Artificial Intelligence Engineering Market - Forecasts from 2024 to 2029

Artificial Intelligence Engineering Market - Forecasts from 2024 to 2029

The artificial intelligence engineering market is projected to witness a CAGR of 34.54% during the forecast period to reach a total market size of US$48.074 billion by 2029, up from US$10.904 billion in 2024.

Artificial intelligence engineering is an interdisciplinary field that customizes and integrates computer science concepts and information technology infrastructure to develop new software solutions and tools of artificial intelligence that can be applied across various industries in a real-world context. As per the requirements of their target client or industry, AI engineers develop diversified AI products using deep learning concepts, machine learning models, natural language processing abilities, neural networking system algorithms, and computer vision technology.

Furthermore, companies in different industries, such as automotive, healthcare, retail, communications, and manufacturing, are integrating AI-based software, hardware, and services into their business operations due to the numerous benefits associated with AI technology. Hence, the extensive embracement of AI technology and the increase in demand for AI-powered technological solutions across the majority of an economy's sectors will encourage the further expansion of the artificial intelligence engineering market during the forecast period.

ARTIFICIAL INTELLIGENCE ENGINEERING MARKET DRIVERS:

The increasing requirement for business automation is anticipated to drive the market growth.

The maximization of operational productivity of business tasks and the enhancement in accuracy levels due to the reduction in human errors are promoting the automation of business operations. The IBM Global AI Adoption Index released by IBM in 2023 established that approximately 42% of enterprise-level organizations have AI in operation for their business, while 59% utilize AI and plan to extend investment at an early stage. Financial services and telecommunications businesses are the most AI-active industries, with about half of IT professionals reporting deployment of AI in their companies in the financial service industry and a similar percentage for the telecommunication sector, which is 37% of IT experts report the same.

Therefore, the increasing demand for business automation and the adoption of AI technology by various industries are propelling the artificial intelligence engineering market. For instance, in April 2024, Microsoft and Iprova teamed up to organize the AI-Assisted Invention Summit, a conference dedicated to sharing experiences of what works in AI-assisted invention in practice, as well as challenges and open issues. This symposium aimed to cater to technology experts, academics, and existing and budding future users of AI-assisted invention by diving into an already potentially saturating field.

Artificial Intelligence Engineering Market Geographical Outlook:

The North American region is expected to hold a substantial artificial intelligence engineering market share.

The gradual shift of leading companies and brands in North America towards digitalization is promoting the automation of business operations and other related activities. Consequentially, this is generating a high demand for products engineered using artificial intelligence. The presence of international technology conglomerates such as Google and Amazon and the emergence of new AI software startups in the last few years, such as Cruise Automation, Palantir Technologies, and Tempus Labs in the US, are further creating market opportunities for AI engineering in North America.

In addition, Veritone analyzed the US BLS job report to understand the AI job trend in the country. Analysis of Aspen Tech Labs' Job Market Pulse then revealed a 32 percent increase in artificial intelligence jobs national listing compared to BLS aggregate, which is +14,117 job vacancies in April 2024 based upon a real-time database with more than five million U.S. jobs from 112 thousand employers. Hence, it can be anticipated that the North American AI engineering market will expand prominently over the forecast period.

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Report Coverage:

Historical data & forecasts from 2022 to 2029
Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
Competitive Positioning, Strategies, and Market Share Analysis
Revenue Growth and Forecast Assessment of segments and regions including countries
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Market Segmentation:

The Artificial Intelligence Engineering Market is segmented and analyzed as below:

By Technology

Deep Learning
Machine Learning
Natural Language Processing
Computer Vision

By Deployment

Cloud
On-premise

By Solution

Software
Services
Hardware

By End-User

Automotives
Communications
Manufacturing
Healthcare
Others

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Italy
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Others
Asia Pacific
China
Japan
India
South Korea
Australia
Singapore
Indonesia
Others