Artificial Intelligence Market to Surpass USD 2359.1 billion by 2031 | SkyQuest Technology

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Apr 23, 2024, 10:30 ET

WESTFORD, Mass., April 23, 2024 /PRNewswire/ -- SkyQuest projects that Global Artificial Intelligence Market size is poised to grow from USD 241.80 Billion in 2023 to USD 2359.1 Billion by 2031, at a CAGR of 38.1% during the forecast period (2024-2031). The rapid growth in Big Data and the IoT serves as a significant driver for the AI industry. High Demand for Virtual Assistance is considered a key growth driver: The use of AI-powered virtual assistants has expanded quickly across a range of sectors and businesses as they grow increasingly complicated and capable of handling a variety of activities. The broad use of AI results in a bigger market for AI-related products.

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Browse in-depth TOC on the "Artificial Intelligence Market"

Pages - 197
Tables - 100
Figures – 76

Artificial Intelligence Market Overview:

Report Coverage	Details
Market Revenue in 2023	$241.80 billion
Estimated Value by 2031	$2359.1 billion
Growth Rate	Poised to grow at a CAGR of 38.1%
Forecast Period	2024–2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Product, Technology, Application, End Users, and Region
Geographies Covered	North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunities	Growing Government and Private Investments to Meet the Increasing Demand for Cancer Research
Key Market Drivers	Advancements in Radiation Therapy Technologies

Driving Force Behind the Dominance of Software Industry is Surge of AI

The software industry was the largest in the world in 2023. Developments in computer power, data storage, and parallel processing are the primary drivers of the software segment's growth. The expanding acceptance of AI technology in various end-use industries has led the hardware business to register the fastest growth rate. It is further projected to witness surge in demand for artificial intelligence hardware systems in the coming years with the rise in adoption of this technology across multiple end use sectors.

Hardware Industry to Register Fastest Growing Rate owing to Surge of CPUs and GPUs

The hardware segment is expected to grow at the fastest rate during the projection period. Artificial intelligence hardware is made up of several components, such as CPU, GPU, ASIC, and FPGA. Owing to their enormous computing capability and high demand, CPUs and GPUs have taken the lead in the hardware market. The increasing adoption of AI technology in a range of end-use industries is expected to drive rising demand for artificial intelligence hardware systems in the coming years.

North America to Dominate due to Government Support and Specific Programs

The largest market share for artificial intelligence market worldwide was occupied by North America. This is due to favourable government policies that incentivize North American businesses to employ AI, as well as the growing need for automation. It is projected that the Asia Pacific market will grow at the fastest rate during the forecast period. The growing rate of investments in implementation of AI is driving up demand for technology.

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Artificial Intelligence Market Insights:

Drivers:

Rising Demand for Virtual Assistants Driving Market Growth
Autonomous AI Adoption

Restraints:

Data Privacy Concerns
Bias Generated and Inaccurate AI Output

Prominent Players in Global Artificial Intelligence Market

Microsoft (US)
IBM (US)
Alphabet (Google) (US)
NVIDIA (US)
Meta Platforms (Facebook) (US)
Palantir (US)
Mobileye (Israel)
Dynatrace (US)
UiPath (US)
SentinelOne (US)
Aurora Innovation (US)

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Key Questions Answered in Global Artificial Intelligence Market Report

Which elements are expected to fuel the global artificial intelligence market's anticipated growth between 2023 and 2031?
By 2031, how big is the global artificial intelligence market expected to grow?
Why are virtual assistants with AI capabilities growing in popularity?
Which artificial intelligence-related goods or advancements have recently been released?

This report provides the following insights:

Analysis of key drivers (growth in AI-powered virtual assistants, notable increase in AI-driven virtual assistants, adjust to individual preferences, robust virtual assistant software systems offering diverse functionalities), restraints (Data privacy, wide range of algorithms are expected to cause problems, abuse of sensitive user information, system failure or malfunction), opportunities (transforming various industry, improved outcomes and machine learning algorithms can analyse vast amounts of data), and challenges (ethical implications, decision-making biases associated with AI systems) influencing the growth of artificial intelligence market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the artificial intelligence market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and AI version launches in the artificial intelligence market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.

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About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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Mr. Jagraj Singh

Skyquest Technology

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USA (+1) 351-333-4748

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