The Artificial Intelligence (AI) Engineering Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Artificial Intelligence (AI) Engineering Global Market Report 2024, The artificial intelligence (ai) engineering market size has grown exponentially in recent years. It will grow from $11.49 billion in 2023 to $15.95 billion in 2024 at a compound annual growth rate (CAGR) of 38.8%. The growth in the historic period can be attributed to increased computing power, growing availability of big data, rising demand for automation, expansion of cloud computing.
The artificial intelligence (ai) engineering market size is expected to see exponential growth in the next few years. It will grow to $59.22 billion in 2028 at a compound annual growth rate (CAGR) of 38.8%. The growth in the forecast period can be attributed to demand for ai-powered cybersecurity solutions, growth in edge computing, expansion of ai in healthcare applications, increasing use of ai in customer service. Major trends in the forecast period include development of explainable ai, rise of ai in drug discovery and healthcare research, increased use of ai in human resources, emergence of ai-driven design and creativity tools, growing focus on ethical ai development.
The rapid adoption of automation is expected to propel the growth of the artificial intelligence (AI) engineering market going forward. Automation refers to developing and using technology to manufacture and distribute goods and services with little human assistance. Automation in the AI engineering sector speeds up development, improves productivity, and streamlines procedures, resulting in the broad adoption of AI technology across various sectors. For instance, in February 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, 23,000 industrial robots will be operating in UK factories in 2021, an increase of 6% from 2021. Further, sales of new robots were up by 8% to 2,205 units in 2020. Furthermore, in April 2021, according to Eurostat, a Luxembourg-based statistical office of the European Union, Denmark, and Finland reported having the highest percentage of businesses adopting artificial intelligence in 2021, with 24% Denmark and 16 % Finland, up from Finland (12%) and Denmark (11%) in 2020. Therefore, the rapid adoption of automation drives the artificial intelligence (AI) market.
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The artificial intelligence (ai) engineering market covered in this report is segmented –
1) By Solution: Hardware, Software, Services
2) By Technology: Deep Learning, Machine Learning, Natural Language Processing, Computer Vision
3) By Deployment: On-Cloud, On-Premise
4) By End-User: Healthcare, Automotive And Transportation, Agriculture, Information Technology (IT), Business Management, Other End-Users
Top Major Players:
lphabet Inc.
Microsoft Corporation
Meta Platform Inc.
Dell Technologies Inc.
Huawei Technologies Co. Ltd
North America was the largest region in the artificial intelligence (AI) engineering market in 2023.
Technological advancement is a key trend gaining popularity in the artificial intelligence (AI) engineering market. Major companies operating in the artificial intelligence (AI) engineering market are adopting new technologies to sustain their position in the market. For instance, in March 2023, Mach9 Robotics Inc., a US-based geospatial technology company, launched new geospatial production software. The new tool uses computer vision and AI to produce 2D and 3D CAD engineering deliverables quickly. This is Mach9’s conversion from a hardware-first to a software-first business model, brought on by the expanding need for tools that quicken the processing and analysis of geospatial data for infrastructure management.
The artificial intelligence (ai) engineering market report table of contents includes:
1. Executive Summary
2. Artificial Intelligence (AI) Engineering Market Characteristics
3. Artificial Intelligence (AI) Engineering Market Trends And Strategies
4. Artificial Intelligence (AI) Engineering Market – Macro Economic Scenario
5. Global Artificial Intelligence (AI) Engineering Market Size and Growth
….
32. Global Artificial Intelligence (AI) Engineering Market Competitive Benchmarking
33. Global Artificial Intelligence (AI) Engineering Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Artificial Intelligence (AI) Engineering Market
35. Artificial Intelligence (AI) Engineering Market Future Outlook and Potential Analysis
36. Appendix
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