Technavio analyzes that the Artificial Intelligence Market is expected to grow at a CAGR of 30.9% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 41021.7 million.There are various factors that contribute to the growth of the market. The Artificial Intelligence (AI) market is experiencing significant growth due in part to the increasing adoption of cloud-based applications and services. Businesses are recognizing the benefits of AI in areas such as data analysis, automation, and customer engagement, leading to a surge in demand for cloud-based AI solutions. This trend is expected to continue as more organizations seek to leverage AI to gain a competitive edge and improve operational efficiency.
In the Artificial Intelligence (AI) market, the on-premises segment is projected to experience significant growth and maintain a leading market share throughout the forecast period. This segment, also referred to as merchandizing and local store marketing, enables businesses to engage with customers in real time. On-premises marketing strategies are particularly effective for retailers and wholesalers, including department stores, grocery shops, restaurants, showrooms, and vehicle dealers. By utilizing AI technologies such as machine learning and context-aware computing, these businesses can deliver personalized experiences to consumers based on demographic trends, real-time data, and historical purchasing patterns. In industries like BFSI, Enterprise, Consumer Goods, Media & Entertainment, Healthcare, and others, on-premises marketing can lead to increased on-site engagement, conversions, and overall customer satisfaction. Strategies such as dynamic pricing, search advertising, and targeted marketing campaigns can help businesses maximize potential patient visits, answer queries online, and enhance the overall patient experience for demographic groups in towns and specific time frames.
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Artificial Intelligence Market Segmentation
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Artificial intelligence (AI) technology is revolutionizing marketing strategies by enhancing efficacy and efficiency in various sectors. In marketing, AI is used for data filtering, predictive analytics, and real-time data analysis to understand consumer behavior and tailor marketing campaigns. AI-powered chatbots offer on-site engagement, answering queries and providing personalized conversations. The healthcare industry benefits from AI in patient visit prediction, demographic trend analysis, and mental health care through apps like Youper, employing emotional health assessments and psychological techniques. AI's product-driven marketing strategy and customer-centric approach boost conversion rates and overall patient experience across demographic groups.
Artificial Intelligence (AI) represents a significant segment within the global IT software market, encompassing companies specializing in AI-based technology for marketing strategies. These businesses focus on enhancing efficacy and efficiency in areas such as consumer behavior analysis, data filtering, and predictive analytics. AI marketing plans leverage machine learning algorithms for sentiment analysis, campaign data management, and media buy optimization. Additionally, AI powers virtual assistance, chatbots, and digital communication tools, automating customer relationship services and commercial production. Overall, AI technology contributes substantially to the application software market, driving innovation and personalization in advertising and media industries.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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