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(Wireless-NewsWire.Com, June 11, 2024 ) The global Artificial Intelligence Market is anticipated to experience substantial expansion, ascending from a value of USD 214.6 billion in 2024 to a substantial worth of USD 1,339.1 billion by the year 2030, according to a new report by MarketsandMarkets™. This growth trajectory reflects a robust compound annual growth rate (CAGR) of 35.7% over the forecast period.
The surge in the artificial intelligence market is poised to be driven by a confluence of influential factors within the business landscape. Notably, widespread adoption of self-governing AI systems, coupled with the emergence of AI and deep learning technologies changing the landscape, stands out as significant contributors to this trend. Additionally, the improvements in processing power and data accessibility are playing a crucial role in propelling the upward trajectory of this market.
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List of Key Players in Artificial Intelligence Market:
Microsoft (US)
IBM (US)
Google (US)
AWS (US)
NVIDIA (US) along with startups such as Anthropic (US)
Cerebras (US)
OpenAI (US)
Anduril Industries (US) and Cohere (Canada)
By business function, marketing & sales to register the largest market share during the forecast period.
Marketing & sales business function is projected to hold the largest market share in the artificial intelligence market during the forecast period due to several compelling reasons. Firstly, AI-powered tools such as predictive analytics and recommendation engines significantly enhance customer targeting, lead generation, and personalized marketing campaigns, leading to improved conversion rates and sales performance. Secondly, the integration of AI into customer relationship management (CRM) systems enables businesses to automate repetitive tasks, streamline workflows, and provide more tailored customer experiences, driving customer satisfaction and loyalty. Additionally, AI-driven chatbots and virtual assistants are increasingly adopted by companies to offer round-the-clock customer support, further augmenting sales efforts. Furthermore, emerging trends such as AI-powered dynamic pricing, visual search, and voice commerce are reshaping the marketing and sales landscape, offering new avenues for growth and competitive advantage.
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By vertical, healthcare & life sciences segment is poised for the fastest growth rate during the forecast period.
Healthcare & life sciences vertical in the artificial intelligence market is poised for the fastest growth rate during the forecast period due to various significant factors. Advancements in AI algorithms and deep learning techniques have significantly enhanced diagnostic accuracy, personalized treatment plans, and drug discovery processes, leading to improved patient outcomes and reduced healthcare expenses. Additionally, the proliferation of electronic health records (EHRs) and wearable devices has generated vast amounts of patient data, providing fertile ground for AI-powered analytics to extract actionable insights and augment clinical decision-making capabilities. Furthermore, the accelerated adoption of telemedicine and remote patient monitoring solutions are driving the integration of AI technologies into healthcare delivery systems. Emerging trends like precision medicine, virtual assistants for healthcare professionals, and AI-driven genomics are also contributing to the rapid growth of AI in the healthcare and life sciences sector.
By region, North America accounts for the largest market during forecast period.
The region boasts a strong presence of leading tech giants and research institutions at the forefront of AI development. Additionally, North American industries have been early adopters of AI technologies, driving market growth. Government funding also plays a big role, as substantial resources are allocated towards AI research and development. This fosters a large pool of skilled AI professionals, further strengthening North America's position in the AI market.
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