Rest of Asia Pacific


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    Table of Contents

    190 Pages
    1. Introduction
    1.1. Definition, By Segment
    1.2. Research Methodology/Approach
    1.3. Data Sources
    2. Executive Summary
    3. Market Dynamics
    3.1. Macro and Micro Economic Indicators
    3.2. Drivers, Restraints, Opportunities and Trends
    3.3. Governments Initiatives and Investments
    4. Competition Landscape
    4.1. Business Strategies Adopted by Key Players
    4.2. Consolidated SWOT Analysis of Key Players
    4.3. Global Artificial Intelligence Key Players Market Share/Ranking, 2023
    5. Global Artificial Intelligence Market Size Estimates and Forecasts, By Segments, 2019-2032
    5.1. Key Findings
    5.2. By Component (USD)
    5.2.1. Hardware
    5.2.2. Software/Platform
    5.2.3. Services
    5.3. By Function (USD)
    5.3.1. Human Resources
    5.3.2. Marketing & Sales
    5.3.3. Product/Service Deployment
    5.3.4. Service Operation
    5.3.5. Risk
    5.3.6. Supply-Chain Management
    5.3.7. Others
    5.4. By Deployment (USD)
    5.4.1. Cloud
    5.4.2. On-premises
    5.5. By Industry (USD)
    5.5.1. Healthcare
    5.5.2. Retail
    5.5.3. IT and Telecom
    5.5.4. BFSI
    5.5.5. Automotive
    5.5.6. Advertising & Media
    5.5.7. Manufacturing
    5.5.8. Others
    5.6. By Region (USD)
    5.6.1. North America
    5.6.2. Latin America
    5.6.3. Europe
    5.6.4. Middle East & Africa
    5.6.5. Asia Pacific
    6. North America Artificial Intelligence Market Size Estimates and Forecasts, By Segments, 2019-2032
    6.1. Key Findings
    6.2. By Component (USD)
    6.2.1. Hardware
    6.2.2. Software/Platform
    6.2.3. Services
    6.3. By Function (USD)
    6.3.1. Human Resources
    6.3.2. Marketing & Sales
    6.3.3. Product/Service Deployment
    6.3.4. Service Operation
    6.3.5. Risk
    6.3.6. Supply-Chain Management
    6.3.7. Others
    6.4. By Deployment (USD)
    6.4.1. Cloud
    6.4.2. On-premises
    6.5. By Industry (USD)
    6.5.1. Healthcare
    6.5.2. Retail
    6.5.3. IT and Telecom
    6.5.4. BFSI
    6.5.5. Automotive
    6.5.6. Advertising & Media
    6.5.7. Manufacturing
    6.5.8. Others
    6.6. By Country (USD)
    6.6.1. U.S.
    6.6.1.1. By Component
    6.6.2. Canada
    6.6.2.1. By Component
    7. Latin America Artificial Intelligence Market Size Estimates and Forecasts, By Segments, 2019-2032
    7.1. Key Findings
    7.2. By Component (USD)
    7.2.1. Hardware
    7.2.2. Software/Platform
    7.2.3. Services
    7.3. By Function (USD)
    7.3.1. Human Resources
    7.3.2. Marketing & Sales
    7.3.3. Product/Service Deployment
    7.3.4. Service Operation
    7.3.5. Risk
    7.3.6. Supply-Chain Management
    7.3.7. Others
    7.4. By Deployment (USD)
    7.4.1. Cloud
    7.4.2. On-premises
    7.5. By Industry (USD)
    7.5.1. Healthcare
    7.5.2. Retail
    7.5.3. IT and Telecom
    7.5.4. BFSI
    7.5.5. Automotive
    7.5.6. Advertising & Media
    7.5.7. Manufacturing
