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

Global Artificial Intelligence (AI) Market size was valued at USD 157.8 Billion in 2022 and is poised to grow from USD 285.9 Billion in 2023 to USD 1,047.0 Billion by 2031, at a CAGR of 15.92% during the forecast period (2024-2031). 

Artificial intelligence companies are projected to invest heavily in the research and development of new and advanced AI models. Companies are projected to continually focus on expanding the functionality of their AI models. Launching application-specific custom AI models will be a key trend among all artificial intelligence companies.  Integration of artificial intelligence with other technologies will also provide a highly lucrative business scope for all market players. Collaborations and acquisitions are also estimated to emerge as popular strategies for new and established artificial intelligence companies. Supportive government initiatives are also estimated to speed up artificial intelligence market growth in the long run. 'Microsoft (US)', 'Alphabet (Google) (US)', 'OpenAI (US)', 'NVIDIA (US)', 'Meta Platforms (US)', 'Intel (US)', 'AMD (US)', 'Tesla (US)', 'IBM (US)', 'Palantir (US)', 'Mobileye (Israel)', 'DeepL (Germany)', 'Dynatrace (US)', 'Huawei (China)', 'Alibaba Cloud (China)', 'UiPath (Romania)', 'SentinelOne (US)', 'Aurora Innovation (US)', 'C3 AI (US)', 'H2O.AI (US)', 'Darktrace (UK)', 'Presight AI (UAE)', 'ODDITY Tech (US)', 'Upstart (US)', 'NWTN Inc. (UAE)', 'Bayanat AI (UAE)'

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.

Human-AI Collaboration: This trend is estimated to be immensely popular in the future as AI-human collaboration can resolve the ethical challenges that come with AI. Moreover, human as well as AI capabilities and functionality can be maximized through the use of novel human-AI collaboration tools.  

Technological prowess of North American companies has allowed this region to hold sway over the global artificial intelligence demand outlook. The stronghold of companies such as Microsoft, Google, and IBM in artificial intelligence research and development is unparalleled, which is what allows North America to dominate the global market. High investments in the deployment of new AI models and increasing accessibility to AI for enterprises as well as consumers are also creating an opportune setting for artificial intelligence companies in this region. The United States is projected to spearhead artificial intelligence demand in North America as most industry verticals leverage AI to enhance their business potential in this country. Canada is another highly opportune space for artificial intelligence companies operating in this region.