Overview and Scope
Artificial intelligence is a wide-ranging branch of computer science-related with building smart machines that can perform tasks that require human intelligence.
Sizing and Forecast
The artificial intelligence services market size has grown exponentially in recent years. It will grow from $18.34 billion in 2023 to $27.75 billion in 2024 at a compound annual growth rate (CAGR) of 51.3%. The growth in the historic period can be attributed to historical business impact, historical implementation challenges, ai talent development, market competition, ai in customer service.
The artificial intelligence services market size is expected to see exponential growth in the next few years. It will grow to $96.86 billion in 2028 at a compound annual growth rate (CAGR) of 36.7%. The growth in the forecast period can be attributed to ethical ai practices, ai integration into business processes, investment and funding trends, global adoption of ai services, industry-specific ai solutions. Major trends in the forecast period include rise in ai partnerships and collaborations, focus on ethical ai, integration with iot and edge computing, ai-as-a-service (aiaas), predictive analytics and data insights.
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Segmentation & Regional Insights
The artificial intelligence services market covered in this report is segmented –
1) By Technology: Machine Learning, Computer Vision, Natural Language Processing (NLP), Other Technology
2) By Services Type: Managed Services, Professional Services
3) By Software Tools: Web-based and Cloud Application Programming Interface, Processing and Modeler, Archiving and Data Storage
4) By Application Type: Fraud Detection, Data Analytics & Visualization, Customer Service and Management, Rsik Management, Compliance & Security
5) By End-User: Banking, Financial, and Insurance (BFSI), IT & Telecom, Retail, Manufacturing, Public Sector, Energy & Utility, Healthcare, Other End-Users
Asia-Pacific was the largest region in the artificial intelligence services market in 2023. North America was the second largest region in the global artificial intelligence services market share. The regions covered in the artificial intelligence services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising adoption of AI in healthcare is expected to propel the growth of the artificial intelligence services market. AI in healthcare refers to the use of artificial intelligence (AI) technologies in the healthcare industry to improve patient outcomes, reduce costs, and increase efficiency. AI provides real-time data to healthcare professionals, enabling them to make informed decisions and saving time and resources by automating tedious tasks such as data entry, claims processing, and appointment scheduling. For instance, according to the National Center for Biotechnology Information, a US-based organization that provides access to biomedical and genomic information, stated that AI-associated healthcare market was expected to grow rapidly and reach USD 6.6 billion by 2021, corresponding to a 40% compound annual growth rate. Thus, the rising adoption of AI in healthcare is driving the growth of the artificial intelligence services market.
Key Industry Players
Major companies operating in the artificial intelligence services market report are Apple Inc., Alphabet Inc., Google LLC, Microsoft Corporation, Dell Technologies Inc., Huawei Technologies CO. Ltd., Hitachi Ltd., Siemens AG, Amazon Web Services Inc., General Electric Company, Intel Corporation, Accenture PLC, International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, H2O.ai Inc., Cisco Systems Inc., PricewaterhouseCoopers International Limited, Ernst & Young Global Limited, Oracle Corporation, Honeywell International Inc., KPMG International Limited, SAP SE, Fujitsu Ltd., Tata Consultancy Services Ltd., NEC Corporation, Salesforce Inc., Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, Baidu Inc., Wipro Ltd., SAS Institute Inc., Fair Isaac Corporation, HCL Technologies Ltd., Cognitive Scale Inc., BigML Inc.
The artificial intelligence services market report table of contents includes:
1. Executive Summary
2. Artificial Intelligence Services Market Characteristics
3. Artificial Intelligence Services Market Trends And Strategies
4. Artificial Intelligence Services Market – Macro Economic Scenario
5. Global Artificial Intelligence Services Market Size and Growth
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31. Artificial Intelligence Services Market Other Major And Innovative Companies
32. Global Artificial Intelligence Services Market Competitive Benchmarking
33. Global Artificial Intelligence Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Artificial Intelligence Services Market
35. Artificial Intelligence Services Market Future Outlook and Potential Analysis
36.Appendix
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