Product ID: SQMIG45C2073
Global Artificial Intelligence Market Size, Share, Growth Analysis, By Product & Service(Hardware, Software), By Technology(Machine Learning, Natural Language Processing (NLP)), By End User(Technology and Communication, Transportation and Logistics) - Industry Forecast 2024-2031
Report ID:
SQMIG45C2073 |
Region:
Global |
Published Date: February, 2024
Pages:
197
|
Tables:
100 |
Figures:
76
Global Artificial Intelligence Market Dynamics
Artificial Intelligence Market Driver
Rising Demand for Virtual Assistants Driving Market Growth
- 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.
- The 10x growth in demand for Virtual Assistants in 2021 acts as a significant driver for AI. This surge indicates a widespread recognition of the value and utility of AI-powered virtual assistants across various sectors. As AI-powered virtual assistants become more sophisticated and capable of handling complex tasks, their adoption across various industries and sectors has increased rapidly. This widespread adoption translates into a larger market for AI technologies.
- Amid the ongoing cost of living crisis, SpareMyTime, a UK-based virtual assistant company, has observed a substantial surge in demand for its services. Since 2020, the company has experienced notable growth, with a remarkable increase of 325%. Additionally, its revenue has risen significantly, showing a 74% uptick since May 2022.
Artificial Intelligence Market Restraint
Rising Data Privacy Concerns
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Data privacy and a wide range of algorithms are expected to cause problems for the industry. For the purpose of giving consumers results that are pertinent, the technology makes use of machine learning and deep learning capabilities. These tools, which include search algorithms, recommendation systems, and adtech networks, may be used to abuse sensitive user information. Small errors can lead to system failure or malfunction, which has a big impact on the consequences and anticipated results.
Global Artificial Intelligence Market Report Snapshots
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