Artificial Intelligence Systems Spending Global Market Report 2024

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 observed in the historical period can be attributed to several factors, including increased computing power, the rise of cloud computing, growing awareness and education about artificial intelligence, regulatory and compliance requirements, and increased adoption of industry-specific applications.

The artificial intelligence systems spending market size is expected to see exponential growth in the next few years. It will grow to $827.98 billion in 2028 at a compound annual growth rate (CAGR) of 47.7%. The anticipated growth in the forecast period can be attributed to several factors, including the exponential growth in data, increased deployment of autonomous systems and robotics, integration of quantum computing, global digital transformation initiatives, and the continued adoption of AI in healthcare. Major trends expected in the forecast period encompass AI in edge computing, the application of AI for cybersecurity, the integration of quantum computing and AI, AI-driven personalization, and the formation of strategic collaborations within the AI ecosystem.

The burgeoning demand for automation is poised to drive the expansion of the artificial intelligence systems spending market in the foreseeable future. Automation entails leveraging technology and systems to execute tasks or processes with minimal human intervention. Artificial intelligence system spending serves as a crucial enabler of automation, facilitating the automation of repetitive, rule-based tasks predominantly in back-office operations such as data entry, customer service, and financial processing. For instance, in 2022, data from Routine Automation revealed a notable increase in marketers adopting automation for content management, rising from 22% in 2021 to 29% in 2022, with 48% utilizing automation. Hence, the escalating demand for automation acts as a primary driver propelling the growth of the artificial intelligence systems spending market.

Key players in the artificial intelligence systems spending market are channeling their efforts towards AI advancements, exemplified by EY.ai, an advanced AI platform, aimed at facilitating business transformation through confident decision-making. EY.ai serves as a unifying platform integrating human capabilities with artificial intelligence (AI) to drive business transformation through assured decision-making. For instance, Ernst & Young Global Limited unveiled EY.ai in September 2023, a groundbreaking platform seamlessly merging human expertise with AI to enable confident decision-making and propel business transformation. Leveraging EY's cutting-edge technology and AI capabilities across diverse domains such as strategy, transactions, transformation, risk, assurance, and tax, the EY.ai platform supports the integration of AI into proprietary EY technologies. Additionally, it fosters strategic alliances with leading-edge organizations worldwide, further bolstering its capabilities and market positioning.

In June 2023, Databricks Inc., a leading US-based software company, finalized the acquisition of MosaicML Inc. for $1.3 billion. This strategic move is geared towards enhancing Databricks' expertise in generative artificial intelligence (AI) and advancing its mission to democratize data and AI solutions for businesses. Moreover, the acquisition enables Databricks to integrate MosaicML's technology into its existing platform, empowering clients to harness their data within the Databricks Lakehouse Platform to create, manage, and safeguard generative AI models. MosaicML Inc., a US-based technology company specializing in software infrastructure and artificial intelligence, provides cutting-edge tools and infrastructure for constructing large-scale AI models.

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.

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. The countries covered in the artificial intelligence systems spending market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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. These expenditures encompass 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.

The main components of artificial intelligence systems spending include software, hardware, and services. Software is a collection of programs, data, and instructions that instruct a computer on how to perform specific tasks. It encompasses various technologies such as natural language processing, deep learning, artificial general intelligence, machine vision, artificial superintelligence, and machine learning. AI software finds applications in various areas, including automated threat intelligence and prevention systems, fraud analysis and investigation, automated customer service, and more. These technologies are utilized across diverse industry types, including banking, financial services, and insurance (BFSI), discrete and process manufacturing, healthcare, retail, wholesale, professional and consumer services, transportation, media and entertainment, and others.

The artificial intelligence systems spending market research report is one of a series of new reports that provides artificial intelligence systems spending market statistics, including artificial intelligence systems spending industry global market size, regional shares, competitors with artificial intelligence systems spending market share, detailed artificial intelligence systems spending market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence systems spending industry. This artificial intelligence systems spending 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 artificial intelligence systems spending market includes revenues earned by entities by providing services such as consulting and advisory services, deployment services, and scaling services, customer support and engagement, personalization of services, data analytics and insights, financial services, healthcare services, human resources, marketing and advertising, hospitality services, customer experiences. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The artificial intelligence systems spending market consists of sales of smart devices, healthcare devices, cybersecurity products, and entertainment products. 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.

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.


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