NEW CASTLE, Del., April 23, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "AI and Machine Learning in
Business Market by Component (Solution and Services), Enterprise
Size (Large Enterprise, and Small and Middle-sized
Enterprise), Application (Data Analytics, Predictive
Analytics, Cyber Security, Supply Chain and Inventory Management,
and Others), and Industry Vertical (BFSI, IT and Telecom,
Retail, Manufacturing and logistics, Energy sector and Utilities,
Healthcare, and Others): Global Opportunity Analysis and Industry
Forecast, 2023-2032". According to the report, the AI and
machine learning in business market was valued at $120.9 billion in 2022 and is estimated to
reach $190.5 billion by 2032, growing
at a CAGR of 32% from 2023 to 2032.
Drivers, Restraints, and Opportunities
Cost reduction and efficiency drive the market growth. In
addition, digital transformation initiatives primarily drive the
growth of the market. However, data privacy and security concerns
are primarily expected to hamper the growth of the market.
Furthermore, advancement in AI and machine learning technology
is expected to create lucrative growth opportunities for the
market.
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Report Coverage & Details:
Report
Coverage
|
Details
|
Forecast
Period
|
2023–2032
|
Base Year
|
2022
|
Market Size in
2022
|
$120.9 Billion
|
Market Size in
2032
|
$190.5
Billion
|
CAGR
|
32 %
|
Segments
covered
|
Component, Enterprise,
Application, End User, and Region.
|
Drivers
|
Cost Reduction and
Efficiency
Digital Transformation
Initiatives
|
Opportunities
|
Advancements in AI and
machine learning Technology
|
Restraints
|
Data Privacy and
Security Concerns
|
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By component, the solution segment held the major share in 2022,
garnering nearly three-fifths of the global AI and machine
learning in business market revenue, as storage units, switches,
and routers are becoming essential for constructing a SAN's
physical infrastructure and these parts offer the storage capacity
and connectivity needed to build a reliable and effective SAN
environment propels the market growth significantly. The software
segment is expected to attain the fastest CAGR of 33.7% during the
forecast period, owing to optimized SAN operations and increase in
the use of software programs that offer extensive administration
and monitoring features.
The Large Enterprise Segment to Dominate the Market
By enterprise size, the large enterprise segment held the major
share in 2022, garnering nearly three-fifths of the global AI
and machine learning in business market revenue, owing to large
businesses can deploy advanced AI and machine learning technologies
into several divisions, which boosts productivity and gives them a
competitive edge. The small and medium sized enterprise segment is
expected to attain the fastest CAGR of 35.1% during the forecast
period, as the small and medium-sized businesses are using AI
technology to boost growth, improve customer experiences, and
streamline internal operations at a lower cost owing to more
accessible and scalable solutions that are customized to meet their
requirements. The market for AI and machine learning is projected
to witness substantial growth in the small and medium-sized
organization segment due to this tendency.
The Supply Chain Management Segment to Dominate the Market by
2032
By application, the data analytics segment accounted for more
than one-fourth of the global AI and machine learning in
business market share in 2022 and is expected to dominate the
market during the forecast period, owing to companies gaining a
competitive advantage in the market by extracting important
information from massive datasets, identifying patterns, trends,
and correlations, and utilizing data analytics tools driven by AI
and machine learning algorithms aiding the growth of the AI and
machine learning in business market. The supply chain
management segment is expected to attain the fastest CAGR
of 35.0% during the forecast period, owing to the improved
capabilities that AI and machine learning technologies offer for
boosting supply chain performance, managing inventory levels,
forecasting demand, and improving logistics.
The BFSI Segment to Dominate by 2032
By end user, the BFSI segment accounted for
nearly one-fifth of the global AI and machine learning in
business market share in 2022 and is expected to dominate the
market during the forecast period, since the sector mostly depends
on risk assessment, fraud detection, data analysis, and customized
client services. Financial institutions may increase efficiency and
profitability by using AI and machine learning technology to
automate operations, make better decisions, strengthen security
measures, and offer customized financial solutions to clients
aiding the growth of the AI and machine learning in business
market, which propels the market growth significantly. The IT
and telecom segment is expected to attain the fastest CAGR of
36.5% during the forecast period, owing to the medical community
using AI and machine learning that transform patient care,
research, diagnosis, treatment planning, and operational
effectiveness. Healthcare practitioners may predict disease
outbreaks, tailor treatments, expedite workflows, and enhance
overall healthcare outcomes by utilizing AI-powered solutions.
These benefits are fueling the segment's strong rise in the AI and
machine learning market.
Asia-Pacific Expected to Garner the Major Share in
2032
By region, North America
garnered the highest share in 2022, holding more than one-third of
the AI and machine learning in business market revenue in 2022, and
is projected to retain its dominance by 2032, owing to the
continuous technological advancements and the adoption of AI and
machine learning for many industries such as business, healthcare
and finance, aiding the growth of the AI and machine learning in
business market. The Asia-Pacific
region is expected to retain the fastest CAGR of 10.0% during the
forecast period, owing to rapid economic growth, with countries
such as China and India witnessing significant industrialization
and urbanization. This growth creates a rise in demand for advanced
technologies such as AI and machine learning to enhance
productivity and competitiveness in businesses. Thus, these factors
are propelling the market growth in this region.
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Leading Market Players-
- Alibaba
- Microsoft
- Amazon
- Google
- IBM
- Baidu
- Tencent
- Nvidia
- Intel
- Salesforce
The report analyzes these key players in the global AI and
machine learning in business market. These players have adopted
various strategies such as expansion, new product launches,
partnerships, and others to increase their market penetration and
strengthen their position in the industry. The report is helpful in
determining the business performance, operating segments,
developments, and product portfolios of every market player.
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