The global applied AI market will touch USD 1,091.40 billion at 25.3% CAGR by 2032, as per the latest Market Research Future report.
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Eminent industry players profiled in the global applied AI market report include,
• Google (Alphabet Inc.)
• Amazon Web Services (AWS)
• Open AI
Growing Demand for Automation to Boost Market Growth
There is a burgeoning need for automation in different industries right from customer service to manufacturing that artificial intelligence can enable with the help of intelligent systems and robotics thus boosting market growth over the forecast period.
Increasing Use in E-commerce and Smart Manufacturing to offer Robust Opportunities
The increasing use of applied AI in e-commerce and smart manufacturing will offer robust opportunities for the market over the forecast period. AI-driven product suggestions, supply chain management, and pricing optimization aid e-commerce businesses thrive.
AI-driven predictive maintenance & quality control are reducing downtime and also transforming manufacturing processes, thus its growing use in smart manufacturing.
Restraints and Challenges:
Security and Data Privacy to act as Market Restraint
Concerns about security and data privacy, limited AI professionals, high cost of implementation, interoperability issues, and complexity may act as market restraints over the forecast period.
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The global applied AI market is bifurcated based on components, organization size, and application.
By components, software will lead the market over the forecast period. AI software offers scalable solutions which may be utilized in an array of applications and sectors. This adaptability makes this an appealing choice for organizations on the lookout for leveraging the capabilities of artificial intelligence sans investing on specialized infrastructure or hardware.
By organization size, large enterprises will domineer the market over the forecast period. This is owing to huge corporations having the resources for investing in the AI solutions along with the need for improving their operations. The large enterprises are more likely in having the required competence and data to apply for the AI solutions. These corporations are widely depending on applied AI to attain a competitive advantage.
By application, the retail sector will spearhead the market over the forecast period with a 43.2% market share. For making individualized recommendations, the recommendation engines that are AI-powered helps in examining client data like browsing behavior, preferences, and purchase history. Such personalization level augments the shopping experience, propels customer engagement & raises conversion rates. The NLP chatbots & virtual assistants offer round the clock customer service, answering queries, helping with transactions, and also completing mundane tasks. It boosts customer satisfaction and also free up human resources for difficult questions.
The COVID-19 epidemic has affected the applied AI market in ways untold. The pandemic threw light on the significance of artificial intelligence in healthcare for vaccine development, drug discovery, and diagnosis. This resulted in an increase in need for AI services within the healthcare sector. With the requirement for remote work, there had been higher emphasis on AI-driven tools and automation for streamlining processes and enhancing productivity across industries. AI-powered chatbots, contactless payment, and recommendation systems became crucial for retail and e-commerce at the time of lockdown boosting the sector growth. AI & machine learning were utilized widely for predictive modeling and data analysis for understanding the spreading of this virus, anticipating healthcare needs, and planning responses. Edtech solutions that are AI-powered became crucial for personalized education and remote learning as universities and schools shifted online. The increased dependency on digital platforms at the time of the pandemic resulted in a higher need for the AI-driven cybersecurity for protecting against threats. AI was utilized in the financial domain for customer service, fraud detection, and risk assessment as financial institutions had adapted to the changing economic conditions.
North America to Head Applied AI Market
North America will head the applied AI market over the forecast period. The region, notably Canada and the US long has been at the vanguard of AI research & development. It is abode to most of the leading AI research centers, technology corporations, and colleges in the world. Such organizations were head and shoulders above others with regards to creating advanced AI technology & boosting field improvements. The region has seen noteworthy investments and funding for the AI initiatives and businesses. The AI startups & efforts are actively being funded via tech behemoths, angel investors, and venture capital firms. This financial assistance boosts innovation and also the development of useful artificial intelligence apps.
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APAC to Have Admirable Growth in Applied AI Market
The APAC region will have admirable growth in the applied AI market over the forecast period. A handful of most populated countries in the world like India and China are situated within the APAC zone. This diverse and huge market offers considerable business opportunities for using AI solutions for handling various forms of difficulties and catering to the requirements of a massive consumer base. Businesses within the APAC region have undergone digital revolutions with artificial intelligence playing a vital part. The artificial intelligence technology is widely being used by the businesses especially in industries like manufacturing, healthcare, and e-commerce for improving operations, improving consumer experiences, and also gaining a competitive advantage. The numerous cultures and languages in the region bring distinct issues and prospective for the development of AI. NLP (natural language processing) as well as cross-cultural applications both are crucial elements behind AI’s progress in the region.
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