Global Composite Artificial Intelligence (AI) Market 2023-2030

Global Composite Artificial Intelligence (AI) Market 2023-2030

Global Composite Artificial Intelligence (AI) Market Size, Share & Trends Analysis Report by Deployment (Cloud-Based, and Embedded/Edge), by Application (Fraud Detection and Prevention, Security and Surveillance, Supply Chain Management, Customer Services, and Others), and by End-Users (Healthcare, Manufacturing, BFSI, Retail, Education, Agriculture, and Others) Forecast Period (2023-2030)

The composite AI market is anticipated to grow at a significant CAGR of 35.4% during the forecast period. The market growth is attributed to factors such as increasing availability of data, increasing regulatory support, increasing investments in research and development, growing demand for IoT-based products and services, and competitive advantage among others. Companies and government organizations are collaborating with AI solutions providers to make better decisions and manage large amounts of data. For instance, in September 2023, SAS, an analytics company, and MAG Aerospace announced a collaboration aimed at exploring opportunities related to the recently awarded $900 million indefinite delivery, indefinite quantity (IDIQ) contract by the US Space Force Space Systems Command. The company will use AI to analyze data coming from its network of radars and sensors.

Segmental Outlook

The global composite AI market is segmented based on the Based-on deployment, application, and end-users. Based on the deployment the market is further sub-segmented into cloud-based and embedded/edge deployments. Based on application, the market is sub-segmented into fraud detection and prevention, security and surveillance, supply chain management, customer services, and others.

Based on end-users, the market is sub-segmented into healthcare, manufacturing, BFSI, retail, education, agriculture, and others (automotive, defense) Healthcare is anticipated to hold a considerable share of the market among the end-users, owing to changing regulations, adoption of cloud-based solutions, and increasing use of AI/ML based solutions among others.

The BFSI Industry Is Anticipated to Hold A Prominent Share in the Composite AI Services Market

Among the types, the finance industry holds a prominent share in the composite AI solutions market due to factors such as changing regulations, increasing complexities in financial markets, the need to reduce costs, and increasing demand for personalized customer services. Apart from this, financial regulators across the world are also leveraging the benefits of AI solutions to improve regulations. For instance, in August 2023, the Reserve Bank of India (RBI) selected McKinsey and Accenture to develop systems using artificial intelligence and machine learning for its supervisory functions.

Regional Outlook

The composite AI market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, North America holds a prominent share in global composite AI services owning to factors such as early adoption of AI by various industries, the presence of a strong technology ecosystem in the region, increasing government support, presence of a skilled workforce. For instance, in January 2021, the US government passed a law named the National AI Initiative Act 2020 to provide for a coordinated program across the entire Federal government to accelerate AI research and application for the Nation’s economic prosperity and national security. The region Is also home to one of the largest AI companies in the world some of which are OpenAI, Intel Corporation, IBM, and Microsoft among others.

Asia Pacific is Expected to Hold a Considerable Share in the Global Composite AI Market

The Asia-Pacific region is expected to hold a considerable share of the global composite AI market due to the strong presence of the IT industry, and growing government support. For instance, in July 2023, CLARA Analytics, an AI technology company specializing in personal injury claims optimization, has announced a partnership with OPEX Consultants, an Australian boutique consulting firm specializing in growth strategies and profit improvement within the insurance industry. This collaboration represents a strategic effort to expand CLARA's business in the Asia-Pacific region, specifically in Australia and New Zealand.

Market Players Outlook

The major companies serving the global composite AI market include Alphabet Inc., Amazon, Intel Corp., IBM Corp., Microsoft Corp., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including collaborations with private and government players and adopting new technologies such as Artificial Intelligence (AI)/Machine Learning (ML) to stay competitive in the market. For instance, in June 2023, Oracle announced its plan for its human resources software for businesses by integrating generative AI features. Under this update, Oracle will introduce a button feature in several fields, enabling the automatic generation of draft text for job listings, performance goals, and other related areas.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global composite AI market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for solid growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.