Artificial Intelligence (AI) Market Poised to Reach $1047.0 Billion by 2031 with Accessible Historical Datasets | SkyQuest Technology
Westford USA, Aug. 27, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Artificial Intelligence (AI) Market will attain a value of USD 1,047.0 Billion by 2031, with a CAGR of 15.92% over the forecast period (2024-2031). Access to historical datasets is a crucial factor driving the pace of progress in artificial intelligence. Healthcare facilities and government organizations create unstructured data that is available to the research community since data recovery and storage have grown more affordable. Researchers have access to a wealth of information, from historical rainfall records to medical imaging. The vast repositories of information that can be accessed through next-generation computer architectures encourage researchers and information scientists to create more quickly. Furthermore, progress in deep learning and artificial neural networks (ANN) has accelerated the use of AI in different sectors such as manufacturing, healthcare, aviation, and automotive respectively.
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Tables - 104
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Artificial Intelligence (AI) Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $285.9 Billion |
| Estimated Value by 2031 | $1,047.0 Billion |
| Growth Rate | Poised to grow at a CAGR of 15.92% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Solution, Application, Technology, Industry Vertical and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Middle East & Africa, Latin America |
| Key Market Opportunities | Growing Adoption of Automation |
| Key Market Drivers | Analytics for Improved User Experience |
Role of Advanced Neural Networks in Transforming AI Markets and Industries
It is the fast-growing advancements in deep learning and neural network technologies that drive the global artificial intelligence market. They enhance AIs capability to analyze large volumes of data, identify patterns, and make improved choices. This development is driving adoption of AI in various fields like healthcare, finance and automotive industry. By deploying these technologies, the organizations intend to get tailored solutions through predictive analytics which will enable them to enhance productivity, reduce expenses in running their businesses whilst exploring other possibilities.
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High Costs and Ongoing Expenses that Stifle Global AI Market Adoption
Global artificial Intelligence market is greatly limited due to high costs of implementation. Implementation and development of AI systems often requires a significant investment in modern infrastructure, software and hardware. Such costs can be too high for SMEs, thus limiting their application of AI technologies. Widespread use of AI has been restricted by the financial limitations arising from continuous servicing as well as the need for perpetual upgrades to be on the cutting edge.
Difficulties of Incorporating AI into Legacy Systems and Its Effects on Market Growth
The issue of incorporating AI within prevailing frameworks is an enormous problem in global AI trade. Numerous corporations experience difficulty combining their nascent AI technology with legacy systems. It is due to compatibility complications, sophistication of AI designs and major alterations needed in present modus operandi that this is challenging. Therefore, corporations face postponements, increased costs and possible operational disturbances. Such conditions hinder even the most promising AI applications from being globally installed and used in various fields.
Prominent Players in Artificial Intelligence (AI) Market
The following are the Top Artificial Intelligence (AI) Companies:
- Microsoft (US)
- Alphabet (Google) (US)
- OpenAI (US)
- NVIDIA (US)
- Meta Platforms (US)
- Intel (US)
- AMD (US)
- Tesla (US)
- IBM (US)
- Palantir (US)
- Mobileye (Israel)
- DeepL (Germany)
- Dynatrace (US)
- Huawei (China)
- Alibaba Cloud (China)
- UiPath (Romania)
Unleashing AI to Create Unique Consumer Experiences and Transform Industry Standards
The growing desire for individualized consumer experiences powered by artificial intelligence presents a significant opportunity for the global artificial intelligence market. Companies in a variety of industries, including banking, healthcare, and retail, are using AI to evaluate client data, forecast preferences, and provide customized solutions. This trend that enhances customer satisfaction, loyalty and involvement fuels revenue growth. Businesses have a tremendous opportunity to gain a competitive edge due to the way AI can change consumer interactions entirely.
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Data-Driven Evolution of Global Artificial Intelligence Market
Thanks to the development of deep learning technologies and the availability of large historical datasets, the global artificial intelligence market is currently experiencing a turning point. Despite the potential for innovation and personalized consumer experiences, the mainstream use of artificial intelligence is hindered by such factors as expensive implementation costs and integration problems with legacy systems. Though there are many challenges to be overcome in order for SMEs to fully take advantage of AI, elimination of a number of barriers will allow them to do so completely. By ignoring these challenges and embracing opportunities, organizations can obtain sky-high benefits that alter industry standards and enhance customer relations.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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