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Artificial Intelligence Market to Increase Gradually by Reaching a Valuation of USD 2,740.46 billion by 2032; Walmart Partnered with Salesforce to Offer Pickup and Delivery Services For Retailers

April 26, 2023 | Information & Technology

The global artificial intelligence market size is estimated to display strong growth by reaching USD 2,740.46 billion by 2032. 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, 2024-2032” observes that the market size in 2024 stood at USD 621.19 and is expected to reach USD 2,740.46 billion by 2032. The market is expected to witness a strong CAGR of 20.4% during 2024-2032. 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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/artificial-intelligence-market-100114


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



  • January 2023: Walmart partnered with Salesforce, a software company to offer pickup and delivery services for retailers. This partnership will offer a personalized customer experience using technologies such as AI and real-time data.


List of Key Companies Profiled in the Market Report:



  • Microsoft Corporation (U.S.)

  • Amazon.com, Inc. (U.S.)

  • IBM Corporation (U.S.)

  • Alphabet Inc. (Google LLC) (U.S.)

  • Salesforce.com, inc. (U.S.)

  • Baidu, Inc. (China)

  • NVIDIA Corporation (U.S.)

  • H2O.ai (U.S.)

  • Oracle Corporation (U.S.)

  • Hewlett Packard Enterprise Development LP (U.S.)


Further Report Findings



  • The market in North America stood at USD 175.96 billion in 2022 as region is plays an important role in AI technological innovations which is expected to drive the market share.

  • Nearly 80% of U.S.-based small business owners were hopeful about their AI deployments, according to the Skynova survey in 2023.

  • Asia Pacific is estimated to witness a surge in the market growth due to highest CAGR due to increasing investments in this industry and technologies which surged due to the pandemic. AI research is dominating in China which is the main factor nurturing the market in the upcoming years.


Table of Segmentation






















































  ATTRIBUTE



  DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 20.4% from 2024 to 2032



Unit



Value (USD Billion)



Segmentation



By Component



  • Hardware

  • Software/Platform

  • Services



By Function



  • Human Resources

  • Marketing & Sales

  • Product/Service Deployment

  • Service Operation

  • Risk

  • Supply-Chain Management

  • Others



By Deployment



  • Cloud

  • On-premises



By Industry



  • Healthcare

  • Retail

  • IT & Telecom

  • BFSI

  • Automotive

  • Advertising & Media

  • Manufacturing

  • Others



By Region



  • North America (By Component, By Function, By Deployment, By Industry, and By Country)

    • U.S. (By Component)

    • Canada (By Component)



  • Latin America (By Component, By Function, By Deployment, By Industry, and By Country)

    • Brazil (By Component)

    • Mexico (By Component)

    • Rest of Latin America



  • Europe (By Component, By Function, By Deployment, By Industry, and By Country)

    • U.K. (By Component)

    • Germany (By Component)

    • France (By Component)

    • Scandinavia (By Component)

    • Rest of Europe



  • Middle East & Africa (By Component, By Function, By Deployment, By Industry, and By Country)

    • GCC (By Component)

    • South Africa (By Component)

    • Rest of the Middle East & Africa



  • Asia Pacific (By Component, By Function, By Deployment, By Industry, and By Country)

    • China (By Component)

    • Japan (By Component)

    • India (By Component)

    • Southeast Asia (By Component)

    • Rest of Asia Pacific




Artificial Intelligence Market
  • PDF
  • 2023
  • 2019-2022
  • 190

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