Press release
Global AI Market Surges to US$ 137.67 Billion in 2023, Anticipates Remarkable 33.81% CAGR Growth from 2024 to 2030 ⅼ Renub Research
The swift adoption of digital technologies and the internet has dramatically propelled the global artificial intelligence (AI) market in recent years. Tech giants' substantial investments in research and development continually drive technological progress across industries. The escalating demand for AI across diverse sectors like automotive, healthcare, banking, finance, manufacturing, food and beverages, logistics, and retail will substantially boost the global AI market in the coming years. Technological innovations remain integral to numerous industries, underlining their enduring significance in driving growth and transformation.
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The global AI market reached US$ 137.67 Billion in 2023 and is projected to grow at a CAGR of 33.81% from 2024 to 2030. The burgeoning demand for life-saving medical devices and self-driving features in new electric vehicles drives global AI market growth. The worldwide shift toward digitalization further fuels this trend. Major tech giants like Google, Microsoft, IBM, Amazon, and Apple are intensifying investments in AI application development and enhancement, aiming to broaden AI accessibility. Favorable government initiatives, including establishing AI-focused subcommittees, amplify industry attention. In 2020, the Indian government increased spending on Digital India to $477 million, boosting AI, IoT, big data, cybersecurity, machine learning, and robotics. The BFSI sector anticipates significant AI market growth due to increased data analytics, fraud detection, cybersecurity, and database systems adoption.
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End-use sectors are incorporating artificial intelligence into their operations to streamline processes. This technology is gaining traction for enhancing efficiency and outcomes for organizations. The increasing adoption of AI prompts newcomers to enter the market with specialized products and solutions. Additionally, companies are pursuing strategic initiatives such as industry consolidations to secure competitive edges.
There is a notable rise in software solutions within the artificial intelligence market.
The artificial intelligence market is experiencing substantial growth, particularly in software solutions. This surge reflects a paradigm shift towards advanced algorithms and platforms that harness AI capabilities. Companies increasingly integrate AI-powered software to enhance efficiency, productivity, and decision-making processes across various industries. The demand for sophisticated AI software solutions is rising from machine learning algorithms to natural language processing tools. This trend underscores software's pivotal role in driving AI innovation and adoption, signaling a transformative era where intelligent technologies are poised to reshape business landscapes and redefine human-machine interactions.
Deep learning technology is expected to experience significant growth within the artificial intelligence market in the coming year.
The artificial intelligence industry anticipates substantial growth, with a particular focus on the advancement of deep learning technology. This specialized field, characterized by intricate neural networks mimicking the human brain's learning process, is poised to drive significant innovation and transformation. As businesses increasingly recognize the potential of deep learning for tasks such as image and speech recognition, demand for this technology is expected to soar. With its ability to uncover complex patterns and insights from vast datasets, deep learning is set to revolutionize various sectors, propelling the artificial intelligence industry to new heights of achievement and capability.
The advertising and media industry are positioned to lead the global market.
The advertising and media industry are forecasted to emerge as the frontrunner in the global market. This projection underscores the sector's growing influence and significance in today's interconnected world. With advancements in digital technologies and evolving consumer behaviors, advertisers and media companies are poised to capitalize on new opportunities for engagement and outreach. The industry's dynamic landscape is primed for expansion from innovative digital advertising platforms to immersive media experiences. As brands seek to connect with audiences across diverse channels and platforms, the advertising and media sector stands ready to lead the way, driving growth and shaping the future of global commerce and communication.
The United States will possess a significant percentage in the artificial intelligence market.
The United States has established dominance in the global artificial intelligence market. With pioneering research, substantial investments, and a robust ecosystem of tech giants, the country leads the forefront of AI innovation and adoption. Its advancements span various sectors, from healthcare and finance to automotive and retail, reflecting the widespread integration of AI technologies. Leveraging its unparalleled expertise and resources, the United States continues to shape the trajectory of AI development worldwide. As the demand for intelligent solutions escalates, the country's leadership in AI promises to fuel further growth and drive transformative changes across industries on a global scale.
Key Players
Worldwide artificial intelligence market companies include Microsoft Corporation, IBM Corporation, Amazon, Baidu Inc., Nvidia Corporation, Oracle Corporation, Hewlett Packard Enterprise, Intel Corporation, Salesforce Inc., and Alphabet Inc.
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 Intelligence Market 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.
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About the Company:
Renub Research is a Market Research and Information Analysis company with more than 15 years of experience in Research, Survey, and Consulting. Our research helps companies to take business decisions: on strategy, organization, operations, technology, mergers & acquisitions, etc. Till now we have published more than 7000 syndicated reports and worked on more than 500 custom research projects. Currently, we are supplying data to EMIS, Bloomberg, Thomson Reuters, etc. We support many blue-chip companies by providing them with findings and perspectives across a wide range of markets.
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