Artificial Intelligence Toolkit Market Size

Report ID: GMI7331
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Published Date: December 2024
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Report Format: PDF

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Artificial Intelligence Toolkit Market Size

The global artificial intelligence toolkit market size was valued at USD 25.3 billion in 2024 and is projected to grow at a CAGR of 24.1% between 2025 and 2034. The increasing demand for AI-powered applications across sectors such as healthcare, finance, e-commerce, and manufacturing is significantly driving the market. Organizations are leveraging AI toolkits to develop and deploy machine learning and deep learning models for tasks like image recognition, natural language processing, and recommendation systems.

 

Artificial Intelligence Toolkit Market

For example, in July 2023, the Monetary Authority of Singapore (MAS) introduced an innovative open-source tool to promote the ethical use of AI in the financial sector. Named the Veritas Toolkit 2.0, this advanced AI toolkit was developed collaboratively by 31 industry participants under MAS's guidance. The Veritas Toolkit 2.0 equips financial institutions (FIs) with assessment methodologies to ensure compliance with the principles of Fairness, Ethics, Accountability, and Transparency (FEAT). These principles are crucial for demonstrating responsible AI and data analytics utilization within the financial industry.
 

Moreover, advancements in AI research are poised to significantly enhance the AI toolkit market outlook. Technological breakthroughs in AI, including the development of more powerful algorithms, improved model architectures, and novel techniques, are driving the demand for sophisticated AI toolkits.
 

In September 2023, IBM Corp. expanded its offerings for mainframe developers by introducing a range of new solutions that streamline the deployment of AI on existing data center hardware. These updates to IBM Z aim to help customers achieve better business outcomes by implementing AI across various industries and use cases. These enhancements enable clients to improve the accuracy of recommendations in the insurance sector, enhance the reliability and timeliness of anti-money laundering measures, and mitigate risk exposure for financial services providers.

Authors: Preeti Wadhwani, Aishwarya Ambekar
Frequently Asked Question(FAQ) :
How much is the North America artificial intelligence toolkit market worth?
The North America market accounted for 40% of the revenue share in 2024 and is expected to exceed USD 70 billion by 2034, propelled by a robust technological infrastructure and significant investments in AI research.
Who are the major players in the artificial intelligence toolkit industry?
How big is the artificial intelligence toolkit market?
What is the size of the machine learning segment in the AI toolkit industry?
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    Base Year: 2024

    Companies covered: 21

    Tables & Figures: 200

    Countries covered: 18

    Pages: 180

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