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Global Artificial Intelligence Market Size, Share, Growth: By Solution: Hardware, Software, Services; By Technology: Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision, Robotics; By Type: Narrow/Weak AI, General/Strong AI; By End Use; Regional Analysis; Competitive Landscape; 2024-2032
Global Artificial Intelligence Market Size
The global artificial intelligence market reached a value of around USD 2.41 trillion in 2023. The market is further expected to grow at a CAGR of 32.4% in the forecast period of 2024-2032 to reach a value of USD 30.13 trillion by 2032.
Artificial Intelligence Market Outlook
- In 2021, global investment in AI doubled to $66.8 billion, as per the International Trade Administration.
- India's 5G launch on Oct 1, 2022, covered 700 districts in 8 months, with 200,000 sites across 28 states and 8 UTs.
- The global video game market reached $159 billion in 2020, with 2.7 billion gamers worldwide, as reported by the International Trade Administration.
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Artificial Intelligence Market Growth
Artificial Intelligence (AI) includes technologies replicating human cognition such as visual perception, speech recognition, and decision-making. The rise of cloud-based AI services contributes to industry expansion, offering cost advantages over on-site data centres.
Leading public cloud providers incorporate AI tools, improving recommendation engines, price optimization, chatbots, and supply chain management, catering to various industry requirements and advancing technology.
Japan has formulated and updated regulations concerning AI to enhance its beneficial effects on society, avoiding undue restrictions due to exaggerated risks. The focus lies on a flexible, risk-centered approach involving multiple stakeholders, diverging from rigid mandates. The strategy adopted by Japan offers valuable perspectives on worldwide AI regulatory trends.
Key Trends and Developments
AI in healthcare, decentralized training, AI governance and regulation, and AI-human collaboration are the major trends impacting the global artificial intelligence market growth.
May 6, 2024
AI Risk, Inc., a frontrunner in AI Governance, Risk, Compliance, and Cybersecurity (AI GRCC) software, unveiled RIA GPT, a secure, generative AI platform for registered investment advisors (RIAs), meeting SEC regulations.
May 1, 2024
Dubai unveiled a blueprint for AI, aiming to enhance the quality of life of its citizens. It commenced by appointing CEOs for AI in government entities and establishing an AI and WEB3 Incubator, set to become a leading global hub for technology firms.
April 3, 2024
Microsoft introduced Phi-3-mini, a lightweight AI model aiming for broader client appeal. It's the initial of three small language models, signalling the company's strategic focus on impactful technology.
September 13, 2023
The global EY organization (EY) recently unveiled EY.ai, a cohesive platform merging human expertise and AI to aid clients in business transformation, utilizing cutting-edge technology and extensive experience.
AI in healthcare
AI is transforming healthcare with advancements in medical imaging analysis, drug discovery, personalized treatments, and predictive analytics, enhancing patient care and operational efficiency.
Decentralized training
Decentralized training enables machine learning model training on decentralized devices, preserving data privacy and facilitating collaboration without sharing sensitive information.
AI Governance and Regulation
AI governance focuses on creating regulatory frameworks and standards for AI development, tackling concerns such as data privacy, security, and accountability.
AI-Human collaboration
Human-AI collaboration emphasizes AI's role as a tool to enhance human abilities, fostering collaborative systems that boost productivity and decision-making alongside humans.
Artificial Intelligence Market Trends
AI trends involve industry-specific solutions, ethical practices ensuring transparency, edge AI for real-time processing, autonomous systems like self-driving cars, and hardware enhancements for efficiency.
NLP advances improve chatbots and translation services, showcasing AI's diverse applications and enhancing capabilities.
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Artificial Intelligence Industry Segmentation
“Artificial Intelligence Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Solution
- Hardware
- Software
- Services
Market Breakup by Technology
- Machine Learning
- Natural Language Processing (NLP)
- Context-Aware Computing
- Computer Vision
- Robotics
Market Breakup by Type
- Narrow/Weak AI
- General/Strong AI
Market Breakup by End Use
- Healthcare
- BFSI
- Automotive and Transportation
- Security
- Aerospace
- Defence
- Agriculture
- Financial
- Manufacturing
- Advertisement and Marketing
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Artificial Intelligence Market Share
Deployment of AI-based software across industries has increased in order to enhance efficiency and productivity
AI software facilitates algorithm creation, model deployment, optimization, data system integration, and customization. It facilitates performance enhancement, data access, and adaptation, meeting evolving business needs.
AI hardware like GPUs and TPUs accelerates processing, boosts energy efficiency, enables scalability, and supports edge computing, resulting in quicker computations, cost-efficiency, flexible deployment, and real-time inference capabilities.
The BFSI sector is utilizing real-time transactional data analysis to identify fraudulent activities and patterns, bolstering security, and reducing financial losses for both banks and customers.
In the BFSI sector, AI strengthens security by detecting fraud, assists in risk evaluation by analysing credit and market trends, enhances customer service with chatbots, and ensures regulatory adherence, reducing risks and boosting operational effectiveness.
In the healthcare sector, AI supports diagnostic precision, enables personalized treatment using patient data, predicts disease outbreaks and treatment responses, and improves administrative efficiency through task automation, error reduction, and productivity optimisation.
Leading Manufacturers in the Artificial Intelligence Market
The companies are pioneers in computer technology, spanning hardware, software, and cognitive solutions, fostering advancements in technology, and business.
Google LLC, established in 1998 and based in Mountain View, California, is a global leader in internet services, search engines, and technology innovation, significantly influencing digital environments with its diverse range of products and services.
Microsoft Corporation, founded in 1975 and headquartered in Redmond, Washington, stands as a major player in the technology industry, celebrated for its software, operating systems, and cloud computing solutions, playing a pivotal role in global digital advancement.
IBM Corporation, with roots dating back to 1911 and headquartered in Armonk, New York, is a trailblazer in computer hardware, software, and cognitive solutions, driving progress in technology, business, and society for more than a century.
Intel Corporation, established in 1968 and based in Santa Clara, California, holds a prominent position in the semiconductor industry, shaping the digital landscape with its cutting-edge processors, and propelling the evolution of computing and technological advancement.
Other players in the global artificial intelligence market are Cisco Systems, Inc., Apple Inc., and NVIDIA Corporation, among others.
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Artificial Intelligence Market Analysis by Region
North America leads as the primary market, fuelled by substantial investments from major tech firms in developing AI for diverse industry applications.
In the United States, the Algorithmic Accountability Act of 2022 was presented in Congress in February, while Canada introduced the Artificial Intelligence and Data Act (AIDA) in June 2022, mandating risk management and information disclosure for high-impact AI systems.
In the Asia Pacific, AI serves as a vital support system for workers, enhancing connectivity, well-being strategies, and organizational performance tracking, leading to the AI market expansion.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Solution |
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| Breakup by Technology |
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| Breakup by Type |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Artificial Intelligence Market Analysis
8.1 Key Industry Highlights
8.2 Global Artificial Intelligence Historical Market (2018-2023)
8.3 Global Artificial Intelligence Market Forecast (2024-2032)
8.4 Global Artificial Intelligence Market by Solution
8.4.1 Hardware
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Software
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Services
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Artificial Intelligence Market by Technology
8.5.1 Machine Learning
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Natural Language Processing (NLP)
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Context-Aware Computing
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Computer Vision
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Robotics
8.5.5.1 Historical Trend (2018-2023)
8.5.5.2 Forecast Trend (2024-2032)
8.6 Global Artificial Intelligence Market by Type
8.6.1 Narrow/Weak AI
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 General/Strong AI
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Artificial Intelligence Market by End Use
8.7.1 Healthcare
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 BFSI
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Automotive and Transportation
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Security
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Aerospace
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
8.7.6 Defence
8.7.6.1 Historical Trend (2018-2023)
8.7.6.2 Forecast Trend (2024-2032)
8.7.7 Agriculture
8.7.7.1 Historical Trend (2018-2023)
8.7.7.2 Forecast Trend (2024-2032)
8.7.8 Retail
8.7.8.1 Historical Trend (2018-2023)
8.7.8.2 Forecast Trend (2024-2032)
8.7.9 Financial
8.7.9.1 Historical Trend (2018-2023)
8.7.9.2 Forecast Trend (2024-2032)
8.7.10 Manufacturing
8.7.10.1 Historical Trend (2018-2023)
8.7.10.2 Forecast Trend (2024-2032)
8.7.11 Advertisement and Marketing
8.7.11.1 Historical Trend (2018-2023)
8.7.11.2 Forecast Trend (2024-2032)
8.7.12 Others
