Published Date : 04 Mar 2024
The global artificial intelligence engineering market size was exhibited at USD 9.2 billion in 2023 and is anticipated to touch around USD 229.61 billion by 2033, expanding at a CAGR of 38% from 2024 to 2033.
The artificial intelligence engineering market is an emerging market that focuses on the development of tools, systems, and processes that enable real-world applications of artificial intelligence. It can be considered any application where machines imitate human actions, such as learning, solving problems, and performing better. The increase in computing power and the availability of massive data sets have led to the creation of new artificial intelligence models and algorithms that contain thousands of variables that are able to make quick and effective decisions.
Additionally, advances in machine learning and artificial neural networks (AAN) have fueled the adoption of AI in various industries such as retail, communications, aerospace, healthcare, manufacturing, and automotive. It helps in identifying similar patterns and provides modified solutions. Companies are incorporating AI-based software, hardware, and service components into their business operations because of the many benefits associated with the use of AI technologies. In the automotive industry, AI is an integral part of the development of autonomous vehicles, influencing safety, efficiency, and environmental sustainability. Also, applications like Google Maps have adopted ANN to improve their route and processes.
The market growth stage in the artificial intelligence engineering market is comparatively high, and the market growth rate is continuously accelerating. A high rate of innovation characterizes the AI market due to rapid technological development, driven by factors such as the development of machine learning algorithms, the availability of big data, and the growth of computing power. Their applications continue to emerge, disrupting existing industries and creating new ones. Thus, the widespread adoption of AI technology and the increased demand for AI-enabled technical solutions in most economic sectors are promoting the further expansion of the AI technology market.
North America dominated the artificial intelligence engineering market and shared the global revenue. This high share is due to the presence of large market key players and favorable government initiatives to encourage the adoption of AI in various industries. North American Governments are investing in AI research and development, creating dedicated research institutes and centers, and funding AI-related projects. They also use AI in many areas, such as improving public safety and transportation and promoting innovation in the healthcare system to uplift regional market growth.
Walter Surface Technologies did a partnership with a very big network of North American companies that provide end-of-arm tool manufacturers. The partnership will provide robotic solutions to metalworking businesses. The partners involved are Effecto, ATI Automation, and PushCorp.
The Asia-Pacific market is expected to accelerate its growth rate significantly. Government investments in the region are increasing research into disruptive technologies. The spread of artificial intelligence in various industries is an essential factor that is boosting revenue growth in the market of the region. Japan is also advancing toward artificial intelligence by connecting and integrating things through technology. Countries like India, China, Japan, and Singapore are among the best countries for engineering jobs, which creates opportunities for incorporating artificial intelligence in the market.
Artificial Intelligence Engineering Market Report Scope
| Report Coverage | Details |
| Market Revenue in 2023 | USD 9.2 Billion |
| Projected Forecast Revenue by 2033 | USD 229.61 Billion |
| Growth Rate from 2024 to 2033 | CAGR of 38% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2024 to 2033 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Drivers
Adoption of automation technology
Automation, a technological advancement, is driving the artificial intelligence engineering market to new levels of market growth. Maximizing business productivity, increasing accuracy levels, and reducing human error drives business automation. The market revenue is expected to grow as automation is widely used in various sectors. Companies increasingly automate various operational tasks to minimize human error and maximize productivity. AI technologies are being used to meet the increasing demand for intelligent automation. By leveraging the services, companies are making more informed data-driven decisions and gaining a better understanding of user behavior. The automation of AI technology accelerates development, improves productivity, and streamlines processes, which leads to the widespread use of AI technology in various fields.
UW-Oshkosh launched a one-of-a-kind program called the automation engineering degree program. The program was integrated into the academics due to the heavy demand from the local manufacturers, which suggests that there is a high demand for automation engineers. This high demand will increase the growth of the artificial intelligence engineering market.
The rising demand for big data in the business
The artificial intelligence engineering market is experiencing a surge in revenue due to the increasing need for significant data-driven decision-making. Big data usually refers to vast and complex data sets that are difficult to handle with traditional database management tools and data processing applications. Business organizations utilize big data to make crucial decisions in business, improve their overall performance, and enhance their profits.
Restraint
Lack of skilled workers
The lack of skilled labor limits the growth of the artificial intelligence engineering market as it requires mathematical, statistical, and programming skills with a strong knowledge of cloud platforms. Additionally, the use of hybrid models to solve complex problems requires experience. Therefore, the lack of experienced specialists significantly lowers the growth in the market. Incorporation of new courses and training sessions in organizations is highly needed in the market to tackle this issue.
Opportunity
Profit for business operators in the AI technology
The artificial intelligence engineering market offers profitable prospects for companies operating in the AI sector by promoting partnerships, mergers, collaborations, and agreements. In addition, technological advancements and innovations with new business ideas are made to gain a competitive advantage by utilizing a profitable outcome and promoting an opportunity for the growth of the market.
Market Segmentation
By Solution
By Technology
By Deployment Mode
By Vertical
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