#Artificial Intelligence Market Size

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Artificial Intelligence Market - Forecast(2024 - 2030)

Artificial Intelligence Market Overview

The Artificial Intelligence Market is expected to reach $1035 billion by 2030, growing at a CAGR of 37.2% during the forecast period 2024-2030. Artificial Intelligence (AI) refers to a recreation of human intelligence functions by machines. It is used in the internet of things for multiple tasks including cloud computing, customer relationship management, data analysis, facial recognition technology, fraud detection and predictive analysis. The widescale adoption of Artificial Intelligence in various sectors on a global scale is for updating systems with intelligent features to enhance operational efficiency. In October 2022, Google Cloud introduced an AI-enabled medical imaging suite for use in the healthcare sector. It would reduce manual work done by radiologists as it has storage, datasets and an AI pipeline for imaging.

Multimodal AI is a pivotal trend in the evolving landscape of artificial intelligence. Diverging from conventional single-mode data processing, it simultaneously analyzes diverse data types, fostering a holistic approach. This comprehensive methodology enhances the adaptability of AI systems, enabling them to interpret and respond to a broader array of inputs. As the market embraces multimodal AI, its potential applications expand, contributing to the continuous advancement and sophistication of artificial intelligence solutions. In January 2024, Google has unveiled a new multimodal AI model ‘Lumiere’. Google's Lumiere, a groundbreaking multimodal AI video model, revolutionizes video creation. It seamlessly integrates text-based image editing, providing users with a powerful tool for consistent and authentic video editing experiences.

Artificial Intelligence Market Report Coverage

The “Artificial Intelligence Market Report – Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Artificial Intelligence Market.

By Offering: Hardware, Software and Services.

By Technology: Machine Learning, Natural Language Processing, Context-Aware Computing and Computer Vision.

By Deployment: On-premises and Cloud.

By Organization Size: Small and Medium Enterprises and Large Enterprises.

By Product: Medical devices, Connected Consumer Devices, Smart Wearables, Home appliances, electronic gadgets, Mobiles, Laptops & PCs, Robots, Industrial Systems, Cameras, AR/VR, Drones and Others.

By Application: Industrial processes, Medical Assistance and Diagnosis, Marketing and sales, Security systems, Finance, Supply chain management, Service deployment, Cloud computing, Customer relationship management, Data analysis, Facial recognition technology, Fraud detection, Predictive analysis and Others.

By End-users: BFSI, IT and Telecommunication, Government, Defense, Consumer Electronics, Manufacturing, Healthcare, Retail and E-commerce, Automotive, Logistics and Transportation, Power and Utilities, Oil and Gas, Education and Others.

By Geography: North America (the US, Canada and Mexico), Europe (Germany, the UK, France, Italy, Spain and Others), APAC (China, Japan, South Korea, India, Australia and Others), South America (Brazil, Argentina and Others) and RoW (the Middle East and Africa).

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Key Takeaways

● The Smart wearables segment by product type in the Artificial Intelligence Market is expected to grow the fastest at a CAGR of 39.2%, during the forecast period 2024-2030. The widescale adoption of AI in smart wearables is for upgrading the real-time monitoring features of smart connected devices.

● The Healthcare segment by end-users in the Artificial Intelligence Market is expected to grow the fastest at a CAGR of 39.5%, during the forecast period 2024-2030. The increased adoption of AI in the healthcare sector for upgrading medical infrastructure with accurate and real-time monitoring systems would provide uninterrupted patient care services.

● In 2023, North America held the largest market share of 38% in the Artificial Intelligence Market in terms of revenue. The widescale use of AI in this region is due to the government's efforts to encourage the adoption of AI-enabled solutions for the effective management of internet systems and delivery of uninterrupted services.

● The increased deployment of AI in the Education sector for modernizing infrastructures with intelligent connected devices to deliver uninterrupted education is driving the market growth.

Artificial Intelligence Market Segment Analysis - by Product

The Artificial Intelligence Market by product types has been segmented into medical devices, connected consumer devices, smart wearables, home appliances, electronic gadgets, mobiles, laptops & PCs, robots, industrial systems, cameras, AR/VR, drones and others. The Smart wearables segment in the Artificial Intelligence Market is expected to grow the fastest at a CAGR of 39.2%, during the forecast period 2024-2030. The widescale adoption of AI in smart wearables is for upgrading the real-time monitoring features of smart connected devices. Rising demand for AI-based IoT devices such as fitness bands among consumers to track their health vitals is also significantly contributing to market growth in this sector. In November 2023, GE HealthCare launched an ultra sound imaging highlighting Venue Family point-of-care ultrasound systems, an AI technology delivering real-time guidance capturing diagnostic-quality cardiac images and LOGIQ E10 Series, featuring Verisound Digital & AI Solutions.

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Artificial Intelligence Market Segment Analysis - by End-users

The Artificial Intelligence Market by end-users has been segmented into BFSI, IT and telecommunication, government, defense, manufacturing, healthcare, retail and e-commerce, automotive, logistics and transportation, power and utilities, oil and gas, education and others. The Healthcare segment in the Artificial Intelligence Market is expected to grow the fastest at a CAGR of 39.5%, during the forecast period 2024-2030. The healthcare sector is increasingly opting for AI technology to upgrade medical infrastructure and establish precise, real-time monitoring systems to deliver unhindered medical care services. In March 2023, Medtronic and NVIDIA collaborated to integrate Holoscan and IGX, NVIDIA's real-time AI software, into medical devices, aiming to enhance AI innovation and accelerate medical device development.

