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Artificial Intelligence Market Trends and Forecast

The future of the global artificial intelligence market looks attractive with opportunities in the healthcare, security, retail, automotive, manufacturing, and financial technology (fintech) sectors. The global artificial intelligence market is expected to reach an estimated $386.1 billion by 2030 with a CAGR of 29.2% from 2024 to 2030. The major drivers for this market are increasing demand for virtual assistance for easy accessibility of services and growing adoption of cloud-based technology.

  • Lucintel forecasts that the machine learning technology will remain the largest segment, and it is also expected to witness the highest growth over the forecast period due to increasing adoption of this technology in the autonomous applications and growing consumer preference for IoT-enabled devices.
  • Media and advertising will remain the largest end use industry segment due to an increasing adoption of customer-centric marketing strategies and increasing use of social platform for advertisements. The healthcare segment is expected to witness the highest growth over the forecast period due to advancements in clinical research and growing demand for electronics-based medical equipment and sensors in the healthcare applications.
  • APAC is projected to remain the largest region, and it is also expected to witness the highest growth over the forecast period due to the growing adoption of IoT (internet of things), increasing installation of smart home devices, and growing industrial automation in countries, such as China, India, and Taiwan.