Artificial Intelligence (AI) Market to Grow by USD 237.4 Billion from 2024-2028, Driven by Fraud Prevention and Malicious Attack Mitigation, Report on AI's Market Transformation - Technavio

NEW YORK, Feb. 3, 2025 /PRNewswire/ -- Report with the AI impact on market trends - The global artificial intelligence (ai) market size is estimated to grow by USD 237.4 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  30.07%  during the forecast period. Prevention of fraud and malicious attacks is driving market growth, with a trend towards increase in cloud-based ai services  However, shortage of ai experts  poses a challenge.Key market players include .Advanced Micro Devices, AiCure, Arm Limited, Atomwise, Inc., Ayasdi AI LLC, Baidu, Inc., Clarifai, Inc., Cyrcadia Health, Enlitic, Inc., Google LLC, H2O.ai, HyperVerge, Inc., International Business Machines Corporation, IBM Watson Health, Intel Corporation, Iris.ai AS, Lifegraph, Microsoft, NVIDIA Corporation, Sensely, Inc.

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Market Driver

Artificial Intelligence (AI) is revolutionizing businesses with trends like deep learning, data analytics, and data science. Deep learning techniques and machine learning algorithms are driving advancements in areas such as computer vision, natural language processing, and cognitive solutions. Cloud computing and edge computing are enabling the deployment of AI in various industries. Healthcare, banking, e-commerce, and IT and telecommunication are major sectors adopting AI for customer experiences, fraud prevention, and workflow management. Ethical and regulatory concerns, privacy issues, and bias in algorithms are key challenges. Skilled AI professionals are in high demand for automation, robotics, chatbots, and virtual assistants. Next-generation tech fields like generative AI, edge AI, and IoT are transforming industries. SaaS, tech giants, and open-source AI platforms are leading the market. AI is being used in retail, agriculture, media, finance, cybersecurity, legal compliance, and more. Pretrained models, customizable AI, and AI marketplaces are enabling businesses to adopt AI easily. Biopharmaceutical companies, financial firms, and operation teams are leveraging AI for trend forecasting, workflow management, and preliminary diagnosis. AI is also being used in marketing, advertising, robot-assisted surgery, and hospital workflow management. 

Artificial Intelligence (AI) is revolutionizing business operations by enabling advanced automation and analysis. Companies are integrating AI technology into various applications such as recommendation engines, pricing optimization, lead generation, chatbots, and supply chain optimization. However, implementing AI in on-premises data centers requires substantial computing and data storage capabilities. Developing in-house AI products can be costly, leading many businesses to consider cloud solutions for more efficient and cost-effective implementation. By leveraging AI, companies can gain valuable insights, streamline processes, and enhance customer experiences. 

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 Market Challenges

• Artificial Intelligence (AI) market is witnessing significant growth with various industries adopting this technology for different applications. Deep learning, data analytics, and data science are key areas driving the AI market. Software engineering, cognitive solutions, and cloud computing are essential components for building and deploying AI systems. Computer vision, natural language processing, and algorithms are core AI technologies. Challenges include developing intelligence standards, acquiring supercomputers and quantum computers, and addressing ethical concerns, regulatory issues, privacy, bias in algorithms, and job displacement. Industries like healthcare, banking, e-commerce, and IT & telecommunication are major adopters. AI is transforming sectors like retail, agriculture, media, finance, cybersecurity, and legal compliance. Advancements include edge AI, IoT, edge computing, machine learning, generative AI, and conversational AI. Pretrained models, customizable AI, and AI marketplaces are enabling easier access to AI. Biopharmaceutical companies, financial firms, and operation departments are leveraging AI for trend forecasting, fraud prevention, and workflow management. Robotics, chatbots, virtual assistants, and customer service are enhancing customer experiences. Cutting-edge technology from tech giants, SaaS, and next-generation tech fields are shaping the future of AI. Open-source AI platforms, hardware, and software are essential for the growth of the AI market. Data storage, parallel processing, on-premises, marketing, and sales are also impacted by AI.

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Segment Overview 

This artificial intelligence (ai) market report extensively covers market segmentation by  

• Component
• Software
• Hardware
• Services
• End-user
• Retail
• Banking
• Manufacturing
• Healthcare
• Others
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa
• Technology
• Deep Learning
• Machine Learning
• Natural Language Processing (NLP)
• Machine Vision
• Generative AI

1.1 Software-  Artificial Intelligence (AI) market growth is driven by the increasing adoption of AI developer tools among software developers. These tools enable the creation of intelligent applications, enhancing existing ones with machine learning or speech recognition capabilities, or building new ones using AI platforms. Developers utilize algorithms, libraries, frameworks, or developer kits to integrate AI features into software. The use of AI in software development is becoming a standard, improving employee experience and providing efficient, automated solutions for manual jobs. Companies benefit from enhanced decision-making abilities and increased efficiency. Software engineers can create AI-powered solutions for various sectors, including corporates, by leveraging AI software. The reliance on AI software is expected to continue growing, fueling the expansion of the AI market during the forecast period.

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Research Analysis

Artificial Intelligence (AI) is a rapidly growing market that encompasses various technologies and applications. At its core, AI involves the development of intelligent machines that can learn from data and make decisions like humans. Key technologies include deep learning, data analytics, data science, software engineering, cognitive solutions, and natural language processing. AI is powered by algorithms, intelligence standards, and advanced computing platforms such as supercomputers and quantum computers. Deep learning techniques and machine learning algorithms are essential for training AI models on large datasets, known as big data. AI is transforming industries like healthcare, where it's used for automated image diagnostics and disease prediction. Tech Giants are leading the charge in AI, with SaaS offerings and next-generation tech fields like computer vision and natural language processing. Open-source AI platforms, hardware, software, data storage, parallel processing, and on-premises solutions are also crucial components of the AI ecosystem. AI is revolutionizing various sectors, including fraud prevention, autonomous vehicles, and customer service, among others.

Market Research Overview

Artificial Intelligence (AI) is a cutting-edge technology revolutionizing various industries by enabling machines to learn and perform tasks that typically require human intelligence. Deep learning, a subset of machine learning, uses neural networks to analyze data and improve performance. Data analytics, data science, and software engineering are essential components of AI development. Cognitive solutions, including computer vision and natural language processing, enable machines to understand and interpret visual and textual data. Algorithms, intelligence standards, supercomputers, and quantum computers power AI's advanced capabilities. Deep learning techniques and machine learning algorithms process big data for data analysis in sectors like healthcare, banking, e-commerce, and more. Ethical and regulatory concerns, privacy issues, bias in algorithms, and job displacement are significant challenges. Skilled AI professionals are in high demand for automation, robotics, chatbots, virtual assistants, and customer service support. Edge AI, Internet of Things, and edge computing expand AI's reach. Machine learning, generative AI, and pretrained models offer customizable solutions. AI marketplaces facilitate access to AI tools and services. Biopharmaceutical companies, private sectors, and various industries leverage AI for fraud prevention, workflow management, trend forecasting, and more. AI's impact on IT and telecommunication, retail & e-commerce, agriculture, media and entertainment, finance & accounting, cybersecurity, legal and compliance, and operation sectors is transformative.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Component
• Software
• Hardware
• Services
• End-user
• Retail
• Banking
• Manufacturing
• Healthcare
• Others
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa
• Technology
• Deep Learning
• Machine Learning
• Natural Language Processing (NLP)
• Machine Vision
• Generative AI

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio