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Artificial Intelligence Market Report by Type (Narrow/Weak Artificial Intelligence, General/Strong Artificial Intelligence), Offering (Hardware, Software, Services), Technology (Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision, and Others), System (Intelligence Systems, Decision Support Processing, Hybrid Systems, Fuzzy Systems), End-Use Industry (Healthcare, Manufacturing, Automotive, Agriculture, Retail, Security, Human Resources, Marketing, Financial Services, Transportation and Logistics, and Others), and Region 2024-2032
Report Format: PDF+Excel | Report ID: SR112024A2078
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Global Artificial Intelligence Market:
The global artificial intelligence market size reached US$ 92.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 737.1 Billion by 2032, exhibiting a growth rate (CAGR) of 24.9% during 2024-2032. The increasing demand for automation across industries is leading to the widespread adoption of AI technologies, which is stimulating the market.
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Report Attribute
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Key Statistics
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|---|---|
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Base Year
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2023 |
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Forecast Years
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2024-2032
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Historical Years
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2018-2023
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| Market Size in 2023 | US$ 92.6 Billion |
| Market Forecast in 2032 | US$ 737.1 Billion |
| Market Growth Rate 2024-2032 | 24.9% |
Artificial Intelligence Market Analysis:
- Major Market Drivers: The growing investments in AI research and development are accelerating advancements in machine learning and data analytics, which is acting as a growth-inducing factor.
- Key Market Trends: The rising interest in personalized user experiences is encouraging companies to implement AI-powered solutions in customer service and marketing, thereby driving the market.
- Competitive Landscape: Some of the prominent market companies include Amazon Web Services Inc., Apple Inc., Baidu, Cisco Systems Inc., Facebook Inc., General Electric Company, Google LLC (Alphabet Inc.), International Business Machines, Intel Corporation, Micron Technology Inc., Microsoft Corporation, Nvidia Corporation, Oracle Corporation, Rockwell Automation Inc., Samsung Electronics Co. Ltd., SAP SE, and Siemens AG, among many others.
- Geographical Trends: North America dominates the market due to its advanced technological infrastructure, strong government support for research, and significant investments by major companies. In addition, the region's innovation-driven ecosystem and availability of skilled professionals further contribute to its leadership in AI development and adoption.
- Challenges and Opportunities: The growing privacy concerns are hindering the market. However, implementing strict regulations and developing more transparent, ethical AI systems will continue to strengthen the market growth in upcoming years.
Artificial Intelligence Market Trends:
Increasing Demand for Personalized AI Solutions
Businesses are increasingly turning to AI to deliver tailored customer experiences, driven by the need for personalized interactions. AI technologies analyze user data in real time to craft unique recommendations, products, and services, improving customer satisfaction and strengthening brand loyalty by providing personalized solutions. For instance, in September 2024, Accenture launched its personalized experiences on Salesforce solution, integrating AI and data to offer businesses a 360-degree customer view. This AI-driven solution helps organizations deliver personalized, real-time experiences across channels, thereby enhancing customer engagement, loyalty, and operational efficiency in various industries.
Rising use of AI For Advanced Data Analysis
AI is becoming essential for handling and interpreting vast amounts of complex data. It enables organizations to uncover patterns, predict trends, and make informed decisions. AI helps companies to optimize strategies and gain deeper insights into customer behavior, market trends, and operational efficiency, by automating data processing. For instance, in September 2024, OpenAI launched its "o1" AI models, claiming enhanced reasoning abilities for solving complex problems in mathematics, coding, and science. In addition, integrated into ChatGPT Plus, these models represent a critical step toward achieving humanlike cognitive capabilities, thereby advancing artificial general intelligence development.
Expanding Adoption of AI Across Industries
AI is being rapidly adopted in various sectors, from healthcare to finance and manufacturing, to automate processes, enhance productivity, and reduce costs. Its versatility and scalability allow companies to implement AI for diverse applications, such as process automation, predictive maintenance, and customer service, transforming business operations. For instance, in May 2024, Newgen Software launched LumYn, the world's first Gen AI-powered hyper-personalization platform for banks. LumYn enhances customer engagement by leveraging conversational AI and predictive intelligence, enabling tailored product launches while ensuring data privacy and security.
