NEW YORK, Dec. 15, 2024 /PRNewswire/ -- The global artificial intelligence (AI) market size is estimated to grow by USD 237.4 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 30.07% during the forecast period. The report provides a comprehensive forecast of key segments below-
Segmentation Overview
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Component
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1.1 Software
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1.2 Hardware
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1.3 Services
End-user
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2.1 Retail
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2.2 Banking
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2.3 Manufacturing
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2.4 Healthcare
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2.5 Others
Geography
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3.1 North America
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3.2 Europe
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3.3 APAC
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3.4 South America
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3.5 Middle East and Africa
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1.1 Fastest growing segment:
In the dynamic and evolving landscape of the Artificial Intelligence (AI) market, various components fuel its growth. Data analysis is a crucial segment, as businesses harness AI's potential to derive valuable insights from vast datasets. Healthcare, Banking, Automotive, E-commerce, and other industries embrace AI for improved efficiency, enhanced customer experiences, and innovative solutions. Ethical concerns and regulatory issues surrounding AI's implementation are under scrutiny, with privacy issues and bias in algorithms being major areas of focus. Job displacement due to automation, robotics, chatbots, and virtual assistants is a significant concern, necessitating the development of skilled AI professionals. Market segments like IT and telecommunication, Retail & e-commerce, Agriculture, Education, Media and entertainment, Finance & accounting, Cybersecurity, Legal and compliance, and Operation leverage AI for fraud prevention, workflow management, and customizable AI solutions. Pretrained models, AI marketplaces, and biopharmaceutical companies are integral components, driving advancements in machine learning, generative AI, generative adversarial networks, transformers, variational autoencoders, diffusion networks, and retrieval augmented generation. Edge AI and Internet of Things (IoT) are gaining traction with edge computing, enabling real-time data processing and analysis.
Analyst Review
The Artificial Intelligence (AI) market is experiencing exponential growth, driven by advancements in deep learning, data analytics, data science, and cognitive solutions. Cloud computing and quantum computers are revolutionizing the way AI algorithms are developed and deployed. Computer vision and natural language processing are key components of next-generation tech fields, enabling applications in healthcare, finance, and more. SaaS and on-premises solutions offer flexibility in implementing AI, while hardware advancements facilitate parallel processing and big data storage. Pretrained models and machine learning algorithms are essential tools for developers, enabling faster and more accurate AI implementation. Intelligence standards ensure interoperability and reliability, making AI a valuable asset for various industries. AI techniques, such as deep learning and machine learning, continue to evolve, pushing the boundaries of what is possible in this dynamic field.