Artificial intelligence systems spending refers to the financial investments made by organizations or individuals in the development, implementation, and maintenance of artificial intelligence (AI) systems. This expenditure encompasses a wide range of activities and resources dedicated to leveraging AI to address business challenges, enhance productivity, improve decision-making, drive innovation, and gain competitive advantages.
Sizing and Forecast
The artificial intelligence systems spending market size has grown exponentially in recent years. It will grow from $117.38 billion in 2023 to $174.16 billion in 2024 at a compound annual growth rate (CAGR) of 48.4%. The growth in the historic period can be attributed to increased computing power, rise of cloud computing, growing awareness and education, regulatory and compliance requirements, and increased industry-specific applications.
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Segmentation & Regional Insights
The artificial intelligence systems spending market covered in this report is segmented –
1) By Component: Software, Hardware, Service
2) By Technology: Natural Language Processing, Deep Learning, Artificial General Intelligence, Machine Vision, Artificial Super Intelligence, Machine Learning
3) By Application: Automated Threat Intelligence And Prevention Systems, Fraud Analysis And Investigation, Automated Customer Service, Other Applications
4) By Industry Type: Banking, Financial Services, And Insurance, Discrete And Process Manufacturing, Healthcare, Retail, Wholesale, Professional And Consumer, Service, Transportation, Media And Entertainment, Others Industries
North America was the largest region in the artificial intelligence systems spending market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence systems spending 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 growing demand for automation is expected to propel the growth of the artificial intelligence systems spending market going forward. Automation refers to the process of using technology and systems to perform tasks or processes with minimal human intervention. Artificial intelligence system spending is used for automation to automate repetitive, rule-based tasks, typically in back-office operations such as data entry, customer service, and financial processing. For instance, in 2022, according to reports published by Routine Automation., a Poland-based operator of computer systems design, marketers adopting automation for content management increased from 22% in 2021 to 29% in 2022, with 48% using automation. Therefore, the growing demand for automation is driving the growth of the artificial intelligence systems spending market.
Key Industry Players
Major companies operating in the artificial intelligence systems spending market report are Alphabet Inc., Microsoft Corporation, Alibaba Group Holding Limited, Facebook Inc., Dell Technologies Inc., Tencent Holdings Limited, Amazon Web Services, Siemens AG, General Electric (GE), Intel Corporation, Accenture plc, IBM Corporation, Cisco Systems Inc., Oracle Corporation, Qualcomm Incorporated, SAP SE, Hewlett Packard Enterprise (HPE), NVIDIA Corporation, Salesforce.com, Baidu Inc., Adobe Inc., Splunk Inc., PTC Inc., Palantir Technologies Inc., Informatica LLC, Cloudera Inc.
The artificial intelligence systems spending market report table of contents includes:
1. Executive Summary
2. Artificial Intelligence Systems Spending Market Characteristics
3. Artificial Intelligence Systems Spending Market Trends And Strategies
4. Artificial Intelligence Systems Spending Market – Macro Economic Scenario
5. Global Artificial Intelligence Systems Spending Market Size and Growth
….
31. Artificial Intelligence Systems Spending Market Other Major And Innovative Companies
32. Global Artificial Intelligence Systems Spending Market Competitive Benchmarking
33. Global Artificial Intelligence Systems Spending Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Artificial Intelligence Systems Spending Market
35. Artificial Intelligence Systems Spending Market Future Outlook and Potential Analysis
36. Appendix
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