press release
Published on July 17, 2023
“Google (US), Microsoft (US), IBM (US), Oracle (US), AWS (US), Intel (US), Salesforce (US), SAP (Germany), Cisco (US), Meta (US) , HPE (US), Siemens (Germany), Huawei (China), NVIDIA (US), Baidu (China), SAS Institute (US), OpenAI (US), H2O.ai (US), iFLYTEK (China), Alibaba Cloud (China), General Vision (US), Darktrace (UK), Blackberry Ltd. (Canada).
Artificial Intelligence (AI) market offering (Hardware, Software), Technology (ML (Deep Learning (LLM, Transformers (GPT 1, 2, 3, 4)), NLP, Computer Vision), Business Function, Vertical and Region – Global forecast to 2030
The artificial intelligence market size will grow from USD 150.2 billion in 2023 to USD 1,345.2 billion by 2030, at a compound annual growth rate (CAGR) of 36.8% during the forecast period. The growth of the artificial intelligence market is influenced by several major factors. Advances in technology and increased computing power have led to the development of advanced AI algorithms and models, expanding the capabilities of AI systems. The availability of abundant data fuels the training of AI models, resulting in improved accuracy and performance. Additionally, the need for automation, efficiency and improved decision-making across industries is driving the increasing adoption of AI solutions. Supportive government initiatives, investments and research initiatives will contribute to the development of AI. Furthermore, ethical issues, data privacy concerns, and the need for transparent and responsible AI practices shape the regulatory and societal landscape, influencing the acceptance and adoption of AI technologies.
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As a vertical, the healthcare and life sciences segment will grow at the highest CAGR during the forecast period.
The Artificial Intelligence market is segmented into Retail & Ecommerce, BFSI, Government & Defence, Healthcare & Life Sciences, Telecom, Energy & Utilities, Manufacturing, Agriculture, IT/ITS, Media & Entertainment, Automotive, Transport & Logistics and other verticals. (Construction, education, and travel and hospitality). As a vertical, the healthcare and life sciences vertical is expected to grow at the highest CAGR. This industry is experiencing significant growth and is poised to contribute significantly to the global artificial intelligence market. Artificial intelligence applications in healthcare and life sciences include patient data and risk analysis, medical imaging and diagnostics, precision medicine, drug discovery, and more. The use of electronic medical records has led to the proliferation of patient data, the risk analysis market benefits from artificial intelligence systems risk management and predictive analysis capabilities for payers and healthcare providers. These advances in artificial intelligence technology are driving innovation and change in the healthcare sector.
In order to capture the largest market size during the period of the assessment, in the business activity marketing and sales accounts
According to the business, marketing and sales segment to hold the largest market size for artificial intelligence market during the forecast period. With the help of AI-powered algorithms, businesses can personalize their marketing campaigns, target the right audience and deliver relevant content at the right time. Artificial intelligence improves sales processes by providing predictive analytics, lead scoring and automated customer support through chatbots. In addition, artificial intelligence enables advanced data analysis and segmentation, optimizing sales leads and improving conversion rates. The adoption of artificial intelligence in marketing and sales is shaping how businesses connect with customers, improve their strategies and drive revenue growth.
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Some of the major players in the Artificial Intelligence market are Google (US), Microsoft (US), IBM (US), Oracle (US), AWS (US) (US), Intel (US), Salesforce (US), SAP (Germany). , Cisco (US), Meta (US), HPE (US), Siemens (Germany), Huawei (China), Nvidia (US), Baidu (China), SAS Institute (US), OpenAI (US), H2O.ai (US) ), iFLYTEK (China), Alibaba Cloud (China), General Vision (US), Darktrace (UK), BlackBerry Limited (Canada), DD Global (China), Face++ (China), Incenta (US) , Anju Software (US), Butterfly Network (US), Atomwise (US), AIBrain (US), SK Hynix (South Korea), Progress (US), PrecisionHawk (US), AgEagle Aerial System (US), Neurala (US) , Twitter (US) ), Aurea Software (US), Persado (US), 8×8 (US), Appier (Taiwan), GumGum (US), IPRO (US), Graphcore (UK), Preferred Networks (Japan), Applied Brain Research (Canada), Pilot AI (US), Iris Automation (US), Gamaia (Switzerland), ec2ce (Spain), Descartes Labs (US), Mythic (US), Ada (Canada), Most AI (Austria) , Sentient.io (Singapore) ) Lumen5 (Canada), AI Advanced (Germany), Phosphor (India), Intrinsic (US), Jasper (US), Scream (US), RightSonic (US), One AI (Israel). These players have adopted various organic and inorganic growth strategies such as new product launches, partnerships and collaborations, and mergers and acquisitions to expand their presence in the global artificial intelligence market.
