Artificial Intelligence Market Achieves USD 214 Billion in 2024, Estimated Growth to USD 863.79 Billion by 2030

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A recent research study by MarkNtel Advisors has revealed that the Global Artificial Intelligence Market size was valued at USD 214 Billion in 2024 and is projected to reach USD 863.79 Billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 32.19% during the forecast period, i.e., 2025-30. The growing use of advanced technologies across different industries for enhanced functionality & performance of business operations at low costs is the prime aspect projected to drive the market in the coming years. Massive investments are being made by organizations in deploying AI-based solutions to expedite research, development, production, & distribution processes.

In addition, remarkable advances in automation, cloud computing, 5G, & large databases are further augmenting the use of AI across diverse end-user verticals. Moreover, the trend of multi-cloud functioning, the mounting use of smart machines in industries, the escalating need for cloud-based intelligence services, and significant advances in deep learning & deep neural networks are other crucial aspects expected to drive the artificial intelligence market during the forecast period.

Global Artificial Intelligence Market Segmentation Analysis

Machine Learning is a Significant Revenue Generator for the Artificial Intelligence Market

Machine Learning (ML) is a subset of Artificial Intelligence. Different industries are massively investing in AI platforms and cognitive applications, including tagging, categorization, hypothesis, alerting, generation, filtering, clustering, navigation, & visualization, i.e., promoting the development of advisory, intelligent, and cognitively enabled solutions. The healthcare sector is increasingly deploying ML algorithms to assess millions of distinct data points, predict outcomes, and provide rapid risk scores & exact resource allocation. One of the crucial applications of ML in the healthcare sector is the detection and diagnosis of illnesses & conditions that are sometimes difficult to identify. Hence, these aspects indicate the augmenting demand for Machine Learning solutions and, in turn, driving the growth of the artificial intelligence market.

North America to Continue its Dominance in the Market throughout 2030

Favorable government policies, mega investments, and various initiatives toward encouraging the adoption of artificial intelligence (AI) in different end-user verticals like BFSI, retail & e-commerce, telecom, and travel & hospitality are driving the North America Artificial Intelligence Market. Moreover, the rich availability of well-established IT infrastructure, coupled with increased funding for deploying AI solutions in the defense sector to enhance the affordability & effectiveness of military operations, are other prominent aspects stimulating the regional market growth.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including BakerIntel Corporation, Microsoft, IBM, Google, Amazon Web Services, Baidu, Inc., NVIDIA Corporation, H2O.ai., Sensely, Inc., Enlitic, Inc., AiCure, Arm Limited, Clarifai, Inc., Cisco Systems Inc., Kyndryl Inc., and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the country?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across the country?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2020-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?