Market Size in 2024 | Market Forecast in 2034 | CAGR (in %) | Base Year |
---|---|---|---|
USD 219.25 Billion | USD 3983.94 Billion | 33.64% | 2024 |
FrequentlyAsked Questions
The global artificial intelligence (AI) market is expected to grow due to rising demand for automation, big data analytics, and advancements in machine learning and natural language processing across sectors.
According to a study, the global artificial intelligence (AI) market size was worth around USD 219.25 Billion in 2024 and is expected to reach USD 3983.94 Billion by 2034.
The global artificial intelligence (AI) market is expected to grow at a CAGR of 33.64% during the forecast period.
North America is expected to dominate the artificial intelligence (AI) market over the forecast period.
Leading players in the global artificial intelligence (AI) market include Nvidia, AMD, Microsoft, Google (Alphabet), Meta, OpenAI, SoftBank, IBM, Amazon Web Services (AWS), Salesforce, Oracle, Qualcomm, Uber, xAI (Elon Musk), DataVolt, among others.
The report explores crucial aspects of the artificial intelligence (AI) market, including a detailed discussion of existing growth factors and restraints, while also examining future growth opportunities and challenges that impact the market.
Concerns about privacy and data security are the major challenges for the market expansion. In the future, security risks will become even more prevalent. The financial effect of cybercrime has climbed by approximately 78 percent in the last five years, and the time it takes to handle intrusions has doubled. Several IT teams are finding it difficult to keep up with the growing amount of data from diverse sources. Security breaches and data losses have escalated as a result of the inefficiencies of managing exabytes and petabytes of data. To provide an amazing client experience in today's competitive industry, marketing teams demand real-time and secure data. Organizations are collecting data from a variety of sources and measuring it online. Such data, which is utilized for assistance and communication, might be of several sorts. Public data, large data, and tiny data obtained from clients are examples of these data kinds. To preserve consumer confidence, companies must provide high-level data security as cyberattacks have substantially risen in number and sophistication. All such factors pose a major challenge to the global artificial intelligence (AI) market growth.
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