#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.

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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).

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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 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.

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The Artificial Intelligence (AI) in Military Market is estimated to be USD 9.2 billion in 2023 and is projected to reach USD 38.8 billion by 2028, at a CAGR of 33.3% during the forecast period according to a new report by MarketsandMarkets™. The driving factor for the AI in military market is increase investments on development of AI-enabled solution to strengthen military capabilities, development of high-end AI chips, and need for advanced surveillance systems and situational awareness.

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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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Understanding Artificial Intelligence Market: Trends and Growth Drivers

The global artificial intelligence market size is expected to reach USD 1,811.75 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a CAGR of 36.6% from 2024 to 2030. Artificial Intelligence (AI) denotes the concept and development of computing systems capable of performing tasks customarily requiring human assistance, such as decision-making, speech recognition, visual perception, and language translation. AI uses algorithms to understand human speech, visually recognize objects, and process information. These algorithms are used for data processing, calculation, and automated reasoning. Artificial intelligence researchers continuously improve algorithms for various aspects, as conventional algorithms have drawbacks regarding accuracy and efficiency.

These advancements have led manufacturers and technology developers to focus on developing standard algorithms. Recently, several developments have been carried out for enhancing artificial intelligence algorithms. For instance, in May 2020, International Business Machines Corporation announced a wide range of new AI-powered services and capabilities, namely IBM Watson AIOps, for enterprise automation. These services are designed to help automate the IT infrastructures and make them more resilient and cost reduction.

Gather more insights about the market drivers, restrains and growth of the Artificial Intelligence Market

Artificial Intelligence Market Report Highlights

• The advent of big data is expected to be the cause of the growth of the AI market as a large volume of data is needed to be captured, stored, and analyzed.

• The increasing demand for image processing and identification is expected to drive industry growth.

• AI can analyze vast amounts of data to identify patterns and anomalies that might indicate a cyberattack. This allows for faster and more precise threat detection subsequently fostering adoption of AI in cybersecurity applications.

• By using AI for predictive maintenance, process automation, and supply chain optimization, businesses can streamline workflows, reduce costs, and ensure smooth delivery of their offerings.

• North America dominated the market and accounted for a share of over 36.8% of global revenue in 2022.

• One of the significant concerns restraining industry growth is the need for a large amount of data to train AI systems for character and image recognition. 

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

• The global cloud logistics market size was estimated at USD 21.55 billion in 2024 and is projected to grow at a CAGR of 13.9% from 2025 to 2030.

• The global AI in education market size was estimated at USD 5.88 billion in 2024 and is projected to grow at a CAGR of 31.2% from 2025 to 2030.

Artificial Intelligence Market Segmentation

Grand View Research has segmented the global artificial intelligence market based on solution, technology, function, end-use, and region:

Artificial Intelligence Solution Outlook (Revenue, USD Billion, 2017 - 2030)

• Hardware

o Accelerators

o Processors

o Memory

o Network

• Software

• Services

o Professional

o Managed

Artificial Intelligence Technology Outlook (Revenue, USD Billion, 2017 - 2030)

• Deep Learning

• Machine Learning

• Natural Language Processing (NLP)

• Machine Vision

• Generative AI

Artificial Intelligence Function Outlook (Revenue, USD Billion, 2017 - 2030)

• Cybersecurity

• Finance and Accounting

• Human Resource Management

• Legal and Compliance

• Operations

• Sales and Marketing

• Supply Chain Management

Artificial Intelligence End-use Outlook (Revenue, USD Billion, 2017 - 2030)

• Healthcare

o Robot Assisted Surgery

o Virtual Nursing Assistants

o Hospital Workflow Management

o Dosage Error Reduction

o Clinical Trial Participant Identifier

o Preliminary Diagnosis

o Automated Image Diagnosis

• BFSI

o Risk Assessment

o Financial Analysis/Research

o Investment/Portfolio Management

o Others

• Law

• Retail

• Advertising & Media

• Automotive & Transportation

• Agriculture

• Manufacturing

• Others

Artificial Intelligence Regional Outlook (Revenue, USD Billion, 2017 - 2030)

• North America

o U.S.

o Canada

• Europe

o U.K.

o Germany

o France

• Asia Pacific

o China

o Japan

o India

o South Korea

o Australia

• Latin America

o Brazil

o Mexico

• Middle East and Africa (MEA)

o KSA

o UAE

o South Africa

Order a free sample PDF of the Artificial Intelligence Market Intelligence Study, published by Grand View Research.

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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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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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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).

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The U.S. artificial intelligence (AI) market size was estimated at USD 37.01 billion in 2023 and is projected to hit around USD 369.34 billion by 2033, growing at a CAGR of 28.83% during the forecast period from 2024 to 2033.