Artificial Intelligence Market

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

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

  • 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.

$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Artificial Intelligence Market size was valued at USD 129.12 Billion in 2022 and is poised to grow from USD 241.80 Billion in 2023 to USD 2359.1 Billion by 2031, at a CAGR of 38.1% during the forecast period (2024-2031). 

Market vendors are focusing on growing their customer base in order to gain a competitive advantage. As a result, key players are pursuing a variety of strategic initiatives, including mergers and acquisitions and partnerships. For example, Advanced Micro Devices announced a strategic alliance with Oxide Interactive LLC, a video game developer company, in April 2020 to develop graphics technologies for the cloud gaming market space. Both companies intend to develop a set of tools and techniques to meet the real-time requirements of cloud-based gaming. In addition, Intel Corporation completed the acquisition of Habana Labs Ltd., an Israel-based deep learning company, in December 2019. This acquisition is expected to boost Intel Corporation's AI portfolio and efforts in the AI silicon market. 'Microsoft', 'IBM', ' Alphabet (Google) ', ' NVIDIA ', ' Meta Platforms (Facebook)  ', ' Palantir ', ' Mobileye ', ' Dynatrace ', ' UiPath ', ' SentinelOne ', ' Aurora Innovation ', ' C3 AI ', ' Darktrace ', ' Presight AI ', ' ODDITY Tech ', ' Upstart ', ' NWTN Inc. ', ' Bayanat AI ', ' PROS ', ' Exscientia '

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.

market is growing owing to the increased popularity of numerous life-saving medical gadgets and the self-driving functionality in new electric vehicles. The world's shifting attention to digitalization is having a favourable effect on market expansion.

In 2023, North America held the greatest Artificial Intelligence market share. The artificial intelligence market has grown dramatically as a result of favourable government regulations encouraging North American enterprises to use AI and the rising demand for automated and technologically sophisticated hardware and software solutions across a variety of end-use verticals. Leading tech companies like Facebook, Amazon, Google, IBM, Microsoft, and Apple have a big impact on the growth of the North American AI market as they are based in North America.  

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Artificial Intelligence Market

Product ID: SQMIG45C2073

$5,300
BUY NOW GET FREE SAMPLE