Artificial Intelligence Market Segment Analysis - by Geography

The Artificial Intelligence Market by geography is segmented into North America, Europe, APAC, South America and RoW. North America held the largest market share of 38% in the Artificial Intelligence Market in terms of revenue, in 2023. The widescale use of AI in this region is due to the government's efforts to encourage the adoption of AI-enabled solutions for the effective management of internet systems and delivery of uninterrupted services. Growing e-commerce and online streaming segments are also boosting demand for AI-based automated systems. According to Networking and Information Technology Research and Development U. S. government spent on artificial intelligence (AI) contracts hit $3.3 billion in fiscal year 2022. This investment highlights substantial market growth, emphasizing AI's increasing significance and demand.

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Artificial Intelligence Market Drivers

The increased deployment of AI in the Education sector for modernizing infrastructure with intelligent connected devices to deliver uninterrupted education:

The teaching and learning processes have been greatly improved in recent years using AI in the education industry. AI-powered solutions are being rapidly adopted by EdTech companies to modernize iinfrastructure with intelligent connected devices and provide continuous education to consumers from anywhere in the world. AI offers several benefits, such as personalized material, tutoring, 24-hour access and task automation. AIM, NITI Aayog, CBSE, and Intel India initiates a groundbreaking collaboration, investing USD 1.35 billion in Artificial Intelligence (AI) over the next five years to revolutionize education. This strategic investment aims to integrate AI solutions, fostering innovation and enhancing the learning landscape.

The widespread use of AI in defense for upgrading the security and networking infrastructure with intelligent features:

AI-based technology is being rapidly adopted by the defense industry in several domains, including security systems and medical devices. AI-based military equipment handles a massive amount of data and remote monitoring systems more effectively. In July 2022, the Defense Minister of India launched 75 newly developed Artificial Intelligence (AI) products/technologies during the first-ever 'AI in Defense' symposium and exhibition, organized by the Ministry of Defense in New Delhi. AI-based products launched include AI platform automation, autonomous/unmanned/Robotics systems and intelligent monitoring systems with 90% enhanced productivity.

Artificial Intelligence Market Challenge

High Initial cost of setting up AI in a system or product:

The development of AI-based systems requires lots of time, resources, a skilled workforce and significant monetary investments. The development of AI-based systems requires updated hardware and software. It also requires highly skilled AI/ML engineers who demand a high pay range. The overall production cost is quite expensive and not affordable for all. According to Aalpha company, AI will cost at least $35,000 to build a customized analysis system, while it will cost $60000 to create a customized chatbot. 80% of medium and small businesses with restricted budgets cannot afford the high budget to create their own AI solutions, which could impede market expansion.

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Key Market Players

Product launches, collaborations and R&D activities are key strategies adopted by players in the Artificial Intelligence Market. The top 10 companies in the Artificial Intelligence market are:

Google LLC

Microsoft Corporation

Intel Corporation

Samsung Electronics Co., Ltd.

IBM Corporation

Amazon Web Services Inc.

Oracle Corporation

Salesforce, Inc.

Siemens AG

Huawei Technologies Co., Ltd.

Recent Developments

● In February 2022, Forbes in their Artificial Intelligence market report stated that 50% of enterprises planned to spend more on AI-based cloud computing and machine learning to enhance customer relationship management in 2021.

● In July 2022, IBM Corporation strategically acquired Databand.ai, enhancing its data observability capabilities in the AI landscape. This acquisition aligns with IBM's commitment to bolstering its hybrid cloud and AI expertise, reinforcing its position to capture emerging opportunities in the rapidly growing market for data observability.

[industryarcreport]

Artificial Intelligence Market ,Size, Market Statistics and Future Forecasts to 2030

Artificial Intelligence Market Overview

The Artificial Intelligence Market is estimated to reach US$400.9 billion by 2027, growing at a CAGR of 37.2% during the forecast period 2022-2027. Artificial Intelligence (AI) refers to a recreation of human intelligence functions by machines. It is used in the internet of things for multiple tasks including cloud computing, customer relationship management, data analysis, facial recognition technology, fraud detection and predictive analysis. The widescale adoption of Artificial Intelligence in various sectors on a global scale is for updating systems with intelligent features to enhance operational efficiency. In October 2022, Google Cloud introduced an AI-enabled medical imaging suite for use in the healthcare sector. It would reduce manual work done by radiologists as it has storage, datasets and an AI pipeline for imaging.

For More Info : https://www.industryarc.com/Report/17909/artificial-intelligence-market-in-education.html?utm_source=SBM&utm_campaign=Neha%20M

Artificial Intelligence Market Report Coverage

The “Artificial Intelligence Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Artificial Intelligence Market.

By Offering: Hardware, Software and Services.

By Technology: Machine Learning, Natural Language Processing, Context-Aware Computing and Computer Vision.

By Deployment: On-premises and Cloud.

By Organization Size: Small and Medium Enterprises and Large Enterprises.

By Product: Medical devices, Connected Consumer Devices, Smart Wearables, Home appliances, electronic gadgets, Mobiles, Laptops & PCs, Robots, Industrial Systems, Cameras, AR/VR, Drones and Others.

By Application: Industrial processes, Medical Assistance and Diagnosis, Marketing and sales, Security systems, Finance, Supply chain management, Service deployment, Cloud computing, Customer relationship management, Data analysis, Facial recognition technology, Fraud detection, Predictive analysis and Others.

By End-users: BFSI, IT and Telecommunication, Government, Defense, Consumer Electronics, Manufacturing, Healthcare, Retail and E-commerce, Automotive, Logistics and Transportation, Power and Utilities, Oil and Gas, Education and Others.

By Geography: North America (the US, Canada and Mexico), Europe (Germany, the UK, France, Italy, Spain and Others), APAC (China, Japan, South Korea, India, Australia and Others), South America (Brazil, Argentina and Others) and RoW (the Middle East and Africa).

