PUBLISHER: The Business Research Company | PRODUCT CODE: 1428420
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428420
Artificial intelligence engineering is a field dedicated to developing tools, systems, and processes that facilitate the practical application of artificial intelligence. AI engineers play a pivotal role in constructing AI models, formulating algorithms, and employing AI technologies to address intricate problems and facilitate data-driven decision-making.
The primary categories of solutions in artificial intelligence (AI) engineering encompass hardware, software, and services. Hardware refers to the physical components of a computing system or other electronic devices. Various technologies, including deep learning, machine learning, natural language processing, and computer vision, are implemented through diverse deployments such as on-cloud and on-premises. These technologies find application across various sectors, including healthcare, automotive and transportation, agriculture, information technology (IT), business management, among others.
The artificial intelligence (AI) engineering market research report is one of a series of new reports from The Business Research Company that provides artificial intelligence ( AI) engineering market statistics, including the artificial intelligence (AI) engineering industry's global market size, regional shares, competitors with artificial intelligence (AI) engineering market share, detailed artificial intelligence (AI) engineering market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence (AI) engineering industry. This artificial intelligence (AI) engineering market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The artificial intelligence (ai) engineering market size has grown exponentially in recent years. It will grow from $11.49 billion in 2023 to $15.95 billion in 2024 at a compound annual growth rate (CAGR) of 38.8%. The growth observed in the historical period can be credited to the augmentation of computing power, the increasing accessibility of big data, a rising demand for automation, and the expansion of cloud computing.
The artificial intelligence (ai) engineering market size is expected to see exponential growth in the next few years. It will grow to $59.22 billion in 2028 at a compound annual growth rate (CAGR) of 38.8%. The anticipated growth in the forecast period can be ascribed to the demand for AI-powered cybersecurity solutions, the expansion of AI in healthcare applications, the increasing use of AI in customer service, and the growth in edge computing. Noteworthy trends expected in the forecast period encompass the development of explainable AI, the rise of AI in drug discovery and healthcare research, an increased utilization of AI in human resources, the emergence of AI-driven design and creativity tools, and a growing emphasis on ethical AI development.
The artificial intelligence (AI) engineering market is poised for growth, primarily driven by the rapid adoption of automation. Automation involves leveraging technology to manufacture and distribute goods and services with minimal human intervention. Within the AI engineering sector, automation accelerates development processes, enhances productivity, and streamlines procedures, leading to widespread adoption across various industries. For instance, data from the International Federation of Robotics in February 2022 revealed a 6% increase in industrial robots operating in UK factories, totaling 23,000 units in 2021. Additionally, the elevated adoption of artificial intelligence in businesses, as reported by Eurostat in April 2021, further underscores the momentum of automation, contributing to the growth of the artificial intelligence (AI) engineering market.
Another significant driver for the artificial intelligence (AI) engineering market is the increased utilization of cloud-based applications. Cloud applications, also known as software as a service (SaaS), deliver software programs and services over the internet. The integration of AI engineering capabilities into cloud-based applications enhances functionality, incorporating automation, analytics, security enhancements, and improved user experiences. A survey conducted by O'Reilly Media Inc. in December 2021 revealed that 90% of global respondents use cloud-based applications, with 48% planning to shift over half of their apps to the cloud in the next year. This trend reflects the growing reliance on cloud-based solutions, contributing to the expansion of the artificial intelligence (AI) engineering market.
Technological advancement is a prominent trend in the artificial intelligence (AI) engineering market, with major companies adopting new technologies to maintain their market positions. For example, in March 2023, Mach9 Robotics Inc., a geospatial technology company, launched innovative geospatial production software that utilizes computer vision and AI for the rapid generation of 2D and 3D CAD engineering deliverables. This shift from a hardware-first to a software-first business model addresses the increasing demand for tools that expedite the processing and analysis of geospatial data for infrastructure management, illustrating the significance of technological advancements in driving market growth.
Companies in the artificial intelligence (AI) engineering market are focused on developing innovative AI-based solutions to enhance profitability. Generative Artificial Intelligence, capable of generating new content or data not explicitly programmed, is gaining traction. In May 2023, Encora Digital LLC introduced its Generative AI Technology Practice, aimed at accelerating innovation cycles for tech firms. This practice streamlines core software engineering, UI design, and quality engineering, offering substantial time savings in debugging, code optimization, test case automation, and bug forecasting. This strategic focus on innovation and productivity is contributing to the widespread adoption of Generative AI across various business domains.
In December 2022, Tecnotree Corporation acquired CognitiveScale Inc. to strengthen its position in 5G digital business support systems with AI and machine learning capabilities. The acquisition also provided access to the Cortex AI engineering platform, enhancing use cases in telecom, healthcare, and financial services, thereby improving overall customer experiences. CognitiveScale Inc., a prominent AI engineering company, brought valuable expertise in providing AI solutions for financial services, healthcare, and e-commerce businesses to Tecnotree Corporation.
Major companies operating in the artificial intelligence (ai) engineering market report are Alphabet Inc., Microsoft Corporation, Meta Platform Inc., Dell Technologies Inc., Huawei Technologies Co. Ltd., Sony Group Corporation, Tencent Holdings Limited, Amazon Web Services Inc., Siemens AG, General Electric Company, Intel Corporation, Accenture LLP, International Business Machines Corporation, Samsung Electronics Co. Ltd., Cisco System Inc., Qualcomm Incorporated, Oracle Corporation, SAP SE, Hewlett Packard Enterprise Company, Nvidia Corporation, Salesforce Inc., Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, Baidu Inc., Alibaba Cloud, Zebra Technologies Corporation, Palantir Technologies Inc., UiPath Inc., Verint Systems Inc.
North America was the largest region in the artificial intelligence (AI) engineering market in 2023. The regions covered in the artificial intelligence (ai) engineering market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the artificial intelligence (ai) engineering market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The artificial intelligence (AI) engineering market consists of revenues earned by entities through AI solution development, AI integration and deployment, and supervised learning. The market value includes the value of related goods sold by the service provider or included within the service offering. The artificial intelligence (AI) engineering market also includes sales of graphics processing units (GPU), application-specific integrated circuits (ASIC), and central processing units (CPU). 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.
Artificial Intelligence (AI) Engineering Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on artificial intelligence (ai) engineering market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for artificial intelligence (ai) engineering ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The artificial intelligence (ai) engineering market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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