WESTFORD, Mass., April 23,
2024 /PRNewswire/ -- SkyQuest projects that Global
Artificial Intelligence Market size is poised to grow from
USD 241.80 Billion in 2023 to
USD 2359.1 Billion by 2031, at a CAGR
of 38.1% during the forecast period (2024-2031). The rapid growth
in Big Data and the IoT serves as a significant driver for the AI
industry. High Demand for Virtual Assistance is considered a key
growth driver: The use of AI-powered virtual assistants has
expanded quickly across a range of sectors and businesses as they
grow increasingly complicated and capable of handling a variety of
activities. The broad use of AI results in a bigger market for
AI-related products.
Download a detailed overview:
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Browse in-depth TOC on the "Artificial Intelligence
Market"
- Pages - 197
- Tables - 100
- Figures – 76
Artificial Intelligence Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$241.80
billion
|
Estimated Value by
2031
|
$2359.1
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 38.1%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Product, Technology,
Application, End Users, and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and the Rest of the world
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Growing Government and
Private Investments to Meet the Increasing Demand for Cancer
Research
|
Key Market
Drivers
|
Advancements in
Radiation Therapy Technologies
|
Driving Force Behind the Dominance of Software Industry is
Surge of AI
The software industry was the largest in the world in 2023.
Developments in computer power, data storage, and parallel
processing are the primary drivers of the software segment's
growth. The expanding acceptance of AI technology in various
end-use industries has led the hardware business to register the
fastest growth rate. It is further projected to witness surge in
demand for artificial intelligence hardware systems in the coming
years with the rise in adoption of this technology across multiple
end use sectors.
Hardware Industry to Register Fastest Growing Rate owing to
Surge of CPUs and GPUs
The hardware segment is expected to grow at the fastest rate
during the projection period. Artificial intelligence hardware is
made up of several components, such as CPU, GPU, ASIC,
and FPGA. Owing to their enormous computing capability and high
demand, CPUs and GPUs have taken the lead in the hardware market.
The increasing adoption of AI technology in a range of end-use
industries is expected to drive rising demand for artificial
intelligence hardware systems in the coming years.
North America to Dominate
due to Government Support and Specific Programs
The largest market share for artificial intelligence market
worldwide was occupied by North
America. This is due to favourable government policies that
incentivize North American businesses to employ AI, as well as the
growing need for automation. It is projected that the Asia Pacific market will grow at the fastest
rate during the forecast period. The growing rate of investments in
implementation of AI is driving up demand for technology.
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Artificial Intelligence Market Insights:
Drivers:
- Rising Demand for Virtual Assistants Driving Market
Growth
- Autonomous AI Adoption
Restraints:
- Data Privacy Concerns
- Bias Generated and Inaccurate AI Output
Prominent Players in Global Artificial Intelligence
Market
- Microsoft (US)
- IBM (US)
- Alphabet (Google) (US)
- NVIDIA (US)
- Meta Platforms (Facebook) (US)
- Palantir (US)
- Mobileye (Israel)
- Dynatrace (US)
- UiPath (US)
- SentinelOne (US)
- Aurora Innovation (US)
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/artificial-intelligence-market
Key Questions Answered in Global Artificial Intelligence
Market Report
- Which elements are expected to fuel the global artificial
intelligence market's anticipated growth between 2023 and
2031?
- By 2031, how big is the global artificial intelligence market
expected to grow?
- Why are virtual assistants with AI capabilities growing in
popularity?
- Which artificial intelligence-related goods or advancements
have recently been released?
This report provides the following insights:
- Analysis of key drivers (growth in AI-powered virtual
assistants, notable increase in AI-driven virtual assistants,
adjust to individual preferences, robust virtual assistant software
systems offering diverse functionalities), restraints (Data
privacy, wide range of algorithms are expected to cause problems,
abuse of sensitive user information, system failure or
malfunction), opportunities (transforming various industry,
improved outcomes and machine learning algorithms can analyse vast
amounts of data), and challenges (ethical implications,
decision-making biases associated with AI systems) influencing the
growth of artificial intelligence market
- Market Penetration: Comprehensive information on the product
portfolios offered by the top players in the artificial
intelligence market
- Product Development/Innovation: Detailed insights on the
upcoming trends, R&D activities, and AI version launches in the
artificial intelligence market
- Market Development: Comprehensive information on lucrative
emerging regions
- Market Diversification: Exhaustive information about new
products, growing geographies, and recent developments in the
market
- Competitive Assessment: In-depth assessment of market segments,
growth strategies, revenue analysis, and products of the leading
market players.
Related Reports:
Global Artificial Intelligence In Healthcare Market
Global Artificial Intelligence In Retail Market
Global Artificial Intelligence In Security Market
Global Artificial Intelligence in Agriculture Market
Global Artificial Intelligence In Telecommunication Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia
Pacific.
Contact:
Mr. Jagraj Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
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SOURCE SkyQuest Technology