According to the MarkNtel Advisors’ research report, “Global Composite AI Market Analysis, 2023,” the market is likely to grow at a CAGR of 35% during 2023-28 due to the surging demand for AI-based platforms and solutions across various organizations. In addition to this, the burgeoning amount of complex data requires high-end algorithms to analyze those data, thereby fueling the demand for composite AI.
However, lack of skilled labor and rising concerns regarding data privacy, security, and sharing are the biggest challenges that could hamper the market growth. Further, the slow digitization rate that results in the declining adoption of Composite AI solutions in developing economies is another crucial factor restraining the Composite AI market growth.
Key questions answered in the study
Finance Sector Exhibits Fastest Growth
Based on the End-user, the market classifies into Finance, Healthcare, Government, Logistics, Automotive, and Manufacturing sector. Among these, the Finance sector is likely to grow at a considerable rate during the forecast period. It owes to the surging demand for AI-enhanced security in finance as finance-related data is too confidential. Further, composite AI is beneficial for financial forecasting, thereby creating a profitable opportunity for the Global Composite AI market in the finance sector.
“Global Composite AI Market Analysis, 2023” provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Composite AI providers across the globe. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
Asia-Pacific Exhibits Fastest Growth
The Asia-Pacific region is likely to register the fastest growth in the Global Composite AI market during 2023-28 due to the mounting investments in artificial intelligence. In addition to this, rapidly expanding high-tech companies and AI start-ups in the region are augmenting the adoption of AI to enhance operational efficiency and aid process automation, thereby propelling the market growth. Thus, based on these factors, the Asia-Pacific region is likely to contribute to the overall market growth in the forecast period, reveals MarkNtel Advisors in their research report, “Global Composite AI Market Analysis, 2023.”
According to MarkNtel Advisors, the major leading players in the Global Composite AI Market are Black Swan Technologies, SAS, E-SPIN Corp., Exponential AI, Opentext, Infosys, and Lalaland.