Applied AI Market Overview:
The applied AI market demonstrates significant growth potential. Growing adoption of the technology in industrial setups to improve processes would drive market growth. Market Research Future (MRFR) states that the global applied AI market value is poised to grow to USD 1,091.40 BN by 2032 from USD 131.40 in 2022, registering a 25.3% CAGR throughout the review period (2023-2032).
Moreover, growing AI applications in end-user industries such as automobile, electronics, healthcare, manufacturing, energy & power, semiconductor, food & beverages boost the market size. Additional factors bolstering market revenues include the increasing number of manufacturers leveraging AI to improve operations, launch new products, customize designs, and plan their future financials.
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Major Players:
Leading applied AI market players include,
- Microsoft
- Google (Alphabet Inc.)
- IBM
- Meta
- Amazon Web Services (AWS)
- Apple
- Intel
- NVIDIA
- Open AI
- Baidu
Applied AI is used to perform tasks and improve processes in real-world scenarios. It combines advanced machine learning techniques with software applications, providing higher accuracy and adaptability. Applied AI contextualizes business models and industry processes, which helps in transforming businesses. It helps transform businesses and industry processes, enhancing interactions in the real world.
Applied AI brings increased efficiency & accuracy, cost savings, and better decision-making benefits to businesses. Some other key benefits of applied AI include automation and boosted revenues. It automates manual processes to increase productivity and frees employees for more crucial tasks. Applied AI identifies and solves complex business issues, improving profitability through machine learning and adaptive capabilities.
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Global Applied AI Market – Segments
The component segment is sub-segmented into software and services. The application segment is sub-segmented into healthcare, finance, retail & e-commerce, predictive maintenance, industrial robotics, natural language processing (NLP), energy & utilities, agriculture, cybersecurity, education, entertainment & media, real estate, transportation & logistics, environmental monitoring, human resources, and others. The region segment is sub-segmented into Europe, the Americas, Asia-Pacific, MEA, and the rest of the world.
Global Applied AI Market – Geographical Analysis
North America holds the largest applied AI market share globally. Large investments in research and development activities to develop cutting-edge AI technology and drive field improvements boost the applied AI market size. The region is home to several top AI research centers, colleges, and technology corporations, which have been at the forefront of adopting applied AI. AI startups in the region are being increasingly funded by tech behemoths, venture capital firms, and angel investors for the innovation and creation of useful AI applications.
Global Applied AI Market – Competitive Analysis
The market appears extremely fragmented, considering the presence of established manufacturers. Eminent players seek opportunities to integrate across the extensive value chain while focusing on expanding production capacities, R&D investments, and M&A activities to gain additional impetus. They strive to deliver reliable, leading-edge applied AI for various applications, substantially investing in developing adept technologies and products.
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Industry/ Innovation/ Related News
Sep. 13, 2023 — Data Kinetic, a leading technology company focusing on AI research, development, and advisory, launched applied AI solutions suite for the oil and gas industry. The new solution suite delivers applied AI engineering to improve processes and profitability for O&G exploration and production. Data Kinetic is also offering AI Transformation workshops to US-based operators seeking to explore the potential of these new solutions.
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