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Artificial Intelligence (AI) Software Market Size, Share Analysis And Trends By 2033
Artificial Intelligence (AI) Software Market Size
According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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.
Artificial Intelligence (AI) Software Market 2024 Key Insights:
• 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%.
• Rising Investments Fuel AI Software Market Growth
• Empowering Cybersecurity With Innovative Security AI Products
• North America was the largest region in the artificial intelligence (AI) software market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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