Global artificial intelligence (AI) market is anticipated to grow at a significant CAGR of 38.7% during the forecast period (2024-2031). The market growth is attributed to the increasing advancements in technology such as algorithms, machine learning techniques, and natural language processing, enabling the development of sophisticated autonomous AI systems globally. The market is expanding mostly owing to increased funding and investment for AI start-ups. According to the World Economic Forum (WEF), in May 2024, in the US, a fervent gold rush in private AI investment has catalyzed transformative developments across key sectors such as autonomous vehicles, healthcare, and IT infrastructure. Venture capital (VC) investments in AI totaled $290.0 billion over the last 5 years. In the US, optimistic projections suggest that AI could boost annual GDP growth by 0.5 to 1.5% over the next decade. That is $1.2 trillion to $3.8 trillion in real terms.

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Organizations from a variety of industries are attracted to AI systems as they provide increased accuracy and dependability. By optimizing operations, Autonomous Al reduces costs and increases output. It is used in the manufacturing, retail, transportation, healthcare, and financial industries. The use of autonomous Al is further propelled by the automation-driven cost reduction linked with the industry. The AI market is poised for growth, stimulating innovation and new opportunities as technology progresses and more industries realize its benefits.

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Recent Development

In March 2024, Amazon and Anthropic deepened their shared commitment to advancing generative AI. Amazon concludes $4.0 billion investment in Anthropic. Customers of all sizes and industries are using Claude on Amazon Bedrock to reimagine user experiences, reinvent their businesses, and accelerate their generative AI journeys.
In July 2023, Wipro Ltd. announced the launch of Wipro ai360, a comprehensive, AI-first innovation ecosystem that builds on Wipro’s decade-long investments in artificial intelligence (AI) to integrate AI into every platform, every tool, and every solution used internally and offered to clients with $1.0 billion investment in advancing AI capabilities over the next three years.
In April 2023, PwC announced to invest $1.0 billion over the next three years to expand and scale its AI offerings and help clients reimagine their businesses through the power of generative AI. This investment features an industry-leading relationship with Microsoft, creating scalable offerings using OpenAI’s GPT-4/ChatGPT and Microsoft’s Azure OpenAI Service.

Market Coverage

The market number available for – 2023-2031
Base year- 2023
Forecast period- 2024-2031
Segment Covered- 

o             By Component

o             By Technology

o             By End User Industry

Regions Covered-

o             North America

o             Europe

o             Asia-Pacific

o             Rest of the World

Competitive Landscape- Amazon Web Services, Inc., Google LLC, IBM Corporation, Microsoft Corporation, and NVIDIA Corporation, among others.

Key questions addressed by the report.

What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
Who is the leader in the market?
How are players addressing challenges to sustain growth?
Where is the investment opportunity?

Global Artificial Intelligence Market Report Segment

By Component

Hardware
Software
Services

By Technology

Natural Language Generation
Speech Recognition
Virtual Agents
Machine Learning
Robotic Process Automation
Biometrics
Text Analytics and Natural Language Processing
AI Optimized Hardware

By End User Industry

IT and BFSI
Manufacturing
Automobile Sector
Healthcare
Online customer support
Entertainment
Journalism
Online Retail Stores
Home Appliances

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