Introduction
The Global Artificial Intelligence (AI) Market is set to surge from USD 150.3 Bn in 2023 to a projected USD 460.89 Bn by 2028, growing at a CAGR of 25.12%.
Segment Analysis
The Global Artificial Intelligence (AI) Market is segmented based on Offerings, Technology, Business Function, and Vertical.
The Global Artificial Intelligence (AI) market, By TechnologyÂ
Machine Learning (ML) stands out as a fundamental pillar in the AI market. Its ability to enable systems to learn and improve from experience without explicit programming has positioned it at the forefront. The continuous advancements in ML algorithms and models contribute significantly to the market’s expansion. Applications range from predictive analytics to personalized recommendations, making ML a driving force in diverse industries.
Natural Language Processing (NLP) plays a crucial role in enhancing human-computer interaction. NLP enables machines to understand, interpret, and generate human-like language, fostering applications such as chatbots, sentiment analysis, and language translation. The increasing demand for natural language interfaces in various applications propels the growth of this segment within the AI market.
Context awareness involves AI systems’ ability to understand the situational context in which they operate. This technology enables systems to adapt their behavior based on environmental cues, leading to more intelligent and responsive applications. Context-aware AI finds applications in personalized services, smart environments, and location-based services, contributing to its significance in the market.
Computer Vision is a transformative technology that empowers machines to interpret and make decisions based on visual data. In the AI market, computer vision finds applications in image and video analysis, facial recognition, and autonomous vehicles. The continuous improvement in image recognition algorithms and the integration of computer vision in diverse industries drive its prominence in the overall AI landscape.
Regional Analysis
North America, particularly the United States, is a leader in AI innovation and adoption. Silicon Valley and numerous tech hubs drive significant AI research and development. The region benefits from a robust ecosystem of AI startups and investments. Key industries leveraging AI in North America include technology, healthcare, finance, and automotive. Europe is also a prominent player in the AI market, with countries like the United Kingdom, Germany, and France at the forefront. The European Union has actively invested in AI research and development, aiming for regulatory frameworks that balance innovation and ethical considerations. AI is being employed in healthcare, manufacturing, and transportation.
The Asia-Pacific region, led by China, has seen significant growth in AI adoption. China is heavily investing in AI, aiming to become a global AI powerhouse. Technology is widely used in e-commerce, manufacturing, and smart cities. Japan and South Korea are also prominent players in the AI landscape. While Latin America lags behind North America and Asia-Pacific in AI development, it is gradually emerging as a market with potential. Brazil and Mexico are making strides in AI adoption, particularly in finance and agriculture. AI adoption in this region is growing, albeit slower than in other parts of the world. The focus is primarily on industries like oil and gas, healthcare, and smart cities. The United Arab Emirates and Israel are notable AI research and development hubs.
List of Companies
The report provides profiles of the key companies, outlining their history, business segments, product overview, and company financials. Some companies from competitive analysis are Accenture, Adobe, Aera Technology, Alibaba Group, Amazon Web Services (AWS), Apple, etc.
Key Developments
Trimble announced it completed the acquisition of its previously announced acquisition of Transporeon. Transporeon’s software platform provides modular applications that power a global network for 145,000 carriers and 1,400 shippers and load recipients with integrated sourcing, planning, execution, monitoring, and settlement tools. – April 2023
Descartes acquired Localz, a 10-year-old start-up that helps retailers engage with customers when they deliver goods or services. Localz technology platform combines real-time vehicle location tracking and communications to transform the customer delivery experience. – April 2023
In February 2023, WiseTech Global announced its acquisition of Blume Global, a leading solution provider facilitating intermodal rail in North America. – Feb 2023
Frequently Asked Questions
How Much Is The Global Artificial Intelligence (AI) Market Size?
The Global Artificial Intelligence (AI) Market is set to surge from USD 150.3 Bn in 2023 to a projected USD 702.37 Bn by 2028, growing at a CAGR of 36.12%.
What Is The Major Global Artificial Intelligence (AI) Market Driver?
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Growing Availability of AI Platforms
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Utilize AI during Vehicle Manufacturing as OEM Implants
What are the Major Artificial Intelligence (AI) Market opportunities?
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The Rise of Generative AI Tools such as ChatGPT and AI are Generators Highlights its Mainstream Prominence.
Which Region Held The Largest Share In The Artificial Intelligence (AI) Market?
North America has the Largest Market Share and Shaping the Future of AI Applications.
Who Are The Artificial Intelligence (AI) Market Players?
Accenture, Adobe, Aera Technology, Alibaba Group, Amazon Web Services (AWS), Apple, etc.
