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 News

  • In March 2024, MSI has introduced a new Claw gaming handheld device alongside a lineup of artificial intelligence (AI)-powered laptops. These laptops incorporate various AI-based software features, such as automatic optimisation of laptop settings based on the application being used.

  • In March 2024, Technology company Cognizant Technology Solutions Corp. has launched an advanced artificial intelligence lab focused on research, innovation and production of AI systems through the development of intellectual property and AI-enablement technologies.

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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.  

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Artificial Intelligence Market

Product ID: SQMIG45C2073