Artificial Intelligence Market Size Projected to Reach $1706.71 Billion by 2031, Investments to Support Adoption of AI and Growing Demand for Multimodal Al
The global artificial intelligence market is experiencing substantial growth due to increased adoption across industries and government initiatives supporting its development. A new report from The Insight Partners highlights these trends. The rising demand for AI technologies is driving market expansion. Investments in AI are also contributing to the sector's growth. The market is expected to continue expanding in the coming years.
Overview of Report Findings
According to a new comprehensive report from The Insight Partners, the global artificial intelligence market is observing significant growth owing to the rising adoption in various industries, government initiatives and investments to support adoption of AI, and growing demand for multimodal AI. The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the artificial intelligence market comprises a vast array of components, organization sizes, and industry verticals which are expected to register strength during the coming years.
To explore the valuable insights in the Artificial Intelligence Market report, you can easily download a sample PDF of the report.
Market Segmentation
On the basis of component, the global artificial intelligence market is segmented into hardware, software, and services. The software segment is subsegmented by deployment into cloud and on premises. The software segment dominated the market in 2024. Based on organization size, the global artificial intelligence market is segmented into large enterprises and SMEs. The large enterprises segment dominated the market in 2024. In terms of industry vertical, the global artificial intelligence market is segmented into automotive, healthcare, manufacturing, retail and e-commerce, IT and telecom, BFSI, and others. The IT and telecom segment dominated the market in 2024.
Competitive Strategy and Development
Key Players: Accenture Plc, Advanced Micro Devices Inc, Google LLC, International Business Machines Corp, Intel Corp, Microsoft Corp, NVIDIA Corp, Amazon Web Services Inc, SAP SE, and SAS Institute Inc are among the key players profiled in the artificial intelligence market report.
Global Headlines
- "IBM announced watsonx AI Labs, a new, developer-first innovation hub in New York City, designed to supercharge AI builders and accelerate AI adoption at scale. watsonx AI Labs connects IBM's enterprise resources and expertise with the next generation of AI developers in order to build breakthrough AI applications for business."
- "Accenture announced that Accenture Ventures has invested in Aaru, creators of the leading AI-powered prediction engine that simulates consumer behavior and preferences, driving stronger customer experiences, new growth opportunities, and speed-to-market. As part of this collaboration, Accenture Song intends to integrate Lumen—Aaru's flagship model for the private sector—into its AI products and services across new product development, marketing, customer strategy, and customer service."
HONESTAI ANALYSIS
Technological advancements and integration of advanced technologies such as machine learning, natural language processing (NLP), and robotic process automation (RPA); demand for generative AI; and development of explainable AI (XAI) and AI-powered cybersecurity solutions that reduce operating costs are expected to create opportunities for the market growth during the forecast period. An upsurge in the need for customized AI-based solutions, manufacturers' focus on developing small language models and open source advancements, and an increase in research and development activities also benefit the global artificial intelligence market.