Pune,India, Dec. 18, 2023 (GLOBE NEWSWIRE) — Global Artificial Intelligence Market Size was valued at USD 428.00 billion in 2022 and is projected to reach USD 2,025.12 billion by 2030, exhibiting a CAGR of 21.6% during the forecast period. Artificial intelligence is the simulation of human intelligence using various machines to create intelligent software and hardware which is capable of replicating human behavior. Government initiatives and investments in AI technologies to empower enterprises and end users are expected to drive market growth. Fortune Business Insights™ shares this information in its report titled Artificial Intelligence Market Forecast 2024-2030.
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Key Industry Development-
Google launched Bard which is their newest AI chatbot service powered by the LaMDA (Language Model for Dialogue Applications). The platform is stilling its testing stage before it can be available for public use.
Key Takeaways-
- Artificial Intelligence Market is expected to flourish & reach USD 2,025.12 Billion in 2030
- In addition to composing short tales, term papers, and music, the tool is also capable of translating, solving arithmetic problems, and building simple programmers.
- AI businesses regularly participate in pertinent alliances and collaborations to advance technology.
- By reducing the amount of work required for service administration, artificial intelligence also improves customer service.
- Artificial Intelligence Market Size in North America was USD 175.96 Billion 2022
Discover the Leading Players Featured in the Report:
“Leading Players Featured in the Report- 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.), Hewlett Packard Enterprise Development LP (U.S.).”
Report Scope & Segmentation-
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 21.6% |
| 2030 Value Projection | USD 2,025.12 Billion |
| Base Year | 2022 |
| Artificial Intelligence Market Size in 2022 | USD 428.00 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | Component, Function, Deployment, Industry, Regional |
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Drivers and Restraints-
Increased Number Of Relevant Partnerships And Collaborations To Drive Market Trajectory
Increased number of relevant partnerships and collaborations are anticipated to drive artificial intelligence market growth. AI companies have been engaging in partnerships and collaborations to gain technological excellence. The key vendors have been aiming to get the best of their concepts and the concepts of the partnered company. In October 2022, Ericsson Canada partnered with Montreal universities using artificial intelligence for improving 5G sustainability. Additionally, key vendors have been acquiring AI-driven startups to expand global presence, enhance marketing strategies, and gain technological expertise.
However, various challenges associated with the all-at-once adoption of AI tools is anticipated to hinder market development.
Segments:
By Component
- Hardware
- Software/Platform
- Services
By Function
- Human Resources
- Marketing & Sales
- Product/Service Deployment
- Service Operation
- Risk
- Supply-Chain Management
- Others
By Deployment
By Industry
- Healthcare
- Retail
- IT & Telecom
- BFSI
- Automotive
- Advertising & Media
- Manufacturing
- Others
Regional Insights-
North America To Lead Market Due To Presence Of Hyper Scalers
North America is expected to dominate the artificial intelligence market shared due to presence of hyper scalers such as IBM Corporation and Microsoft Corporation, and others. The region reached a valuation of USD 175.96 billion with the upgradation of AI technologies to cater to changing user requirements.
Asia Pacific is also expected to have highest CAGR due to increasing investments in AI industry and technologies. Owing to pandemic, investments in the AI industry increased and technologies.
Latin America, Europe, and the Middle East and Africa have been adopting advanced technologies. However, these regions face various challenges associated with the all-at-once adoption of AI technologies and the black box effect, and others.
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Competitive Landscape-
H2O.Ai Joined Forces With Billigence For The Internal Innovation By Deploying AI-Powered Models
The key players in the global artificial intelligence market have been opting for partnership strategies to gain a competitive edge over the other players. In March 2023, H2O.ai joined forces with Billigence for the acceleration of internal innovation by facilitating easy-to-create and deploy insights from AI-powered models. Billigence is a global business intelligence consultancy and provides its facilities in various sectors such as finance, media, telecommunications, energy, retail and government.
FAQs
How big is the Artificial Intelligence Market?
Artificial Intelligence Market size was USD 428.00 Billion in 2022. It is expected to reach USD 2,025.12 Billion by 2030.
How fast is the Artificial Intelligence Market growing?
The Artificial Intelligence Market will exhibit a CAGR of 21.6% during the forecast period, 2023-2030.
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