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Artificial Intelligence (AI) Toolkit Market Trends

Report ID: GMI7331
Published Date: Nov 2023
Report Format: PDF

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Artificial Intelligence Toolkit Market Trends

The increasing use of AI in autonomous vehicles is poised to drive the demand for AI toolkits. AI plays a pivotal role in enabling self-driving cars to perceive their environment, make decisions, and navigate safely. In a recent turn of events, AI Singapore, in partnership with the Ministry of Defence (Mindef), initiated a groundbreaking USD 20 million grant program aimed at advancing AI technology in self-driving vehicles and materials research for both military and commercial applications in July 2023. This collaboration represents the first of its kind involving local researchers in the AI field.

The USD 20 million fund will be allocated to five research teams, comprising industry players and universities in Singapore and abroad. Three teams will focus on developing AI systems for autonomous vehicles, while the other two will concentrate on generative AI for inventing new materials for military equipment.

As automakers and tech companies intensify their efforts to develop autonomous solutions, the demand for comprehensive AI toolkits to create and fine-tune these complex AI systems will grow. These toolkits provide essential resources for AI development, making them indispensable in the pursuit of autonomous vehicle technology, thus accelerating their adoption rate.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of artificial intelligence toolkit reached USD 17.8 billion in 2022 and may register over 24% CAGR between 2023 and 2032, due to the growing demand for AI-powered applications in healthcare, finance, e-commerce, and manufacturing.

The open-source type segment held over 60% of the market share in 2022, owing to the rising collaboration and community support to foster innovations for enabling rapid advancements and sharing of knowledge.

North America recorded over 30% of the market share in 2022, driven by the strong ecosystem of technology companies, research institutions, and startups focusing on AI development.

Some of the leading artificial intelligence toolkit companies are Google LLC, Microsoft Corporation, Amazon.Com, Inc., IBM Corporation, Intel Corporation, NVIDIA Corporation, Meta Platform Inc., Thales group, and HPE.