Global Artificial Intelligence Market to Grow at 24.9% During 2024-2032, Spurred by Significant Growth in IT Sector

According to the latest report by IMARC Group, titled "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," the global artificial intelligence market size reached US$ 92.6 Billion in 2023. Artificial intelligence (AI) is a vast branch of computer science that involves using a computer to perform certain human-like tasks. AI-based programs simulate human intelligence for mimicking their thoughts and actions for further developing programmable machines. These systems are known to be capable of reasoning, learning, perceiving, problem-solving and language understanding, which assists in executing large volumes of tasks in a reliable manner. Their integration with several devices results in improved speed, reduced human errors, enhanced accuracy and additional precision. Consequently, they are widely used across numerous industries for automating repetitive tasks, processing vast amounts of data, and achieving accurate results through deep neural networks.

Global Artificial Intelligence Market Trends:

The global market is majorly driven by the widespread adoption of cloud-based applications and services across numerous industry verticals. Supported by increasing digitization and significant growth in the information technology (IT) sector, numerous companies are now deploying AI-integrated systems in an attempt to streamline their work processes and improve operational efficiencies. The market is further driven by the rising need for reliable cloud computing infrastructures for numerous processes. These cloud-based solutions are increasingly integrated with AI tools to process accurate real-time data and improve the overall productivity, thereby gaining widespread prominence among the end users. Apart from this, various online platforms are deploying AI-based algorithms and tools to analyze vast data sets for extracting specific insights that are further utilized for enhancing customer engagement. For instance, multiple over-the-top (OTT) platforms are employing AI-driven data insights in their applications for providing suggestions to their users based on their previous viewing patterns. Other factors, such as the increasing popularity of AI-powered industrial and surgical robots, rising preference for intelligent virtual assistants, and the rapid expansion of 5G infrastructure on the global level, are also contributing to the market growth. On account of the aforementioned factors, the market is expected to exhibit a CAGR of 24.9% during 2024-2032.

Market Summary:

• On the basis of the type, the market has been bifurcated into narrow/weak and general/strong artificial intelligence.
• Based on the offering, the market has been divided into hardware, software and services.
• On the basis of the technology, the market has been classified into machine learning, natural language processing, context-aware computing, computer vision and others.
• Based on the system, the market has been categorized into intelligence systems, decision support processing, hybrid systems and fuzzy systems.
• On the basis of the end use industry, the market has been segmented into healthcare, manufacturing, automotive, agriculture, retail, security, human resources, marketing, financial services, transportation and logistics, and others.
• On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Google LLC (Alphabet Inc.), Amazon Web Services, Inc., Apple Inc., Baidu, Cisco Systems Inc., Facebook Inc., General Electric Company, International Business Machines Corporation, Intel Corporation, Micron Technology, Inc, Microsoft Corporation, NVIDIA Corporation, Oracle Corporation, Rockwell Automation Inc., Samsung Electronics Co. Ltd., SAP SE, and Siemens AG.

Report Coverage:

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