Artificial Intelligence (AI) Engineering Market Size

Artificial Intelligence Engineering Market Size

AI Engineering Market size valued at USD 8 billion in 2022 and is anticipated to grow at around 35% CAGR from 2023 to 2032. The growing focus of market players on eliminating loopholes in AI technology will be a key driver for business expansion.

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Support from governments of varied developing countries towards promoting AI technology to strengthen the IT infrastructure has also played a crucial role in supporting industry expansion. Heavy investment to improve public welfare areas, including predictive healthcare, adaptive education, and optimized crisis response, by investing in long-term research projects is propelling the artificial intelligence engineering market. For instance, in June 2022, the government of Canada granted approximately USD 370 million to the country's researchers for AI and computer science research projects.

The rising preference for cloud-based applications will generate lucrative growth opportunities for AI engineering solution provider. Artificial intelligence improves cloud computing in terms of productivity, data management, errors and cost, and security, which has encouraged organizations to adopt AI to automate such routine tasks and functions. As per a survey published in February 2022, 67% large enterprises expedited cloud adoption while 39% medium-sized companies and 38% small companies began their cloud journey.