The Artificial Intelligence 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 Global Market Report 2024, The artificial intelligence market size has grown exponentially in recent years. It will grow from $73.38 billion in 2023 to $93.19 billion in 2024 at a compound annual growth rate (CAGR) of 27.0%. The growth in the historic period can be attributed to historical ai applications, historical market competition, historical ethical considerations, ai in specific sectors, historical investment trends, historical industry adoption.
The artificial intelligence market size is expected to see exponential growth in the next few years. It will grow to $214.74 billion in 2028 at a compound annual growth rate (CAGR) of 23.2%. The growth in the forecast period can be attributed to ai talent and workforce, industry-specific ai applications, regulatory changes and compliance, rise in ai-integrated products, global expansion of ai adoption. Major trends in the forecast period include advancements in machine learning, increased adoption of ai in healthcare, expansion of ai in robotics, rise of natural language processing (nlp), ai for personalization in marketing.
Increasing demand from businesses and governments for AI solutions is expected to propel the growth of the artificial intelligence market going forward. Artificial intelligence (AI) refers to the intelligence of machines or software, as opposed to the intelligence of humans or animals. AI can free up millions of labor hours, allowing government workers to focus on more important tasks and resulting in the government being able to provide services to the public faster. For instance, according to the 2023 AI Index Report, published by Stanford University, a US-based private research university, an AI Index analysis of the legislative records of 127 countries shows that the number of bills containing artificial intelligence that were passed into law has increased. The number of bills containing artificial intelligence passed into law grew from just 1 in the past ten years to 37 in 2022. Thus, increasing demand from businesses and governments for AI solutions is driving the growth of the artificial intelligence market.
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The artificial intelligence market covered in this report is segmented –
1) By Offering: Hardware, Software, Services
2) By Technology: Machine learning, Natural language processing, Context-Aware Computing, Computer Vision, Other Technologies (Image processing, Speech recognition)
3) By End-user Industry: Healthcare, Automotive, Agriculture, Retail, Marketing, Telecommunication, Defense, Aerospace, Media & Entertainment, Other End-User Industries
Major companies operating in the artificial intelligence market are developing innovative products such as ChatGPT Enterprise to improve customer satisfaction and loyalty. ChatGPT Enterprise is an AI chatbot that uses natural language processing to create human-like conversational dialogue. For instance, in August 2023, OpenAI, a US-based artificial intelligence company, launched ChatGPT Enterprise, the AI chatbot’s business tier. The tool includes access to GPT-4 with no usage caps, performance that’s up to two times faster than previous versions, and API credits. The beta users included Block, Canva, and The Estée Lauder Cos.
The artificial intelligence market report table of contents includes:
1. Executive Summary
2. Artificial Intelligence Market Characteristics
3. Artificial Intelligence Market Trends And Strategies
4. Artificial Intelligence Market – Macro Economic Scenario
5. Global Artificial Intelligence Market Size and Growth
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26. South America Artificial Intelligence Market
27. Brazil Artificial Intelligence Market
28. Middle East Artificial Intelligence Market
29. Africa Artificial Intelligence Market
30. Artificial Intelligence Market Competitive Landscape And Company Profiles
Top Major Players:
- Amazon.com Inc
- Apple Inc
- Alphabet Inc
- Samsung Electronics Co. Ltd
- Microsoft Corporation
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