0

Artificial Intelligence (AI) Market Expected to Reach $3636 Billion by 2033—Allied Market Research

 
2022
Artificial Intelligence (AI) Market

Report Code : A01445

quote The artificial intelligence (AI) market has grown significantly in recent years and is expected to boost significantly in upcoming years owing to rising adoption in various industry verticals. Further, rapid developments in powerful and affordable cloud computing infrastructure are expected to have a strong impact on the growth potential of the global artificial intelligence market. quote

Sourabh Ekre - Lead Analyst
ICT and Media at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled, “Artificial Intelligence (AI) Market," The artificial intelligence (ai) market was valued at $153.6 billion in 2023, and is estimated to reach $3636 billion by 2033, growing at a CAGR of 37.3% from 2024 to 2033.

Artificial intelligence or AI market makes it possible for machines to learn from previous experiences and adjust to new inputs to perform tasks like humans. Such capabilities of artificial intelligence technology enable machines to automate much more complex tasks such as driving cars (self-driving cars), holding conversations (conversational bots), and filtering e-mail (spam and fraud detectors). Furthermore, key factors that drive the growth of the artificial intelligence market include surge in demand for improving operational efficiency and the rise in cost of manual labor. However, high implementation cost of artificial intelligence solutions hampers AI market growth. On the contrary, increasing digital dependence and Industry 4.0 trends are expected to offer remunerative opportunities for expansion of the artificial intelligence market during the forecast period.

Furthermore, the global artificial intelligence (AI) market is in its developing phase, and it exhibits high growth potential, due to rise in its adoption across various industry verticals. In addition, a surge in the number of partnerships is expected to promote artificial intelligence (AI) market growth in future. For instance, in November 2021, Amazon Web Services, Inc. partnered with Workato, a leading global enterprise automation platform enable domain experts without technical backgrounds to harness artificial intelligence (AI) and machine learning (ML). As part of the launch, Workato released an AI/ML Connector, which allows for seamless integrations from any data source into Amazon SageMaker, and AI/ML Accelerator, which provides packaged Recipes and reference architectures to address key AI/ML use cases like customer churn. Moreover, many companies providing artificial intelligence (AI services expanded their geographical presence to expand their customer base and gain more profits. For instance, in January 2020, Apple Inc. acquired Xnor.ai, to enhance process for making machine learning algorithms highly efficient — so efficient that they could run on even the lowest tier of hardware out there, things like embedded electronics in security cameras that use only a modicum of power.

On the basis of industry vertical, the IT & telecommunication segment dominated the overall AI industry in 2023 and is expected to continue this trend during the forecast period. This is attributed to the surge in need for improvement and optimization of network infrastructure among telecom operators and continuous innovation in the IT & telecom sector. Artificial intelligence further makes it easier for telecommunication companies to automate customer services and provide a personalized experience to customers. Furthermore, implementing artificial intelligence helps telecom business leaders make effective data-driven decisions.

Region wise, the artificial intelligence market forecast market was dominated by North America in 2023, and is expected to retain its position during the forecast period, owing to high concentration of artificial intelligence solution vendors in the region. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to its ongoing rapid digital transformation trends that are expected to increase the scope for AI industry in the region.

The pandemic accelerated digital transformation initiatives across industries. Many businesses had to adapt quickly to remote work and online operations, leading to increased investment in AI technologies to automate processes, enhance customer experiences, and optimize operations resulting in boostongthe growth of artificial intelligence industry. Further, the education sector adopted AI for online learning platforms, personalized education, and automated grading systems as schools and universities shifted to remote and hybrid learning models. Furthermore, AI played a significant role in accelerating drug discovery and vaccine development processes. AI models were used to analyze vast datasets and identify potential treatments and vaccine candidates.  Thus, these factors propelled the growth of the artificial intelligence industry during the pandemic.     

Key Findings of the Study

  • By business function, the sales and marketing segment accounted for the highest AI market share, in terms of revenue in 2023.
  • On the basis of industry vertical, the healthcare segment is expected to exhibit the fastest growth rate during the forecast period in AI market size.
  • Region wise, North America generated the highest revenue of artificial intelligence market size in 2021.  

The key players operating in the artificial intelligence market analysis include Amazon Web Services, Inc., Apple Inc., Google LLC, IBM Corporation, Intel Corporation, Microsoft Corporation, Nvidia, Oracle Corporation, SAP SE, Siemens, and OpenAI. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote Artificial Intelligence (AI) Market by Component (Hardware, Software, Service), by Technology (Machine Learning, Natural Language Processing, Computer Vision, Generative AI, Deep Learning, Others), by Deployment Mode (On-premise, Cloud), by Enterprise Size (Large Enterprise, Small and Medium-sized Enterprise), by Business Function (Sales and Marketing, Supply Chain Management, Human Resource Management, Finance and Accounting, Cybersecurity, Legal and Compliance, Operations), by Type (Pretrained Models, Customizable AI, Edge AI, AI Marketplaces), by Industry Vertical (IT and Telecommunication, Retail and E-commerce, BFSI, Healthcare, Manufacturing, Automotive, Agriculture, Education, Media and Entertainment): Global Opportunity Analysis and Industry Forecast, 2024-2033 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date May 2024

D-dimer Testing Market

Download Sample
rep-img

Published Date May 2024

Note Sorter Market

Download Sample
rep-img

Published Date May 2024

Ecotourism Market

Download Sample

Buy Full Version
"Artificial Intelligence (AI) Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers