Market Overview
The Global Artificial Intelligence Market is estimated to reach at a Significant CAGR during the forecast period (2024-2031).
Artificial intelligence (AI) is the technology that simulates human intelligence in programmed machines to think like humans and mimic their actions. The researchers and developers are making surprisingly rapid strides in mimicking activities such as reasoning, learning and perception can be concretely defined. It is also applied to machine programs associated with the human mind, such as learning and problem-solving. The ideal characteristic is the ability to take action and rationalize what has the best chance of achieving a specific goal.
Market Summary
| Metrics | Details |
| CAGR | Prominent Growth |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Component, Technology, End-User, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | Asia-Pacific |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Growth and Trends
Artificial intelligence (AI) is the concept and development of computing and systems generated by performing, which act as human assistance, such as language translation, speech recognition, decision-making and visual perception. AI uses algorithms to understand speech, process information and visually recognize objects. The algorithms are used for data processing, automated reasoning and calculation. The increasing demand for artificial intelligence is due to the remarkable transformations across all these verticals through reductions in overall costs and enhancement in productivity. The continued focus on improving energy monitoring and management and gaining better control of the energy generation and distribution networks is expected to boost market growth over the forecast period.
The rising demand for personalization and growing need for automation supports the growth of the global artificial intelligence market
The software sector includes companies that manufacture hardware components. The rising demand for personalization and the growing need for automation are two key factors that support the growth of the global artificial intelligence (AI) market. AI can be used to personalize the customer experience by providing personalized recommendations and real-time marketing campaigns. By analyzing customer data and behavior, AI can help businesses to understand their customers better and create personalized products, services and marketing campaigns that are more likely to resonate with them. The respective factor is particularly important in industries such as e-commerce and retail, where personalization can help to increase sales and customer loyalty.
The need for automation is increasing in various industries, such as manufacturing, logistics and transportation, as it can help to reduce costs, improve efficiency and increase production. AI can automate repetitive and complex tasks, such as data entry, scheduling and inventory management. By automating these tasks, AI can help businesses to reduce costs, increase efficiency and improve overall productivity.
High initial investment hampers the market growth
The initial investment can be a major obstacle to the growth of the global artificial intelligence (AI) market, particularly for small and medium-sized businesses. The high costs associated with developing AI systems, including hardware and software, can make it difficult for these businesses to adopt AI technology. Developing AI systems requires significant investment in hardware and software, including servers, storage and software development tools. These costs can be high, particularly for small and medium-sized businesses that may not have the resources to invest in expensive hardware and software.
After the initial investment, the AI systems need regular maintenance and upgradation of the AI systems to keep them working optimally and to ensure that they can handle the growing volume of data. This requires additional financial resources and can be a major obstacle for small and medium-sized businesses.
Therefore, the high initial investment required for developing and maintaining AI systems, along with the costs associated with data collection and management and skilled personnel, can make it difficult for small and medium-sized businesses to adopt AI technology, which can hinder the growth of the global AI market.
COVID-19 Impact on Market
The global artificial intelligence market was deeply impacted due to the COVID-19 pandemic. The increase in internet usage and application in various major industries has influenced the market for artificial intelligence. The applications of artificial intelligence in the pandemic grew as it included the face mask detection system to identify people not wearing masks and the human presence system to monitor patients remotely in tracking and early prediction, data dashboards, therapies & cures, diagnosis or prognosis and maintaining social control. Further, computer solutions or platforms powered by artificial intelligence were deployed to monitor and forecast coronavirus mutation during the pandemic. Therefore, the Covid-19 pandemic positively impacts the artificial intelligence technology market.
Market Segment Analysis
The global artificial intelligence market is segmented into components, technology, end-user and region.
Growing demand for cyber security high and customer service powered by AI supplements the dominance of IT & Telecom in the global AI market
The IT & Telecom end-user segment dominates the global artificial intelligence market due to the high demand for AI-powered solutions in customer service, network management and cybersecurity. These industries rely heavily on technology and have vast data that can be analyzed and used to improve operations and decision-making. IT & Telecom companies also have the resources and expertise to invest in and implement AI solutions.
Market Geographical Share
The global artificial intelligence market is segmented into components, technology, end-user and region.
Growing development related to AI technology in the region supports the Asia-Pacific AI market expansion
The Asia Pacific region dominates the global artificial intelligence market due to several factors. Firstly, the region has a large population and a rapidly growing economy, leading to an increase in the adoption of AI technology in various industries such as healthcare, finance and retail. Government initiatives and investments in AI also fuel market growth. For instance, countries such as China and Japan strongly focus on investing in AI research and development, leading to advanced technologies and solutions development. Furthermore, the presence of major players in the AI industry, such as China's Baidu, Alibaba and Tencent, also contributes to the region's dominance in the market.
Market Companies and Competitive Landscape
The global artificial intelligence market is competitive due to the availability of software that caters to different end-use applications. Some major players contributing to growth in the market are AT and T Inc., Google Inc, Facebook Inc, IBM Corporation, Apple Inc, Intel Corporation, Salesforce.com Inc, Saudi Telecom Company, Ayasdi Inc, Nuance Communication and Digital Reasoning Systems Inc. The major players in the market adopt several growth strategies such as connected vehicle technology, enhanced video services, collaborations and joint ventures to contribute to growth in the industry.
AT and T Inc.
Overview: AT& T Inc. provides technology services, telecommunications and media. AT&T is the parent company after the American Bell Telephone Company, controlling Time Warner's rights and rebranding it as Warner Media. The company offers wireless communications, data, broadband and internet services. AT&T also develops, produces and distributes feature films, television, gaming and content in physical and digital formats. The business offered wholesale services, managed networking, local and long-distance telephone services and telecommunications equipment. The AT&T company was established in October 1983. AT&T is headquartered in Texas, U.S.
Product Portfolio
Artificial Intelligence & Data Science: AI is used to boost productivity and provide consumers with better results through three interconnected missions:
- Changing and upgrading AT&T's data platforms, data supply chain and data science ecosystem while utilizing, sharing and catalyzing insights from the company's enormous data repositories.
- Democratizing data and AI across AT&T, encouraging wider adoption of data-driven solutions by giving all AT&T business leaders and employees access to powerful data analytics tools.
- Through open source and industry groups, academic involvement and workforce investments, one can give back to, help lead and build the larger data and AI community.
Key Developments:
- In October 2021, Artificial Intelligence Feature Store with industry-first features will be co-developed by H2O.ai and AT&T. The H2O AI Feature Store, already in use at AT&T, offers a repository for collaborating, sharing, reusing and discovering machine learning features to speed up AI project deployments and increase ROI. It is now accessible to any business or organization.
Why Purchase the Report?
- Visualize the composition of the global artificial intelligence market segmentation by component, technology, end-user and region, highlighting the critical commercial assets and players.
- Identify commercial opportunities in the global artificial intelligence market by analyzing trends and co-development deals.
- Excel data sheet with thousands of global artificial intelligence market-level 4/5 segmentation data points.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the critical product of all major market players
The global artificial intelligence market report would provide approximately 61 tables, 62 figures and 190 pages.
Target Audience 2024
- IT & Telecom
- Automotive manufacture
- Healthcare Services
- Advertising and Media
- Education & Research Institutes
- Research Professionals