Request For Sample Link : https://www.industryarc.com/pdfdownload.php?id=17909&utm_source=SBM&utm_campaign=Neha%20M

Key Takeaways

The Smart wearables segment by product type in the Artificial Intelligence Market is expected to grow the fastest at a CAGR of 39.2%, during the forecast period 2022-2027. The widescale adoption of AI in smart wearables is for upgrading the real-time monitoring features of smart connected devices.

The Healthcare segment by end-users in the Artificial Intelligence Market is expected to grow the fastest at a CAGR of 39.5%, during the forecast period 2022-2027. The increased adoption of AI in the healthcare sector for upgrading medical infrastructure with accurate and real-time monitoring systems would provide uninterrupted patient care services.

In 2021, North America held the largest market share of 38% in the Artificial Intelligence Market in terms of revenue. The widescale use of AI in this region is due to the government's efforts to encourage the adoption of AI-enabled solutions for the effective management of internet systems and delivery of uninterrupted services.

The increased deployment of AI in the Education sector for modernizing infrastructures with intelligent connected devices to deliver uninterrupted education is driving the market growth.

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Artificial Intelligence Market Industry Trends, Revenue, Growth, Share and Forecast Till 2027

The global Artificial Intelligence Market is expected to reach USD 348.99 Billion by 2027, according to a new report by Emergen Research. The increasing need for understanding consumer needs and market trends is one of the major factors driving the market growth. Moreover, the extensive adoption of smartphones, along with the popularity of social media, will also boost the growth of the market in the coming years.

One of the mentionable traits of AI is the ability and support it provides to machines to react, act, learn, and think like human beings. As a result of the mentioned characteristics, it turns out to be an effective decision making and data analytics tool that helps in deciding based on past data and identified patterns. It is the mentioned traits of AI, which has resulted in an increase in different industries that have a positive impact on the growth of the market.

[techinsight360]

Starbucks launches Polygon NFT loyalty program for beta testers in the United States

As part of its strategy to move into the world of Web3 technologies, Starbucks has extended its rewards program to the blockchain. In December 2022, the popular coffee chain launched a beta version of its Odyssey program, combining customer rewards with non-fungible tokens and other gamified elements. The new initiative allows loyalty program members to earn a wide range of rewards and has therefore garnered strong interest from consumers.

While the firm did not disclose how many of its customers have signed up for the waitlist or how many have been given access in the beta launch, the firm did announce that Starbucks has received unprecedented interest in its NFT-powered loyalty program. The firm first announced the experiential rewards program earlier in September. Built on the Layer-2 Ethereum scaling protocol, Polygon, Starbucks Odyssey introduces a new platform where members can engage with interactive activities known as Journeys. When completed members are rewarded with Journey Stamps, which are basically NFTs.

Read More - Starbucks bet on NFT is paving the way for future loyalty programs

Notably, members can earn their first Journey Stamps after collecting 500 points. With the program being in its beta phase, the first of the Journey Stamps launched by the firm include those which are designed taking inspiration from Starbuck’s history. Members participating in the program will earn NFTs. These NFTs will have a point value based on their rarity. It means that while the NFTs will be tied to real-world experiences, members can also buy and sell their digital assets on the Odyssey marketplace, which is due to launch in 2023.

Starbucks is expected to launch the NFT marketplace, which will be powered by Nifty Gateway. To make the buy, sell, and trade process simpler, Starbucks is allowing members to buy the Stamps using their credit cards. There is no need to have a crypto wallet. Furthermore, there is no need to have any understanding of Web3 technologies to participate in the NFT loyalty program.

For Starbucks, the program not only engages its most loyal customers but also provides the firm with a potential revenue stream. In 2023, the firm is planning to release limited edition Stamps. Starbucks is planning to give away a portion of the revenue to support different causes. It is expected that the firm will release the limited-edition Stamps four to six times every year.

Read More - Apple's move into NFTs can further accelerate the Web3 evolution

Many of the leading brands have already forayed into the world of Web3 technologies over the last two years. Reddit with its NFT program has amassed millions of users, while brands such as Nike and Gucci have generated millions of dollars in additional revenue through their NFT projects. From the short to medium-term perspective, many more brands across industry verticals are projected to foray into the world of Web3 technologies, including NFT and metaverse.

Read More - Reddit lays out the blueprint to engage the audience and drive NFT adoption

The overwhelming response received by Starbucks towards its Odyssey program indicates that the NFT-powered loyalty program can become mainstream over the next few years. Brands such as Budweiser have already launched such NFT-powered loyalty programs and the trend is expected to further grow from the short to medium-term perspective. Notably, an NFT-powered loyalty program can potentially become a powerful tool for smaller brands that are struggling to compete with bigger brands, that are spending millions of dollars on their customer acquisitions strategy.

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2024-2032 Artificial Intelligence in Genomics Market Forecast: Growth & Revenue Insights

The global Artificial Intelligence in Genomics Market Revenue is witnessing remarkable growth, driven by advancements in AI-powered technologies that are reshaping the field of genomics. According to the SNS Insider report, the market is set to grow at an impressive rate, owing to increasing investments in personalized medicine, precision diagnostics, and drug discovery. The integration of AI into genomics offers unprecedented potential for analyzing complex datasets, accelerating genomic research, and addressing critical healthcare challenges.

AI technologies are enabling researchers to delve deeper into the complexities of human DNA, transforming how genetic data is analyzed and applied. By leveraging machine learning algorithms and big data analytics, scientists can identify patterns and correlations that were previously undetectable. These insights are fueling innovations in disease prediction, treatment planning, and understanding genetic predispositions, thereby propelling the market forward.

Furthermore, as genomic sequencing becomes more cost-effective and accessible, its adoption in clinical and research settings is expanding. The combination of genomics with artificial intelligence has proven critical in addressing pressing issues such as early disease detection, targeted therapies, and enhanced patient outcomes. Governments, private organizations, and healthcare providers are increasingly recognizing the transformative impact of AI in genomics, which has led to a surge in funding and collaborations across the globe.