Amazon Web Services, a subsidiary of Amazon, is a globally recognized leader in cloud computing services and at the forefront of artificial intelligence (AI) innovation. With a comprehensive suite of AI services, AWS empowers organizations across industries to use machine learning, deep learning, and natural language processing (NLP) to deliver transformative results. AWS offers a wide variety of AI tools and platforms, such as Amazon SageMaker, Amazon Rekognition, Amazon Comprehend, and Amazon Transcribe. With these offerings, AWS enables businesses to extract insights, automate processes, enhance customer experiences, and drive operational efficiencies. AWS AI capabilities cater to a variety of industry settings, including media and entertainment, healthcare, finance, manufacturing, and more. It is found in North America, Europe, Asia Pacific, Middle East and Africa and Latin America. Our extensive global infrastructure with data centers in multiple regions ensures reliable and scalable AI solutions for organizations around the world. By leveraging AWS’s AI services, businesses can accelerate innovation, improve decision-making, and unlock the full potential of their data. With a strong focus on providing the best AI technologies, AWS continues to advance developments in the field, empowering customers to enhance their digital transformation and gain a competitive edge in the market.
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Microsoft has expanded its presence across various industry groups to offer robust AI solutions, including NLP- and ML-based solutions. With the new Azure Machine Learning, Visual Studio tools for AI, cognitive services and enterprise AI solutions, Microsoft has strengthened its global position in the AI market. The company develops software, services, tools and solutions to compete in the era of intelligent cloud and intelligent edge. By increasing investments in the mixed reality cloud, Microsoft empowers customers to digitize their business processes. The company provides cloud-based solutions that include software, platforms and content. Its product offerings include operating systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. Microsoft platforms and tools drive the productivity of small businesses, increase the competitiveness of large businesses, and improve the efficiency of the public sector. In June 2016, Microsoft acquired LinkedIn, giving it access to LinkedIn’s massive user base, making it the largest and most successful social network worldwide, and leveraging Microsoft’s sales and distribution capabilities. Microsoft focuses on three pillars: privacy, cybersecurity and responsible AI. It provides tools and frameworks to facilitate policy change for its clients. The company emphasizes investments in data centers, hybrid infrastructure and edge infrastructure to improve its service offerings. Microsoft operates in three divisions: Productivity and Business Processes, Intelligent Cloud, and Personal Computing. It caters to various verticals like finance and insurance, manufacturing and retail, energy and more. Microsoft’s presence spans more than 190 countries in North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe.
Oracle, a multinational technology corporation, has emerged as a prominent player in the AI market. With a strong foundation in enterprise software and database management systems, Oracle integrates AI capabilities into its offerings to enable businesses to leverage advanced analytics and machine learning. The comprehensive AI platform empowers the development, deployment and management of scalable AI models, performing database management tasks using AI algorithms complemented by an autonomous database. Oracle’s cloud infrastructure provides services powered by AI for data science, image recognition, chatbots and language translation. In addition, Oracle has incorporated AI capabilities into its enterprise software applications, facilitating intelligent decision-making and process automation. Industry-specific AI solutions for the finance, healthcare, retail and manufacturing sectors demonstrate Oracle’s commitment to delivering customized AI innovations. Collaborations with research institutions and strategic discoveries further strengthen Oracle’s AI expertise. Using its broad software portfolio and AI technologies, Oracle aims to drive innovation and deliver value across industries, empowering businesses with advanced analytics, automation and intelligent decision-making.
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