The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

 

As per The Business Research Company’s Artificial Intelligence (AI) Software Global Market Report 2024, the artificial intelligence (AI) software market is expected to show significant growth in the forecast period.

 

Introduction

The artificial intelligence (AI) software market has seen remarkable growth in recent years and shows no signs of slowing down. In 2023, the market was valued at $168.98 billion and is expected to grow to $222.7 billion in 2024, representing a compound annual growth rate (CAGR) of 31.7%. This surge is driven by advancements in various AI technologies and increased adoption across multiple sectors.

 

Key Drivers of Recent Growth

Image Recognition and Analysis

• Enhanced accuracy in detecting and interpreting images.
• Applications in security, healthcare, and retail.

 

Recommendation Engines

• Improved customer experience through personalized recommendations.
• Significant use in e-commerce and streaming services.

 

Robotic Process Automation (RPA)

• Streamlining business processes and increasing efficiency.
• Popular in industries like finance and manufacturing.

 

Healthcare AI Solutions

• Advanced diagnostics and patient care.
• Predictive analytics for disease prevention and treatment.

 

Regulatory Support and Ethical Guidelines

• Government policies promoting AI research and development.
• Ethical frameworks ensuring responsible AI usage.

 

Future Growth Prospects

Market Expansion Forecast

The AI software market is projected to soar to $678.82 billion by 2028, with a CAGR of 32.2%. This growth will be fueled by several key factors and emerging trends.

 

Expansion of AI Applications

• Greater integration of AI in various industries.
• Development of new AI-driven business models.

 

Rise of Edge AI and IoT Integration

• Increased deployment of AI at the edge for real-time data processing.
• Seamless integration with Internet of Things (IoT) devices.

 

Increased Adoption in Healthcare

• Enhanced AI-driven tools for diagnostics and treatment planning.
• Adoption of AI in personalized medicine and patient management.

 

Autonomous Systems and Robotics

• Growth in autonomous vehicles and robotic assistants.
• Use of AI in logistics and warehousing.

 

View More On The Artificial Intelligence (AI) Software Market Report 2024 – https://www.thebusinessresearchcompany.com/report/artificial-intelligence-ai-software-global-market-report

 

Major Trends Shaping the Future

Explainable AI

• Development of AI systems that provide transparent decision-making processes.
• Increased trust and reliability in AI solutions.

 

AI Democratization

• Wider accessibility of AI tools and platforms.
• Empowering businesses of all sizes to leverage AI.

 

AI-Powered Automation and Augmentation

• Advanced automation of complex tasks.
• Augmenting human capabilities in various professions.

 

AI in Cybersecurity

• Enhanced threat detection and response.
• Proactive measures to secure digital infrastructure.

 

AI in Climate and Sustainability

• AI solutions for environmental monitoring and management.
• Innovations in sustainable resource utilization.

 

Rising Investments in AI Startups

Fueling Market Growth

• Increasing investments in AI startups drive innovation and market expansion.
• Startups specializing in AI technologies receive significant funding to develop and implement cutting-edge solutions.

 

Example: Funding Surge

• In 2021, AI startups secured $1.5 billion in funding, up from $1.3 billion in 2020.
• Investment supports marketing, sales efforts, and adoption of AI solutions.

 

Major Players in the AI Software Market

• Key companies include Amazon, Apple, Google, Meta, Tencent, Intel, Accenture, IBM, Deloitte, Oracle, SAP, Salesforce, NVIDIA, Cognizant, Adobe, Baidu, Infosys, Wipro, Micro Focus, Palantir, OpenAI, Nuance Communications, UiPath, Automation Anywhere, and CognitiveScale.

 

Advancements in AI for Cybersecurity

Security Copilot by Microsoft

• Launched in March 2024, Security Copilot enhances cybersecurity through AI.
• Combines specialized language models with security-specific capabilities.
• Provides tailored insights and proactive threat detection.

 

Apple’s Acquisition of Darwin.AI

Strengthening AI and ML Capabilities

• Acquired in March 2024 to enhance AI offerings.
• Integrates Darwin.ai’s visual inspection solutions and AI optimization.

 

Market Segmentation

Deployment Model

• On-Premises
• Cloud

 

Technology

• Computer Vision
• Data Analytics
• Machine Learning
• Natural Language Processing
• Other Technologies

 

Application

• Voice Processing
• Text Processing
• Image Processing

 

End-User

• Law
• Retail
• Healthcare
• Banking, Financial Services, and Insurance
• Advertising and Media
• Automotive and Transportation
• Agriculture
• Manufacturing
• Other End-Users

 

Regional Insights

North America was the largest region in the AI software market in 2023, leading the way in AI adoption and innovation.

 

Conclusion

The AI software market is poised for substantial growth, driven by technological advancements, increased investments, and expanding applications across industries. The future holds significant potential for AI to revolutionize various sectors, making it a critical area for continued development and investment.

 

Request A Sample Of The Global Artificial Intelligence (AI) Software Market Report 2024:

https://www.thebusinessresearchcompany.com/sample_request?id=14634&type=smp

 

The Artificial Intelligence (AI) Software Global Market Report 2024  provides an in-depth analysis on the artificial intelligence (AI) software market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the artificial intelligence (AI) software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

 

View More Related Reports –

Artificial Intelligence Chip Global Market Report 2024

Artificial Intelligence (AI) In Drug Discovery Global Market Report 2024

Artificial Intelligence In Transportation Global Market Report 2024

 

Learn More About The Business Research Company
The Business Research Company has published over 3000+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

 

Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info

 

Follow us on:

LinkedIn: https://in.linkedin.com/company/the-business-research-company

YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model