The Artificial Intelligence Products Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Artificial Intelligence Products Global Market Report 2024, The artificial intelligence products market size is expected to see strong growth in the next few years. It will grow to $3.34 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to exponential growth in data generation, AI integration in business processes, Focus on responsible AI, increasing AI in cybersecurity. Major trends in the forecast period include embrace of AI in predictive maintenance, AI in natural language processing (NLP), the emergence of AI-powered virtual assistants and chatbots, and initial integration of AI in predictive analytics platforms.
The increasing government initiatives are expected to fuel the growth of the artificial intelligence products market going forward. Government initiatives refer to specific actions, programs, or policies undertaken by a government to address issues, achieve specific goals, or bring about positive changes in various aspects of society. Governments act as facilitators, bringing together researchers, industry players, and civil society organizations to collaborate to develop AI products. For instance, in June 2023, the Ministry of Innovation, Science, and Industry, a Canada-based government agency, initiated the second phase of the Pan-Canadian artificial intelligence program, and this rollout is supported by a substantial investment exceeding US$ 443 million, underscores the government's commitment to enhance the integration and commercialization of AI across various sectors of the country's economy. Therefore, increasing government initiatives is driving the growth of the artificial intelligence products market.
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The artificial intelligence products market covered in this report is segmented –
1) By Product Type: Computer And GPU Chip Hardware, Cloud Hardware, Other Products
2) By Enterprise Size: Large Enterprise, Small And Medium-Sized Enterprise
3) By Application: Media And Advertising, Healthcare, Automotive And Transportation, Other Applications
Major companies operating in the artificial intelligence products market are developing innovative products with advanced technologies, such as application programming interfaces, to gain a competitive edge in the market. The application programming interface is a software interface that enables developers to integrate automatic speech recognition (ASR) capabilities into their applications or services. For instance, in April 2021, Verint Systems, Inc., a US-based company that specializes in the provision of enterprise workforce optimization and customer engagement solutions, launched Verint Virtual Assistant (IVA), a low-code Speech-to-Text API solution. This solution enables the swift transformation of existing conversational data into automated self-service experiences. This tool empowers business professionals to efficiently deploy a fully operational chatbot, accelerating the process of deflecting calls and providing customer support.
The artificial intelligence products market report table of contents includes:
- Executive Summary
- Artificial Intelligence Products Market Characteristics
- Artificial Intelligence Products Market Trends And Strategies
- Artificial Intelligence Products Market - Macro Economic Scenario
- Global Artificial Intelligence Products Market Size and Growth
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- Global Artificial Intelligence Products Market Competitive Benchmarking
- Global Artificial Intelligence Products Market Competitive Dashboard
- Key Mergers And Acquisitions In Artificial Intelligence Products Market
- Artificial Intelligence Products Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Apple Inc.
- Alphabet Inc.
- Microsoft Corporation
- Tencent Holdings Ltd.
- Amazon Web Services Inc.
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