The artificial intelligence products global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Artificial Intelligence Products 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 products market size has grown strongly in recent years. It will grow from $2.35 billion in 2023 to $2.53 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to increased computing power, rise of big data, government investments in research and development, growing adoption of cloud computing.
The artificial intelligence products market size is expected to see strong growth in the next few years. It will grow to $3.34 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to exponential growth in data generation, AI integration in business processes, Focus on responsible AI, increasing AI in cybersecurity. Major trends in the forecast period include embrace of AI in predictive maintenance, AI in natural language processing (NLP), the emergence of AI-powered virtual assistants and chatbots, and initial integration of AI in predictive analytics platforms.
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Scope Of Artificial Intelligence Products 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 Products Market Overview
Market Drivers –
The increasing government initiatives are expected to fuel the growth of the artificial intelligence products market going forward. Government initiatives refer to specific actions, programs, or policies undertaken by a government to address issues, achieve specific goals, or bring about positive changes in various aspects of society. Governments act as facilitators, bringing together researchers, industry players, and civil society organizations to collaborate to develop AI products. For instance, in June 2023, the Ministry of Innovation, Science, and Industry, a Canada-based government agency, initiated the second phase of the Pan-Canadian artificial intelligence program, and this rollout is supported by a substantial investment exceeding US$ 443 million, underscores the government’s commitment to enhance the integration and commercialization of AI across various sectors of the country’s economy. Therefore, increasing government initiatives is driving the growth of the artificial intelligence products market.
Market Trends –
Major companies operating in the artificial intelligence products market are developing innovative products with advanced technologies, such as application programming interfaces, to gain a competitive edge in the market. The application programming interface is a software interface that enables developers to integrate automatic speech recognition (ASR) capabilities into their applications or services. For instance, in April 2021, Verint Systems, Inc., a US-based company that specializes in the provision of enterprise workforce optimization and customer engagement solutions, launched Verint Virtual Assistant (IVA), a low-code Speech-to-Text API solution. This solution enables the swift transformation of existing conversational data into automated self-service experiences. This tool empowers business professionals to efficiently deploy a fully operational chatbot, accelerating the process of deflecting calls and providing customer support.
The artificial intelligence products market covered in this report is segmented –
1) By Product Type: Computer And GPU Chip Hardware, Cloud Hardware, Other Products
2) By Enterprise Size: Large Enterprise, Small And Medium-Sized Enterprise
3) By Application: Media And Advertising, Healthcare, Automotive And Transportation, Other Applications
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Regional Insights –
North America was the largest region in the artificial intelligence products market in 2023. The regions covered in the artificial intelligence products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Apple Inc., Alphabet Inc., Microsoft Corporation, Tencent Holdings Ltd., Amazon Web Services Inc., Siemens AG, Intel Corporation, International Business Machines Corporation, NVIDIA Corporation, Salesforce Inc., Advanced Micro Devices Inc., Baidu Inc., Zebra Technologies Corp., Autodesk Inc., Arm Holdings plc, Palantir Technologies Inc., Databricks Inc., UiPath, Open AI, Ayasdi AI LLC, AiCure, Enlitic Inc., Clarifai Inc., Sensely Inc., Atomwise Inc.
Table of Contents
1. Executive Summary
2. Artificial Intelligence Products Market Report Structure
3. Artificial Intelligence Products Market Trends And Strategies
4. Artificial Intelligence Products Market – Macro Economic Scenario
5. Artificial Intelligence Products Market Size And Growth
…..
27. Artificial Intelligence Products Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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