The artificial intelligence market size has grown exponentially in recent years. It will grow from $73.38 billion in 2023 to $93.19 billion in 2024 at a compound annual growth rate (CAGR) of 27.0%. The growth observed in the historical period can be attributed to various factors, including the historical applications of AI, past market competition dynamics, ethical considerations in the historical context, the implementation of AI in specific sectors, trends in historical investments, and the historical adoption patterns within industries.
The artificial intelligence market size is expected to see exponential growth in the next few years. It will grow to $214.74 billion in 2028 at a compound annual growth rate (CAGR) of 23.2%. The anticipated growth in the forecast period can be attributed to factors such as the availability of AI talent and a skilled workforce, the development of industry-specific AI applications, regulatory changes and compliance requirements, an increase in AI-integrated products, and the global expansion of AI adoption. Major trends expected in the forecast period include advancements in machine learning, a heightened adoption of AI in healthcare, the expansion of AI in robotics, the prominence of natural language processing (NLP), and the use of AI for personalization in marketing.
The artificial intelligence market is set for significant growth, driven by the increasing demand from businesses and governments for AI solutions. AI, representing the intelligence exhibited by machines or software, is transforming various sectors, allowing governments to enhance efficiency and provide faster public services. The legislative records of 127 countries, as analyzed in the 2023 AI Index Report from Stanford University, reveal a substantial increase in bills containing artificial intelligence passed into law – growing from 1 in the past decade to 37 in 2022. This surge underscores the rising demand for AI solutions from both public and private entities.
The growth of the artificial intelligence market is further propelled by substantial investments in AI technologies. Companies are actively investing in AI technologies and startups to leverage the efficiency gains offered by AI software, enabling better decision-making and improved outcomes. Notably, Microsoft's $1 billion investment in San Francisco-based OpenAI is illustrative of such strategic collaborations to advance AI supercomputing technologies on Microsoft's Azure cloud. The versatility of AI applications across sectors, from healthcare R&D and diagnostics to finance forecasting and manufacturing efficiency, reinforces the momentum behind AI technology investments.
A significant challenge in the artificial intelligence market is the limited number of AI experts. Developing AI software requires expertise from AI practitioners, researchers, and experts. Tencent reports that while there are around 300,000 AI researchers and practitioners worldwide, the market demand extends to millions of roles. The shortage of AI experts poses a potential hindrance to the market's growth.
Leading companies in the artificial intelligence market are actively innovating to enhance customer satisfaction and loyalty. For instance, OpenAI's launch of ChatGPT Enterprise, an AI chatbot designed for business, utilizes natural language processing to create human-such as conversational dialogue. This innovation aims to improve communication and engagement in various business applications, demonstrating the ongoing efforts to bring cutting-edge AI solutions to market.
Automation is becoming increasingly prevalent in machine learning, addressing the complexities associated with applying traditional models to real-world business problems. Automated machine learning allows non-experts to leverage machine learning algorithms without in-depth ML expertise. Tools such as Google Cloud AutoML exemplify this trend, enabling users to train customized and high-quality ML models with minimal expertise.
In June 2022 Maropost, a Canada-based unified commerce platform, acquired Findify for $4.45 million. Findify, a Sweden-based intelligent on-site search solution company, leverages AI-powered solutions incorporating machine learning and big data to deliver advanced merchandising, search, and product recommendations. This acquisition positions Maropost to enhance its unified commerce platform, offering next-generation e-commerce shopping experiences to its clientele.
Major companies operating in the artificial intelligence market report are Amazon.com Inc., Apple Inc., Alphabet Inc., Samsung Electronics Co.Ltd., Microsoft Corporation, Huawei Technologies Co.Ltd., Intel corporation, International Business Machines Corporation, Qualcomm Technologies Inc., SAP SE, Micron Technology lnc., NVIDIA corporation, Salesforce.com Inc., Advanced Micro Devices Inc., Baidu Inc., Arista Networks Inc., iFlyTek Co. Ltd., ARM Holding PLC, Xilinx Inc., Verint Systems Inc., IPsoft Inc., Qlik Technologies Inc., MicroStrategy Inc., Megvii Technology Ltd., H2O.AI lnc., Brighterion lnc., KITT.AI Inc., Albert Technologies Ltd., People.AI lnc., Brainasoft Pvt. Ltd., AlphaSense lnc., OpenAI LP, Clarifai lnc., CrowdStrike lnc., Phrasee Ltd., Meta Platforms Inc., Taiwan Semiconductor Manufacturing Co. Ltd., ASML Holding NV, RELX plc. Asia-Pacific was the largest region in the artificial intelligence market in 2023. North America was the second largest region in the global artificial intelligence market share. The regions covered in the artificial intelligence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The primary technology types within artificial intelligence include machine learning, natural language processing, context-aware computing, computer vision, and others. Machine learning, a subset of AI, enables systems to learn and improve from experience without explicit programming. AI technology is delivered through hardware, software, and services, catering to a diverse range of industries such as healthcare, automotive, agriculture, retail, marketing, telecommunications, defense, aerospace, media and entertainment, and other end-use sectors.
