Artificial Intelligence (AI) Software Market Size, Trends And Forecast To 2032
The global artificial intelligence (AI) software market size was exhibited at USD 138.4 billion in 2022 and is projected to hit around USD 1,094.52 billion by 2032, growing at a CAGR of 22.97% during the forecast period 2023 to 2032.
Key Pointers:
COVID-19 Scenario Analysis:
Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 180+ countries around the globe with the WHO declaring it a public health emergency. The global impacts of the disease are already starting to be felt, and expected to significantly affect the artificial intelligence software market in 2020.
Worldwide lockdowns have resulted into business shutdowns, however, AI software based chatbots help businesses to resolve their clients queries without letting them know to whom they are talking and help them to improve their efficiency.
To stop the spread of COVID-19, all schools, colleges, and educational institutions are shut down. Thus, the education sector has adopted AI software, which helps institutions to get better data insights about their students to know how they are performing and where they need to improve.
AI software also help in the healthcare sector by learning from data insights and use of predictive analysis for better patient monitoring and improved care.
Artificial Intelligence (AI) Software Market Report Scope
|
Report Coverage |
Details |
|
Market Size in 2023 |
USD 138.4 Billion |
|
Market Size by 2032 |
USD 1,094.52 Billion |
|
Growth Rate From 2023 to 2032 |
CAGR of 22.97% |
|
Base Year |
2022 |
|
Forecast Period |
2023 to 2032 |
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Segments Covered |
By Deployment Model, By Offering, By Application, By End-User |
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Market Analysis (Terms Used) |
Value (US$ Million/Billion) or (Volume/Units) |
|
Regional Scope |
North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
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Key Companies Profiled |
Advanced Micro Devices, Baidu, Inc., Atomwise, Inc., International Business Machines Corporation, Oracle, Cisco, Google LLC, Intel Corporation, Microsoft, Lifegraph, Cyrcadia Health and Others. |
Artificial intelligence (AI) software is a mainframe program that duplicates human behavior by learning from different insights and data patterns. Various types of AI software include artificial intelligence platforms, chatbots, deep learning software, and machine learning software. Furthermore, AI software have number of features such as virtual assistant, voice and speech recognition, and machine learning. Various types of businesses use artificial intelligence software integrated with machine learning to streamline their business processes and structure their data to get better data insights. In addition, owing to rise in technology advancements, the AI software market is expected to witness exponential growth in the future.
Rise in adoption of cloud-based applications and services and focus on improvement of operational efficiency in enterprises are the major factors that drive artificial intelligence software market growth. In addition, increase in demand for intelligent virtual assistants and growth in adoption of big data analytics among SMEs are expected to supplement the artificial intelligence software market growth. However, lack of technical expertise and management of complex software hamper the market growth. Furthermore, adoption of various technologies such as internet of things (IoT), machine learning, and industry 4.0. is expected to provide lucrative opportunities for the global artificial intelligence software market.
Big data has a key role in data mining and handling enormous amount of data generated. It is considered among the emerging trends in the artificial intelligence market. In addition, rise in amount of structured and unstructured data in organizations creates demand for big data applications. AI and big data help in analyzing information by learning from patterns and helping companies to take smart decisions. Hence, enterprises are implementing big data enabled AI solutions.
By region, the artificial intelligence software market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa. Geographically, North America holds the largest revenue share of more than 43% in 2022 due to rising investments. The North American region's manufacturing, retail, and healthcare industries have shown significant growth in the artificial intelligence software market during the post-Covid-19 pandemic. The implementation of 5G technology is projected to boost the artificial intelligence software market in the Asia Pacific region. The presence of major key players in China, such as Huawei, Baidu, Inc. & Alibaba Cloud, push the artificial intelligence software market towards growth.
The market in the Middle East region is expected to grow in upcoming years with the government's noticeable initiatives. The Saudi Arabian government has developed Saudi Data and AI Authority (SDAIA), which aims to position Saudi Arabia in the top 10 countries in artificial intelligence.
Some of the prominent players in the Artificial Intelligence (AI) Software Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Artificial Intelligence (AI) Software market.
By Deployment Model
By Offering
By Application
By End-User
By Region
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers