Artificial intelligence (AI) market is anticipated to grow at a significant CAGR of 38.7% during the forecast period (2024-2031). The market growth is attributed to growing AI’s ability to boost productivity across a range of industries such as IT and BFSI, manufacturing, the automobile sector, and healthcare resulting in a rise in its use in a wide range of applications. The expansion of big data and the rising use of cloud-based services are further reasons driving the growth of the global AI industry. Additionally, the market has developed greatly owing to the collaboration between AI and the Internet of Things (IoT). According to the Organization for Economic Cooperation and Development (OECD), in 2021, Growth in the deployment of AI applications is evidenced by increased global spending on AI in the private sector, coupled with increased research activity on AI technology. Global spending on AI is forecast to double over the next four years, growing from $50.1 billion in 2020 to more than $110.0 billion in 2024.
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The application of AI technology to improve and expedite customer assistance procedures is the focus of the market for AI for customer service. AI for client service is typified by the combination of automation, natural language processing, and machine learning. Its goal is to maximize client interactions by offering tailored and effective solutions. Responding to consumer inquiries, handling problems, and future needs, entails the use of chatbots, virtual assistants, and predictive analytics. Improving customer happiness, cutting down on response times, and improving the entire customer experience are the main objectives. Organizations may increase resource allocation, scale their customer service operations, and obtain insightful data about customer behavior, preferences, and trends by utilizing AI. For instance, in August 2023, Fujitsu deployed an AI customer service solution for field trials at a supermarket chain in Japan. To address issues like labor shortages through automation and tailor service to different customers’ unique needs with innovative, yet practical AI solutions.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Artificial Intelligence Market by Component
- Hardware
- Software
- Services
Global Artificial Intelligence Market by Technology
- Natural Language Generation
- Speech Recognition
- Virtual Agents
- Machine Learning
- Robotic Process Automation
- Biometrics
- Text Analytics and Natural Language Processing
- AI Optimized Hardware
Global Artificial Intelligence Market by End-User Industry
- IT and BFSI
- Manufacturing
- Automobile Sector
- Healthcare
- Online Customer Support
- Entertainment
- Journalism
- Online Retail Stores
- Home Appliances
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- Middle East & Africa
Company Profiles
- Accenture PLC
- Avaamo, Inc.
- Boston Consulting Group, Inc.
- Brighterion Inc.
- ai, Inc.
- Capgemini SE
- DataRobot, Inc.
- Finastra
- ai, Inc.
- HCLTech Ltd.
- HighRadius Corporation
- Inbenta Technologies Inc.
- Intel Corporation
- Kasisto, Inc.
- Ocrolus Inc.
- OpenAI OpCo, LLC
- Palantir Technologies Inc.
- Persistent Systems Ltd.
- SAP SE
- Signifyd, Inc.
- Simplifai AS
- Temenos AG
- Upstart Network, Inc.
- ZestFinance Inc.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global artificial intelligence market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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