The artificial intelligence market research report is one of a series of new reports that provides artificial intelligence market statistics, including artificial intelligence industry global market size, regional shares, competitors with an artificial intelligence market share, detailed artificial intelligence market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence industry. This artificial intelligence market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The countries covered in the artificial intelligence market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The artificial intelligence market includes revenues earned by entities by offering artificial intelligence software. Artificial Intelligence (AI) is sometimes referred to as machine intelligence. Artificial intelligence is a wide-ranging branch of computer science-related to building smart machines that can perform tasks that require human intelligence. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The artificial intelligence market size is expected to see exponential growth in the next few years. It will grow to $214.74 billion in 2028 at a compound annual growth rate (CAGR) of 23.2%. The anticipated growth in the forecast period can be attributed to factors such as the availability of AI talent and a skilled workforce, the development of industry-specific AI applications, regulatory changes and compliance requirements, an increase in AI-integrated products, and the global expansion of AI adoption. Major trends expected in the forecast period include advancements in machine learning, a heightened adoption of AI in healthcare, the expansion of AI in robotics, the prominence of natural language processing (NLP), and the use of AI for personalization in marketing.
The artificial intelligence market is set for significant growth, driven by the increasing demand from businesses and governments for AI solutions. AI, representing the intelligence exhibited by machines or software, is transforming various sectors, allowing governments to enhance efficiency and provide faster public services. The legislative records of 127 countries, as analyzed in the 2023 AI Index Report from Stanford University, reveal a substantial increase in bills containing artificial intelligence passed into law – growing from 1 in the past decade to 37 in 2022. This surge underscores the rising demand for AI solutions from both public and private entities.
The growth of the artificial intelligence market is further propelled by substantial investments in AI technologies. Companies are actively investing in AI technologies and startups to leverage the efficiency gains offered by AI software, enabling better decision-making and improved outcomes. Notably, Microsoft's $1 billion investment in San Francisco-based OpenAI is illustrative of such strategic collaborations to advance AI supercomputing technologies on Microsoft's Azure cloud. The versatility of AI applications across sectors, from healthcare R&D and diagnostics to finance forecasting and manufacturing efficiency, reinforces the momentum behind AI technology investments.
A significant challenge in the artificial intelligence market is the limited number of AI experts. Developing AI software requires expertise from AI practitioners, researchers, and experts. Tencent reports that while there are around 300,000 AI researchers and practitioners worldwide, the market demand extends to millions of roles. The shortage of AI experts poses a potential hindrance to the market's growth.
Leading companies in the artificial intelligence market are actively innovating to enhance customer satisfaction and loyalty. For instance, OpenAI's launch of ChatGPT Enterprise, an AI chatbot designed for business, utilizes natural language processing to create human-such as conversational dialogue. This innovation aims to improve communication and engagement in various business applications, demonstrating the ongoing efforts to bring cutting-edge AI solutions to market.
Automation is becoming increasingly prevalent in machine learning, addressing the complexities associated with applying traditional models to real-world business problems. Automated machine learning allows non-experts to leverage machine learning algorithms without in-depth ML expertise. Tools such as Google Cloud AutoML exemplify this trend, enabling users to train customized and high-quality ML models with minimal expertise.
In June 2022 Maropost, a Canada-based unified commerce platform, acquired Findify for $4.45 million. Findify, a Sweden-based intelligent on-site search solution company, leverages AI-powered solutions incorporating machine learning and big data to deliver advanced merchandising, search, and product recommendations. This acquisition positions Maropost to enhance its unified commerce platform, offering next-generation e-commerce shopping experiences to its clientele.
Major companies operating in the artificial intelligence market report are Amazon.com Inc., Apple Inc., Alphabet Inc., Samsung Electronics Co.Ltd., Microsoft Corporation, Huawei Technologies Co.Ltd., Intel corporation, International Business Machines Corporation, Qualcomm Technologies Inc., SAP SE, Micron Technology lnc., NVIDIA corporation, Salesforce.com Inc., Advanced Micro Devices Inc., Baidu Inc., Arista Networks Inc., iFlyTek Co. Ltd., ARM Holding PLC, Xilinx Inc., Verint Systems Inc., IPsoft Inc., Qlik Technologies Inc., MicroStrategy Inc., Megvii Technology Ltd., H2O.AI lnc., Brighterion lnc., KITT.AI Inc., Albert Technologies Ltd., People.AI lnc., Brainasoft Pvt. Ltd., AlphaSense lnc., OpenAI LP, Clarifai lnc., CrowdStrike lnc., Phrasee Ltd., Meta Platforms Inc., Taiwan Semiconductor Manufacturing Co. Ltd., ASML Holding NV, RELX plc. Asia-Pacific was the largest region in the artificial intelligence market in 2023. North America was the second largest region in the global artificial intelligence market share. The regions covered in the artificial intelligence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The primary technology types within artificial intelligence include machine learning, natural language processing, context-aware computing, computer vision, and others. Machine learning, a subset of AI, enables systems to learn and improve from experience without explicit programming. AI technology is delivered through hardware, software, and services, catering to a diverse range of industries such as healthcare, automotive, agriculture, retail, marketing, telecommunications, defense, aerospace, media and entertainment, and other end-use sectors.
