New York, USA, Dec. 18, 2024 (GLOBE NEWSWIRE) — Artificial Intelligence Market Outlook:
The market for artificial intelligence is poised to witness robust growth, according to the latest research report by Polaris Market Research. The artificial intelligence market size was valued at USD 235.27 billion in 2024 and is projected to grow to USD 3,582.75 billion by 2034. It is anticipated to exhibit a CAGR of 31.3% from 2025 to 2034.
What Is Artificial Intelligence?
Artificial intelligence (AI) is a set of technologies that allow machines and computers to simulate human learning and reasoning. AI is a broad field that draws from several disciplines, including neuroscience, statistics, computer science, and philosophy. AI systems can learn from their errors and improve their accuracy. They can understand and translate spoken and written language. Also, AI systems are capable of analyzing vast amounts of data to make recommendations. AI finds applications across various industries, including healthcare, e-commerce, space exploration, education, marketing, and security systems, among others.
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What Are Key Report Highlights?
- The market for artificial intelligence is poised to register a robust CAGR of 31.3% during the forecast period.
- Major advancements in data availability and computational power, which enable the development of highly sophisticated models, are driving the demand for AI systems.
- The market segmentation is primarily based on solution, technology, function, end use, and region.
- Based on solution, the sales and marketing segment is projected to register the fastest CAGR as the segment increasingly leverages AI to transform the way businesses attract and retain customers.
- The artificial intelligence market research report covers all the major regions, including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Who Are Top Market Players?
The top market participants are focusing on R&D to improve their product offerings. Also, they are adopting several strategic initiatives to improve their market share.
A few of the artificial intelligence market key players are:
- Advanced Micro Devices
- Atomwise, Inc.
- Baidu, Inc.
- Clarifai, Inc
- Cyrcadia Health
- Enlitic, Inc.
- Google LLC
- HyperVerge, Inc.
- International Business Machines Corporation
- Intel Corporation
- Iris.ai AS.
- Microsoft
- NVIDIA Corporation
- Sensely, Inc.
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What’s Driving Market Forward?
Availability of Historical Datasets: The availability of historical datasets has led to increased innovation in AI. With data storage and recovery becoming more economical, governments and organizations are developing unstructured datasets that can be easily accessed by research. This availability of historical datasets is driving the artificial intelligence market development.
Advancements in Artificial Neural Networks: Advancements in artificial neural networks (ANN) have resulted in increased adoption of AI across several sectors, including automotive, healthcare, manufacturing, and aerospace.
Continuous Research and Innovation: The top market participants are continuously focusing on continuous research and development to drive the adoption of advanced technologies, including AI. This increased focus on research and innovation is driving the artificial intelligence market expansion.
Which Region Leads Market Demand?
North America: North America held a sizable portion of the artificial intelligence market share in 2024. The introduction of favorable regulations and government initiatives has led to increased adoption of AI across various sectors. Also, significant investments in AI research and development contribute to the market dominance in the region.
Asia Pacific: Asia Pacific is projected to register a substantial CAGR from 2025 to 2034. Several emerging economies in the Asia Pacific have introduced steadfast plans for the adoption of AI technology across various industries. Also, the AI use cases in Asia Pacific are projected to rise as 5G technology is being increasingly implemented in nations such as China, India, and Japan.
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How Is Market Segmentation Done?
By Solution Outlook
- Hardware
- Accelerators
- Processors
- Memory
- Network
- Software
- Services
- Professional
- Managed
By Technology Outlook
- Deep Learning
- Machine Learning
- Natural Language Processing (NLP)
- Machine Vision
- Generative AI
By Function Outlook
- Cybersecurity
- Finance and Accounting
- Human Resource Management
- Legal and Compliance
- Operations
- Sales and Marketing
- Supply Chain Management
By End Use Outlook
- Healthcare
- Robot Assisted Surgery
- Virtual Nursing Assistants
- Hospital Workflow Management
- Dosage Error Reduction
- Clinical Trial Participant Identifier
- Preliminary Diagnosis
- Automated Image Diagnosis
- BFSI
- Risk Assessment
- Financial Analysis/Research
- Investment/Portfolio Management
- Others
- Law
- Retail
- Advertising & Media
- Automotive & Transportation
- Agriculture
- Manufacturing
- Others
By Regional Outlook
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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