The Artificial Intelligence Services 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 Services Global Market Report 2024, 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.
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.
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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
Major companies operating in the artificial intelligence services market are developing innovative products such as text-to-image tool to improve customer satisfaction and loyalty. A text-to-image tool is a software or online application that allows users to convert text into images. For instance, in September 2023, OpenAI, a US-based artificial intelligence company, launched Dall-E 3, the latest version of its text-to-image tool. Dall-E 3 uses its wildly popular AI chatbot ChatGPT to help fill in prompts. The tool can translate nuanced requests into extremely detailed and accurate images.
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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26. South America Artificial Intelligence Services Market
27. Brazil Artificial Intelligence Services Market
28. Middle East Artificial Intelligence Services Market
29. Africa Artificial Intelligence Services Market
30. Artificial Intelligence Services Market Competitive Landscape And Company Profiles
Top Major Players:
- Apple Inc
- Alphabet Inc
- Google LLC
- Microsoft Corporation
- Dell Technologies Inc
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