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 (AI) is emerging as the single-largest digital technology shaping the digital revolution of this century. Growing investments in the research and development of artificial intelligence technology from public and private organizations are driving market growth.  The rise in the adoption of automation in multiple industry verticals is also creating a high demand for more advanced AI models capable of handling complex automation. The expanding application scope of AI in healthcare and the use of AI in managing data are also slated to bolster artificial intelligence market development over the coming years. Surging demand for better computational power and improved processing capabilities will also uplift the demand for artificial intelligence along with other technologies. Innovation will be of the essence for any company looking to make a mark in the global artificial intelligence market. Significant advancements in neural network research are also opening the scope for the development of more advanced AI models.  

On the other hand, ethical concerns regarding the deployment of artificial intelligence on a massive scale and the high costs of the same are slated to slow down AI adoption. AI involves the use of massive volumes of data for training and operation, which is why data privacy and security concerns are also limiting factors for market growth. Artificial intelligence companies are continually focusing on addressing and overcoming these challenges to unlock the full potential of the market. 

US Artificial Intelligence (AI) Market is poised to grow at a sustainable CAGR for the next forecast year.