Latest News- Artificial Intelligence (Ai) Market: Software is expected to lead the Component segment during 2024-2028

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 30.07% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 237.4 billion. Artificial Intelligence (AI) is poised to revolutionize business operations by enabling more efficient and intelligent automation of various functions. 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 significant computational and data storage capabilities, which can be a costly investment for some organizations. Therefore, many businesses are evaluating cloud-based AI solutions to mitigate the upfront costs and scalability challenges associated with on-premises deployments. 

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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
  • Natural language processing (NLP)
  • Machine vision
  • Generative AI
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
    • France
  • APAC
    • China
  • 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: 

• 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

Artificial Intelligence (AI) is a next-generation tech field that continues to revolutionize various industries, including healthcare, finance, and technology. Pretrained models, such as those based on machine learning algorithms and deep learning techniques, are driving advancements in areas like fraud prevention and automated image diagnostic. These models can be deployed on-premises or through Software as a Service (SaaS) platforms, enabling parallel processing and data analysis on big data. Hardware advancements, including quantum computers and supercomputers, are pushing the boundaries of AI capabilities. Tech giants are investing heavily in open-source AI platforms, making AI more accessible to businesses and developers. In healthcare, AI is used for data analysis, cognitive solutions, and natural language processing, improving patient care and outcomes. AI also impacts software engineering and data science through automation and intelligent tools. Cloud computing provides a scalable infrastructure for AI applications, while computer vision and machine learning algorithms continue to advance, enabling new use cases. Intelligence standards and algorithms are being developed to ensure ethical and unbiased AI applications. Overall, AI is a dynamic and rapidly evolving field that is transforming the way we live and work.

Market Research Overview

The global IT software market encompasses businesses specializing in the development and production of application, system, and database management software. According to Technavio, the market size is determined by the consolidated revenue of organizations providing various types of IT software solutions, including cloud-based services. This sector caters to both enterprise and technical applications, excluding those in the interactive home entertainment sub-industry and system software companies focusing on 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/