Artificial Intelligence (AI) Market Size, Share, Growth Analysis, By Technology(Machine Learning, NLP, Computer Vision, Generative AI, Context Aware AI, Others), Component (Hardware, Software, Services), Business Function, Vertical, and Region - Industry Forecast 2024-2031

Artificial Intelligence (AI) Market Driver

Growing Adoption of Automation 

• 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.

Analytics for Improved User Experience 

• AI models can process huge volumes of data and identify patterns from the same. This helps companies develop meaningful insights to enhance their customer and user experience in multiple ways. Advanced analytics are also being made possible by advanced AI technologies.

Artificial Intelligence (AI) Market Restraints 

Ethical Concerns Regarding AI Use 

• Unjustified actions and bias are among prime ethical concerns associated with the use of AI. There are more ethical concerns that are hindering the adoption of artificial intelligence. The fact that AI models can’t emulate human empathy in their decision-making is the prime ethical concern that needs to be addressed.  

Expensive Implementation 

• Deploying AI on a massive scale or even on a small scale requires many investments in capital and other resources. While there are many benefits of AI use, the benefits still don’t outweigh the costs of implementation and maintenance. This is why companies need to focus on the development of affordable AI models to maximize their business scope.