Dublin, Feb. 15, 2024 (GLOBE NEWSWIRE) -- The "Artificial Intelligence (AI) Toolkit Market by Offering (Hardware, Software, Services), Technology (Natural Language Processing, Machine Learning), Vertical (BFSI, Retail & eCommerce, Healthcare & Life Sciences) and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The AI toolkit market is estimated at USD 19.5 billion in 2023 to reach USD 91.6 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 36.2%
AI toolkits that generate content, including news articles, marketing materials, and social media posts, stand as a significant market driver in the AI toolkit landscape. These toolkits are revolutionizing content creation and distribution across industries by automating the production of high-quality, contextually relevant content at scale.
This expedites content development, reduces costs, and expands content accessibility. Furthermore, AI-generated content extends beyond text-based materials to include AI-generated music, videos, images, and songs. This multifaceted approach opens new horizons for creative expression and marketing strategies, unlocking novel avenues for artists, content creators, and businesses to connect with their audiences. The ability of AI toolkits to cater to diverse content needs while maintaining quality and relevance is propelling their adoption, further driving innovation in this segment of the AI toolkit market.
The computer vision segment is expected to register the fastest growth rate during the forecast period. The utilization of computer vision in industrial automation is a central driver for the AI toolkit market. In industrial operations, computer vision is pivotal in robotic assembly, object tracking, and visual inspection tasks. It enables precision and efficiency in manufacturing processes, enhancing product quality and reducing errors.
As industries increasingly embrace automation and smart manufacturing practices, the demand for AI toolkits incorporating computer vision capabilities is surging. These toolkits facilitate the integration of advanced vision systems into automated processes, fostering innovation and driving the growth of the AI toolkit market for industrial applications.
The BFSI segment to hold the largest market size during the forecast period AI toolkits are pivotal in driving the AI toolkit market within the Banking, Financial Services, and Insurance (BFSI) sector. They are indispensable for real-time fraud detection, enabling financial institutions to swiftly identify and mitigate fraudulent activities. This is of paramount importance in safeguarding both customer assets and the institution's financial integrity.
By harnessing the power of AI, these toolkits continuously analyze vast datasets to identify suspicious patterns and transactions, allowing for immediate action. As the prevalence of financial fraud escalates, the demand for AI toolkits in fraud detection continues to surge, making it a central driver in the growth of the AI toolkit market in the BFSI sector.
Asia Pacific highest growth rate during the forecast period.
Agriculture-focused AI toolkits drive the Asia Pacific AI toolkit market by revolutionizing the agriculture sector. These toolkits are instrumental in the advancement of precision agriculture, farm management, and the development of smart farming technologies. With the region's substantial population, there's a growing demand for sustainable farming practices.
AI toolkits empower precision agriculture, enhancing crop yields, efficient resource utilization, and environmental sustainability. These tools provide valuable insights into soil conditions, weather, and crop health, enabling data-driven decisions and minimizing resource wastage. As a result, adoption is increasing, addressing food security, and propelling the overall AI toolkit market in Asia Pacific.
Premium Insights
- Rising Technological Advancements and Increasing Government Support to Drive AI Toolkit Market
- Major Segments in AI Toolkit Market
- Software Segment to Lead Market in 2023
- Managed Services Segment to Achieve Higher Growth During Forecast Period
- Bfsi Segment to Lead Market During Forecast Period
- US and Bfsi Segment to Account for Significant Share in 2023
Case Study Analysis
- Carmax Deployed Microsoft's Azure Openai Service to Ensure Data Security and Compliance
- Trifork Employed Nvidia's Deepstream and Jetson Xavier Agx to Optimize Baggage Handling at Airports
- Obviously AI Offered Its Accurate Revenue Predictions to Provide Organizations with Valuable Insights for Better Decision-Making
- 2X Implemented Jasper's Multifaceted Functionality to Offer Personalized Experience to Content Team
- Obviously AI's Precise Sales Predictions Empowered Organizations to Allocate Resources and Make Data-Driven Choices
Market Dynamics
Drivers
- Evolution of Language Model Concept in AI
- Growing Adoption of Automl to Train High-Quality Models
- Need to Accelerate End-To-End Ml and Data Science Pipelines Using Optimized Deep Learning Frameworks
Restraints
- Lack of Skilled AI Professionals
- Lack of Standardization in AI Toolkit Market
Opportunities
- Growth in Data Generated by IoT Devices
- Market Penetration of AI Toolkit Vendors into Healthcare and Financial Services Sectors
Challenges
- Concerns Related to AI Transparency and Explainability
- Security and Privacy Concerns
Industry Trends
- Evolution of Artificial Intelligence Technology
- Milestones of Artificial Intelligence
Companies Mentioned
- Adobe
- Altair
- Alteryx
- Attri
- Datarobot
- Determined AI
- Fiddler AI
- H20.AI
- IBM
- Intel
- Jasper
- Knime
- Levity AI
- Meta
- Microsoft
- Nvidia Corporation
- Obviously AI
- Openai
- Oracle
- Rasa
- Regie.AI
- Salesforce
- Snorkel AI
- Superannotate
- Thales Group
- Union.AI
For more information about this report visit https://www.researchandmarkets.com/r/9ls99w
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