    7.5.8. Others
    7.6. By Country (USD)
    7.6.1. Brazil
    7.6.1.1. By Component
    7.6.2. Mexico
    7.6.2.1. By Component
    7.6.3. Rest of Latin America
    8. Europe Artificial Intelligence Market Size Estimates and Forecasts, By Segments, 2019-2032
    8.1. Key Findings
    8.2. By Component (USD)
    8.2.1. Hardware
    8.2.2. Software/Platform
    8.2.3. Services
    8.3. By Function (USD)
    8.3.1. Human Resources
    8.3.2. Marketing & Sales
    8.3.3. Product/Service Deployment
    8.3.4. Service Operation
    8.3.5. Risk
    8.3.6. Supply-Chain Management
    8.3.7. Others
    8.4. By Deployment (USD)
    8.4.1. Cloud
    8.4.2. On-premises
    8.5. By Industry (USD)
    8.5.1. Healthcare
    8.5.2. Retail
    8.5.3. IT and Telecom
    8.5.4. BFSI
    8.5.5. Automotive
    8.5.6. Advertising & Media
    8.5.7. Manufacturing
    8.5.8. Others
    8.6. By Country (USD)
    8.6.1. U.K.
    8.6.1.1. By Component
    8.6.2. Germany
    8.6.2.1. By Component
    8.6.3. France
    8.6.3.1. By Component
    8.6.4. Scandinavia
    8.6.4.1. By Component
    8.6.5. Rest of Europe
    9. Middle East & Africa Artificial Intelligence Market Size Estimates and Forecasts, By Segments, 2019-2032
    9.1. Key Findings
    9.2. By Component (USD)
    9.2.1. Hardware
    9.2.2. Software/Platform
    9.2.3. Services
    9.3. By Function (USD)
    9.3.1. Human Resources
    9.3.2. Marketing & Sales
    9.3.3. Product/Service Deployment
    9.3.4. Service Operation
    9.3.5. Risk
    9.3.6. Supply-Chain Management
    9.3.7. Others
    9.4. By Deployment (USD)
    9.4.1. Cloud
    9.4.2. On-premises
    9.5. By Industry (USD)
    9.5.1. Healthcare
    9.5.2. Retail
    9.5.3. IT and Telecom
    9.5.4. BFSI
    9.5.5. Automotive
    9.5.6. Advertising & Media
    9.5.7. Manufacturing
    9.5.8. Others
    9.6. By Country (USD)
    9.6.1. GCC
    9.6.1.1. By Component
    9.6.2. South Africa
    9.6.2.1. By Component
    9.6.3. Rest of MEA
    10. Asia Pacific Artificial Intelligence Market Size Estimates and Forecasts, By Segments, 2019-2032
    10.1. Key Findings
    10.2. By Component (USD)
    10.2.1. Hardware
    10.2.2. Software/Platform
    10.2.3. Services
    10.3. By Function (USD)
    10.3.1. Human Resources
    10.3.2. Marketing & Sales
    10.3.3. Product/Service Deployment
    10.3.4. Service Operation
    10.3.5. Risk
    10.3.6. Supply-Chain Management
    10.3.7. Others
    10.4. By Deployment (USD)
    10.4.1. Cloud
    10.4.2. On-premises
    10.5. By Industry (USD)
    10.5.1. Healthcare
    10.5.2. Retail
    10.5.3. IT and Telecom
    10.5.4. BFSI
    10.5.5. Automotive
    10.5.6. Advertising & Media
    10.5.7. Manufacturing
    10.5.8. Others
    10.6. By Country (USD)
    10.6.1. China
    10.6.1.1. By Component
    10.6.2. Japan
    10.6.2.1. By Component
    10.6.3. India
    10.6.3.1. By Component
    10.6.4. Southeast Asia
    10.6.4.1. By Component
    10.6.5. Rest of Asia Pacific
    11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)
