Global Composite AI Market Research Report: Forecast (2023-2028)

Market Definition

Composite AI is a new approach that comprise different AI technologies and generates deeper insights from any form of data. By expanding the quality & scope of AI applications, composite AI is more accurate, transparent, faster, & understandable and delivers better results to users.

Market Insights

The Global Composite AI Market is likely to grow at around 35% CAGR during the forecast period, i.e., 2023-28. The growth of the market is projected to be driven mainly by the ever-rising demand for AI-based cognitive solutions across different industries, the growing need for evaluating large complex data sets in data-sensitive enterprises, and significant improvements in AI algorithms & technologies, which all are augmenting the large-scale adoption of AI-based solutions.

In recent years, AI has significantly expanded in terms of both popularity & accessibility, which has firmed its position as a key component in the world of technology. Within this domain, Composite AI is emerging as one of the most promising AI technologies. Although it is not yet widely popular, it is becoming increasingly crucial for successful AI deployments.

By integrating a mix of relevant AI techniques to address a particular business challenge while not focusing too much on one specific AI technique and continuously deploying decision flows & models to generate value, enterprises can attain an unparalleled competitive edge in the market. Hence, the mounting demand for improved business functions & enhanced productivity, along with ongoing technological innovations across various end-user industries, would provide lucrative opportunities to the leading players operating in the Composite AI Market.

Market Dynamics

Key Driver: Ever-Increasing Investments in AI technologies

The world is witnessing a rapidly growing number of high-tech companies and small startups, i.e., augmenting the adoption of numerous AI-based platforms in order to attain high productivity & efficiency in their value chains. Composite AI technology helps analyze and interpret the massive volumes of data collected efficiently through algorithms, which results in enhanced productivity. Hence, these perks are aiding its demand across different end-user industries and, in turn, driving the Global Composite AI Market.

Market Segmentation

Based on End-User:

• Finance
• Healthcare
• Government
• Logistics
• Automotive
• Manufacturing
• Others

Of all end-users, finance holds a sizeable share of the Composite AI Market. The existing rule-based systems are becoming inadequate in analyzing large volumes of data to identify fraudulent activities in banks. Composite AI is helping banks & other financial institutions enhance these largely retrospective legacy systems via methods like behavioral analysis, network analysis, & login analysis in order to enable them to identify new fraudulent schemes in a more effective manner.

The increased use of behavioral analysis by banks to identify patterns and predict fraudulent activity for each customer by using data mining & natural language processing to examine customer information like KYC data & transaction history is driving the adoption of Composite AI across the finance sector. Moreover, the growing utilization of network analysis & visual link analysis in this industry to identify relationships between all entities involved in fraudulent transactions using knowledge graphs and to track the flow of funds & assess transaction history respectively is another crucial factor accelerating the growth of the Global Composite AI Market across the finance sector.

Regional Projection

Geographically, the Global Composite AI Market expands across:

• North America
• South America
• Asia-Pacific
• Europe
• Middle East & Africa

Of all regions globally, North America holds the largest share of the Global Composite AI Market, and the same trend is likely during 2023-28. It owes to the presence of leading market players across the region, coupled with promising government initiatives toward promoting the adoption of composite AI across various end-user verticals, including healthcare, automotive, and retail sectors.

In North America, the US leads in the field of AI with rigorous R&D by renowned institutions & companies. The country has made remarkable contributions to areas like NLP (Natural Language Processing), ML (Machine Learning), & Computer Vision, among others. Overall, the country's progress in AI is highly promising, and it is well-positioned to continue making notable contributions to the Composite AI Market in the years to come.

Key Questions Answered in the Market Research Report:

1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the Global Composite AI Market?
2. What are the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Composite AI Market?
4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Composite AI Market based on the competitive benchmarking matrix?
5. What are the key results derived from surveys conducted during the Global Composite AI Market study?