Market Size of Artificial Intelligence Industry
|Base Year For Estimation
|CAGR (2024 - 2029)
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Artificial Intelligence Market Analysis
The Artificial Intelligence Market is expected to register a CAGR of 31.22% during the forecast period.
- Artificial intelligence (AI), particularly computer vision and machine learning (ML), is transforming the landscape of industries. The artificial intelligence market is expanding globally due to breakthroughs in deep learning and data-driven AI, and the necessity to acquire robotic autonomy to compete in a global market is projected to promote the adoption of AI products and services.
- In recent years, the growing use of digital technologies and the Internet considerably aided the expansion of the worldwide AI industry. Technology breakthroughs in various industries are constantly fueled by the extensive research and development investments made by tech giants.
- Expanding predictive analytics solutions based on AI-based ML technology will boost the artificial intelligence market over the forecast period. Many end-user firms are using predictive modeling worldwide for industry planning and growth.
- With increased Internet penetration and new technology, there is a tremendous increase in the amount of data created globally. AI is being encouraged by technologies such as the Internet of Things, Industry 4.0, 5G, and others—significant data results from a massive increase in data created due to technological breakthroughs.
- COVID-19 significantly impacted the market. While specific industries witnessed an increase in AI adoption, others saw a decline. The Covid-19 debacle provided critical insights about digital transformation for company executives. One of the most compelling takeaways was the potential that data analytics and AI bring to a business.
- For example, AI enables the public sector to bring processes, people, and services online and encourages local, regional, and national governments to adopt AI. In only a few months, governments throughout the globe have learned to employ artificial intelligence as a weapon in combating the virus. This includes educating the public and screening patients to track and trace contacts.
- Employees need rapid assistance to be productive with the move to "work from anywhere," whether they have an IT problem, an HR request, or a question regarding the company's expenditure policy. Due to a lack of size or speed, traditional service desks can no longer provide round-the-clock real-time assistance to a hybrid workforce. Service desks often resolve employee issues in an average of three working days, which lowers engagement and productivity. To address these problems, in July 2022, Tata Consultancy Services (TCS) announced a partnership with Moveworks. This AI platform offers employees seamless multilingual support by querying their needs at any moment. Such initiatives are projected to boost the demand for digital transformation and help market growth in the post-COVID-19 scenario.