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 Insights
Global 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).
The global Artificial Intelligence market has experienced robust growth in recent years. The rapid growth in Big Data and the Internet of Things (IoT) serves as a significant driver for the AI industry. The effectiveness of big data, particularly when coupled with IoT technologies, act as significant drivers for the AI industry. Big data, powered by the vast amounts of information collected from IoT devices, provides invaluable insights into consumer behavior, market trends, and operational efficiencies.
This data serves as the fuel for AI algorithms, enabling businesses to make informed decisions, personalize customer experiences, and optimize processes. The United States is at the forefront of implementing full-scale IoT operations, with over 44% of companies fully embracing this technology. Following closely behind is the United Kingdom, where 41% of companies have adopted IoT technology, and Germany, where 35% of companies are utilizing IoT solutions.
Thus, The strong adoption of IoT in the US, UK, and Germany drives demand for AI solutions, creating opportunities for AI companies to develop innovative technologies tailored for IoT integration. The utilization of big data in investment strategies, particularly through advanced analytics and machine learning techniques, drives the AI market by fostering innovation and efficiency. As of 2022, nearly 97% of businesses are actively investing in the expanding capabilities of big data. Based on SkyQuest Analysis, around 60% of organizations around the world use big data analytic.
By harnessing vast amounts of data from diverse sources such as financial statements, web traffic, and satellite imagery, investment professionals enhance their decision-making processes. This integration of big data analytics with AI algorithms enables the development of dynamic models capable of adapting to evolving market conditions. Thus, the integration of AI with IoT devices enables real-time data analysis and decision-making, leading to more responsive and adaptive systems.
US Artificial Intelligence Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Artificial Intelligence Market Report Snapshots
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