Artificial Intelligence Market to USD 2465.8 Billion by 2032, Owing to Growing Adoption Across Industries | Research by SNS Insider
AI technologies are revolutionizing sectors like healthcare, automotive, and finance, driving market growth.
Pune, Jan. 20, 2025 (GLOBE NEWSWIRE) — Artificial Intelligence Market Size Analysis:
“The SNS Insider report indicates that the Artificial Intelligence Market size was valued at USD 178.6 billion in 2023 and is expected to grow to USD 2465.8 billion by 2032, growing at a CAGR of 33.89% over the forecast period of 2024-2032.”
Rising Demand for AI Across Industries Drives Market Growth and Innovation
The Artificial Intelligence market is experiencing growing demand owing to the rising requirement for automation and efficiency in different sectors. Across industries, we are leveraging AI to strengthen operations, raise productivity, and upgrade customer experiences. AI technologies are being implemented in various sectors of the healthcare industry, from diagnostics to customized medicine, to drug discovery. AI is also essential for autonomous driving and vehicle safety systems in the automotive sector. In the same way, AI is employed in the financial services business for fraudulent detection, algorithmic trading, and client service automation.
AI market has a long scope as it has numerous implementations in most industries like healthcare, automotive, retail, finance, and manufacturing. Market players provide advanced solutions through better AI capabilities to meet the increasing demand for AI-centered products and services.
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Major Players Analysis Listed in this Report are:
- Google (Alphabet Inc.) – Google AI
- IBM – IBM Watson
- Microsoft – Azure AI
- Amazon Web Services (AWS) – AWS Deep Learning AMIs
- NVIDIA Corporation – NVIDIA DGX Systems
- Intel Corporation – Intel Nervana
- Baidu, Inc. – Baidu AI
- Salesforce – Salesforce Einstein
- Apple Inc. – Siri
- Tencent – Tencent AI Lab
- SAP – SAP Leonardo
- Adobe Inc. – Adobe Sensei
- OpenAI – GPT-3
Artificial Intelligence Market Report Scope:
Report Attributes | Details |
Market Size in 2023 | USD 178.6 Billion |
Market Size by 2032 | USD 2465.8 Billion |
CAGR | CAGR of 33.89% From 2024 to 2032 |
Base Year | 2023 |
Forecast Period | 2024-2032 |
Historical Data | 2020-2022 |
Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Key Growth Drivers | • Cloud platforms enable scalable AI deployment, enhancing accessibility for businesses of all sizes.
• Increased data generation drives demand for AI to analyze and derive actionable insights. |
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AI Software Solutions Lead Market Growth with Advanced Capabilities and Cloud Integration
The software segment dominated the market and represented a revenue share of more than 41% in 2023. This segment uses advanced storage capacity, better computational capability, and parallel processing power for providing quality services. It is churning out data, real-time insights, and decision-making support and has cemented itself in a good position in the market. Libraries for building applications with primitive Linear algebra Inference, Sparse matrices, Video analytics, Hardware communication across devices software solutions
Cloud-based AI solutions are available to help businesses mitigate the cost of infrastructure needed to support their AI-powered mobile solutions, using AI as a service exponential growth regularly, also contributing to the growth of the mobile AI market. AI as a Service, which includes the installation, integration, maintenance, and support of AI, is predicted to grow tremendously over the forecast period.
AI by Technologies Segment: Deep Learning dominates the market and Natural Language Processing is expected to Grow at the fastest CAGR.
In 2023, The deep learning segment dominated the market and accounted for a revenue share of more than 39%, due to the increasing trend of deep learning applications being highly data-centric and complex, such as text/content or speech recognition. The challenges posed by the high volumes of data mean that deep-learning solutions represent attractive investment opportunities. Increasing research and development investments by major players will also be an important factor propelling the uptake of artificial intelligence technologies.
The Natural Language Processing segment is anticipated to grow at the fastest CAGR during the forecast period. NLP is becoming an increasing trend among businesses to get a better grasp of their client’s understanding of preferences, trends, purchasing behavior, decision-making processes, and much more. This one reason is expected to favor the growth of this segment.
AI by Operations and Sales & Marketing Segments: Operations Lead the Market, Sales & Marketing to Grow Fastest
In 2023, The operation segment dominated the market and represented a significat revenue share. Operations, the engine room of a business, represents every operational activity carried out on a day-to-day basis in which a good or service is delivered to a customer.
The sales and marketing segment is expected to register the fastest growth from 2024 to 2032. It uses AI to change the entire way businesses connect with and convert customers. Artificial Intelligence can scan and assess thousands of customer data to get high-potential leads, allowing us to prioritize sales efforts and personalize marketing campaigns.
Artificial Intelligence Market Segmentation:
By Solution
- Hardware
- Accelerators
- Processors
- Memory
- Network
- Software
- Services
- Professional
- Managed
By Technology
- Deep Learning
- Machine Learning
- Natural Language Processing (NLP)
- Machine Vision
- Generative AI
By Function
- Cybersecurity
- Finance and Accounting
- Human Resource Management
- Legal and Compliance
- Operations
- Sales and Marketing
- Supply Chain Management
By End-Use
- Healthcare
- Robot Assisted Surgery
- Virtual Nursing Assistants
- Hospital Workflow Management
- Dosage Error Reduction
- Clinical Trial Participant Identifier
- Preliminary Diagnosis
- Automated Image Diagnosis
- BFSI
- Risk Assessment
- Financial Analysis/Research
- Investment/Portfolio Management
- Others
- Law
- Retail
- Advertising & Media
- Automotive & Transportation
- Agriculture
- Manufacturing
- Others
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AI Market by Region: North America Leads, Europe to Witness Fastest Growth in the Coming Years
In 2023, North America dominated the market and represented a revenue share of more than 34%. This is due to supportive government measures for promoting the implementation of AI in all sectors. Around the world, including in North America, governments are increasing spending on AI research and development by investing in dedicated research institutes and centers, and by allocating funding for AI-specific research initiatives.
The artificial intelligence market in Europe is expected to exhibit the fastest CAGR from 2024 to 2032. AI technologies are making rapid inroads into the European financial sector, and this is sparking a dramatic recalibration of the future of Europe.
Revolutionizing AI: Google and IBM Introduce Advanced Solutions for 2024
In January 2024, Google unveiled an upgraded version of its AI platform, offering more powerful tools for developers to create AI applications. The new platform focuses on improving machine learning model training and deployment efficiency.
In March 2024, IBM launched an AI-powered solution for predictive maintenance in manufacturing, aimed at reducing downtime and increasing operational efficiency for industrial enterprises.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Artificial Intelligence Market Segmentation, by Solution
8. Artificial Intelligence Market Segmentation, By Technology
9. Artificial Intelligence Market Segmentation, By Function
10. Artificial Intelligence Market Segmentation, By End-use
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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