Global Artificial Intelligence Industry Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the artificial intelligence market forecast at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on type, offering, technology, system, and end-use industry.
Breakup by Type:
- Narrow/Weak Artificial Intelligence
- General/Strong Artificial Intelligence
Narrow/weak artificial intelligence dominates the market
The report has provided a detailed breakup and analysis of the market based on the type. This includes narrow/weak artificial intelligence and general/strong artificial intelligence. According to the report, narrow/weak artificial intelligence represented the largest market segmentation.
Narrow or weak artificial intelligence focuses on specific tasks, such as voice assistants or facial recognition. For example, Siri or Alexa efficiently performs limited functions without broader human-like reasoning capabilities. This effectiveness has led to rapid adoption in sectors like finance, healthcare, e-commerce, manufacturing, etc.
Breakup by Offering:
- Hardware
- Software
- Services
Software holds the largest market share in the market
The report has provided a detailed breakup and analysis of the market based on the offering. This includes hardware, software, and services. According to the report, software represented the largest market segmentation.
Software artificial intelligence leads the market segment by enabling automation, data analysis, and decision-making across industries. For example, Google's AI tools enhance search algorithms, revolutionizing user experiences and operational efficiency globally.
Breakup by Technology:
- Machine Learning
- Natural Language Processing
- Context-Aware Computing
- Computer Vision
- Others
Machine learning exhibits a clear dominance in the market
The report has provided a detailed breakup and analysis of the market based on technology. This includes machine learning, natural language processing, context-aware computing, computer vision, and others. According to the report, machine learning represented the largest market segmentation.
Machine learning dominates the market by allowing systems to adapt and improve decision-making processes over time. This capability drives innovation and efficiency across various industries and applications. Moreover, it facilitates scalability and updates.
Breakup by System:
- Intelligence Systems
- Decision Support Processing
- Hybrid Systems
- Fuzzy Systems
Intelligence systems hold the dominance in the artificial intelligence market share
The report has provided a detailed breakup and analysis of the market based on the system. This includes intelligence systems, decision support processing, hybrid systems, and fuzzy systems. According to the report, intelligence systems represented the largest market segmentation.
Intelligent systems dominate the market by automating complex tasks, enhancing decision-making, and improving efficiency. For example, AI-powered healthcare diagnostics streamline medical analysis, providing faster, more accurate results.
Breakup by End-Use Industry:
- Healthcare
- Manufacturing
- Automotive
- Agriculture
- Retail
- Security
- Human Resources
- Marketing
- Financial Services
- Transportation and Logistics
- Others
Manufacturing exhibits a clear dominance in the market
The report has provided a detailed breakup and analysis of the market based on end-use industry. This includes healthcare, manufacturing, automotive, agriculture, retail, security, human resources, marketing, financial services, transportation and logistics, and others. According to the report, manufacturing represented the largest market segmentation.
Manufacturing dominates the market by using AI for automation, predictive maintenance, and quality control. For example, AI-driven robots streamline production lines, enhancing efficiency and reducing operational costs. Furthermore, it usually involves intricate tasks, such as predictive maintenance.
Breakup by Region:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
North America exhibits a clear dominance in the market
The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America represented the largest segment.
North America dominates the market due to its strong foundation in research, innovation, and investment. For example, in September 2024, OpenAI, a U.S.-based company, launched its series of AI models, which significantly enhance reasoning abilities for complex tasks in science, coding, and math. This advancement highlights the region's leadership in developing cutting-edge AI technologies that push the boundaries of artificial intelligence.
Competitive Landscape:
The research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major market companies have also been provided. Some of the key players in the market include:
- Amazon Web Services Inc.
- Apple Inc.
- Baidu
- Cisco Systems Inc.
- Facebook Inc.
- General Electric Company
- Google LLC (Alphabet Inc.)