    11.1. Microsoft Corporation
    11.1.1. Overview
    11.1.1.1. Key Management
    11.1.1.2. Headquarters
    11.1.1.3. Offerings/Business Segments
    11.1.2. Key Details (Key details are consolidated data and not product/service specific)
    11.1.2.1. Employee Size
    11.1.2.2. Past and Current Revenue
    11.1.2.3. Geographical Share
    11.1.2.4. Business Segment Share
    11.1.2.5. Recent Developments
    11.2. Amazon.com, Inc.
    11.2.1. Overview
    11.2.1.1. Key Management
    11.2.1.2. Headquarters
    11.2.1.3. Offerings/Business Segments
    11.2.2. Key Details (Key details are consolidated data and not product/service specific)
    11.2.2.1. Employee Size
    11.2.2.2. Past and Current Revenue
    11.2.2.3. Geographical Share
    11.2.2.4. Business Segment Share
    11.2.2.5. Recent Developments
    11.3. IBM Corporation
    11.3.1. Overview
    11.3.1.1. Key Management
    11.3.1.2. Headquarters
    11.3.1.3. Offerings/Business Segments
    11.3.2. Key Details (Key details are consolidated data and not product/service specific)
    11.3.2.1. Employee Size
    11.3.2.2. Past and Current Revenue
    11.3.2.3. Geographical Share
    11.3.2.4. Business Segment Share
    11.3.2.5. Recent Developments
    11.4. Alphabet Inc. (Google LLC)
    11.4.1. Overview
    11.4.1.1. Key Management
    11.4.1.2. Headquarters
    11.4.1.3. Offerings/Business Segments
    11.4.2. Key Details (Key details are consolidated data and not product/service specific)
    11.4.2.1. Employee Size
    11.4.2.2. Past and Current Revenue
    11.4.2.3. Geographical Share
    11.4.2.4. Business Segment Share
    11.4.2.5. Recent Developments
    11.5. Salesforce.com, inc.
    11.5.1. Overview
    11.5.1.1. Key Management
    11.5.1.2. Headquarters
    11.5.1.3. Offerings/Business Segments
    11.5.2. Key Details (Key details are consolidated data and not product/service specific)
    11.5.2.1. Employee Size
    11.5.2.2. Past and Current Revenue
    11.5.2.3. Geographical Share
    11.5.2.4. Business Segment Share
    11.5.2.5. Recent Developments
    11.6. Baidu, Inc.
    11.6.1. Overview
    11.6.1.1. Key Management
    11.6.1.2. Headquarters
    11.6.1.3. Offerings/Business Segments
    11.6.2. Key Details (Key details are consolidated data and not product/service specific)
    11.6.2.1. Employee Size
    11.6.2.2. Past and Current Revenue
    11.6.2.3. Geographical Share
    11.6.2.4. Business Segment Share
    11.6.2.5. Recent Developments
    11.7. NVIDIA Corporation
    11.7.1. Overview
    11.7.1.1. Key Management
    11.7.1.2. Headquarters
    11.7.1.3. Offerings/Business Segments
    11.7.2. Key Details (Key details are consolidated data and not product/service specific)
    11.7.2.1. Employee Size
    11.7.2.2. Past and Current Revenue
    11.7.2.3. Geographical Share
    11.7.2.4. Business Segment Share
    11.7.2.5. Recent Developments
    11.8. H2O.ai
    11.8.1. Overview
    11.8.1.1. Key Management
    11.8.1.2. Headquarters
    11.8.1.3. Offerings/Business Segments
    11.8.2. Key Details (Key details are consolidated data and not product/service specific)
    11.8.2.1. Employee Size
    11.8.2.2. Past and Current Revenue
    11.8.2.3. Geographical Share
    11.8.2.4. Business Segment Share
    11.8.2.5. Recent Developments
    11.9. Oracle Corporation
    11.9.1. Overview
    11.9.1.1. Key Management
    11.9.1.2. Headquarters
    11.9.1.3. Offerings/Business Segments
    11.9.2. Key Details (Key details are consolidated data and not product/service specific)
    11.9.2.1. Employee Size
    11.9.2.2. Past and Current Revenue
    11.9.2.3. Geographical Share
    11.9.2.4. Business Segment Share
    11.9.2.5. Recent Developments
    11.10. Hewlett Packard Enterprise Development LP
    11.10.1. Overview
    11.10.1.1. Key Management
    11.10.1.2. Headquarters
    11.10.1.3. Offerings/Business Segments
    11.10.2. Key Details (Key details are consolidated data and not product/service specific)
    11.10.2.1. Employee Size
    11.10.2.2. Past and Current Revenue
    11.10.2.3. Geographical Share
    11.10.2.4. Business Segment Share
    11.10.2.5. Recent Developments

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