What is the global market size of Artificial Intelligence Market?

Global Artificial Intelligence Market size was valued at USD 129.12 Billion in 2022 and 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).

Who are the key vendors in the Global Artificial Intelligence Market?

Market vendors are focusing on growing their customer base in order to gain a competitive advantage. As a result, key players are pursuing a variety of strategic initiatives, including mergers and acquisitions and partnerships. For example, Advanced Micro Devices announced a strategic alliance with Oxide Interactive LLC, a video game developer company, in April 2020 to develop graphics technologies for the cloud gaming market space. Both companies intend to develop a set of tools and techniques to meet the real-time requirements of cloud-based gaming. In addition, Intel Corporation completed the acquisition of Habana Labs Ltd., an Israel-based deep learning company, in December 2019. This acquisition is expected to boost Intel Corporation's AI portfolio and efforts in the AI silicon market. 'Microsoft', 'IBM', ' Alphabet (Google) ', ' NVIDIA ', ' Meta Platforms (Facebook) ', ' Palantir ', ' Mobileye ', ' Dynatrace ', ' UiPath ', ' SentinelOne ', ' Aurora Innovation ', ' C3 AI ', ' Darktrace ', ' Presight AI ', ' ODDITY Tech ', ' Upstart ', ' NWTN Inc. ', ' Bayanat AI ', ' PROS ', ' Exscientia'

What is the key driver of Global Artificial Intelligence Market?

The growth in AI-powered virtual assistants has been a significant driver of the AI market. In 2024, there is a notable increase in AI-driven virtual assistants that can understand natural language, learn from user engagements, and adjust to individual preferences. The emergence of AI technologies and their incorporation into everyday products has spurred significant advancements in virtual assistant software. Presently, we have exceptionally efficient and robust virtual assistant software systems offering diverse functionalities and highly useful features. These virtual assistant tools are fueling a new era of advanced IoT products and enhancing customer accessibility.

What is the key market trend for Global Artificial Intelligence Market?

Global market is growing owing to the increased popularity of numerous life-saving medical gadgets and the self-driving functionality in new electric vehicles. The world's shifting attention to digitalization is having a favourable effect on market expansion.

Which region accounted for the largest share in Global Artificial Intelligence Market?

In 2023, North America held the greatest Global Artificial Intelligence market share. The artificial intelligence market has grown dramatically as a result of favourable government regulations encouraging North American enterprises to use AI and the rising demand for automated and technologically sophisticated hardware and software solutions across a variety of end-use verticals. Leading tech companies like Facebook, Amazon, Google, IBM, Microsoft, and Apple have a big impact on the growth of the North American AI market as they are based in North America.

Artificial Intelligence Companies

Artificial Intelligence (AI) Market Competitive Landscape

Top Artificial Intelligence (AI) Companies

Microsoft (US)
Alphabet (Google) (US)
OpenAI (US)
NVIDIA (US)
Meta Platforms (US)
Intel (US)
AMD (US)
Tesla (US)
IBM (US)
Palantir (US)
Mobileye (Israel)
DeepL (Germany)
Dynatrace (US)
Huawei (China)
Alibaba Cloud (China)
UiPath (Romania)
SentinelOne (US)
Aurora Innovation (US)
C3 AI (US)
H2O.AI (US)
Darktrace (UK)
Presight AI (UAE)
ODDITY Tech (US)
Upstart (US)
NWTN Inc. (UAE)
Bayanat AI (UAE)

Artificial Intelligence (AI) Market

FAQs

Artificial Intelligence (AI) Market size was valued at USD 157.8 Billion in 2022 and is poised to grow from USD 285.9 Billion in 2023 to USD 1,047.0 Billion by 2031, at a CAGR of 15.92% during the forecast period (2024-2031).

Artificial intelligence companies are projected to invest heavily in the research and development of new and advanced AI models. Companies are projected to continually focus on expanding the functionality of their AI models. Launching application-specific custom AI models will be a key trend among all artificial intelligence companies. Integration of artificial intelligence with other technologies will also provide a highly lucrative business scope for all market players. Collaborations and acquisitions are also estimated to emerge as popular strategies for new and established artificial intelligence companies. Supportive government initiatives are also estimated to speed up artificial intelligence market growth in the long run. 'Microsoft (US)', 'Alphabet (Google) (US)', 'OpenAI (US)', 'NVIDIA (US)', 'Meta Platforms (US)', 'Intel (US)', 'AMD (US)', 'Tesla (US)', 'IBM (US)', 'Palantir (US)', 'Mobileye (Israel)', 'DeepL (Germany)', 'Dynatrace (US)', 'Huawei (China)', 'Alibaba Cloud (China)', 'UiPath (Romania)', 'SentinelOne (US)', 'Aurora Innovation (US)', 'C3 AI (US)', 'H2O.AI (US)', 'Darktrace (UK)', 'Presight AI (UAE)', 'ODDITY Tech (US)', 'Upstart (US)', 'NWTN Inc. (UAE)', 'Bayanat AI (UAE)'

Automation is penetrating almost all walks of life across multiple industry verticals. AI plays a critical role in making automation solutions functional and capable, thereby driving demand for advanced AI models. Integration of AI with multiple automation components is also expected to bolster market development in the future.

Human-AI Collaboration: This trend is estimated to be immensely popular in the future as AI-human collaboration can resolve the ethical challenges that come with AI. Moreover, human as well as AI capabilities and functionality can be maximized through the use of novel human-AI collaboration tools.

Technological prowess of North American companies has allowed this region to hold sway over the global artificial intelligence demand outlook. The stronghold of companies such as Microsoft, Google, and IBM in artificial intelligence research and development is unparalleled, which is what allows North America to dominate the global market. High investments in the deployment of new AI models and increasing accessibility to AI for enterprises as well as consumers are also creating an opportune setting for artificial intelligence companies in this region. The United States is projected to spearhead artificial intelligence demand in North America as most industry verticals leverage AI to enhance their business potential in this country. Canada is another highly opportune space for artificial intelligence companies operating in this region.

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What is the global market size of Artificial Intelligence (AI) Market?

Who are the key vendors in the Artificial Intelligence (AI) Market?

What is the key driver of Artificial Intelligence (AI) Market?

What is the key market trend for Artificial Intelligence (AI) Market?

Which region accounted for the largest share in Artificial Intelligence (AI) Market?

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