Artificial Intelligence (AI) Market Analysis, Potential Scope, Size, Leading Key Companies, Top Trends, Recent Development & Forecast -2030

June 13 17:35 2024
Artificial Intelligence (AI) Market Analysis, Potential Scope, Size, Leading Key Companies, Top Trends, Recent Development & Forecast -2030
Microsoft (US), IBM (US), Google (US), AWS (US), NVIDIA (US) along with startups such as Anthropic (US), Cerebras (US), OpenAI (US), Anduril Industries (US) and Cohere (Canada).
Artificial Intelligence (AI) Market by Offering (Discriminative AI, Generative AI, Hardware, Services), Technology (ML, NLP, Context-aware AI, Computer Vision), Business Function (Marketing & Sales, HR), Vertical and Region – Global Forecast to 2030.

The global artificial intelligence market is projected to register a CAGR of 35.7% during the forecast period, reaching USD 1,339.1 billion by 2030 from an estimated USD 214.6 billion in 2024. Major factors to boost the market growth include the expansion of deep learning and machine learning technologies, Increasing utilization of autonomous AI solutions, and progress in computational power and database accessibility.

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By business function, marketing & sales to register the largest market share during the forecast period.

Marketing & sales business function is projected to hold the largest market share in the artificial intelligence market during the forecast period due to several compelling reasons. Firstly, AI-powered tools such as predictive analytics and recommendation engines significantly enhance customer targeting, lead generation, and personalized marketing campaigns, leading to improved conversion rates and sales performance. Secondly, the integration of AI into customer relationship management (CRM) systems enables businesses to automate repetitive tasks, streamline workflows, and provide more tailored customer experiences, driving customer satisfaction and loyalty. Additionally, AI-driven chatbots and virtual assistants are increasingly adopted by companies to offer round-the-clock customer support, further augmenting sales efforts. Furthermore, emerging trends such as AI-powered dynamic pricing, visual search, and voice commerce are reshaping the marketing and sales landscape, offering new avenues for growth and competitive advantage.

By vertical, healthcare & life sciences segment is poised for the fastest growth rate during the forecast period.

Healthcare & life sciences vertical in the artificial intelligence market is poised for the fastest growth rate during the forecast period due to various significant factors. Advancements in AI algorithms and deep learning techniques have significantly enhanced diagnostic accuracy, personalized treatment plans, and drug discovery processes, leading to improved patient outcomes and reduced healthcare expenses. Additionally, the proliferation of electronic health records (EHRs) and wearable devices has generated vast amounts of patient data, providing fertile ground for AI-powered analytics to extract actionable insights and augment clinical decision-making capabilities. Furthermore, the accelerated adoption of telemedicine and remote patient monitoring solutions are driving the integration of AI technologies into healthcare delivery systems. Emerging trends like precision medicine, virtual assistants for healthcare professionals, and AI-driven genomics are also contributing to the rapid growth of AI in the healthcare and life sciences sector.

By region, North America accounts for the largest market during forecast period.

The region boasts a strong presence of leading tech giants and research institutions at the forefront of AI development. Additionally, North American industries have been early adopters of AI technologies, driving market growth. Government funding also plays a big role, as substantial resources are allocated towards AI research and development. This fosters a large pool of skilled AI professionals, further strengthening North America’s position in the AI market.

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Unique Features in the Artificial Intelligence (AI) Market

Explainable AI (XAI) is AI that can communicate its logic to humans. Ensuring that AI systems are making impartial and equitable decisions is crucial for fostering trust in them.

New content, including text, music, and images, can be produced via generative AI. This has the power to completely transform a variety of sectors, including marketing and entertainment.

The brain serves as an inspiration for neuromorphic computing. It could be far quicker and more effective than conventional computers, which could result in advancements in industries like robotics and artificial intelligence.

Artificial intelligence and quantum computing are combined to create quantum AI. Calculations that are beyond the capabilities of conventional computers can be completed by quantum computers. This might result in the creation of completely original AI programs and algorithms.

More intelligent and powerful robots than ever before are being created thanks to AI-powered robotics. Applications for these robots are numerous and include manufacturing and healthcare.

Major Highlights of the Artificial Intelligence (AI) Market

Major tech firms with significant investments in AI development include Apple, Google, Microsoft, IBM, Amazon, and Microsoft. The market is expanding as a result of their upgrades and new AI applications.

Artificial Intelligence has moved beyond science fiction and is now being used in a wide range of industries, including manufacturing, healthcare, banking, customer service, and even the arts. The market is expanding as a result of this broad acceptance.

Specialized AI chips have been developed as a result of the demand for effective AI processing. This industry is predicted to rise to $83.25 billion by 2027, demonstrating the increasing significance of hardware made especially for artificial intelligence applications.

Making sure AI makes decisions that are fair and transparent is essential as it gets more sophisticated. To meet this demand and increase confidence in AI systems, XAI technologies are becoming more and more popular.

These highlights point to a booming AI business that has the potential to completely transform a number of facets of our life.

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Top Companies in the Artificial Intelligence (AI) Market

The major players in the artificial intelligence market include Microsoft (US), IBM (US), Google (US), AWS (US), NVIDIA (US) along with startups such as Anthropic (US), Cerebras (US), OpenAI (US), Anduril Industries (US) and Cohere (Canada).

Microsoft

Microsoft has strategically positioned itself as a leader in the artificial intelligence (AI) market through a combination of robust research, strategic acquisitions, and key partnerships. Core competencies include advanced AI research, integration of AI into its cloud platform Azure, and development of AI-driven tools like Microsoft Cognitive Services and Azure Machine Learning. Major activities bolstering its AI prowess involve acquisitions such as Nuance Communications, enhancing its healthcare AI capabilities, and major investment in OpenAI, which aids in developing advanced language models. Microsoft’s partnerships with companies like NVIDIA, for GPU-accelerated AI applications, and global enterprises to implement AI solutions, further cement its strong market presence. The company’s strategy emphasizes democratizing AI access, fostering innovation, and embedding AI into everyday business processes to drive digital transformation.

IBM

IBM is a significant player in the artificial intelligence (AI) market, focusing on strategies that leverage its AI platform, Watson. Core competencies include natural language processing, machine learning, and data analytics, integrated across industries like healthcare, finance, and customer service. IBM’s strategy emphasizes enhancing AI capabilities through extensive research and development and expanding cloud services to support AI deployment. The company has made significant acquisitions, such as Red Hat, Pliant and Apptio to strengthen its cloud and AI integration, and has formed strategic partnerships with firms like AWS, SAP and the MIT-IBM Watson AI Lab. These initiatives aim to accelerate innovation and provide robust AI solutions, positioning IBM as a leader in the AI sector with a comprehensive approach that combines technology, research, and strategic collaborations.

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