- International Business Machines
- Intel Corporation
- Micron Technology Inc.
- Microsoft Corporation
- Nvidia Corporation
- Oracle Corporation
- Rockwell Automation Inc.
- Samsung Electronics Co. Ltd.
- SAP SE
- Siemens AG
(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
Artificial Intelligence Market Recent Developments:
- September 2024: Accenture launched its personalized experiences on Salesforce solution, integrating AI and data to offer businesses a 360-degree customer view.
- September 2024: OpenAI launched its "o1" AI models, claiming enhanced reasoning abilities for solving complex problems in mathematics, coding, and science.
- May 2024: Newgen Software launched LumYn, the world's first Gen AI-powered hyper-personalization platform for banks.
Artificial Intelligence Market Report Scope:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | US$ Billion |
| Scope of the Report | Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
|
| Types Covered | Narrow/Weak Artificial Intelligence, General/Strong Artificial Intelligence |
| Offerings Covered | Hardware, Software, Services |
| Technologies Covered | Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision, Others |
| Systems Covered | Intelligence Systems, Decision Support Processing, Hybrid Systems, Fuzzy Systems |
| End-Uses Industries Covered | Healthcare, Manufacturing, Automotive, Agriculture, Retail, Security, Human Resources, Marketing, Financial Services, Transportation and Logistics, Others |
| Regions Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | Amazon Web Services Inc., Apple Inc., Baidu, Cisco Systems Inc., Facebook Inc., General Electric Company, Google LLC (Alphabet Inc.), International Business Machines, Intel Corporation, Micron Technology Inc., Microsoft Corporation, Nvidia Corporation, Oracle Corporation, Rockwell Automation Inc., Samsung Electronics Co. Ltd., SAP SE, Siemens AG, etc. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Benefits for Stakeholders:
- IMARC's industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the artificial intelligence market from 2018-2032.
- The research report provides the latest information on the market drivers, challenges, and opportunities in the global artificial intelligence market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the artificial intelligence industry and its attractiveness.
- The competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.
The global artificial intelligence market was valued at US$ 92.6 Billion in 2023.
We expect the global artificial intelligence market to exhibit a CAGR of 24.9% during 2024-2032.
The growing demand for artificial intelligence across various sectors, including healthcare, manufacturing, automotive, etc., as it assists in automation, minimizing errors, managing repetitive tasks, etc., is primarily driving the global artificial intelligence market.
The sudden outbreak of the COVID-19 pandemic has led to the rising adoption of AI-based solutions across several end-use industries to digitally process large amounts of data while reducing the risk of the coronavirus infection upon human intervention.
Based on the type, the global artificial intelligence market can be segmented into narrow/weak artificial intelligence and general/strong artificial intelligence, where narrow/weak artificial intelligence currently exhibits clear dominance in the market.
Based on the offering, the global artificial intelligence market has been divided into hardware, software, and services. Currently, software accounts for the majority of the total market share.
Based on the technology, the global artificial intelligence market can be segregated into machine learning, natural language processing, context-aware computing, computer vision, and others. Among these, machine learning currently holds the largest market share.
Based on the system, the global artificial intelligence market has been bifurcated into intelligence systems, decision support processing, hybrid systems, and fuzzy systems. Currently, intelligence systems exhibit a clear dominance in the market.
Based on the end-use industry, the global artificial intelligence market can be categorized into healthcare, manufacturing, automotive, agriculture, retail, security, human resources, marketing, financial services, transportation and logistics, and others. Among these, the manufacturing sector holds the majority of the global market share.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global artificial intelligence market include Amazon Web Services Inc., Apple Inc., Baidu, Cisco Systems Inc., Facebook Inc., General Electric Company, Google LLC (Alphabet Inc.), International Business Machines, Intel Corporation, Micron Technology Inc., Microsoft Corporation, Nvidia Corporation, Oracle Corporation, Rockwell Automation Inc., Samsung Electronics Co. Ltd., SAP SE, Siemens AG, etc.
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