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Market Dynamics and Future Scope

The Artificial Intelligence in Genomics Market is characterized by robust R&D initiatives and a focus on integrating AI capabilities into genomic workflows. Emerging trends such as the use of AI for CRISPR gene editing, AI-driven predictive modeling, and personalized healthcare applications are contributing to the market’s rapid growth. Additionally, the healthcare sector's increasing reliance on data-driven insights for decision-making is further bolstering the market's expansion.

AI’s role in genomics is also fostering significant advancements in drug discovery and development. Pharmaceutical companies are leveraging AI tools to predict molecular structures and their interactions with genetic components, thereby streamlining the drug development process. This trend is expected to lead to faster development of novel therapies for genetic and chronic diseases, enhancing the quality of care worldwide.

Regional Insights

North America currently leads the market, owing to its well-established healthcare infrastructure, significant investments in AI technology, and a strong focus on precision medicine. Europe and the Asia-Pacific regions are also witnessing substantial growth due to increasing awareness about the benefits of AI in genomics and rising healthcare expenditures. The expanding adoption of genomic technologies in emerging economies, coupled with supportive government initiatives, is expected to drive further growth in these regions.

Challenges and Opportunities

While the market offers significant opportunities, challenges such as data privacy concerns, lack of standardization in genomic datasets, and high implementation costs remain. However, ongoing advancements in cloud computing and blockchain technologies are likely to mitigate these issues, ensuring secure and efficient data management.

Conclusion

The Artificial Intelligence in Genomics Market is on a transformative journey, redefining the landscape of genetic research and personalized medicine. With AI technology evolving at an unprecedented pace, its application in genomics is expected to unlock new possibilities for understanding and addressing some of the most pressing healthcare challenges of our time.

About Us: SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

Contact Us: Akash Anand – Head of Business Development & Strategy info@snsinsider.com Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)

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  Exploring Saudi Arabia’s Big Data and Artificial Intelligence Market

The size of the Big Data and Artificial Intelligence market in Saudi Arabia is projected to be USD 0.38 billion in 2024 and is anticipated to grow to USD 2.19 billion by 2029. This represents a remarkable compound annual growth rate (CAGR) of 34.24% during the forecast period from 2024 to 2029.  

Saudi Arabia is rapidly emerging as a pivotal player in the global landscape of big data and artificial intelligence (AI). Fueled by a vision for economic diversification and technological advancement, the Kingdom is harnessing the power of data and AI to transform its economy, enhance governance, and improve quality of life for its citizens. In this blog, we will delve into the current state of the big data and AI market in Saudi Arabia, key drivers of growth, challenges, and future prospects. 

Current Landscape of the Big Data and AI Market 

The Saudi government has recognized the importance of big data and AI as crucial components for achieving its Vision 2030 goals. The establishment of the Saudi Data and Artificial Intelligence Authority (SDAIA) in 2019 marks a significant step toward harnessing data-driven solutions across various sectors. 

According to recent market research, the big data and AI market in Saudi Arabia is projected to experience substantial growth, with estimates suggesting a compound annual growth rate (CAGR) exceeding 30% over the next several years. This growth is primarily driven by increasing investments in technology infrastructure, a growing pool of skilled professionals, and a robust focus on innovation. 

Key Drivers of Growth 

Government Initiatives: The Saudi government has launched multiple initiatives aimed at integrating AI into public services and promoting data-driven decision-making. Programs like the National Industrial Development and Logistics Program (NIDLP) and the National Strategy for Data and AI (NSDAI) provide a strong foundation for industry growth. 

Investment in Infrastructure: With substantial investments in digital infrastructure, including data centers and cloud computing services, the Kingdom is positioning itself as a hub for data analytics and AI. Major players, both local and international, are establishing operations to leverage this potential. 

Collaboration with Global Tech Giants: Saudi Arabia is actively partnering with leading technology companies to enhance its AI capabilities. Collaborations with firms like IBM, Microsoft, and Google are facilitating knowledge transfer and accelerating the adoption of cutting-edge technologies. 

Focus on Various Sectors: The application of big data and AI is not limited to a single sector. Industries such as healthcare, finance, energy, and transportation are leveraging these technologies to improve operational efficiency, enhance customer experiences, and drive innovation. 

Challenges in the Industry 

Despite the promising growth trajectory, the big data and AI market in Saudi Arabia faces several challenges: 

Skill Shortage: There is a growing demand for data scientists, AI specialists, and skilled IT professionals. The current workforce is not sufficiently equipped to meet these demands, leading to a talent gap. 

Data Privacy Concerns: As organizations increasingly rely on data for decision-making, concerns surrounding data privacy and security are becoming more prominent. Striking a balance between innovation and privacy regulations will be essential. 

Integration of Legacy Systems: Many businesses still operate on legacy systems that may not be compatible with modern AI solutions. This integration challenge can hinder the adoption of advanced technologies. 

Future Prospects 

The future of the big data and AI market in Saudi Arabia looks promising. Here are some key trends to watch: 

Growth of AI Startups: The entrepreneurial landscape in Saudi Arabia is witnessing the rise of innovative AI startups. With government support and funding initiatives, these startups are expected to play a crucial role in driving innovation and competitiveness. 

Emphasis on Ethical AI: As AI technologies become more prevalent, there is an increasing focus on ethical AI practices. Developing guidelines for responsible AI use will be critical to ensuring public trust and acceptance. 

Expansion of AI in Healthcare: The healthcare sector is poised for significant transformation through AI applications, including predictive analytics for patient care, robotic surgery, and personalized medicine. 

Smart Cities and IoT: The Kingdom's investment in smart city projects will further drive the demand for big data and AI. By integrating IoT devices, cities can optimize services and enhance the quality of life for residents. 

