AI Market to Reach $5.26 Trillion by 2035
Source: globenewswire.com
Research and Markets has added a report regarding the Artificial Intelligence (AI) market to its offerings. The global AI market is projected to increase from USD 273.6 billion to USD 5.26 trillion by 2035, experiencing a CAGR of 30.84%.
The report includes market analysis and revenue forecasts for the overall market and its sub-segments. It offers insights for market leaders and new entrants, helping them understand competitive dynamics and make informed decisions about market positioning and strategies. The report also highlights key market drivers, barriers, opportunities, and challenges, aiding stakeholders in staying informed and capitalizing on growth opportunities.
AI is defined as a computer science field focused on creating machines capable of performing tasks that typically require human intelligence, such as speaking, seeing, language comprehension, translation, and data analysis. AI includes technologies like machine learning, deep learning, computer vision, and natural language processing. AI is being adopted across sectors like healthcare, finance, education, and manufacturing to improve data-driven processes and automate tasks.
The growth in industrial automation, the increasing use of IoT devices, and technological advancements are creating opportunities for industry participants. Stakeholders are investing in AI research and development to meet the changing needs of various sectors. The rise of artificial general intelligence (AGI) is expected to drive market growth.
AI Market Segmentation
Type of Offering
The AI market is divided into AI hardware, software, and service offerings. Currently, the software segment holds the largest market share due to applications in natural language processing, computer vision, edge AI, machine learning, deep learning, and robotics across healthcare, automotive, and finance. The cloud-based segment is expected to grow at a higher CAGR.
Type of Technology
The AI market is segmented by technology into computer vision, context-aware AI, expert systems, machine learning, natural language processing, and robotics process automation. Machine learning currently has the largest market share because it enables computers to learn from data, identify patterns, and make decisions. Natural language processing is projected to grow at a higher CAGR.
Type of Deployment
The AI market is divided into cloud-based and on-premises deployments. The cloud-based segment currently holds the majority share and is expected to grow at a higher CAGR due to its scalability, flexibility, and cost-effectiveness, making it accessible to SMEs.
Type of Application
The AI market is segmented by application into automated customer service, fraud detection & risk management, healthcare diagnostics, marketing & sales, predictive analytics, robotics, and supply chain optimization. Marketing & sales currently holds the largest market share due to the use of AI for audience targeting and customer engagement. Automated customer service is anticipated to grow at a higher CAGR.
Type of End User
The AI market is segmented by end user into automotive, BFSI, energy & utilities, government, healthcare, manufacturing, retail & e-commerce, telecommunication, and others. BFSI currently holds the largest market share due to its use of AI to optimize operations, manage financial data, detect fraud, and personalize customer experiences. Healthcare is anticipated to grow at a higher CAGR.
Geographical Regions
The AI market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and Rest of the World. North America currently holds the largest market share. Asia is anticipated to grow at a higher CAGR.