Artificial Intelligence (AI) Toolkit Research Report 2023-2028: Increasing Need to Accelerate End-To-End Ml and Data Science Pipelines Using Optimized Deep Learning Frameworks Fueling Growth

News provided by

Feb 15, 2024, 20:15 ET

DUBLIN, Feb. 15, 2024 /PRNewswire/ -- The "Artificial Intelligence (AI) Toolkit Market by Offering (Hardware, Software, Services), Technology (Natural Language Processing, Machine Learning), Vertical (BFSI, Retail & eCommerce, Healthcare & Life Sciences) and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The AI toolkit market is estimated at USD 19.5 billion in 2023 to reach USD 91.6 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 36.2%

AI toolkits that generate content, including news articles, marketing materials, and social media posts, stand as a significant market driver in the AI toolkit landscape. These toolkits are revolutionizing content creation and distribution across industries by automating the production of high-quality, contextually relevant content at scale.

This expedites content development, reduces costs, and expands content accessibility. Furthermore, AI-generated content extends beyond text-based materials to include AI-generated music, videos, images, and songs. This multifaceted approach opens new horizons for creative expression and marketing strategies, unlocking novel avenues for artists, content creators, and businesses to connect with their audiences. The ability of AI toolkits to cater to diverse content needs while maintaining quality and relevance is propelling their adoption, further driving innovation in this segment of the AI toolkit market.

The computer vision segment is expected to register the fastest growth rate during the forecast period. The utilization of computer vision in industrial automation is a central driver for the AI toolkit market. In industrial operations, computer vision is pivotal in robotic assembly, object tracking, and visual inspection tasks. It enables precision and efficiency in manufacturing processes, enhancing product quality and reducing errors.

As industries increasingly embrace automation and smart manufacturing practices, the demand for AI toolkits incorporating computer vision capabilities is surging. These toolkits facilitate the integration of advanced vision systems into automated processes, fostering innovation and driving the growth of the AI toolkit market for industrial applications.

The BFSI segment to hold the largest market size during the forecast period AI toolkits are pivotal in driving the AI toolkit market within the Banking, Financial Services, and Insurance (BFSI) sector. They are indispensable for real-time fraud detection, enabling financial institutions to swiftly identify and mitigate fraudulent activities. This is of paramount importance in safeguarding both customer assets and the institution's financial integrity.

By harnessing the power of AI, these toolkits continuously analyze vast datasets to identify suspicious patterns and transactions, allowing for immediate action. As the prevalence of financial fraud escalates, the demand for AI toolkits in fraud detection continues to surge, making it a central driver in the growth of the AI toolkit market in the BFSI sector.

Asia Pacific highest growth rate during the forecast period.

Agriculture-focused AI toolkits drive the Asia Pacific AI toolkit market by revolutionizing the agriculture sector. These toolkits are instrumental in the advancement of precision agriculture, farm management, and the development of smart farming technologies. With the region's substantial population, there's a growing demand for sustainable farming practices.

AI toolkits empower precision agriculture, enhancing crop yields, efficient resource utilization, and environmental sustainability. These tools provide valuable insights into soil conditions, weather, and crop health, enabling data-driven decisions and minimizing resource wastage. As a result, adoption is increasing, addressing food security, and propelling the overall AI toolkit market in Asia Pacific.

Premium Insights

Rising Technological Advancements and Increasing Government Support to Drive AI Toolkit Market
Major Segments in AI Toolkit Market
Software Segment to Lead Market in 2023
Managed Services Segment to Achieve Higher Growth During Forecast Period
Bfsi Segment to Lead Market During Forecast Period
US and Bfsi Segment to Account for Significant Share in 2023

Case Study Analysis

Carmax Deployed Microsoft's Azure Openai Service to Ensure Data Security and Compliance
Trifork Employed Nvidia's Deepstream and Jetson Xavier Agx to Optimize Baggage Handling at Airports
Obviously AI Offered Its Accurate Revenue Predictions to Provide Organizations with Valuable Insights for Better Decision-Making
2X Implemented Jasper's Multifaceted Functionality to Offer Personalized Experience to Content Team
Obviously AI's Precise Sales Predictions Empowered Organizations to Allocate Resources and Make Data-Driven Choices

Market Dynamics

Drivers

Evolution of Language Model Concept in AI
Growing Adoption of Automl to Train High-Quality Models
Need to Accelerate End-To-End Ml and Data Science Pipelines Using Optimized Deep Learning Frameworks

Restraints

Lack of Skilled AI Professionals
Lack of Standardization in AI Toolkit Market

Opportunities

Growth in Data Generated by IoT Devices
Market Penetration of AI Toolkit Vendors into Healthcare and Financial Services Sectors

Challenges

Concerns Related to AI Transparency and Explainability
Security and Privacy Concerns

Industry Trends

Evolution of Artificial Intelligence Technology
Milestones of Artificial Intelligence

Companies Mentioned

Adobe
Altair
Alteryx
Attri
Datarobot
Determined AI
Fiddler AI
Google
H20.AI
IBM
Intel
Jasper
Knime
Levity AI
Meta
Microsoft
Nvidia Corporation
Obviously AI
Openai
Oracle
Rasa
Regie.AI
Salesforce
Snorkel AI
Superannotate
Thales Group
Union.AI

For more information about this report visit https://www.researchandmarkets.com/r/qke2tk

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo - https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets