Artificial Intelligence Products Global Market Report 2024

The artificial intelligence products market size has grown strongly in recent years. It will grow from $2.35 billion in 2023 to $2.53 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth observed in the historical period can be attributed to several factors, including increased computing power, the rise of big data, government investments in research and development, and the growing adoption of cloud computing.

The artificial intelligence products market size is expected to see strong growth in the next few years. It will grow to $3.34 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The anticipated growth in the forecast period can be attributed to several factors, including the exponential growth in data generation, increased integration of AI in business processes, a focus on responsible AI practices, and the rising prominence of AI in cybersecurity. Major trends expected in the forecast period encompass the embrace of AI in predictive maintenance, the use of AI in natural language processing (NLP), the emergence of AI-powered virtual assistants and chatbots, and the initial integration of AI in predictive analytics platforms.

The burgeoning government initiatives are poised to ignite the growth of the artificial intelligence products market in the forthcoming years. Government initiatives encompass specific actions, programs, or policies undertaken by authorities to address societal issues, attain targeted objectives, or instigate positive transformations across various sectors. Governments serve as catalysts, fostering collaboration among researchers, industry stakeholders, and civil society organizations to cultivate AI products. For example, the Ministry of Innovation, Science, and Industry in Canada embarked on the second phase of the Pan-Canadian artificial intelligence program in June 2023, backed by a substantial investment exceeding US$ 443 million. This initiative underscores the government's commitment to augment the integration and commercialization of AI across diverse sectors of the country's economy. Consequently, the surge in government initiatives serves as a driving force behind the expansion of the artificial intelligence products market.

Key players in the artificial intelligence products market are leveraging advanced technologies to develop innovative products, including application programming interfaces (APIs), aimed at gaining a competitive edge. APIs serve as software interfaces enabling developers to seamlessly integrate automatic speech recognition (ASR) capabilities into their applications or services. For instance, Verint Systems, Inc. introduced Verint Virtual Assistant (IVA) in April 2021, a low-code Speech-to-Text API solution. This solution facilitates the rapid conversion of existing conversational data into automated self-service experiences. Empowering business professionals to swiftly deploy fully functional chatbots, the tool expedites call deflection and enhances customer support processes efficiently.

In December 2022, Tecnotree, a Finland-based software platform specializing in digital Business Support Systems (BSS), completed the acquisition of CognitiveScale Inc. for $0.6 million. Through this strategic move, Tecnotree endeavors to broaden its reach across diverse industries and global markets by leveraging its Cortex AI platform. CognitiveScale Inc., headquartered in the US, is recognized for its production of AI products and AI-driven personalization solutions.

Major companies operating in the artificial intelligence products market report are Apple Inc., Alphabet Inc., Microsoft Corporation, Tencent Holdings Ltd., Amazon Web Services Inc., Siemens AG, Intel Corporation, International Business Machines Corporation, NVIDIA Corporation, Salesforce Inc., Advanced Micro Devices Inc., Baidu Inc., Zebra Technologies Corp., Autodesk Inc., Arm Holdings plc, Palantir Technologies Inc., Databricks Inc., UiPath, Open AI, Ayasdi AI LLC, AiCure, Enlitic Inc., Clarifai Inc., Sensely Inc., Atomwise Inc.

North America was the largest region in the artificial intelligence products market in 2023. The regions covered in the artificial intelligence products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the artificial intelligence products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Artificial intelligence (AI) products encompass software and hardware that integrate AI technologies to perform tasks traditionally requiring human intelligence. These products have the capacity to automate routine tasks, enhancing efficiency and productivity across diverse industries. Leveraging extensive datasets, AI products offer valuable insights to support informed decision-making.

The primary types of AI products include computer and GPU chip hardware, cloud hardware, and others. Computer/GPU Chip Hardware refers to the physical components of a computer system, specifically the central processing unit (CPU) and the graphics processing unit (GPU). These hardware components play a critical role in the performance and efficiency of AI-related tasks. AI products are utilized by various enterprise sizes, including large enterprises and small to medium-sized enterprises (SMEs). Applications of AI products span across diverse industries such as media and advertising, healthcare, automotive and transportation, and others.

The artificial intelligence products market research report is one of a series of new reports that provides artificial intelligence products market statistics, including artificial intelligence products industry global market size, regional shares, competitors with an artificial intelligence products market share, detailed artificial intelligence products market segments, market trends, and opportunities, and any further data you may need to thrive in the artificial intelligence products industry. This artificial intelligence products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The artificial intelligence (AI) products market consists of sales of specialized hardware, storage systems, computer vision products, and speech recognition systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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