Artificial Intelligence (AI) Software Market Expansion 2024-2033: Growth Drivers and Dynamics

Artificial Intelligence (AI) Software Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

 Market Size –

The artificial intelligence (AI) software market size has grown exponentially in recent years. It will grow from $168.98 billion in 2023 to $222.7 billion in 2024 at a compound annual growth rate (CAGR) of 31.7%.  The  growth in the historic period can be attributed to image recognition and analysis, recommendation engines tools, robotic process automation (RPA) tools, healthcare AI solutions , and regulatory support and ethical guidelines.

The artificial intelligence (AI) software market size is expected to see exponential growth in the next few years. It will grow to $678.82 billion in 2028 at a compound annual growth rate (CAGR) of 32.2%.  The growth in the forecast period can be attributed to expansion of AI applications across industries, rise of edge AI and IoT integration, increased adoption of AI in healthcare, and expansion of autonomous systems and robotics. Major trends in the forecast period include explainable AI, AI democratization, AI-powered automation and augmentation, AI in healthcare transformation, AI in cybersecurity, AI in climate and sustainability.

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 Scope Of Artificial Intelligence (AI) Software Market

The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Artificial Intelligence (AI) Software Market Overview

Market Drivers –

The increasing investments in AI startups are expected to propel the growth of the artificial intelligence (AI) software market going forward. AI startups are companies that specialize in developing and implementing artificial intelligence (AI) technologies to solve specific problems or meet market demands. Investments in AI startups are increasing due to rising demand for AI solutions across industries and its cost reduction and scalability. Investments in AI startups will support marketing and sales efforts, enabling AI companies to expand their market presence and drive the adoption of software solutions. For instance, in May 2022, according to the International Trade Administration, a US-based government agency, AI startups secured $1.5 billion in funding in 2021, up from $1.3 billion in 2020. Therefore, increasing investments in AI startups drive the growth of the artificial intelligence (AI) software market.

 Market Trends –

Major companies operating in the artificial intelligence for information technology operations (AIOps) for the telecom operations market are focused on developing innovative products, such as AI Anywhere, to optimize telecom operations. AI Anywhere provides a full-stack solution with pre-built tools, frameworks, and support for the responsible deployment of generative AI using proprietary data, ensuring precise deployment and end-to-end support for the generative AI lifecycle. For instance, in January 2024, Rackspace Technology Inc., a US-based cloud computing company, launched AI Anywhere, a private cloud platform based on artificial intelligence (AI) and machine learning (ML). These solutions are designed to enhance operational efficiency and address IT teams’ challenges in managing complex data ecosystems within the telecom industry. By leveraging AI technologies like big data analytics and automation, AI Anywhere enables telecom service providers to optimize operations, predict outages, increase system performance, and enhance customer-facing services.

The artificial intelligence (AI) software market covered in this report is segmented –

1) By Deployment Model: On-Premises, Cloud

2) By Technology : Computer Vision, Data Analytics, Machine Learning, Natural Language Processing, Other Technologies

3) By Application: Voice Processing, Text Processing, Image Processing

4) By End-User: Law, Retail, Healthcare, Banking, Financial Services, and Insurance, Advertising And Media, Automotive And Transportation, Agriculture, Manufacturing, Others End-Users

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Regional Insights –

North America was the largest region in the artificial intelligence (AI) software market in 2023. The regions covered in the artificial intelligence (AI) software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Key Companies –

Major companies operating in the artificial intelligence (AI) software market are Amazon.com Inc., Apple Inc., Google Plc, Meta Platforms Inc., Tencent Holdings Limited, Intel Corporation, Accenture plc, International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Oracle Corporation, SAP SE, Salesforce.com Inc., NVIDIA Corporation, Cognizant Technology Solutions Corporation, Adobe Inc., Baidu Inc., Infosys Limited, Wipro Limited, Micro Focus International plc, Palantir Technologies Inc., OpenAI, Nuance Communications Inc., UiPath Inc., Automation Anywhere Inc., CognitiveScale Inc.

Table of Contents

1. Executive Summary
2. Artificial Intelligence (AI) Software Market Report Structure
3. Artificial Intelligence (AI) Software Market Trends And Strategies
4. Artificial Intelligence (AI) Software Market – Macro Economic Scenario
5. Artificial Intelligence (AI) Software Market Size And Growth

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27. Artificial Intelligence (AI) Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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