San Francisco, Mountain View., July 14, 2023 (GLOBE NEWSWIRE) -- The global artificial intelligence market growth is driven by the increasing need for automation and the rising demand for personalization. Also, the industry-specific applications of AI that address various challenges and opportunities are driving market growth.
Key players such as AT and T Inc., Google Inc, Facebook Inc, IBM Corporation, Apple Inc, Intel Corporation, Salesforce.com Inc, Saudi Telecom Company, Ayasdi Inc, Nuance Communication and Digital Reasoning Systems Inc. are focused on research and development activities, and product innovation to gain a competitive edge in the market. North America region holds a dominant position in the chatbot market.
Key Developments in the Artificial Intelligence Market
On May 23, 2023, Google announced that it will be launching Product Studio, Google’s new generative AI tool that allows Google Shopping merchants to quickly edit and customize their product images for free.
In October 2021, Artificial Intelligence Feature Store with industry-first features will be co-developed by H2O.ai and AT&T. The H2O AI Feature Store offers a repository for collaborating, sharing, reusing, and discovering machine learning features to speed up AI project deployments and increase ROI. It is now accessible to any business or organization.
Artificial Intelligence Market Scope
| Report Metrics | Details |
| CAGR | 19.9% |
| Forecast Period | 2023-2030 |
| Data Availability | Value (USD) |
| Segments Covered | By Component, By Technology, By End-User, and By Region |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other Key insights. |
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Artificial Intelligence Market: Overview
Artificial Intelligence (AI) is a transformative technology that aims to replicate human intelligence and perform tasks that typically require human intelligence, such as problem-solving, decision-making, and pattern recognition. It encompasses a broad range of technologies, including machine learning, natural language processing, computer vision, robotics, and expert systems.
Artificial Intelligence Market: Opportunities
Developing industry-specific AI applications and solutions tailored to their unique needs offers significant growth opportunities for players in the artificial intelligence market. Moreover, AI algorithms can be utilized for advanced threat detection, anomaly detection, and real-time response in cybersecurity. Due to continuous technological advancements, numerous opportunities continue to emerge for players in this market.
Artificial Intelligence Market: Dynamics
AI technologies, such as machine learning and natural language processing, enable businesses to gather and analyze large volumes of data to understand individual preferences, behavior patterns, and purchase history. This data-driven personalization allows businesses to deliver targeted recommendations, customized marketing campaigns, and tailored products or services. The demand for personalized experiences drives the adoption of AI solutions and fuels market growth.
Moreover, through AI-powered automation, businesses can enhance customer service with chatbots, automate data analysis and reporting, optimize supply chain management, and deploy autonomous systems for various industries. The need for automation to improve business processes and stay competitive drives the demand for AI solutions.
However, the high initial investment to develop AI systems is a major factor restraining the market growth. Further, these AI systems require regular maintenance, which can be costly, especially for small and medium-sized businesses.
Artificial Intelligence Market: Geographical Insights
The Asia Pacific region holds a dominant position in the artificial intelligence market. This is owing to the increasing population and the rapidly growing economy of the region. Countries such as China and Japan are focusing on investing in the research and development of AI. Furthermore, the presence of major players in the AI industry, such as China's Baidu, Alibaba, and Tencent, also contributes to the market growth in this region.
Table of Contents
| 1 | Report Methodology and Scope |
| 2 | Report Definition and Overview |
| 3 | Executive Summary |
| 4 | Market Dynamics |
| 5 | Industry Factors |
| 6 | COVID-19 Analysis |
| 7 | Artificial Intelligence Market Segments and Region |
| 8 | Global Company Share Analysis – 10 Key Companies |
| 9 | Artificial Intelligence Market Company and Product Profiles |
| 10 | About DataM |
Artificial Intelligence in Healthcare Market is Segmented By Product Type (Hardware, Software, Services), By Technology (Speech Recognition, Natural Language Processing, Machine Learning, Disaster Recovery, Others), By Application (Imaging & Diagnostics, Drug Discovery, Precision Medicine, Hospital Management, Insights & Risk Analytics, Wearables, Virtual Assistants, Healthcare Assistant Robots, Others), By End-User (Hospitals, Pharmaceutical Company, Diagnostic Centers, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030
Global Artificial Intelligence in Manufacturing and Supply Chain Market is Segmented By Type (Software, Hardware, Others), By Deployment (On-premise, Off-premise), By End-User (Automotive, Aerospace, Construction, Chemicals, Others), By Technology (Machine Learning, Computer Vision, Natural Language Processing, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
Global Artificial Intelligence in Energy Market is Segmented By Solution (Software Solutions, Hardware Solutions, Services), By Application (Load Research & Forecasting, Optimization, Transmission & Distribution), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030.
