Latest News- Artificial Intelligence (AI) Market: Software is expected to lead the Component segment during 2025-2029

The Artificial Intelligence (AI) Market is being driven by Prevention of fraud and malicious attacks

The Artificial Intelligence (AI) Market is expected to grow at a CAGR of 34.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 369.1 billion. Artificial Intelligence (AI) is revolutionizing business operations by enabling more efficient and intelligent automation of various processes. Companies are increasingly adopting AI technologies for use cases such as recommendation engines, pricing optimization, lead generation, chatbots, and supply chain optimization. However, implementing AI solutions in an on-premises data center requires substantial computational and data storage capabilities. For businesses looking to develop in-house AI products, the costs can be prohibitive. Therefore, many organizations are considering cloud-based AI solutions to mitigate these expenses and focus on their core competencies. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Component
  • Software
  • Hardware
  • Services
• End-user
  • Retail
  • Banking
  • Manufacturing
  • Healthcare
  • Others
• Technology
  • Deep learning
  • Machine learning
  • NLP
  • Gen AI
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
  • South America
    • Brazil
  • 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: 

• Prevention of fraud and malicious attacks
• Chatbots in AI
• Increased employee productivity

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

• Shortage of AI experts
• Low affordability
• Regulatory hurdles in implementing AI

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Market Scope in Artificial Intelligence (AI) Market Research Report

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Research Analysis Overview

The Artificial Intelligence (AI) market encompasses various aspects, including model accuracy, algorithmic fairness, data privacy concerns, model interpretability, AI security protocols, and responsible AI development. Other key areas include regulatory frameworks, human-computer interaction, workforce development, application deployment, infrastructure needs, data preprocessing methods, feature engineering, model selection criteria, performance benchmarking, real-time AI processing, AI-driven insights, autonomous systems, robotics integration, AI-powered simulations, synthetic data generation, AI hardware acceleration, scalable AI solutions, system maintenance, software defined infrastructure, high performance computing, parallel processing, distributed computing, and cloud computing services. These elements play a crucial role in ensuring the effective and ethical implementation of AI technologies.

Market Research Overview

In the expansive IT software market, Artificial Intelligence (AI) represents a significant segment, encompassing companies specializing in machine learning algorithms, deep learning models, natural language processing, and computer vision systems. These firms contribute to the application software market, which caters to business and consumer needs beyond basic software. Technavio's market analysis calculates the global AI software market size based on the combined revenue of these entities, inclusive of cloud-based solutions. This sector falls under application software, distinct from interactive home entertainment and systems software, including database management.. 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/