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The global artificial intelligence market reached a value of around USD 2.41 trillion in 2023. The market is further expected to grow at a CAGR of 32.4% in the forecast period of 2024-2032 to reach a value of USD 30.13 trillion by 2032.
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Artificial Intelligence (AI) includes technologies replicating human cognition such as visual perception, speech recognition, and decision-making. The rise of cloud-based AI services contributes to industry expansion, offering cost advantages over on-site data centres.
Leading public cloud providers incorporate AI tools, improving recommendation engines, price optimization, chatbots, and supply chain management, catering to various industry requirements and advancing technology.
Japan has formulated and updated regulations concerning AI to enhance its beneficial effects on society, avoiding undue restrictions due to exaggerated risks. The focus lies on a flexible, risk-centered approach involving multiple stakeholders, diverging from rigid mandates. The strategy adopted by Japan offers valuable perspectives on worldwide AI regulatory trends.
AI in healthcare, decentralized training, AI governance and regulation, and AI-human collaboration are the major trends impacting the global artificial intelligence market growth.
May 6, 2024
AI Risk, Inc., a frontrunner in AI Governance, Risk, Compliance, and Cybersecurity (AI GRCC) software, unveiled RIA GPT, a secure, generative AI platform for registered investment advisors (RIAs), meeting SEC regulations.
May 1, 2024
Dubai unveiled a blueprint for AI, aiming to enhance the quality of life of its citizens. It commenced by appointing CEOs for AI in government entities and establishing an AI and WEB3 Incubator, set to become a leading global hub for technology firms.
April 3, 2024
Microsoft introduced Phi-3-mini, a lightweight AI model aiming for broader client appeal. It's the initial of three small language models, signalling the company's strategic focus on impactful technology.
September 13, 2023
The global EY organization (EY) recently unveiled EY.ai, a cohesive platform merging human expertise and AI to aid clients in business transformation, utilizing cutting-edge technology and extensive experience.
AI in healthcare
AI is transforming healthcare with advancements in medical imaging analysis, drug discovery, personalized treatments, and predictive analytics, enhancing patient care and operational efficiency.
Decentralized training
Decentralized training enables machine learning model training on decentralized devices, preserving data privacy and facilitating collaboration without sharing sensitive information.
AI Governance and Regulation
AI governance focuses on creating regulatory frameworks and standards for AI development, tackling concerns such as data privacy, security, and accountability.
AI-Human collaboration
Human-AI collaboration emphasizes AI's role as a tool to enhance human abilities, fostering collaborative systems that boost productivity and decision-making alongside humans.
AI trends involve industry-specific solutions, ethical practices ensuring transparency, edge AI for real-time processing, autonomous systems like self-driving cars, and hardware enhancements for efficiency.
NLP advances improve chatbots and translation services, showcasing AI's diverse applications and enhancing capabilities.
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“Artificial Intelligence Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Solution
Market Breakup by Technology
Market Breakup by Type
Market Breakup by End Use
Market Breakup by Region
Deployment of AI-based software across industries has increased in order to enhance efficiency and productivity
AI software facilitates algorithm creation, model deployment, optimization, data system integration, and customization. It facilitates performance enhancement, data access, and adaptation, meeting evolving business needs.
AI hardware like GPUs and TPUs accelerates processing, boosts energy efficiency, enables scalability, and supports edge computing, resulting in quicker computations, cost-efficiency, flexible deployment, and real-time inference capabilities.
The BFSI sector is utilizing real-time transactional data analysis to identify fraudulent activities and patterns, bolstering security, and reducing financial losses for both banks and customers.
In the BFSI sector, AI strengthens security by detecting fraud, assists in risk evaluation by analysing credit and market trends, enhances customer service with chatbots, and ensures regulatory adherence, reducing risks and boosting operational effectiveness.
In the healthcare sector, AI supports diagnostic precision, enables personalized treatment using patient data, predicts disease outbreaks and treatment responses, and improves administrative efficiency through task automation, error reduction, and productivity optimisation.
The companies are pioneers in computer technology, spanning hardware, software, and cognitive solutions, fostering advancements in technology, and business.
Google LLC, established in 1998 and based in Mountain View, California, is a global leader in internet services, search engines, and technology innovation, significantly influencing digital environments with its diverse range of products and services.
Microsoft Corporation, founded in 1975 and headquartered in Redmond, Washington, stands as a major player in the technology industry, celebrated for its software, operating systems, and cloud computing solutions, playing a pivotal role in global digital advancement.
IBM Corporation, with roots dating back to 1911 and headquartered in Armonk, New York, is a trailblazer in computer hardware, software, and cognitive solutions, driving progress in technology, business, and society for more than a century.
Intel Corporation, established in 1968 and based in Santa Clara, California, holds a prominent position in the semiconductor industry, shaping the digital landscape with its cutting-edge processors, and propelling the evolution of computing and technological advancement.
Other players in the global artificial intelligence market are Cisco Systems, Inc., Apple Inc., and NVIDIA Corporation, among others.
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North America leads as the primary market, fuelled by substantial investments from major tech firms in developing AI for diverse industry applications.
In the United States, the Algorithmic Accountability Act of 2022 was presented in Congress in February, while Canada introduced the Artificial Intelligence and Data Act (AIDA) in June 2022, mandating risk management and information disclosure for high-impact AI systems.
In the Asia Pacific, AI serves as a vital support system for workers, enhancing connectivity, well-being strategies, and organizational performance tracking, leading to the AI market expansion.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Solution |
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| Breakup by Technology |
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| Breakup by Type |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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Artificial Intelligence Market Size
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market was valued at USD 2.41 trillion in 2023.
The market is projected to grow at a CAGR of 32.4% between 2024 and 2032.
The revenue generated from the artificial intelligence market is expected to reach USD 30.13 trillion in 2032.
The market is categorised according to the solutions, which include hardware, software, and services.
The key market players are Google LLC, Microsoft Corporation, IBM Corporation, Intel Corporation, Cisco Systems, Inc., Apple Inc., and NVIDIA Corporation, among others.
Based on the type, the market is divided into narrow/weak AI and general/strong AI.
Based on the technology, the market is divided into machine learning, natural language processing (NLP), context-aware computing, computer vision and robotics.
The market is broken down into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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