Latest News- Applied AI Market: Retail and e-commerce is expected to lead the Application segment during 2025-2029

The Applied AI Market is being driven by Proliferation and mainstream accessibility of generative AI

The Applied AI Market is expected to grow at a CAGR of 33.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 818066.1 million. The global applied AI market is experiencing a significant shift towards multimodal systems, moving beyond text-centric large language models. Multimodality, the ability of AI models to process and reason across various data types such as text, images, audio, and video simultaneously, is driving this transformation. This evolution represents a pivotal step towards creating AI agents that can perceive and interpret the world in a more comprehensive, human-like manner. Real-world challenges and interactions frequently involve multiple data types, making multimodal AI an essential advancement. Integrating diverse sensory inputs unlocks a broad spectrum of applications that were previously inaccessible to text-only systems. This trend is propelled by the understanding that real-world problems and interactions seldom adhere to a single data type. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Retail and e-commerce
  • Healthcare
  • Finance
  • Industrial robotics
  • Others
• Technology
  • Machine learning
  • Natural language processing
  • Computer vision
  • Expert systems
  • Others
• Component
  • Software
  • Services
• Geography
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Proliferation and mainstream accessibility of generative AI
• Escalating demand for automation and operational efficiency
• Unprecedented investment in and advancement of foundational AI infrastructure

However, the market also witnesses some limitations, which are as follows:

• Navigating evolving and fragmented regulatory and ethical landscape
• Scarcity of specialized talent and high cost of AI infrastructure
• Technical complexities of integration, reliability, and governance

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Market Scope in Applied AI Market Research Report

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Research Analysis Overview

The Applied AI market encompasses various applications, including supervised learning tasks and unsupervised learning methods. It also features transfer learning applications, such as generative adversarial networks, convolutional neural networks, and recurrent neural networks. Natural language understanding is crucial for chatbot development tools, while AI-driven decision support, predictive maintenance systems, and fraud detection algorithms are essential for businesses. Risk management solutions, customer relationship management, supply chain optimization, process automation workflows, data analytics dashboards, business intelligence platforms, and AI implementation challenges are other significant areas. AI adoption barriers, ROI calculation, vendor selection, project management, regulatory compliance, and ethical considerations are critical concerns in the Applied AI market.

Market Research Overview

The Applied AI market encompasses businesses specializing in machine learning models, deep learning algorithms, natural language processing, and computer vision systems. These companies fall under the application software market segment of the IT software industry. While the IT software market covers the revenue generated by all types of software providers, including cloud-based solutions, Applied AI companies specifically focus on advanced AI technologies for business and consumer applications. This sector excludes entities producing interactive home entertainment software or systems/database management software. According to Technavio, the global application software market size is determined by the consolidated revenue of these AI technology providers.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/