The artificial intelligence market research report is one of a series of new reports that provides artificial intelligence market statistics, including artificial intelligence industry global market size, regional shares, competitors with an artificial intelligence market share, detailed artificial intelligence market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence industry. This artificial intelligence market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The countries covered in the artificial intelligence market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The artificial intelligence market includes revenues earned by entities by offering artificial intelligence software. Artificial Intelligence (AI) is sometimes referred to as machine intelligence. Artificial intelligence is a wide-ranging branch of computer science-related to building smart machines that can perform tasks that require human intelligence. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Artificial Intelligence Market Characteristics3. Artificial Intelligence Market Trends and Strategies32. Global Artificial Intelligence Market Competitive Benchmarking33. Global Artificial Intelligence Market Competitive Dashboard34. Key Mergers and Acquisitions in the Artificial Intelligence Market
4. Artificial Intelligence Market - Macro Economic Scenario
5. Global Artificial Intelligence Market Size and Growth
6. Artificial Intelligence Market Segmentation
7. Artificial Intelligence Market Regional and Country Analysis
8. Asia-Pacific Artificial Intelligence Market
9. China Artificial Intelligence Market
10. India Artificial Intelligence Market
11. Japan Artificial Intelligence Market
12. Australia Artificial Intelligence Market
13. Indonesia Artificial Intelligence Market
14. South Korea Artificial Intelligence Market
15. Western Europe Artificial Intelligence Market
16. UK Artificial Intelligence Market
17. Germany Artificial Intelligence Market
18. France Artificial Intelligence Market
19. Italy Artificial Intelligence Market
20. Spain Artificial Intelligence Market
21. Eastern Europe Artificial Intelligence Market
22. Russia Artificial Intelligence Market
23. North America Artificial Intelligence Market
24. USA Artificial Intelligence Market
25. Canada Artificial Intelligence Market
26. South America Artificial Intelligence Market
27. Brazil Artificial Intelligence Market
28. Middle East Artificial Intelligence Market
29. Africa Artificial Intelligence Market
30. Artificial Intelligence Market Competitive Landscape and Company Profiles
31. Artificial Intelligence Market Other Major and Innovative Companies
35. Artificial Intelligence Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Artificial Intelligence Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on artificial intelligence market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
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- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for artificial intelligence? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Offering: Hardware; Software; Services
2) By Technology: Machine learning; Natural language processing; Context-Aware Computing; Computer Vision; Other Technologies (Image processing, Speech recognition)
3) By End-user Industry: Healthcare; Automotive; Agriculture; Retail; Marketing; Telecommunication; Defense; Aerospace; Media & Entertainment; Other End-user Industries
Key Companies Mentioned: Amazon.com Inc.; Apple Inc.; Alphabet Inc.; Samsung Electronics Co.Ltd.; Microsoft Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- Amazon.com Inc.
- Apple Inc.
- Alphabet Inc.
- Samsung Electronics Co.Ltd.
- Microsoft Corporation
- Huawei Technologies Co.Ltd.
- Intel corporation
- International Business Machines Corporation
- Qualcomm Technologies Inc.
- SAP SE
- Micron Technology lnc.
- NVIDIA corporation
- Salesforce.com Inc.
- Advanced Micro Devices Inc.
- Baidu Inc.
- Arista Networks Inc.
- iFlyTek Co. Ltd.
- ARM Holding plc
- Xilinx Inc.
- Verint Systems Inc.
- IPsoft Inc.
- Qlik Technologies Inc.
- MicroStrategy Inc.
- Megvii Technology Ltd.
- H2O.ai lnc.
- Brighterion lnc.
- KITT.AI Inc.
- Albert Technologies Ltd.
- People.ai lnc.
- Brainasoft Pvt. Ltd.
- AlphaSense lnc.
- OpenAI LP
- Clarifai lnc.
- CrowdStrike lnc.
- Phrasee Ltd.
- Meta Platforms Inc.
- Taiwan Semiconductor Manufacturing Co. Ltd.
- ASML Holding NV
- RELX plc
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 175 |
| Published | February 2024 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value ( USD | $ 93.19 Billion |
| Forecasted Market Value ( USD | $ 214.74 Billion |
| Compound Annual Growth Rate | 23.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 39 |
