Artificial Intelligence (AI) Market is expected to reach a revenue of USD 4,726.6 Bn by 2033, at 38.1% CAGR: Dimension Market Research

New York, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Overview:

The Global Artificial Intelligence (AI) Market size is expected to reach USD 259.1 billion by 2024 and is further anticipated to reach USD 4,726.6 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 38.1% from 2024 to 2033.

Artificial intelligence or AI is a simulation of human intelligence processes by machines, mainly computer systems, which contains learning, reasoning, & self-correction. AI includes numerous subfields, like machine learning, natural language processing, computer vision, and robotics, among others.

Also, AI focuses on developing intelligent machines that can perceive their environment, learn from experiences, and make decisions or solve problems autonomously, similar to human intelligence.

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The US Overview

The Artificial Intelligence (AI) Market in the US is expected to reach USD 71.8 billion in 2024 at a CAGR of 35.7% over the forecast period.

The US AI market thrives on automation, personalized analytics, and constant innovation. Key trends like the rise of explainable AI, edge computing, and advancements in AI-driven healthcare. Strong R&D investments drive growth across sectors, but regulatory complexities and data privacy concerns could impact rapid adoption and market expansion.

Important Insights

• The Artificial Intelligence (AI) Market is expected to grow by USD 4,378.8 billion by 2033 from 2025 with a CAGR of 38.1%.

• The software segment is projected to lead in 2024 with a major & is anticipated to dominate throughout the forecasted period.
• Machine Learning segment as a technology is expected to lead the Artificial Intelligence (AI) Market in 2024.
• The Finance & Accounting segment is expected to get the largest revenue share in 2024 in the Artificial Intelligence (AI) market.
• North America is set to hold a 31.8% share of revenue in the Global Artificial Intelligence (AI) Market in 2024.

Global Artificial Intelligence (AI) Market: Trends

• Generative AI: Increase in the use of models like GPT for content creation and problem-solving.
• AI in Edge Computing: Installing AI directly on devices for real-time processing and reduced latency.
• AI for Cybersecurity: Better use of AI for detecting and responding to security threats.
• Integration with IoT: AI-driven insights are highly used to analyze data from connected devices and systems.

Artificial Intelligence (AI) Market: Competitive Landscape

The AI market is highly competitive, with tech giants and startups alike competing for dominance. Competition is driven by technological development, diverse industry applications, and ongoing R&D investments. Companies focuses on to deliver innovative solutions and enhance user experiences, fueling rapid innovation and pushing AI technology forward.

Some of the major players in the market include AiCure, Amazon, IBM Corp, Microsoft Corp, Salesforce Inc, Alphabet Inc, and more.

Some of the prominent market players:

• AiCure
• Amazon
• IBM Corp
• Microsoft Corp
• Salesforce Inc
• Alphabet Inc
• Baidu Inc
• ai
• Sensely Inc
• Zebra Medical Vision
• NVIDIA Corp
• ai AS
• Lifegraph
• Intel Corp
• Hewlett Packard Enterprise
• Siemens AG
• SAP SE
• Oracle Corp
• Cisco System
• Other Key Players

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Artificial Intelligence (AI) Market Scope

Regional Analysis

The North American AI market is expected to hold a 31.8% revenue share in 2024, supported by government support for AI adoption across many sectors. Investments in AI research, specialized centers, and funding for innovative projects aim to improve public safety, transportation, and healthcare.

In addition, in the Asia Pacific region, AI integration in educational institutions is expected to drive high growth by offering personalized learning and advanced data analytics. Meanwhile, Europe's AI market will grow as AI transforms the financial sector, improving practices and customer experiences.

By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

Segment Analysis:

Machine Learning (ML) is projected to drive significant growth in the Artificial Intelligence (AI) market in 2024 by showcasing the development of intelligent systems. ML algorithms allow AI to learn from data, enhance over time, and make autonomous decisions, improving various sectors like healthcare and finance through automation and efficiency. As businesses adopt AI to remain competitive, the need for advanced ML models increases, driving market expansion. Similarly, Natural Language Processing (NLP) is important for AI market growth, improving customer interactions through chatbots and virtual assistants, automating tasks, and improving user experiences.

