Market Analysis:
The global applied AI market will touch USD 1,091.40
billion at 25.3% CAGR by 2032, as per the latest Market Research Future report.
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Key Players:
Eminent industry players profiled in the global
applied AI market report include,
- Google
(Alphabet Inc.)
- Microsoft
- IBM
- Amazon
Web Services (AWS)
- Meta
- Apple
- NVIDIA
- Intel
- Open
AI
- Baidu
Drivers:
Growing Demand for Automation to Boost Market
Growth
There is a burgeoning need for automation in
different industries right from customer service to manufacturing that
artificial intelligence can enable with the help of intelligent systems and
robotics thus boosting market growth over the forecast period.
Opportunities:
Increasing Use in E-commerce and Smart
Manufacturing to offer Robust Opportunities
The increasing use of applied AI in e-commerce and
smart manufacturing will offer robust opportunities for the market over the
forecast period. AI-driven product suggestions, supply chain management, and
pricing optimization aid e-commerce businesses thrive.
AI-driven predictive maintenance & quality
control are reducing downtime and also transforming manufacturing processes,
thus its growing use in smart manufacturing.
Restraints and Challenges:
Security and Data Privacy to act as Market
Restraint
Concerns about security and data privacy, limited
AI professionals, high cost of implementation, interoperability issues, and
complexity may act as market restraints over the forecast period.
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Market Segmentation:
The global applied AI market is bifurcated based on
components, organization size, and application.
By components, software will lead the market over
the forecast period. AI software offers scalable solutions which may be
utilized in an array of applications and sectors. This adaptability makes this
an appealing choice for organizations on the lookout for leveraging the
capabilities of artificial intelligence sans investing on specialized
infrastructure or hardware.
By organization size, large enterprises will
domineer the market over the forecast period. This is owing to huge
corporations having the resources for investing in the AI solutions along with
the need for improving their operations. The large enterprises are more likely
in having the required competence and data to apply for the AI solutions. These
corporations are widely depending on applied AI to attain a competitive
advantage.
By application, the retail sector will spearhead
the market over the forecast period with a 43.2% market share. For making
individualized recommendations, the recommendation engines that are AI-powered
helps in examining client data like browsing behavior, preferences, and
purchase history. Such personalization level augments the shopping experience,
propels customer engagement & raises conversion rates. The NLP chatbots
& virtual assistants offer round the clock customer service, answering
queries, helping with transactions, and also completing mundane tasks. It
boosts customer satisfaction and also free up human resources for difficult
questions.
COVID-19 Analysis
The COVID-19 epidemic has affected the applied AI
market in ways untold. The pandemic threw light on the significance of
artificial intelligence in healthcare for vaccine development, drug discovery,
and diagnosis. This resulted in an increase in need for AI services within the
healthcare sector. With the requirement for remote work, there had been higher
emphasis on AI-driven tools and automation for streamlining processes and
enhancing productivity across industries. AI-powered chatbots, contactless
payment, and recommendation systems became crucial for retail and e-commerce at
the time of lockdown boosting the sector growth. AI & machine learning were
utilized widely for predictive modeling and data analysis for understanding the
spreading of this virus, anticipating healthcare needs, and planning responses.
Edtech solutions that are AI-powered became crucial for personalized education
and remote learning as universities and schools shifted online. The increased dependency
on digital platforms at the time of the pandemic resulted in a higher need for
the AI-driven cybersecurity for protecting against threats. AI was utilized in
the financial domain for customer service, fraud detection, and risk assessment
as financial institutions had adapted to the changing economic conditions.
Regional Analysis:
North America to Head Applied AI Market
North America will head the applied AI market over
the forecast period. The region, notably Canada and the US long has been at the
vanguard of AI research & development. It is abode to most of the leading
AI research centers, technology corporations, and colleges in the world. Such
organizations were head and shoulders above others with regards to creating
advanced AI technology & boosting field improvements. The region has seen
noteworthy investments and funding for the AI initiatives and businesses. The
AI startups & efforts are actively being funded via tech behemoths, angel
investors, and venture capital firms. This financial assistance boosts
innovation and also the development of useful artificial intelligence apps.
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APAC to Have Admirable Growth in Applied AI Market
The APAC region will have admirable growth in the
applied AI market over the forecast period. A handful of most populated
countries in the world like India and China are situated within the APAC zone.
This diverse and huge market offers considerable business opportunities for
using AI solutions for handling various forms of difficulties and catering to
the requirements of a massive consumer base. Businesses within the APAC region
have undergone digital revolutions with artificial intelligence playing a vital
part. The artificial intelligence technology is widely being used by the
businesses especially in industries like manufacturing, healthcare, and
e-commerce for improving operations, improving consumer experiences, and also
gaining a competitive advantage. The numerous cultures and languages in the
region bring distinct issues and prospective for the development of AI. NLP
(natural language processing) as well as cross-cultural applications both are
crucial elements behind AI’s progress in the region.
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