AI and Machine Learning in Business Market to Reach $190.5 Billion, Globally, by 2032 at 32% CAGR: Allied Market Research

NEW CASTLE, Del., April 23, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "AI and Machine Learning in Business Market by Component (Solution and Services), Enterprise Size (Large Enterprise, and Small and Middle-sized Enterprise), Application (Data Analytics, Predictive Analytics, Cyber Security, Supply Chain and Inventory Management, and Others), and Industry Vertical (BFSI, IT and Telecom, Retail, Manufacturing and logistics, Energy sector and Utilities, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the AI and machine learning in business market was valued at $120.9 billion in 2022 and is estimated to reach $190.5 billion by 2032, growing at a CAGR of 32% from 2023 to 2032.

Drivers, Restraints, and Opportunities

Cost reduction and efficiency drive the market growth. In addition, digital transformation initiatives primarily drive the growth of the market. However, data privacy and security concerns are primarily expected to hamper the growth of the market. Furthermore, advancement in AI and machine learning technology is expected to create lucrative growth opportunities for the market.

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By component, the solution segment held the major share in 2022, garnering nearly three-fifths of the global AI and machine learning in business market revenue, as storage units, switches, and routers are becoming essential for constructing a SAN's physical infrastructure and these parts offer the storage capacity and connectivity needed to build a reliable and effective SAN environment propels the market growth significantly. The software segment is expected to attain the fastest CAGR of 33.7% during the forecast period, owing to optimized SAN operations and increase in the use of software programs that offer extensive administration and monitoring features.

The Large Enterprise Segment to Dominate the Market

By enterprise size, the large enterprise segment held the major share in 2022, garnering nearly three-fifths of the global AI and machine learning in business market revenue, owing to large businesses can deploy advanced AI and machine learning technologies into several divisions, which boosts productivity and gives them a competitive edge. The small and medium sized enterprise segment is expected to attain the fastest CAGR of 35.1% during the forecast period, as the small and medium-sized businesses are using AI technology to boost growth, improve customer experiences, and streamline internal operations at a lower cost owing to more accessible and scalable solutions that are customized to meet their requirements. The market for AI and machine learning is projected to witness substantial growth in the small and medium-sized organization segment due to this tendency.

The Supply Chain Management Segment to Dominate the Market by 2032

By application, the data analytics segment accounted for more than one-fourth of the global AI and machine learning in business market share in 2022 and is expected to dominate the market during the forecast period, owing to companies gaining a competitive advantage in the market by extracting important information from massive datasets, identifying patterns, trends, and correlations, and utilizing data analytics tools driven by AI and machine learning algorithms aiding the growth of the AI and machine learning in business market. The supply chain management segment is expected to attain the fastest CAGR of 35.0% during the forecast period, owing to the improved capabilities that AI and machine learning technologies offer for boosting supply chain performance, managing inventory levels, forecasting demand, and improving logistics.

The BFSI Segment to Dominate by 2032

By end user, the BFSI segment accounted for nearly one-fifth of the global AI and machine learning in business market share in 2022 and is expected to dominate the market during the forecast period, since the sector mostly depends on risk assessment, fraud detection, data analysis, and customized client services. Financial institutions may increase efficiency and profitability by using AI and machine learning technology to automate operations, make better decisions, strengthen security measures, and offer customized financial solutions to clients aiding the growth of the AI and machine learning in business market, which propels the market growth significantly. The IT and telecom segment is expected to attain the fastest CAGR of 36.5% during the forecast period, owing to the medical community using AI and machine learning that transform patient care, research, diagnosis, treatment planning, and operational effectiveness. Healthcare practitioners may predict disease outbreaks, tailor treatments, expedite workflows, and enhance overall healthcare outcomes by utilizing AI-powered solutions. These benefits are fueling the segment's strong rise in the AI and machine learning market.

Asia-Pacific Expected to Garner the Major Share in 2032

By region, North America garnered the highest share in 2022, holding more than one-third of the AI and machine learning in business market revenue in 2022, and is projected to retain its dominance by 2032, owing to the continuous technological advancements and the adoption of AI and machine learning for many industries such as business, healthcare and finance, aiding the growth of the AI and machine learning in business market. The Asia-Pacific region is expected to retain the fastest CAGR of 10.0% during the forecast period, owing to rapid economic growth, with countries such as China and India witnessing significant industrialization and urbanization. This growth creates a rise in demand for advanced technologies such as AI and machine learning to enhance productivity and competitiveness in businesses. Thus, these factors are propelling the market growth in this region.

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Leading Market Players-

• Alibaba
• Microsoft
• Amazon
• Google
• IBM
• Baidu
• Tencent
• Nvidia
• Intel
• Salesforce

The report analyzes these key players in the global AI and machine learning in business market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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