8.8 Global Artificial Intelligence Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Artificial Intelligence Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Artificial Intelligence Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Artificial Intelligence Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Artificial Intelligence Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Artificial Intelligence Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Google LLC
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Microsoft Corporation
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 IBM Corporation
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Intel Corporation
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Cisco Systems, Inc.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Apple Inc.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 NVIDIA Corporation
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Artificial Intelligence Market: Key Industry Highlights, 2018 and 2032
2. Global Artificial Intelligence Historical Market: Breakup by Solution (USD Trillion), 2018-2023
3. Global Artificial Intelligence Market Forecast: Breakup by Solution (USD Trillion), 2024-2032
4. Global Artificial Intelligence Historical Market: Breakup by Technology (USD Trillion), 2018-2023
5. Global Artificial Intelligence Market Forecast: Breakup by Technology (USD Trillion), 2024-2032
6. Global Artificial Intelligence Historical Market: Breakup by Type (USD Trillion), 2018-2023
7. Global Artificial Intelligence Market Forecast: Breakup by Type (USD Trillion), 2024-2032
8. Global Artificial Intelligence Historical Market: Breakup by End Use (USD Trillion), 2018-2023
9. Global Artificial Intelligence Market Forecast: Breakup by End Use (USD Trillion), 2024-2032
10. Global Artificial Intelligence Historical Market: Breakup by Region (USD Trillion), 2018-2023
11. Global Artificial Intelligence Market Forecast: Breakup by Region (USD Trillion), 2024-2032
12. North America Artificial Intelligence Historical Market: Breakup by Country (USD Trillion), 2018-2023
13. North America Artificial Intelligence Market Forecast: Breakup by Country (USD Trillion), 2024-2032
14. Europe Artificial Intelligence Historical Market: Breakup by Country (USD Trillion), 2018-2023
15. Europe Artificial Intelligence Market Forecast: Breakup by Country (USD Trillion), 2024-2032
16. Asia Pacific Artificial Intelligence Historical Market: Breakup by Country (USD Trillion), 2018-2023
17. Asia Pacific Artificial Intelligence Market Forecast: Breakup by Country (USD Trillion), 2024-2032
18. Latin America Artificial Intelligence Historical Market: Breakup by Country (USD Trillion), 2018-2023
19. Latin America Artificial Intelligence Market Forecast: Breakup by Country (USD Trillion), 2024-2032
20. Middle East and Africa Artificial Intelligence Historical Market: Breakup by Country (USD Trillion), 2018-2023
21. Middle East and Africa Artificial Intelligence Market Forecast: Breakup by Country (USD Trillion), 2024-2032
22. Global Artificial Intelligence Market Structure
Key Questions Answered in the Report
The market was valued at USD 2.41 trillion in 2023.
The market is projected to grow at a CAGR of 32.4% between 2024 and 2032.
The revenue generated from the artificial intelligence market is expected to reach USD 30.13 trillion in 2032.
The market is categorised according to the solutions, which include hardware, software, and services.
The key market players are Google LLC, Microsoft Corporation, IBM Corporation, Intel Corporation, Cisco Systems, Inc., Apple Inc., and NVIDIA Corporation, among others.
Based on the type, the market is divided into narrow/weak AI and general/strong AI.
Based on the technology, the market is divided into machine learning, natural language processing (NLP), context-aware computing, computer vision and robotics.
The market is broken down into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Analyst Review
The global artificial intelligence market attained a value of USD 2.41 trillion in 2023, driven by the growth in the demand for cloud-based AI services. Aided by the favourable features presented by the technology, the industry is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 32.4%. The industry is projected to reach USD 30.13 trillion by 2032.
EMR’s meticulous research methodology delves deep into the industry, covering the macro and micro aspects of the industry. Based on its solutions, the industry can be segmented into hardware, software, and services. By technology, the industry can be divided into machine learning, natural language processing (NLP), context-aware computing, computer vision, and robotics. By types, the industry can be divided into narrow/weak AI and general/strong AI. On the basis of end uses, the global artificial intelligence market can be divided into healthcare, BFSI, automotive and transportation, security, aerospace, defence, agriculture, retail, financial, manufacturing, and advertisement and marketing, among others. The major regional markets for artificial intelligence are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with North America accounting for the largest share of the market. The key players in the above industry include Google LLC, Microsoft Corporation, IBM Corporation, Intel Corporation, Cisco Systems, Inc., Apple Inc., and NVIDIA Corporation, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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