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The global artificial intelligence market size is estimated to display strong growth by reaching USD 2,025.12 billion by 2030. Fortune Business Insights™ in its report titled “Artificial Intelligence Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software/Platform, and Services), By Function (Human Resources, Marketing & Sales, Product/Service Deployment, Service Operation, Risk, Supply-Chain Management, and Others (Strategy and Corporate Finance)), By Deployment (Cloud and On-premises), By Industry (Healthcare, Retail, IT & Telecom, BFSI, Automotive, Advertising & Media, Manufacturing, and Others), and Regional Forecast, 2023-2030” observes that the market size in 2022 stood at USD 428 billion and is expected to reach 515.31 billion in 2023. The market is expected to witness a strong CAGR of 21.6% during 2023-2030. The market is set to grow drastically with the surge in the application of artificial intelligence with relevant partnerships and collaborations. The rise in small-scale AI providers, changing architecture of business, and hyper-personalized service demands are set to drive market growth.
NVIDIA and Bharti Airtel For The Development Of An Artificial Intelligence-Driven Solution
In February 2023, NVIDIA and Bharti Airtel teamed up for the development of an artificial intelligence-driven solution. With this, the companies expect to enhance the customer experience for all in-bound calls to its contact center. Airtel offers its services to more than 360 million subscribers and handles more than 100 million calls yearly.
Shift of Work Processes Towards Cloud During Pandemic Helped In Market Development
The pandemic changed the operations of businesses and increased the complexities. Companies shifted their work processes to the cloud which led to the adoption of advanced technologies such as AI, machine learning, and others. The healthcare sector adopted AI technology for improving the accuracy and efficiency of diagnosis, treatments, and forecasting. In addition, other industries showcased a higher level of adoption across the globe as companies aimed to spend the large part of their IT expenditures on AI projects.
With the Introduction of ChatGPT, Market is Expected to Gain Propulsion
Introduction of ChatGPT is predicted to drive artificial intelligence market growth. In November 2022, ChatGPT gained over 1 million users within the spam of five days. The tool develops text which is human-like, writes short stories, term papers, and makes music, solves math problems, programs basic code, and does translations. Thus, with the introduction of ChatGPT, companies have been investing in AI. With response to AI tools, hyper scalers have been introducing their versions of AI-powered chatbots in response to CharGPT. In February 2023, Baidu, Inc. launched named Ernie bot and Wenxin Yiyan, its own AI chatbot in English and Chinese respectively.
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Extension of Mutual Partnerships by the Market Players to Propel Market Share
Companies adopt this strategy to develop new opportunities by building new solutions together. Market players have been extending their partnerships. In January 2023, Microsoft Corporation and OpenAI extended their partnership with the intention to quicken AI developments and offer advanced solutions to their customers. The extension of the partnership allows both companies to commercialize leading to advanced AI technologies independently.
Key Industry Development
List of Key Companies Profiled in the Market Report:
Further Report Findings
Table of Segmentation
CAGR of 21.6% from 2023 to 2030
Value (USD Billion)