Artificial Intelligence - North America

North America

The market size in the Artificial Intelligence market is projected to reach US$57.07bn in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 28.31%, resulting in a market volume of US$254.70bn 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 Artificial Intelligence market in North America is experiencing substantial growth, driven by increasing adoption of digital technologies, rising awareness of the potential benefits of AI, and the convenience of online AI services. Factors such as advancements in AI robotics, autonomous and sensor technology, computer vision, machine learning, natural language processing, and generative AI are all contributing to the rapid growth of this market. With a significant growth rate, the market is expected to continue expanding due to the increasing demand for AI-driven solutions in various industries.

Customer preferences: As the use of AI continues to expand and evolve, consumers in North America are increasingly seeking more personalized and efficient services and products. This has led to a rise in demand for AI-powered virtual assistants and chatbots for customer service and shopping assistance. Additionally, the incorporation of AI in healthcare is gaining traction, allowing for more accurate diagnoses and personalized treatment plans. This shift is driven by the growing demand for convenient and accessible healthcare options, as well as the aging population and rising prevalence of chronic conditions.

Trends in the market: In North America, the Artificial Intelligence market is experiencing a surge in the adoption of AI-powered chatbots for customer service and sales support. This trend is driven by the need for businesses to reduce costs and improve efficiency through automation. Additionally, there is a growing demand for AI-driven data analytics solutions to gain insights and make data-driven decisions. These trends are expected to continue, with the potential to disrupt traditional business models and create new opportunities for industry players. However, there are concerns about the ethical implications of AI and its impact on job displacement. As such, stakeholders must carefully navigate these trends to ensure responsible and sustainable integration of AI in their operations.

Local special circumstances: In North America, the Artificial Intelligence market is thriving due to the region's advanced technological infrastructure and high adoption of AI across various industries. The market is further fueled by the strong presence of major tech giants and startups focused on developing AI solutions. Additionally, the region's strict data privacy regulations and increasing demand for automation in business operations have also contributed to the growth of the AI market. Furthermore, the North American market is characterized by a highly competitive landscape, with companies constantly innovating and expanding their AI offerings to meet the diverse needs of the market.

Underlying macroeconomic factors: The growth of the Artificial Intelligence market in North America is largely influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with favorable regulatory environments and strong investment in AI technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding for innovation. Moreover, the increasing adoption of AI solutions in various industries, including healthcare, finance, and retail, is fueling market growth in the region. Additionally, the growing demand for automation and efficiency in business operations is driving the adoption of AI technology in North America.

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.