AI Engineering Market size is anticipated to exceed USD 180 billion by 2032, according to a new research report by Global Market Insights Inc.
The report identifies consumer inclination towards smart devices and integration of AI-based software in the BFSI sector as the chief drivers of the AI engineering industry. Moreover, the increasing integration of robotics in various end-use industries in combination with AI and machine learning (ML) capabilities to improve productivity, decrease cost, and enable flexibility is reinforcing market dynamics. According to the International Federation of Robotics’ 2022 report, the operational stock of industrial robots hit around 3 million units worldwide and is growing at about 13% on average per year.
Burgeoning adoption of AI-based systems to increase software segment industry share
The software segment captured approximately 45% of the AI engineering market share in 2022. The segment growth is credited to the soaring adoption of AI-based systems in corporate and government organizations, which is encouraging the development of AI-based software.
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Rising demand for digital assistants to foster speech recognition NLP technology segment outlook
Under natural language processing technology, the speech recognition segment is poised to grow at above 35% CAGR between 2023 and 2032. The segment growth is attributed to favorable initiatives by businesses to influence the adoption of digital assistants and automated support to streamline their services. In addition, speech recognition is tackling challenges related to variations in people’s voices, accents, dialects, semantics, and more, which is set to boost segment growth.
Browse key industry insights spread across 220 pages with 412 market data tables and 39 figures & charts from the report “Artificial Intelligence (AI) Engineering Market Size By Solution (Hardware [Graphics Processing Unit (GPU), Application Specific Integrated Circuit (ASIC), Central Processing Unit (CPU), Field-Programmable Gate Array (FPGA)], Software, Services), By Technology (Deep Learning, Machine Learning [Supervised Learning, Unsupervised Learning, Reinforcement Learning], Natural Language Processing (NLP) [Speech Recognition, Optical Character Recognition (OCR), Semantic Search, Sentiment Analysis]), By End-use (Retail, BFSI, IT and Telecommunication, Government and Public Sector, Manufacturing, Healthcare, Education and Research), By Deployment (On-Cloud, On-Premise), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Surging prominence in medical emergencies to augment integration of AI engineering in healthcare sector
The AI engineering market size from the healthcare end-use segment is slated to exhibit more than 40% growth rate till 2032. Critical and timely decision-making is crucial in healthcare, which has bolstered the use of AI for managing medical emergencies, impelling business progress.
Development of novel AI technology software to spur on-premise segment growth
The on-premise segment held over 39% of the market share in 2022 and is forecast to amass substantial growth by 2032. The introduction of new on-premise software is projected to enhance the demand for AI technology in the forthcoming years, supplementing segment expansion.
Introduction of AI models by industry players to push NLP technology demand
As per the report, the AI engineering market share from the natural language processing technology segment is expected to showcase nearly 35.5% gains through 2032. The growing demand for NLP technologies has prompted market leaders to launch AI models may increase segmental expansion.
Mounting AI uptake in varied end-use sectors to favor the APAC AI engineering industry
The Asia Pacific AI engineering market is speculated to expand at around 39% growth Up to 2032. The region may emerge as a major hub for this industry owing to the consistent efforts of industry participants toward innovating AI-based software and services, especially in China, Japan, and South Korea. Additionally, developing nations such as India are witnessing rapid AI adoption in sectors, such as BFSI and education, thereby accelerating the regional market growth.
Product diversification to deliver promising growth results
The strategic landscape of the market is foreseen to witness rigorous R&D projects for product development, along with collaboration among market players with end-users, to gain a competitive edge in the market. Some of the key companies profiled in the AI engineering market report include Salesforce.com Inc., Alphabet Inc., IBM Corp., Intel Corp., Baidu Inc., Oracle Corp., Meta Platforms Inc., Siemens AG, Cisco Systems, Inc., and Nvidia Corp., among others.