The Rise of Artificial Intelligence Market: A $1,339.1 billion Industry Dominated by Tech Giants – IBM, Microsoft, Google, NVIDIA

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MarketsandMarkets Research Pvt. Ltd.MarketsandMarkets Research Pvt. Ltd.

MarketsandMarkets Research Pvt. Ltd.

Chicago, June 20, 2024 (GLOBE NEWSWIRE) — The global Artificial Intelligence (AI) Market size is anticipated to grow at a CAGR of 35.7% during the forecast period, from USD 214.6 billion in 2024 to USD 1,339.1 billion by 2030, according to a new report by MarketsandMarkets™. The artificial intelligence market is poised for substantial growth, propelled by several key business drivers. Factors such as surge in autonomous AI implementation, enhancements in computational infrastructure and data availability, and the proliferation of deep learning and machine learning innovations collectively steer the expansion of the artificial intelligence market.

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Artificial Intelligence (AI) Market Dynamics:

Drivers:

  1. Growth in adoption of autonomous artificial intelligence

  2. Rise in technological advancements and innovations.

  3. Advancements in deep learning and growth of data-based artificial intelligence

Restraints:

  1. Shortage of skilled artificial intelligence professionals.

  2. Issues related to data availability and quality

Opportunities:

  1. Rapid growth in digital data from various sources.

  2. Rise in investment in research & development by businesses and governments

List of Top Companies in Artificial Intelligence (AI) Market:

  • Microsoft (US)

  • IBM (US)

  • Google (US)

  • AWS (US)

  • NVIDIA (US)

  • Anthropic (US)

  • Cerebras (US)

  • OpenAI (US)

  • Anduril Industries (US)

  • Cohere (Canada)

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Recent AI advancements are revolutionizing various business sectors. AI robots with learning capabilities, including emotion interpretation, enhance human-robot interactions and customer service. AI-based cybersecurity uses machine learning to detect and respond to threats, bolstering organizational defenses. In healthcare, AI X-ray diagnostics enable rapid, accurate disease detection. Smartphone apps integrate AI for personalized recommendations and improved user experiences. In FinTech, AI enables better fraud detection, risk management, and personalized financial services. These developments promise to enhance productivity, security, and user engagement across industries, reshaping the business landscape. One prevalent regulatory change is the Artificial Intelligence Act (AI Act) of the European Union. Proposed by the European Commission on 21 April 2021 and passed on 21 May 2024, it aims to establish a common regulatory and legal framework for AI.

Based on software type, the generative AI segment is projected to grow at the fastest rate during the forecast period due to its transformative capabilities in content creation, design, and innovation. Unlike other AI types that rely on data for analysis, generative AI can create new content autonomously, ranging from images and videos to text and music. This versatility enables businesses to streamline creative processes, generate personalized content at scale, and develop innovative solutions. Moreover, generative AI fosters collaboration between human creativity and machine intelligence, unlocking new possibilities in various industries.

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Based on technology, context-aware AI technology is poised for rapid growth during the forecast period due to several key factors. Advancements in machine learning algorithms and natural language processing enable AI systems to understand and interpret contextual information more accurately, allowing for more personalized and adaptive user experiences across various applications. The proliferation of Internet of Things (IoT) devices generates vast amounts of contextual data that can be leveraged by context-aware AI systems to make more informed decisions and predictions. Moreover, the integration of context-aware AI into virtual assistants, autonomous vehicles, and smart cities further fuels its growth potential, making it one of the fastest-growing segments within the AI market.

The artificial intelligence market presents abundant opportunities for companies to innovate and grow. Firstly, AI enables companies to automate routine tasks, streamline operations, and enhance efficiency across various industries, ranging from manufacturing to healthcare. Secondly, AI-driven analytics offer valuable insights from vast datasets, empowering businesses to make data-driven decisions and improve customer experiences. Thirdly, the expansion of AI into emerging fields like edge computing, quantum computing, and autonomous systems opens doors for companies to pioneer new solutions and disrupt traditional markets. To tap into these opportunities, companies must invest in AI talent, foster a culture of innovation, and prioritize collaboration with partners and stakeholders to harness the full potential of artificial intelligence.

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CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Rohan Salgarkar MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: [email protected]

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