Global Artificial Intelligence (AI) Market (2023-2028) by Offerings, Technology, Business Function, Vertical, and Regional Analysis, AI and Sustainability Footprints, and Market Success StrategiesRegional Analysis, AI and Sustainability Footprints, and Market Success Strategies

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Publish Date

27-10-2023

Report ID

JI-ICT-006

Pages

230

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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%.

The expansion of the Global Artificial Intelligence (AI) Market is propelled by the increasing adoption of autonomous AI, marked by advancements in algorithms, machine learning techniques, and natural language processing. This trend fosters the development of sophisticated autonomous AI systems, elevating accuracy and reliability. Organizations across diverse industries are drawn to these systems, particularly in healthcare, finance, manufacturing, transportation, and retail, as they optimize operations, result in cost savings, and enhance productivity. However, challenges impede the growth of the AI market, with data availability and quality playing a pivotal role. Limited data availability, especially in niche industries, poses a hurdle, as comprehensive datasets are essential for effective AI solutions. Ensuring data quality is equally critical, as inaccurate or biased data leads to unreliable AI models. Addressing these challenges necessitates collaborative data-sharing initiatives, investments in data collection and preprocessing capabilities, and the establishment of industry-wide standards for data quality and privacy. On the positive side, the exponential growth of digital data from various sources presents significant opportunities for the AI market. The proliferation of connected devices, social media platforms, online transactions, and sensors generates an unprecedented volume of data, offering a diverse resource for AI algorithms to leverage. This abundance empowers businesses and organizations to gain valuable insights, make data-driven decisions, and drive innovation across sectors such as marketing and healthcare. The growth of digital data further fuels investments in AI research and development, driving advancements in algorithms, machine learning models, and data processing techniques. Despite these opportunities, issues related to bias and inaccuracies in AI output pose challenges to the market. Biased algorithms perpetuate discriminatory practices, eroding trust in AI systems. Moreover, inaccurately generated output in critical areas such as healthcare undermines confidence and slows down AI adoption. Addressing these challenges requires continuous efforts to detect and mitigate bias, improve data quality, and enhance the accuracy and transparency of AI systems, ensuring responsible and trustworthy AI deployment.
 

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 Technology 

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?

  • Growing Availability of AI Platforms

  • Utilize AI during Vehicle Manufacturing as OEM Implants

What are the Major Artificial Intelligence (AI) Market opportunities?

  • 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.

1. Introduction
1.1 Scope of the Study
1.2 Purpose of the Study
1.3 Limitations of the Study
1.4 Currency

2. Executive Summary
2.1 Market Definition
2.2 Market Size and Segmentation
2.3 Insights for CXOs

3. Market Forces
3.1 Drivers
3.1.1 Growth in Adoption of Autonomous Artificial Intelligence
3.1.2 Rise in Technological Advancements and Innovations
3.1.3 Advancements in Deep Learning and Growth of Data-Based Artificial Intelligence
3.2 Restraints
3.2.1 Shortage of Skilled Artificial Intelligence Professionals
3.2.2 Issues Related to Data Availability and Quality
3.3 Opportunities
3.3.1 Rapid Growth in Digital Data from Various Sources
3.3.2 Rise In Investment in Research & Development by Businesses and Governments
3.4 Challenges
3.4.1 Data Privacy and Security Concerns
3.4.2 Concerns Related to Bias and Inaccurately Generated Output

4. AI and Sustainability Footprints
4.1 Market Trends of AI and Sustainability
4.2 Application of AI - AI Adoption Levels
4.3 Environmental and Emission Reduction Initiatives

5. Market Analysis
5.1 Government Regulations
5.2 Patent Analysis
5.3 PESTLE Analysis
5.4 Porter's Five Forces Analysis
5.5 Pricing Analysis
5.6 Technology Trends

6. Market Segmentations
6.1 Global Artificial Intelligence (AI) Market, By Offerings
6.1.1 Market Overview, Size and Forecast
6.1.2 Hardware
6.1.2.1 Accelerators
6.1.2.2 Processors
6.1.2.3 Memory
6.1.2.4 Network
6.1.3 Software
6.1.4 Services
6.1.4.1 Professional Services
6.1.4.2 Managed Services

6.2 Global Artificial Intelligence (AI) Market, By Technology
6.2.1 Market Overview, Size and Forecast
6.2.2 Machine Learning
6.2.3 Natural Language Processing
6.2.4 Context Awareness
6.2.5 Computer Vision

6.3 Global Artificial Intelligence (AI) Market, By Business Function
6.3.1 Market Overview, Size and Forecast
6.3.2 Finance
6.3.3 Security
6.3.4 Human Resources
6.3.5 Law
6.3.6 Marketing & Sales
6.3.7 Operations
6.3.8 Supply Chain Management

6.4 Global Artificial Intelligence (AI) Market, By Verticals
6.4.1 Market Overview, Size and Forecast
6.4.2 Agriculture
6.4.3 Automotive, Transportation, and Logistics
6.4.4 BFSI
6.4.5 Energy & Utilities
6.4.6 Government & Defense
6.4.7 Healthcare & Life Sciences
6.4.8 IT/ITES
6.4.9 Manufacturing
6.4.10 Media & Entertainment
6.4.11 Retail & E-commerce
6.4.12 Telecom
6.4.13 Other Verticals (Construction, Education, and Travel & Hospitality)

7. Region Analysis of the Global Artificial Intelligence (AI) Market
7.1 Americas
7.1.1 Brazil
7.1.2 Canada
7.1.3 Mexico
7.1.4 US
7.1.5 Others
7.2 Europe
7.2.1 France
7.2.2 Germany
7.2.3 Italy
7.2.4 Russia
7.2.5 United Kingdom
7.2.6 Others
7.3 Middle East & Africa
7.3.1 Israel
7.3.2 Nigeria
7.3.3 Saudi Arabia
7.3.4 South Africa
7.3.5 UAE
7.3.6 Others
7.4 Asia
7.4.1 Australia – New Zealand
7.4.2 China
7.4.3 India
7.4.4 Japan
7.4.5 South Korea
7.4.6 Others

8. Market Success Strategies
8.1 Best Marketing Practices
8.2 Market Entry Strategies

9. Competitive Analysis
9.1 Accenture
9.2 Adobe
9.3 Aera Technology
9.4 Alibaba Group
9.5 Amazon Web Services (AWS)
9.6 Apple
9.7 Atomwise
9.8 Baidu
9.9 Butterfly Network
9.10 Cisco
9.11 Fosfor
9.12 Google
9.13 Huawei
9.14 IBM
9.15 Iflytek
9.16 Intel
9.17 Intrinsic
9.18 Jasper
9.19 Meta
9.20 Microsoft
9.21 NVIDIA
9.22 OpenAI
9.23 Oracle
9.24 Pilot AI
9.25 Salesforce
9.26 SAP
9.27 Sentient.IO
9.28 Writesonic

10. Case Studies
10.1 Analysis of Successful Companies
10.2 Lessons from Market Failures

11. Appendix
11.1 Research Methodology
11.2 Assumptions for the Report
11.3 List of Abbreviations

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