Artificial Intelligence Market to Grow by USD 41.02 Billion (2024-2028), Driven by Rising Adoption of Cloud-Based Services, AI-Powered Report Highlights Market Trends - Technavio

NEW YORK, Nov. 13, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global artificial intelligence market size is estimated to grow by USD 41.02 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 30.9% during the forecast period. Rise in adoption of cloud-based applications and services is driving market growth, with a trend towards increasing digitalization and internet penetration. However, lack of skilled professionals poses a challenge.Key market players include Accenture Plc, Adobe Inc., Alphabet Inc., Amazon.com Inc., Appier Group Inc., CognitiveScale, GUMGUM Inc., InsideSales, Intel Corp., International Business Machines Corp., Meta Platforms Inc., Microsoft Corp., NVIDIA Corp., Oculus360, Oracle Corp., Persado Holdings plc, Salesforce Inc., Samsung Electronics Co. Ltd., and SAP SE.

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF

      Forecast period        
     2024-2028



     Base Year                                                                                                                                 2023



     Historic Data


      Segment Covered          Deployment (On-premises and Cloud) and Geography (North America, APAC, Europe, Middle East and Africa, and South
                                America)



     Region Covered         
     North America, APAC, Europe, Middle East and Africa, and South America


      Key companies profiled   Accenture Plc, Adobe Inc., Alphabet Inc., Amazon.com Inc., Appier Group Inc., CognitiveScale, GUMGUM Inc.,
                                InsideSales, Intel Corp., International Business Machines Corp., Meta Platforms Inc., Microsoft Corp., NVIDIA Corp.,
                                Oculus360, Oracle Corp., Persado Holdings plc, Salesforce Inc., Samsung Electronics Co. Ltd., and SAP SE

Key Market Trends Fueling Growth

The digitalization trend is driving the global economy forward by collecting, organizing, and enhancing data for innovative uses. With over 5 billion internet users worldwide, representing 63% of the global population, and 4.65 billion social media users, the availability of vast user data is a significant market opportunity. In the US, there were 298.8 million internet users in January 2021, a 3.7% increase from 2020. Internet penetration in the US reached 90%, with the average user spending 32 hours online per month, 16 hours more than the global average. AI's integration into social media marketing is increasing, with platforms like Pattern 89 and HubSpot using AI to manage and optimize ad campaigns. AI-generated commercials analyze campaign success and offer recommendations for improvement, contributing to market expansion globally.

Artificial Intelligence (AI) is revolutionizing marketing by providing personalized experiences for consumers. Companies like Youper use AI for mental health care and emotional health support through personalized conversations based on psychological techniques. AI enables product-driven marketing strategies by analyzing customer data, including purchase history and browsing behavior, to deliver customized recommendations. AI also enhances customer service and support by automating decisions based on data collected and analyzed. Businesses employ AI marketing software for email marketing campaigns, social networks, and smartphone assistants to meet advertiser's objectives and cater to their target market with messaging tailored to individual preferences. AI interprets IoT-generated data to improve customer experience, order repetition, and customer loyalty. High-speed internet and digital interactions enable real-time ad targeting and personalized ad experiences. AI-driven marketing strategies contribute significantly to business development by enhancing customer satisfaction and improving overall performance.

Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!

Market Challenges

    --  The integration of Artificial Intelligence (AI) in marketing is a
        growing trend, yet the lack of technical expertise within workforces
        poses a challenge for market expansion. End-users must have a solid
        understanding of AI software platforms and the ability to perform
        regular updates to ensure smooth operations. The fear of technical
        complexities often deters companies from implementing AI in social media
        platforms. Before adopting AI/ML algorithms on a large scale, businesses
        must carefully consider suitable use-cases. These investments can be
        substantial, making AI an unattainable luxury for many companies. The
        shortage of AI expertise is hindering the development of advanced AI
        technology. Currently, the industry focuses on creating narrow AI,
        resulting in slower adoption rates in industries like advertising.
        However, the advancement of AI has also led to the creation of new jobs
        and training opportunities. Despite this, the shrinking AI developer
        community could negatively impact the global AI in marketing market
        expansion during the forecast period.
    --  Artificial Intelligence (AI) is revolutionizing marketing by providing
        innovative services and solutions. However, businesses face challenges
        in implementing AI in areas like customer support, content curation,
        search engine marketing, social media advertising, and sales & marketing
        automation. Services require integrating AI with existing systems, while
        customer support needs context-aware computing for effective solutions.
        Virtual assistants and sales solutions offer personalized experiences,
        but require natural language processing and computer vision
        capabilities. Analytics platforms and machine learning offer real-time
        data insights, essential for customer-centric marketing strategies.
        Healthcare industry marketing benefits from AI in patient engagement,
        dynamic pricing, and offering personalized care to potential patients
        based on demographic trends. Challenges include hardware requirements,
        cloud vs. On-premises deployment, and integrating AI with search
        advertising and dynamic pricing. AI research in generative technology
        and natural language processing holds great potential. Overall, AI in
        marketing offers significant benefits, but requires careful planning and
        implementation.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview

This artificial intelligence market report extensively covers market segmentation by

    1. Deployment
        --  1.1 On-premises
        --  1.2 Cloud
    2. Geography
        --  2.1 North America
        --  2.2 APAC
        --  2.3 Europe
        --  2.4 Middle East and Africa
        --  2.5 South America

1.1 On-premises- The on-premises segment of Artificial Intelligence (AI) in Marketing is projected to experience significant growth in market revenue compared to cloud-based deployment during the forecast period. On-premise marketing, also known as merchandizing and local store marketing, enables businesses to reach customers in real-time. Retailers, including department and grocery shops, restaurants, showrooms, and vehicle dealers, employ on-premise marketing to influence customer behavior. AI and machine learning (ML) technologies are increasingly used in on-premise marketing, offering targeted, real-time advertising and customer behavior analytics. Companies like Advertima Vision AG provide AI-based customer behavior analytics platforms, offering smart signage and targeted advertising without relying on facial recognition. SPAR, Volvo, and Mercedes-Benz are among its clients. On-premises deployment of AI applications offers advantages such as higher security, control, and reduced total cost of ownership, making it a preferred choice for organizations dealing with sensitive data. The adoption of on-premises AI solutions contributes to market growth during the forecast period.

Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data ( - )

Research Analysis

Artificial Intelligence (AI) is revolutionizing marketing strategies by enhancing efficacy and efficiency in various ways. AI-based technology analyzes consumer behavior through data filtering, predictive analytics, and real-time data to create targeted marketing campaigns. Social media marketing and commercials are improved with personalized conversations using chatbots. In healthcare industry marketing, AI assists in on-site engagement, conversion, and catering to potential patients based on demographic trends. AI-driven marketing strategies in mental health care platforms like Youper use emotional health analysis, personalized conversations, and psychological techniques to provide a superior overall patient experience. AI's product-driven marketing strategy focuses on understanding consumer needs, while a customer-centric strategy ensures tailored interactions for each demographic group. AI's role in marketing is transformative, reducing marketing expenditure and maximizing conversion rates.

Market Research Overview

Artificial Intelligence (AI) is revolutionizing marketing strategies by bringing efficacy and efficiency to various aspects of marketing expenditure. AI-based technology, such as predictive analytics, sentiment analysis, and machine learning algorithms, is transforming how businesses understand consumer behavior and preferences. AI marketing plans utilize data filtering and real-time analysis to optimize social media marketing, commercials, and digital communication. Virtual assistants, chatbots, and context-aware computing offer personalized customer relationship services and sales & marketing automation. AI skills are essential for businesses to automate keyword research, market expansion, and content curation in search engine marketing and social media advertising. The healthcare industry is leveraging AI for patient engagement, dynamic pricing, and overall patient experience. Generative AI research is exploring new offerings in mental health care, emotional health, and personalized conversations using psychological techniques. AI technology is also being deployed in the enterprise and BFSI industries for hardware, cloud, and on-premises solutions, as well as sales solutions and analytics platforms using natural language processing and computer vision. AI is transforming marketing by providing customer-centric strategies, virtual assistant applications, and real-time data analysis for demographic trends and conversion optimization.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

    --  Deployment
        --  On-premises
        --  Cloud
    --  Geography
        --  North America
        --  APAC
        --  Europe
        --  Middle East And Africa
        --  South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/artificial-intelligence-market-to-grow-by-usd-41-02-billion-2024-2028-driven-by-rising-adoption-of-cloud-based-services-ai-powered-report-highlights-market-trends---technavio-302304163.html

SOURCE Technavio