Conclusion 

Saudi Arabia’s commitment to becoming a leader in big data and AI is evident through its robust initiatives, investments, and partnerships. While challenges remain, the opportunities for growth and innovation are vast. As the Kingdom continues to embrace these technologies, it not only positions itself as a key player in the global tech landscape but also paves the way for a more data-driven future.    For a detailed overview and more insights, you can refer to the full market research report by Mordor Intelligence: https://www.mordorintelligence.com/industry-reports/saudi-arabia-big-data-and-artificial-intelligence-market 

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AI Transforming Drug Discovery: The Future of the Pharmaceutical Market

Artificial Intelligence in Pharmaceutical Market is projected to be valued at USD 3.05 billion in 2024 and is anticipated to reach USD 18.06 billion by 2029, with a CAGR of 42.68% during the forecast period (2024-2029).

Artificial Intelligence (AI) in Drug Discovery Market is gaining momentum as pharmaceutical companies increasingly adopt AI-driven solutions to streamline research and development (R&D) processes. According to Mordor Intelligence, the market is expected to grow significantly, driven by the rising need for faster, cost-effective drug discovery methods, combined with advances in AI technologies like machine learning, natural language processing (NLP), and deep learning.

AI’s Role in Transforming Drug Discovery

Accelerating Drug Discovery Process: Traditionally, drug discovery is a time-consuming and costly process, often taking 10–15 years and billions of dollars to bring a new drug to market. AI is revolutionizing this by speeding up the identification of drug targets and optimizing lead compounds. Algorithms can rapidly analyze vast datasets, predicting drug behavior and outcomes more accurately than traditional methods.

Predictive Modeling and Simulation: AI's ability to create predictive models is transforming how pharmaceutical companies approach drug discovery. AI can simulate how compounds will interact with biological targets, reducing the need for trial-and-error lab work. This not only accelerates the development process but also enhances the chances of finding successful drug candidates.

Data-Driven Research: With the growing availability of biological and chemical data, AI can sift through and analyze enormous datasets, identifying patterns and insights that humans might miss. Machine learning models can analyze genomic data, protein structures, and chemical compounds, helping researchers understand complex biological mechanisms and predict potential therapeutic outcomes.

AI in Target Identification and Validation: AI tools are being employed to identify novel biological targets for therapeutic intervention, as well as to validate their potential effectiveness. This is especially crucial in the development of drugs for complex diseases like cancer, neurodegenerative disorders, and infectious diseases.

AI for Drug Repurposing: AI is also playing a pivotal role in drug repurposing, where existing drugs are investigated for new therapeutic uses. AI algorithms can identify new applications for existing compounds by analyzing data on drug interactions, mechanisms of action, and patient outcomes.

Reduction in Drug Development Costs: By reducing the time and cost involved in early-stage drug discovery, AI is contributing to significant cost savings. Traditional methods often lead to high failure rates, especially in late-stage clinical trials. AI can help mitigate these risks by improving early predictions on a drug’s efficacy and safety profile.

Key Market Growth Drivers

Rising Demand for Personalized Medicine: AI’s ability to analyze genetic, environmental, and lifestyle factors is driving growth in personalized medicine. AI-powered platforms can predict how individuals will respond to treatments, leading to more targeted and effective therapies.

Increasing Partnerships between Pharma and AI Companies: Collaborations between pharmaceutical companies and AI technology firms are growing. These partnerships aim to combine pharma's clinical expertise with AI’s data-processing capabilities to revolutionize drug discovery and development.

AI in Clinical Trials: AI is optimizing the clinical trial process by identifying ideal patient cohorts, predicting trial outcomes, and improving trial design. This not only speeds up the trial process but also reduces costs, which is critical in the pharmaceutical market.

Challenges and Opportunities

Data Quality and Integration: While AI offers immense potential, one of the primary challenges remains the quality and integration of data. Pharmaceutical companies must ensure they have access to clean, structured data to fully leverage AI’s capabilities in drug discovery.

Regulatory Concerns: As AI becomes more integrated into drug discovery, regulatory agencies are working to establish frameworks to ensure the safety and efficacy of AI-driven drugs. Navigating these evolving regulatory landscapes will be crucial for pharmaceutical companies.

AI Talent Shortage: As the demand for AI in drug discovery grows, there is a shortage of skilled professionals who can build, implement, and manage these technologies. Addressing this talent gap is essential for sustained market growth.

Regional Insights

North America leads the market due to the presence of major pharmaceutical companies, strong healthcare infrastructure, and early adoption of AI technologies. The region’s advanced regulatory environment also supports the integration of AI in drug discovery.

Europe follows closely, driven by increased R&D funding and government support for AI initiatives in healthcare. Asia-Pacific is also expected to see rapid growth due to rising investments in AI and a growing pharmaceutical industry in countries like China and India.

Future Outlook

AI’s transformative impact on drug discovery is still in its early stages, but the potential is vast. As AI continues to evolve, it is expected to significantly reduce the cost and time associated with bringing new drugs to market, while also improving success rates in clinical trials. This will not only benefit pharmaceutical companies but also patients, who will gain faster access to innovative treatments.

In conclusion, AI is reshaping the future of the pharmaceutical industry by optimizing drug discovery processes, improving patient outcomes, and driving cost-efficiency. The next few years will be critical as AI’s role in drug discovery continues to expand, opening up new opportunities for innovation in the pharmaceutical market.

For a detailed overview and more insights, you can refer to the full market research report by Mordor Intelligence https://www.mordorintelligence.com/industry-reports/artificial-intelligence-in-pharmaceutical-market

[mitalipingale]

The Artificial Intelligence in Medical Imaging Market in medical imaging in 2023 is US$ 1.02 billion, and is expected to reach US$ 11.62 billion by 2031 at a CAGR of 35.50%.

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[poonamcmi]

Artificial Intelligence In Automotive Market is Estimated to Witness High Growth Owing to Increasing Demand

Artificial intelligence (AI) in the automotive industry refers to the integration of artificial intelligence technologies in vehicles. Artificial intelligence is helping automotive manufacturers develop advanced driver-assistance systems, autonomous vehicles, predictive maintenance, and more. AI enables functionalities like autonomous emergency braking, adaptive cruise control, lane centering, advanced navigation, and cloud connectivity among others. The growing demand for enhanced driving experience, safety, and reduced road accidents is fueling the adoption of AI in automobiles.

The Global Artificial Intelligence In Automotive Market is estimated to be valued at US$ 10.72 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031. Key Takeaways Key players operating in the Artificial Intelligence In Automotive are BMW AG, AUDI AG, Intel Corporation, Tesla Inc, Uber Technologies, Volvo Car Corporation, Honda Motors, Ford Motor Company, NVIDIA Corporation, Tencent, Microsoft. Major players are actively investing in research and development of advanced driver assistance technologies and focusing on strategic partnerships to gain edge in the market.

The Artificial Intelligence in Automotive Market Demand predictive maintenance, in-cabin experience enhancement, smart navigation and mobility services. With advancement in machine learning and processing power, autonomous vehicles are expected to become a commercial reality in the coming years.

Globally, Asia Pacific region is expected to witness highest growth in artificial intelligence in automotive market owing to growing automotive production in countries like China and India. Growing demand for premium vehicles along with implementation of strict safety regulations will drive the adoption of AI solutions in the region. North America and Europe will also present lucrative opportunities for players operating in artificial intelligence in automotive market.

Market Drivers The key driver for growth of Artificial Intelligence In Automotive Market Size And Trends is increasing demand for advanced driver assistance systems. ADAS features like lane departure warning, adaptive cruise control and autonomous emergency braking have become standard in premium vehicles which is driving more adoption of AI. Growing investments by automotive OEMs to develop self driving vehicles is another major factor accelerating the artificial intelligence integration in automobiles. Strict safety norms by countries is also propelling the demand for AI based driver monitoring systems and accident prevention technologies in vehicles.

PEST Analysis

Political: Regulations regarding the use of AI in vehicles are still evolving, different countries have different regulations regarding the autonomous features in vehicles. Economic: With economic growth, disposable incomes are rising which is increasing the demand for advanced vehicles features. Addition of AI and autonomous features adds to the cost of vehicles but consumers are willing to pay extra for safety and convenience. ​ Social: Younger generation is more open to embrace new technological changes. Features like self-driving are attractive for the elderly and disabled population who may have difficulties driving. However, some sections also have concerns around safety, privacy and job losses resulting from AI. Technological: Advanced AI and machine learning algorithms are enabling vehicles to sense the environment, navigate and drive autonomously. Continuous advancements in technologies like sensor fusion, deep learning, computer vision etc. are enhancing the capabilities of self-driving. Cloud connectivity in vehicles is also supporting Over-The-Air updates.

In terms of value, the artificial intelligence in automotive market is concentrated majorly in North America and Europe. The US and Germany have strong presence of automotive companies investing in developing self-driving vehicles. Fast adoption of advanced technologies also contributes to their leading positions. China is also emerging as one of the fastest growing regional markets, supported by government initiatives and domestic industry players focusing on futuristic vehicles.

The Asia Pacific region excl. China is projected to be the fastest growing regional market during the forecast period. Countries like India, Japan, South Korea are witnessing higher sales of vehicles annually. Rising disposable incomes, increasing investments in building necessary infrastructure as well as evolving regulations will fuel the demand for AI-based advanced driving assistance systems and autonomous vehicles in these developing nations. Get More Insights On, Artificial Intelligence In Automotive Market About Author: Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)

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Artificial Intelligence Platform Market - Forecast (2024-2030)

Artificial Intelligence Platform Market Overview:

Artificial Intelligence Platform Market size is estimated to reach US$44.8 billion by 2030, growing at a CAGR of 17.5% over the forecast period 2024-2030. Adoption of AI solutions for optimizing Business Workloads and Government Initiatives towards Improving Digitalization are expected to propel the growth of Artificial Intelligence Platform Market.

Additionally, a prominent factor in AI is the rapid evolution of Natural Language Processing (NLP). This involves the development of advanced algorithms and models capable of understanding, interpreting, and generating human-like language. The integration of sophisticated NLP into various industries, including customer service, healthcare, and content creation, is reshaping how businesses interact with users and process vast amounts of textual data, fostering more natural and context-aware human-computer interactions. Growing emphasis on Explainable AI (XAI), addresses the need for transparency and interpretability in AI models. XAI techniques aim to demystify the "black box" nature of complex algorithms, providing insights into how models reach specific conclusions. It is particularly crucial in sectors like finance, healthcare, and legal domains where accountability and ethical considerations are paramount.

Artificial Intelligence Platform Market - Report Coverage:

The “Artificial Intelligence Platform Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Artificial Intelligence Platform Market.AttributeSegment

By Type

Software

Services

Managed Services

Professional Services

By Technology

Natural Language Processing

Machine Learning

Others

By Deployment Model

Cloud

On-Premises

By Application

Forecasts and prescriptive models

Chatbots

Speech recognition

Text recognition

Others

By Industry Vertical

Manufacturing

Healthcare

BFSI

IT & Telecom

Automotive

Education

Media & Entertainment

Transportation

Retail and eCommerce

Others

By Geography

North America (U.S., Canada and Mexico)

Europe (Germany, France, UK, Italy, Spain, Netherlands and Rest of Europe),

Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and Rest of Asia-Pacific),

South America (Brazil, Argentina, Chile, Colombia and Rest of South America)

Rest of the World (Middle East and Africa).

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COVID-19 / Ukraine Crisis - Impact Analysis:  

● The COVID-19 pandemic catalyzed a transformative shift in the AI platform market. As organizations sought innovative solutions to navigate disruptions, the demand for AI platforms surged. Businesses leveraged AI for diverse applications, from optimizing supply chains to enhancing healthcare analytics. The pandemic accelerated the adoption of remote-friendly AI platforms, emphasizing the need for resilient and adaptable systems. In response, the AI platform market witnessed increased investments and a rapid evolution in features, emphasizing automation, predictive analytics, and collaborative tools.

● The geopolitical events surrounding Ukraine had a notable impact on the AI platform market. The global technology landscape, particularly in terms of supply chains and talent distribution, experienced shifts as geopolitical tensions unfolded. Companies reevaluated their dependencies, leading to strategic adjustments in AI platform adoption. While some regions faced disruptions, others seized opportunities to strengthen their domestic AI capabilities. 

Key Takeaways:

● North America Dominated the Market

Geographically, in the Artificial Intelligence Platform market share, the North America region is analyzed to hold a dominant market share of 39% in 2023, Organizations in North America have swiftly used AI to increase efficiency, productivity, and consumer experiences. In addition, AI serves as the cornerstone for autonomous or self-driving automobiles. Tesla, Waymo (an Alphabet Inc. subsidiary), and Uber are all aggressively pursuing opportunities in this area of technology. North America has a well-developed infrastructure for AI research and development. This includes the availability of funding, qualified researchers, and testing facilities. This infrastructure is essential for the development of new and innovative no-code AI platforms. In 2023, the leading company in North America announced a string of new AI services, including AWS Health Scribe - a service that aims to empower healthcare software providers to build clinical applications that use speech recognition and generative AI to save clinicians time by generating clinical documentation.

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● Manufacturing is the Fastest Growing Segment

In the AI Platform Market forecast, the Manufacturing segment is estimated to grow with a CAGR of 18% during the forecast period, growing shift towards smart manufacturing, increasing need for automating manufacturing activities, along with rapid rise of productivity disruptions due to sudden equipment failure or defects. Leveraging AI platforms help the manufacturers in improving operational efficiency, customizing product designs, price forecasting, predictive analytics and many more, thus driving its market growth. In May 2022, Symphony AI Industrial launched an artificial intelligence embedded MOM 360 manufacturing operations management platform with functionalities including integrated manufacturing execution systems (MES), enterprise-level governance as well as AI-based process optimization. Such factors are set to drive the market growth of Artificial Intelligence Platform across the manufacturing industry on the long run.

● Software to Hold Largest Market Share

According to the Artificial Intelligence Platform Market analysis, the Software segment is estimated to hold the largest market share of 41% in 2023. The software segment includes platforms and applications that employ AI technologies. Artificial intelligence (AI) software platforms offer the tools and infrastructure required for AI application development. They can consist of machine learning libraries, development environments, and APIs that aid in facilitating the creation of AI models. On the other hand, AI apps are software solutions that use AI technologies to provide specialized services or accomplish specified activities. The need for automation, data-based decision-making, and improved consumer experiences has fueled the demand for AI software. The use of AI software will eventually become nothing more than a norm: a feature that is not considered revolutionary but one that is deemed necessary. The tech industry is striving to reach that norm using AI developer tools.

● Adoption of AI solutions for optimizing Business Workloads

Adoption of AI solutions for business workload optimization, is surging over time, due to its diverse applications like sales and demand forecasting, fraud detection, workforce management and so on. With features of Artificial Intelligence Platform in supporting the need for automation and optimization of business operations through facilitating companies; gaining a competitive advantage over competitors, increasing employee accountability, easing operation management & data handling, increasing security and many others, have raised its wider adoption. In May 2022, Infosenseglobal released ML Sense, the first no-code Artificial Intelligence Platform for developing machine learning models in the simplest possible way. Comprising of 40 absolutely ready machine learning and deep learning models, this can be used by end-users to import data in CSV or industry-standard formats from local desktop or cloud sources. These factors are set to accelerate the market growth of the Artificial Intelligence Platforms on the long run.

● Government Initiatives towards Improving Digitalization

Government initiatives towards improving digitalization through promoting use of AI technologies act as a major factor in boosting the growth of AI platforms. Government have started focusing on utilizing AI for building critical infrastructures, improving governance, maintaining security standards and so on, which in turn is catering to the adoptability of AI platforms. Moreover, governmental efforts on promoting smart education programs, efficient monitoring of governmental workloads, improving accountability and transparency and so on, have been assisting the further rise in AI platforms. In May 2022, The Ministry of Electronics and Information Technology had revealed about the development of an artificial intelligence-driven language translation platform, named Bhashini, it was launched to provide citizens with access to digital government services and information in their native language. The platform is open and interoperable, allowing MSMEs, start-ups and individuals to access AI and natural language processing resources. Such developments are set to accelerate the market growth of the Artificial Intelligence Platform Market.

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● Lack of skilled professionals for handling AI workload hampers the market growth

Factors such as low enrolment ratio in AI courses, high cost of AI courses, expensive AI professionals and a lack of experience, skill and understanding among the majority of AI employees as well as lack of quality educational institutes, research labs, dedicated experts and so on; are adversely impacting its market adoption. According to the report, a large number of organisations have increased their investments in AI. However, the adoption rates are not always satisfactory; and on average, 25% of companies have experienced the failure of their AI projects. According to the report, the second most significant barrier for AI adoption is a lack of high-quality data. All of these factors limit the Artificial Intelligence Platform Market growth. 

