NEW YORK, May 16, 2024 /PRNewswire/ — The global artificial intelligence (ai) market  size is estimated to grow by USD 125.3 bn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of  22.26%  during the forecast period. 

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Key Market Trends Fueling Growth

Artificial Intelligence (AI) is revolutionizing technology, with businesses adopting it for various applications such as recommendation engines, pricing optimization, lead generation, chatbots, supply chain optimization, and more. In the realm of next-generation tech fields, AI is making strides in sectors like finance, healthcare, marketing, and advertising. Companies must invest in sufficient computer and data storage capabilities for on-premises data centers to process AI-driven data efficiently. Developing in-house AI products can be costly, leading many to consider open-source AI platforms, SaaS, and cloud computing solutions. Key technologies include parallel processing, data analytics, data science, cognitive solutions, computer vision, deep learning, natural language processing, algorithms, and intelligence standards. The future of AI lies in cutting-edge technologies like supercomputers, quantum computers, and advanced machine learning techniques. 

Market Challenges

• Artificial Intelligence (AI) is a transformative technology with applications in various sectors, including data analysis, healthcare, banking, automotive, e-commerce, and more. However, many companies face challenges in implementing AI due to the need for large data sets, specialized infrastructure, and AI expertise. Ethical concerns, regulatory issues, privacy, bias in algorithms, and job displacement are additional considerations. AI technologies such as machine learning, deep learning, generative AI, and edge computing require significant investments. Sectors like IT and telecommunication, retail and e-commerce, agriculture, education, media and entertainment, finance and accounting, cybersecurity, legal and compliance, and operation have adopted AI for customer service, support, experiences, fraud prevention, and workflow management. Biopharmaceutical companies leverage AI for data management, while private sectors use pretrained models and customizable AI from AI marketplaces.

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Segment Overview 

This artificial intelligence (ai) market report extensively covers market segmentation by

1. Component 
• 1.1 Software
• 1.2 Hardware
• 1.3 Services
2. End-user 
• 2.1 Retail
• 2.2 Banking
• 2.3 Manufacturing
• 2.4 Healthcare
• 2.5 Others
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Software-  In the dynamic and evolving landscape of the Artificial Intelligence (AI) market, various components fuel its growth. Data analysis is a crucial segment, as businesses harness AI’s potential to derive valuable insights from vast datasets. Healthcare, Banking, Automotive, E-commerce, and other industries embrace AI for improved efficiency, enhanced customer experiences, and innovative solutions. Ethical concerns and regulatory issues surrounding AI’s implementation are under scrutiny, with privacy issues and bias in algorithms being major areas of focus. Job displacement due to automation, robotics, chatbots, and virtual assistants is a significant concern, necessitating the development of skilled AI professionals. Market segments like IT and telecommunication, Retail & e-commerce, Agriculture, Education, Media and entertainment, Finance & accounting, Cybersecurity, Legal and compliance, and Operation leverage AI for fraud prevention, workflow management, and customizable AI solutions. Pretrained models, AI marketplaces, and biopharmaceutical companies are integral components, driving advancements in machine learning, generative AI, generative adversarial networks, transformers, variational autoencoders, diffusion networks, and retrieval augmented generation. Edge AI and Internet of Things (IoT) are gaining traction with edge computing, enabling real-time data processing and analysis.

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Research Analysis

The Artificial Intelligence (AI) market is experiencing exponential growth, driven by advancements in deep learning, data analytics, data science, and cognitive solutions. Cloud computing and quantum computers are revolutionizing the way AI algorithms are developed and deployed. Computer vision and natural language processing are key components of next-generation tech fields, enabling applications in healthcare, finance, and more. SaaS and on-premises solutions offer flexibility in implementing AI, while hardware advancements facilitate parallel processing and big data storage. Pretrained models and machine learning algorithms are essential tools for developers, enabling faster and more accurate AI implementation. Intelligence standards ensure interoperability and reliability, making AI a valuable asset for various industries. AI techniques, such as deep learning and machine learning, continue to evolve, pushing the boundaries of what is possible in this dynamic field.

Market Research Overview

The Artificial Intelligence (AI) market is a rapidly growing industry that focuses on developing intelligent machines capable of performing tasks that typically require human intelligence. These tasks include learning, reasoning, problem-solving, perception, and language understanding. The market encompasses various sectors such as healthcare, finance, education, retail, and manufacturing, among others. AI technologies include machine learning, deep learning, natural language processing, computer vision, and robotics. Companies are investing heavily in AI research and development to create innovative solutions that enhance productivity, improve customer experiences, and drive business growth. The market is expected to continue expanding due to increasing demand for intelligent automation and the integration of AI into various industries.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Component
• Software
• Hardware
• Services
• End-user
• Retail
• Banking
• Manufacturing
• Healthcare
• Others
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio