Artificial Intelligence - Americas

Americas

The market size in the Artificial Intelligence market is projected to reach US$63.90bn in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 28.34%, resulting in a market volume of US$285.50bn by 2030.
In global comparison, the largest market size will be in the United States (US$50.16bn in 2024).

Definition:
Artificial intelligence (AI) is a branch of computer science that focuses on creating machines able to perform tasks traditionally requiring human intelligence, such as perception, reasoning, and learning. The Artificial Intelligence (AI) market includes a wide range of applications, such as speech recognition, image processing, and autonomous vehicles and has seen rapid growth in recent years due to advancements in technology and increased investment. The Artificial Intelligence (AI) market includes software, hardware, and services that enable organizations to develop and deploy AI applications.

Structure:

The Artificial Intelligence (AI) market is structured into six markets based on the technology:

The Computer Vision market covers applications that enable computers to interpret and understand digital images and video data.
The Machine Learning market covers the use of algorithms to enable computer systems to learn from data.
The Natural Language Processing market covers applications that enable computers to understand, interpret, and generate human language.
The Artificial Intelligence Robotics market covers the combination of AI, machine learning, and engineering to create intelligent machines that can perform tasks autonomously.
The Autonomous & Sensor Technology market covers machines and systems that operate independently by using sensors, AI, and machine learning to respond to changes in their environment.
The Generative AI market covers artificial intelligence that involves creating models capable of generating new content, such as images, videos, and text, which are indistinguishable from content created by humans.

Additional Information:

The Artificial Intelligence (AI) market comprises three key performance indicators: market sizes, market sizes by industry, and users of AI tools. Market sizes are generated by the funding amount of Artificial Intelligence (AI) companies. Key players of the Artificial Intelligence (AI) market include companies such as Google, Open AI, IBM, and Microsoft.

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Analyst Opinion

The AI market in Americas has been witnessing remarkable growth, driven by factors such as increasing adoption of digital technologies, growing awareness about the benefits of AI, and the convenience offered by online services. The market's substantial growth rate can be attributed to the advancements in AI Robotics, Autonomous & Sensor Technology, Computer Vision, Machine Learning, Natural Language Processing, and Generative AI. These sub-markets are constantly evolving, leading to a strong demand for AI solutions and services in the region.

Customer preferences: The demand for AI-driven solutions in healthcare is rising as consumers seek more efficient and personalized medical treatment. This trend is driven by shifting demographics, with an aging population and increased focus on preventative care. Cultural influences, such as the emphasis on self-care and wellness, also play a role in driving the adoption of AI technology in the healthcare industry. As a result, there is a growing need for AI-powered tools that can provide accurate diagnoses, personalized treatment plans, and remote monitoring for chronic conditions.

Trends in the market: In the Americas, the Artificial Intelligence market is experiencing a surge in demand for AI-powered solutions in various industries, including healthcare, finance, and retail. This trend is driven by the increasing availability of data and advancements in technology, leading to more accurate and efficient AI algorithms. As a result, businesses are adopting AI to improve decision-making, automate processes, and enhance customer experiences. This trajectory is significant as it presents opportunities for industry stakeholders to capitalize on the growing demand for AI solutions. However, it also raises concerns about AI ethics, data privacy, and job displacement. Overall, the continued growth of the AI market in the Americas is expected to drive innovation and transformation in various sectors, making it a crucial trend for businesses to monitor.

Local special circumstances: In the Americas, the Artificial Intelligence market is heavily influenced by the region's advanced technological infrastructure and strong focus on innovation. Additionally, the diverse cultural backgrounds and varying regulatory environments of countries like the United States, Canada, and Brazil play a crucial role in shaping the market. For example, in the US, there is a high demand for AI-powered solutions in industries such as healthcare and finance, while in Brazil, the market is driven by the government's efforts to promote digital transformation and the growing demand for AI in e-commerce and customer service.

Underlying macroeconomic factors: The growth of the Artificial Intelligence market in Americas is heavily impacted by macroeconomic factors such as technological advancements, government policies, and investment in research and development. Countries with strong technological infrastructure and supportive policies are experiencing faster market growth compared to regions with limited technological advancements and regulatory challenges. Moreover, the increasing adoption of AI in various industries, such as healthcare, finance, and manufacturing, is also driving the demand for AI solutions, leading to market growth. Additionally, the rising demand for automation and cost-effective solutions in these industries is further propelling the growth of the Artificial Intelligence market in Americas.

Methodology

Data coverage: The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the funding values from different industries for the market.

Modeling approach / Market size:Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market. As a basis for evaluating markets, we use annual financial reports, funding data, and third-party data. In addition, we use relevant key market indicators and data from country-specific associations such as GDP, number of internet users, number of secure internet servers, and internet penetration. This data helps us estimate the market size for each country individually.

Forecasts:In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are the level of digitalization, the number of secure internet servers, and the revenue of the Public Cloud market.

Additional Notes: The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russian-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the market is updated on an ad-hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is weighted for representativeness.