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Artificial Intelligence (AI) Software Market Size, Growth Drivers, Analysis 2023-2033
Artificial Intelligence (AI) Software Market
Insights into Artificial Intelligence AI Software Market: Global Trends and Analysis
Artificial Intelligence AI Software Industry - Key Market Dynamics and Trends
The artificial intelligence (AI) software market size has grown exponentially in recent years. It will grow from $168.98 billion in 2023 to $222.7 billion in 2024 at a compound annual growth rate (CAGR) of 31.7%. The growth in the historic period can be attributed to image recognition and analysis, recommendation engines tools, robotic process automation (RPA) tools, healthcare AI solutions , and regulatory support and ethical guidelines.
The artificial intelligence (AI) software market size is expected to see exponential growth in the next few years. It will grow to $678.82 billion in 2028 at a compound annual growth rate (CAGR) of 32.2%. The growth in the forecast period can be attributed to expansion of AI applications across industries, rise of edge AI and IoT integration, increased adoption of AI in healthcare, and expansion of autonomous systems and robotics. Major trends in the forecast period include explainable AI, AI democratization, AI-powered automation and augmentation, AI in healthcare transformation, AI in cybersecurity, AI in climate and sustainability.
Market Overview -
Artificial intelligence (AI) software refers to computer programs and algorithms capable of learning from data, recognizing patterns, making decisions, and solving problems autonomously or with minimal human intervention, designed to simulate and perform tasks that require human intelligence. This software is applied across various industries and domains to automate processes, enhance decision-making, personalize experiences, optimize operations, and innovate products and services.
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Rising Investments Fuel AI Software Market Growth
The increasing investments in AI startups are expected to propel the growth of the artificial intelligence (AI) software market going forward. AI startups are companies that specialize in developing and implementing artificial intelligence (AI) technologies to solve specific problems or meet market demands. Investments in AI startups are increasing due to rising demand for AI solutions across industries and its cost reduction and scalability. Investments in AI startups will support marketing and sales efforts, enabling AI companies to expand their market presence and drive the adoption of software solutions. For instance, in May 2022, according to the International Trade Administration, a US-based government agency, AI startups secured $1.5 billion in funding in 2021, up from $1.3 billion in 2020. Therefore, increasing investments in AI startups drive the growth of the artificial intelligence (AI) software market.
Competitive Landscape -
Major companies operating in the artificial intelligence (AI) software market are Amazon.com Inc., Apple Inc., Google Plc, Meta Platforms Inc., Tencent Holdings Limited, Intel Corporation, International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Oracle Corporation, SAP SE, Salesforce.com Inc., NVIDIA Corporation, Cognizant Technology Solutions Corporation, Adobe Inc., Baidu Inc., Infosys Limited, Wipro Limited, Micro Focus International plc, Palantir Technologies Inc., OpenAI, Nuance Communications Inc., UiPath Inc., Automation Anywhere Inc., CognitiveScale Inc.
Empowering Cybersecurity With Innovative Security AI Products
Major companies operating in the artificial intelligence (AI) software market are focusing on developing advanced solutions, such as Security Copilot, to enhance cybersecurity capabilities for their clients. Security Copilot is an advanced solution that leverages artificial intelligence (AI) to enhance cybersecurity measures and respond to cyber threats by analyzing large datasets and automating various cybersecurity tasks. For instance, in March 2024, Microsoft Corporation., a US-based technology company, launched Security Copilot, an AI product designed to empower security teams with advanced capabilities to detect and respond to threats quickly. This tool combines a specialized language model with security-specific capabilities, informed by global threat intelligence, to provide tailored insights and guidance for cybersecurity tasks. It aims to summarize vast data signals into key insights, detect cyber threats proactively, and reinforce security postures effectively.
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Key Segments -
The artificial intelligence (AI) software market covered in this report is segmented -
1) By Deployment Model: On-Premises, Cloud
2) By Technology : Computer Vision, Data Analytics, Machine Learning, Natural Language Processing, Other Technologies
3) By Application: Voice Processing, Text Processing, Image Processing
4) By End-User: Law, Retail, Healthcare, Banking, Financial Services, and Insurance, Advertising And Media, Automotive And Transportation, Agriculture, Manufacturing, Others End-Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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