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 functions. Companies are leveraging AI technologies for diverse applications such as recommendation engines, pricing optimization, lead generation, chatbots, and supply chain optimization. However, implementing AI solutions in an on-premises data center necessitates substantial computing and data storage capabilities. Developing in-house AI products can be a costly endeavor for businesses, making it essential to evaluate the potential return on investment carefully. 

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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

Artificial Intelligence (AI) continues to revolutionize industries with its advanced capabilities, including neural networks, reinforcement learning, and knowledge graphs. Sentiment analysis, text summarization, and machine translation enhance communication, while object detection, facial recognition, and biometric authentication ensure security. AI also transforms supply chain management, offering personalized recommendations and targeted advertising. Autonomous vehicles, smart cities, data visualization, and big data analytics drive innovation. Data warehousing, pipelines, governance, ethics, safety, accessibility, workforce, and adoption are essential aspects of AI's growth and implementation.

Market Research Overview

The global IT software market encompasses businesses specializing in the creation and distribution of application, system, and database management software. Notably, the application software sector focuses on developing customized software for enterprise and technical applications, as well as cloud-based solutions. This segment excludes companies in the interactive home entertainment industry and those producing systems or database management software. According to Technavio, the IT software market size is determined by the consolidated revenue of organizations providing various types of software, including machine learning (ML), deep learning (DL), computer vision, speech recognition, and image recognition solutions.. 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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Website: www.technavio.com/