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Artificial Intelligence (AI) Market Segmentation

By Offering

• Hardware
  • Accelerators
  • Processors
    • Graphics Processing Unit (GPU)
    • Central Processing Unit (CPU)
    • Field Programmable Gate Arrays (FPGA)
    • Other Processors
  • Memory
  • Networking Hardware
• Software
  • Type
    • Discriminative AI

• Classification Algorithms
• Regression Algorithms
• Deep Learning Platforms
• Ensemble Methods

• • • Generative AI

• Rule-based Generative AI Models
• Statistical-based Generative AI Models
• Deep Learning Generative AI Platforms
• Generative Adversarial Networks (GANs)
• Autoencoders
• Convolutional Neural Networks (CNNs)
• Transformer Models

• • Deployment Mode
    • Cloud
    • On-Premises
  • Coding Automaton
    • No-code AI
    • Low-code AI
    • Pro-code AI
• Services
  • Professional Services
    • Training & Consulting
    • System Integration & Deployment
    • Support & Maintenance
  • Managed Services

By Technology

• Machine Learning
  • Supervised Learning
  • Unsupervised Learning
  • Reinforcement Learning
• Natural Language Processing
  • Natural Language Understanding (NLU)
    • Text Classification
    • Named Entity Recognition  (NER)
    • Intent Recognition
    • Relationship Extraction
    • Other NLU Technologies
  • Natural Language Generation (NLG)
    • Text Summarization
    • Machine Translation
    • Language Modeling
    • Dialogue Generation
• Computer Vision
  • Object Detection
  • Image Classification
  • Semantic Segmentation
  • Facial Recognition
  • Other Computer Vision Technologies
• Context-Aware Artificial Intelligence (CAAI)
  • Context-Aware Recommendation Systems
  • Multi-Modal AI
  • Context-Aware Virtual Assistants

By Business Function

• Marketing & Sales
  • Customer Segmentation
  • Predictive Lead Scoring
  • Personalized Recommendations
  • Dynamic Pricing Optimization
  • Churn Prediction
  • Sentiment Analysis
  • Marketing Attribution
  • Others
• Human Resources
  • Candidate Screening
  • Employee Retention Analysis
  • Performance Management
  • Workforce Planning & Forecasting
  • Employee Feedback Analysis
  • Diversity & Inclusion Analytics
  • Others
• Finance & Accounting
  • Fraud Detection
  • Financial Forecasting
  • Expense Management
  • Invoice Processing
  • Credit Risk Assessment
  • Regulatory Compliance
  • Budgeting & Planning
  • Others
• Operations
  • Predictive Maintenance
  • Supply Chain Optimization
  • AIOPS
  • IT Service Management
  • Quality Control
  • Route Optimization
  • Cold Chain Monitoring
  • Inventory Management
  • Procurement Automation
  • Equipment Failure Prediction
  • Others
• Cybersecurity
  • Threat Detection & Response
  • Anomaly Detection
  • Vulnerability Assessment
  • Identity & Access Management
  • Security Automation & Orchestration
  • End Point Protection
  • Network Traffic Analysis
  • Others

By Industry Vertical

• BFSI
  • Fraud Detection & Prevention
  • Risk Assessment & Management
  • Algorithmic Trading
  • Credit Scoring & Underwriting
  • Customer Service Automation
  • Personalized Financial Recommendation
  • Investment Portfolio Management
  • Regulatory Compliance Management
  • Other BFSI Application
• Retail & E-commerce
  • Personalized Product Recommendation
  • Customer Relationship Management
  • Visual Search
  • Virtual Customer Assistant
  • Price Optimization
  • Supply Chain Management & Demand Planning
  • Virtual Stores
  • Other Retail & E-commerce Applications
• Manufacturing
  • Predictive Maintenance & Machinery Inspection
  •  Material Movement
  • Production Planning
  • Recyclable Material Reclamation
  • Quality Control
  • Product Line Optimization
  • Intelligent Inventory Management
  • Other Manufacturing Applications
• Government & Defense
  • Surveillance & Situational Awareness
  • Law Enforcement
  • Intelligence Analysis & Data Processing
  • Simulation & Training
  • Command & Control
  • Disaster Response & Recovery Assistance
  • E-Governance & Digital City Services
  • Other Government & Defense Application
• Healthcare & Life Sciences
  • Patient Data & Risk Analysis
  • Lifestyle Management & Monitoring and Wearables
  • Precision Medicine
  • In-patient care & Hospital Management
  • Medical Imaging & Diagnostics
  • Drug Discovery
  • AI-assisted Medical Services
  • Medical Research
  • Other Healthcare & Life Sciences Application
• Telecommunication
  • Network Security
  • Network Planning & Optimization
  • Network Automation
  • Customer Analytics
  • Conversational bots and Virtual Assistants
  • Data Analysis
  • Robotic Process Automation
  • Personalized Marketing
  • Other Telecommunication Applications

