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Artificial Intelligence (AI) Engineering Market Size

Report ID: GMI5383
Published Date: Oct 2022
Report Format: PDF

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Artificial Intelligence Engineering Market Size

AI Engineering Market size valued at USD 8 billion in 2022 and is anticipated to grow at around 35% CAGR from 2023 to 2032. The growing focus of market players on eliminating loopholes in AI technology will be a key driver for business expansion.

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Support from governments of varied developing countries towards promoting AI technology to strengthen the IT infrastructure has also played a crucial role in supporting industry expansion. Heavy investment to improve public welfare areas, including predictive healthcare, adaptive education, and optimized crisis response, by investing in long-term research projects is propelling the artificial intelligence engineering market. For instance, in June 2022, the government of Canada granted approximately USD 370 million to the country's researchers for AI and computer science research projects.

Artificial Intelligence Engineering Market Report Attributes
Report Attribute	Details
Base Year:	2022
Artificial Intelligence Engineering Market Size in 2022:	18 billion (USD)
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	15%
2032 Value Projection:	70 billion (USD)
Historical Data for:	2018 to 2022
No. of Pages:	220
Tables, Charts & Figures:	451
Segments covered:	Deployment Model, Solution, End-use, Vehicle, and Region
Growth Drivers:	Growing emphasis by fleet operators on operational efficiency Extensive penetration of cloud computing and big data analytics solutions Emergence of AI technology in fleet management systems Growing adoption of IoT and proliferation of commercial vehicles
Pitfalls & Challenges:	Increasing cyberthreats and data breach incidents Lack of awareness among smaller fleet owners

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The rising preference for cloud-based applications will generate lucrative growth opportunities for AI engineering solution provider. Artificial intelligence improves cloud computing in terms of productivity, data management, errors and cost, and security, which has encouraged organizations to adopt AI to automate such routine tasks and functions. As per a survey published in February 2022, 67% large enterprises expedited cloud adoption while 39% medium-sized companies and 38% small companies began their cloud journey.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of artificial intelligence (AI) engineering surpassed USD 8 billion in 2022 and is set to progress at above 35% CAGR from 2023 to 2032, owing to prominent government efforts to improve autonomous mobility.

The hardware segment captured over 30% of the market share in 2022, due to consistent efforts by industry players to introduce innovative products.

The machine learning segment dominated the AI engineering market with more than 48.5% share in 2022 backed by the mounting uptake of IoT and M2M-based devices.

The Europe AI engineering industry is slated to grow at more than 36.5% gains from 2023 to 2032 as a result of heavy investments by key automotive companies to advance autonomous mobility.

Some of the leading companies in the global industry include Alphabet Inc., IBM Corp., Intel Corp., