#Artificial Intelligence Market report

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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.

[ashimbisresearch]

The Global Artificial Intelligence in Agriculture Market is expected to reach $12,478.6 million by 2034

According to BIS Research, the Artificial Intelligence in Agriculture market, valued at $1,820.2 million in 2023, is projected to grow significantly, reaching an estimated $12,478.6 million by 2034, with the forecast period extending from 2024 to 2034.

[mordormr]

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

[mohitbisresearch]

Artificial Intelligence in Operating Room Market is significantly growing due to the transformation AI is bringing in the field of surgery, bringing significant benefits to both patients and surgeons. The operating room is now a treasure trove of data, ripe for the transformative potential of Artificial Intelligence.

[mitalipingale]

The Artificial Intelligence in Genomics Market in genomics in 2023 is US$ 0.71 billion, and is expected to reach US$ 14.91 billion by 2031 at a CAGR of 46.2%.

[healtharkinsightss]

Democratizing Healthcare through Artificial Intelligence - Healthcare Innovation Podcast S2E1

Welcome to the first episode of Healthark Insight's Healthcare Innovation Podcast Season 2! In this episode, titled "Democratizing Healthcare Through Artificial Intelligence", our Founder & CEO, Dr. Purav Gandhi, hosts Robin Farmanfarmaian, a professional speaker, entrepreneur, and author. Together, they delve into the exciting intersection of healthcare and artificial intelligence, exploring how cutting-edge technologies are transforming the healthcare landscape and making healthcare more accessible and inclusive for all. Join us as we discuss the potential of AI to democratize healthcare and revolutionize the way we approach healthcare delivery. Don't miss this insightful conversation on our YouTube channel!

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Artificial Intelligence (AI) in Healthcare Market: Analysis 2024-2032

As per Triton Market Research, the Global Artificial Intelligence (AI) in Healthcare Market report is segmented by Solution (Services, Hardware, Software), Technology (Context Aware Processing, Natural Language Processing, Deep Learning, Querying Method), Industry Vertical (Pharmaceutical and Biotechnology Companies, ACOS and MCOS, Healthcare Providers, Patients, Payers), Type (Administrative Workflow Assistance, Robot-assisted Surgery, Fraud Detection, Clinical Trial Participant Identifier, Virtual Nursing Assistant, Preliminary Diagnosis, Dosage Error Reduction, Other Types), and Regional Outlook (North America, Europe, Middle East and Africa, Asia-Pacific, Latin America).

The report highlights the Market Summary, Industry Outlook, Porter’s Five Forces Analysis, Market Maturity Analysis, Value Chain Analysis, Key Buying Criteria, Regulatory Framework, Key Market Strategies, Market Drivers, Challenges, Opportunities, Analyst Perspective, Competitive Landscape, Research Methodology and scope, Global Market Size, Forecasts & Analysis (2024-2032).

Based on Triton’s research report analysis, the global artificial intelligence (AI) in healthcare market is set to progress at a CAGR of 37.14% during the forecast period 2024-2032.

AI in healthcare employs software and algorithms to mimic human perception, analyzing intricate medical data and the correlation between treatment/prevention methods and patient outcomes.

Factors such as the adoption of AI being supported by large volumes of data, increasing start-ups in AI, and government support fuel the expansion of AI in healthcare market. Biomedical and healthcare information extensively utilizes big data technologies, given the immense volume of biological and clinical data sourced from laboratories and medical research centers. This patient data requires AI-driven analysis to unveil innovative approaches for enhancing healthcare standards. Examples include advanced sequencing machines, novel software and hardware for parallel computing, and the integration of electronic health records (EHR) for comprehensive documentation of patient data.

However, cost constraints and low ROI, challenges in sustaining data security, and slow adoption of AI-based technologies restrict the overall development of the studied market.

Globally, Asia-Pacific is estimated to emerge as the fastest-growing region during the forecast market. Investments from governments, private organizations, and startups are driving growth in the region’s market. In the region, AI is primarily utilized in areas such as precision medicine and genome testing within the healthcare industry. Hence, advancements in artificial intelligence technology are accelerating the market’s growth across the region.

The notable companies in the AI in healthcare market are Siemens Healthineers AG, General Vision Inc, IBM Corporation, Koninklijke Philips NV, GE Healthcare, Microsoft Corporation, Google LLC, Intel Corporation, Medtronic Plc, NVIDIA Corporation, Oncora Medical, Recursion Pharmaceuticals Inc, and Stryker Corporation.

During the forecast period, buyers are expected to wield considerable bargaining power in the market. Google, Microsoft, GE Healthcare, IBM, and Intel are the leading revenue generators in this domain, indicating their dominance. Despite this, the market is diverse, comprising various players from regional to international levels. Currently, buyers exhibit moderate bargaining power due to factors such as high switching costs and brand loyalty.

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Artificial Intelligence in Manufacturing Market Size, Share, Trends, Demand, Future Growth, Challenges and Competitive Analysis

Artificial Intelligence (AI) In Manufacturing Market research report has been prepared with the systematic gathering and evaluation of market information for  industry which is presented in a form that explains various facts and figures to the business. Report saves valuable time as well as adds credibility to the work that is performed to grow business. This quality report has been planned with full commitment and transparency in research and analysis. With the systematic insights of this report, companies can self-assuredly take decisions about the production and marketing strategies. Artificial Intelligence (AI) In Manufacturing Market document provides the same by studying the market and the  industry with respect to numerous aspects.

Artificial Intelligence (AI) In Manufacturing Market report gives explanation about the different segments of the market analysis which is demanded by today’s businesses. Key players are taking actions such as developments, product launches, acquisitions, mergers, joint ventures and competitive analysis in the  industry. All the market aspects are estimated and analysed by a team of innovative, enthusiastic and motivated researchers and analysts so that nothing lefts uncovered in the report. Global Artificial Intelligence (AI) In Manufacturing Market research report, it becomes easy to figure out brand awareness and insight about the brand and product among potential customers.

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The artificial intelligence (AI) in manufacturing market is expected to witness market growth at a rate of 17.20% in the forecast period of 2022 to 2029 and is expected to reach USD 5,325.1 million by 2029. Data Bridge Market Research report on artificial intelligence (AI) in manufacturing market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market's growth. The rise in the application of AI for intelligent business process is escalating the growth of artificial intelligence (AI) in manufacturing market.

The report provides insights on the following pointers:

Market Penetration: Comprehensive information on the product portfolios of the top players in the Artificial Intelligence (AI) In Manufacturing Market.

Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market.

Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market.

Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies.

Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Artificial Intelligence (AI) In Manufacturing Market.

Global Artificial Intelligence (AI) In Manufacturing Market survey report analyses the general market conditions such as product price, profit, capacity, production, supply, demand, and market growth rate which supports businesses on deciding upon several strategies. Furthermore, big sample sizes have been utilized for the data collection in this business report which suits the necessities of small, medium as well as large size of businesses. The report explains the moves of top market players and brands that range from developments, products launches, acquisitions, mergers, joint ventures, trending innovation and business policies.

The following are the regions covered in this report.

North America [U.S., Canada, Mexico]

Europe [Germany, UK, France, Italy, Rest of Europe]

Asia-Pacific [China, India, Japan, South Korea, Southeast Asia, Australia, Rest of Asia Pacific]

South America [Brazil, Argentina, Rest of Latin America]

The Middle East & Africa [GCC, North Africa, South Africa, Rest of the Middle East and Africa]

This study answers to the below key questions:

What are the key factors driving the Artificial Intelligence (AI) In Manufacturing Market?

What are the challenges to market growth?

Who are the key players in the Artificial Intelligence (AI) In Manufacturing Market?

What are the market opportunities and threats faced by the key players?

Some of the major players operating in the artificial intelligence (AI) in manufacturing market are NVIDIA Corporation, IBM, Alphabet Inc., Microsoft Corporation, Intel Corporation, Siemens, General Electric Company, General Vision, inc., Progress Software Corporation, Micron Technology, Inc., Mitsubishi Electric Corporation, Sight Machine, Cisco Systems Inc., SAP SE, Rockwell Automation, Inc., AIBrain Inc., Vicarious, Oracle, Amazon Web Services, Inc., SparkCognition., Rethink Robotics, UBTECH Robotics, Inc., Aquant, Bright Machines, Inc., and Flutura among others.

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Transforming Agriculture: A Comprehensive Market Report on Artificial Intelligence in Agriculture

The global artificial intelligence in agriculture market was valued at $1,517.0 million in 2022 and is expected to reach $4,096.1 million in 2027, following a CAGR of 21.98% during 2022-2027. Owing to the growing demand for food and grains, the growth in the artificial intelligence in agriculture market is expected to be driven by the increasing adoption of digital and smart agriculture equipment and technologies.

The agriculture industry is undergoing a revolutionary transformation, thanks to the integration of Artificial Intelligence (AI). The convergence of advanced technologies and agriculture has given rise to precision farming, smart agriculture, and data-driven decision-making.

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Market Segmentation

By Application

By Mode of Deployment

By Product Type

By Region

Key Drivers:

Precision Farming: AI technologies enable precision farming by analyzing data from various sources such as satellites, drones, and sensors. This helps farmers optimize crop yields, reduce resource usage, and enhance overall farm efficiency.

Crop Monitoring and Disease Detection: AI-powered image recognition and machine learning algorithms can identify crop diseases and pests at an early stage, facilitating timely intervention and preventing widespread crop damage.

Automation of Farming Processes: Robotics and AI-driven machinery are increasingly being used for tasks like planting, harvesting, and weeding. This reduces labor costs, increases efficiency, and minimizes human error.

Predictive Analytics: AI algorithms process historical data, climate patterns, and other relevant factors to predict optimal planting times, expected yields, and potential market conditions. This aids farmers in making informed decisions.

Supply Chain Optimization: AI helps streamline the entire agricultural supply chain, from production to distribution. Smart logistics and predictive analytics improve inventory management, reducing waste and ensuring timely delivery of produce.

Challenges:

High Initial Investment: Implementation of AI technologies requires a significant initial investment in hardware, software, and training. This poses a challenge, particularly for small-scale farmers who may find it financially burdensome.

Data Security Concerns: As AI relies heavily on data, concerns about the security and privacy of sensitive agricultural data have emerged. Establishing robust cybersecurity measures is essential to address these concerns.

Lack of Awareness and Training: Many farmers may not be familiar with AI technologies or lack the necessary skills to use them effectively. Bridging this knowledge gap through training programs is crucial for widespread adoption.

Opportunities:

Government Initiatives: Increasing government initiatives to promote smart farming practices and sustainable agriculture create a conducive environment for the growth of the AI in agriculture market.

Collaboration and Partnerships: Collaboration between technology companies, agricultural organizations, and research institutions can accelerate the development and deployment of AI solutions in agriculture.

Rising Demand for Sustainable Practices: Growing awareness of environmental sustainability is driving the demand for AI solutions that can optimize resource usage, reduce waste, and minimize the ecological footprint of agriculture.

Conclusion:

Artificial Intelligence is reshaping the agriculture landscape, offering innovative solutions to address challenges and improve productivity. As the market continues to evolve, the collaboration between technology providers, farmers, and policymakers will play a pivotal role in shaping the future of AI in agriculture. The potential benefits, including increased efficiency, sustainable practices, and improved crop yields, position AI as a key player in the ongoing transformation of the global agriculture industry.

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Rapid adoption of Industry 4.0 practices, coupled with the integration of cutting-edge technologies such as IoT and AI is one of the major factors driving the global cordless power tools market.

Read more: https://www.arizton.com/market-reports/cordless-power-tools-market

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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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