Key Market Players: 

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Artificial Intelligence Platform Market. The top 10 companies in this industry are listed below:

1. Microsoft Corporation

2. Salesforce, Inc.

3.  Clarifai

4. IBM Corporation

5. Intel Corporation

6. AWS, Inc.

7. Databricks

8. Baidu, Inc.

9. Wipro

10. Google LLC

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Scope of Report: 

Report MetricDetails

Base Year Considered

2023

Forecast Period

2024–2030

CAGR

17.5%

Market Size in 2030

$44.8 billion

Segments Covered

Type, Technology, Deployment Model, Application, Industry Vertical

Geographies Covered

North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Netherlands and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and Rest of Asia-Pacific), South America (Brazil, Argentina, Colombia and Rest of South America), Rest of the World (Middle East and Africa).

Key Market Players

Microsoft Corporation

Salesforce, Inc.

Clarifai

IBM Corporation

Intel Corporation

AWS, Inc.

Databricks

Baidu, Inc.

Wipro

Google LLC

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Artificial Intelligence in Healthcare Market 2024 Future Scope Analysis with Size, Trend, Opportunities, Revenue, Future Scope

The global Artificial Intelligence in Healthcare Market Revenue is projected to experience significant growth in the coming years, driven by technological advancements, increased healthcare demands, and expanding applications of AI technologies. According to a recent report from SNS Insider, AI-powered solutions are transforming healthcare by improving diagnostics, treatment planning, patient monitoring, and operational efficiency. As healthcare systems worldwide strive to enhance patient outcomes, AI has emerged as a vital component, revolutionizing how care is delivered, especially in personalized medicine and disease prediction.

With a surge in demand for quality and precision in healthcare, AI is becoming integral to innovative solutions that can optimize medical processes. The report highlights the growing adoption of AI in diverse applications, including predictive analytics, robotics, medical imaging, and drug discovery, underscoring its potential to reshape the industry. By harnessing vast data sets, AI enables faster and more accurate diagnostics, ultimately contributing to better patient outcomes. Major players in the healthcare industry are increasingly investing in AI technologies, expecting a transformative impact on healthcare delivery, cost reduction, and patient satisfaction.

AI in healthcare is also making strides in administrative functions, reducing the workload on medical personnel by automating repetitive tasks, and optimizing resources. This enables healthcare providers to allocate more time to patient care, which has become critical in an era of global health crises and rising healthcare demand. Furthermore, the report highlights how AI is addressing gaps in accessibility, particularly in remote or underserved areas where AI-driven telemedicine and diagnostics tools are making quality healthcare more accessible to millions.

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The report also emphasizes the role of regulatory support and funding in accelerating AI adoption within healthcare. Governments and organizations are increasingly recognizing the importance of AI in healthcare transformation and are providing financial support to promote innovation. In addition, regulatory bodies are developing frameworks to ensure that AI solutions are safe, reliable, and ethical. This regulatory momentum is expected to further boost AI market expansion and encourage the adoption of AI technologies in healthcare.

Key Highlights from the Report:

Enhanced Diagnostics and Treatment: AI’s ability to analyze large sets of medical data allows for faster diagnostics and precision treatments, reducing the time to treatment and improving accuracy. In fields like radiology, AI is proving invaluable in early detection and disease monitoring.

Improved Patient Outcomes: With real-time data analysis, AI applications can help healthcare providers make quicker, data-backed decisions, resulting in better patient outcomes. AI-powered platforms are also aiding in developing personalized treatment plans, improving the quality of care.

Operational Efficiency: AI tools are streamlining administrative and operational processes in healthcare, minimizing errors and optimizing resources. From patient record management to billing automation, AI is reducing the strain on healthcare personnel and cutting operational costs.

Growth in Robotics and Telemedicine: The use of AI-powered robots and telemedicine tools is revolutionizing surgical procedures and remote patient care, enabling healthcare providers to expand their services, especially to underserved areas.

AI in Drug Discovery: AI-driven algorithms are enhancing the process of drug discovery by accelerating target identification and optimizing clinical trials, which significantly shortens the time-to-market for new drugs and therapies.

Market Outlook

As per the report by SNS Insider, the AI in healthcare market is expected to maintain a strong growth trajectory, bolstered by ongoing innovations, funding, and supportive regulations. With rapid advancements in machine learning, deep learning, and natural language processing, AI’s capabilities in the healthcare industry will only continue to expand. The potential of AI to redefine healthcare systems on a global scale is vast, particularly as it supports healthcare providers in delivering efficient, high-quality care.

In addition, the integration of AI with other technologies like the Internet of Things (IoT) is expected to yield further innovation, such as in remote monitoring and predictive maintenance in medical equipment. This convergence of technologies is anticipated to have a profound impact on patient management, chronic disease treatment, and preventive healthcare.

Regional Insights

The report also provides insights into regional growth patterns, noting that North America currently leads in AI healthcare adoption, due to a strong technological infrastructure, significant investments in research and development, and favorable regulatory policies. However, Asia-Pacific is expected to see the fastest growth in the coming years, driven by increased healthcare demand, rising investments, and advancements in digital health infrastructure.

About Us: SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

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Commerce Artificial Intelligence Market - Forecast(2024 - 2030)

Global Commerce Artificial Intelligence Market generated a value of $1,524.3 million in 2020 and is estimated to reach $10,164.7 million by 2026, growing at a CAGR of 40.10% during the forecast period of 2021-2026. 

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Report Coverage

The report: “Commerce Artificial Intelligence Market Report– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Commerce AI market

By Platform: E-Commerce, In Store.

By Technology: Deep Learning, Machine Learning, NLP and Others.

By Implementation: Cloud, On Premises.

By End User: Retail, Electronics, Logistics, Food and Beverages and Others.

By Application: Customer Relationship Management, Supply Chain Analysis, Fake Review Analysis, Merchandising (Facets and Filter selection, Multi-Device Interaction, Others), Warehouse Automation (Sorting and Placing, Inventory Storage, Others), Product Recommendation, Customer Service (Chat-bots, Sentiment Analysis), Fleet Management and Others

By Geography: North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle East and Africa).