Dublin, Aug. 26, 2024 (GLOBE NEWSWIRE) — The “Artificial Intelligence (AI) Market Forecast to 2029: Investments vs Potential” report has been added to ResearchAndMarkets.com’s offering.

This report analyzes the global artificial intelligence (AI) market and breaks it down into segments: AI solution type (software, services, and hardware) and deployment mode (on-premise and cloud). Key AI technologies such as machine learning (ML), computer vision, natural language processing (NLP), and context-aware computing are also examined.

Market Overview

The global market for artificial intelligence (AI) is estimated to increase from $148.8 billion in 2023 to reach $1.1 trillion by 2029, at a compound annual growth rate (CAGR) of 39.7% from 2024 through 2029.

• The North American market for AI is projected to grow from $54.2 billion in 2023 to $342.4 billion by 2029, at a CAGR of 36.1%.
• The Asia-Pacific market is expected to rise from $45.4 billion in 2023 to $433.8 billion by 2029, with a CAGR of 45.7%.

Driving Factors

The AI market is driven by advances in technology, the rise of cloud computing, and the increasing demand for data analysis. Businesses are leveraging AI for enhanced customer service through chatbots and personalized recommendations.

Challenges Ahead

Despite its growth, the market faces challenges such as data privacy concerns and high deployment costs. These factors could restrain the market’s expansion.

Conclusion

The report includes comprehensive analyses of market trends, opportunities, and challenges, along with profiles of major AI providers. For more details, visit ResearchAndMarkets.com.