Artificial Intelligence (AI) Market Size, Share, Growth Analysis, By Solution(Hardware, Software, Services), By Application(Cybersecurity, Finance and Accounting, Human Resource Management, Legal and Compliance), By Technology(Deep Learning, Machine Learning, Natural Language Processing (NLP), Machine Vision), By Industry Vertical(Law, Retail, Advertising & Media, Automotive & Transportation), By Region - Industry Forecast 2024-2031

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.

The title of fastest-expanding regional market goes to the Asia Pacific region. This can be primarily attributed to the rapidly increasing investments in AI research and development in this region. China, India, and Japan are estimated to be the leading markets for AI companies operating in the Asia Pacific region. Robust government support and a flourishing start-up ecosystem focusing on AI and its applications are key factors helping the Asia Pacific region expand at an impressive CAGR over the coming years. Rising demand for automation in industries of this region will also offer lucrative business scope for artificial intelligence providers going forward.