• Energy & Utilities
  • Energy Demand Forecasting
  • Grid Optimization & Management
  • Energy Consumption Analytics
  • Smart Metering & Energy Data Management
  • Energy Storage Optimization
  • Real-Time Energy Monitoring & Control
  • Power Quality Monitoring & Management
  • Energy Trading & Forecasting
  • Intelligent Energy Management Systems
  • Other Energy & Utilities Applications
• Automotive, Transportation & Logistics
  • Supply Chain Visibility & Tracking
  • Route Optimization
  • Intelligent Traffic Management
  • Driver Assistance Systems
  • Smart Logistics & Warehousing
  • Semi-Autonomous & Autonomous Vehicles
  • Fleet Management
  • Vehicle Diagnostics & Telematics
  • Other Automotive, Transportation & Logistics Applications
• Agriculture
  • Crop Monitoring & Yield Prediction
  • Precision Farming
  • Soil Analysis & Nutrient Management
  • Pest & Disease Detection
  • Irrigation Optimization & Water Management
  • Automated Harvesting & Sorting
  • Weed Detection & Management
  • Weather & Climate Monitoring
  • Livestock Monitoring & Health Management
  • Other Agricultural Applications
• IT/ITES
  • Automated Code Generation & Optimization
  • Automated IT Asset Management
  • IT Ticketing & Support Automation
  • Intelligent Data Backup & Recovery
  • Automated Software Testing & Quality Assurance
  • Other IT/ITES Applications
• Media & Entertainment
  • Content Recommendation Systems
  • Content Creation & Generation
  • Content Copyright Protection
  • Audience Analytics & Segmentation
  • Personalized Advertising
  • Other Media & Entertainment Applications

• Other Industry Verticals

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Global Artificial Intelligence (AI) Market: Driver

• Increased Data Availability: The rise in the volume of data drives the development of more advanced AI models.
• Advancements in Machine Learning: Innovations in algorithms &computing power improve AI capabilities.
• Cloud Computing: Scalable cloud infrastructure assists the deployment and accessibility of AI technologies.
• Demand for Automation: Businesses look at AI to streamline operations and enhance efficiency across various industries.

Global Artificial Intelligence (AI) Market: Restraints

• Ethical and Privacy Concerns: Challenges around data security & ethical use of AI can impact the adoption.
• High Development Costs: The development of AI technologies requires major investment in research and infrastructure.
• Regulatory Challenges: Evolving regulations can develop uncertainty and compliance issues for AI deployment.
• Talent Shortage: A lack of skilled professionals limits the pace of AI development and implementation.

Global Artificial Intelligence (AI) Market: Opportunities

• Healthcare Advancements: AI can transform diagnostics, treatment, and personalized medicine.
• Enhanced Customer Experience: AI-driven solutions can provide personalized and efficient customer interactions.
• Smart Automation: AI can streamline & automate many industrial and administrative processes.
• Predictive Analytics: AI allows better forecasting and decision-making in sectors like finance, retail, and supply chain.

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Recent Developments in the Artificial Intelligence (AI) Market

• July 2024: Google introduced new AI initiatives in India, including models, a benchmarking tool, a hackathon, MeitY Startup Hub partnership, and USD 350,000 in Cloud credits.
• May 2024: OpenAI revealed plans for an AI-powered search product to challenge Google, with Microsoft support and competition from Perplexity.
• April 2024: Intel launched the Intel Gaudi 3 accelerator to bring performance, openness, and choice to enterprise generative AI (GenAI), along with a suite of new open scalable systems, next-gen products, and strategic collaborations to accelerate GenAI adoption.
• March 2024: Intel introduced two new initiatives as part of the AI PC Acceleration Program to enhance the development and deployment of new AI technologies by software developers, independent software vendors (ISVs), & independent hardware vendors (IHV).
• March 2024: Cognition introduced Devin, the world's first AI software engineer capable of coding, and creating websites & software through a single prompt, designed to work alongside human engineers, who can write codes, and create websites, and software with just a single prompt.
• September 2023: EY launched EY.ai, an integrating platform that brings together human capabilities and artificial intelligence (AI) to assist its clients in transforming their businesses through the confident and responsible adoption of AI.

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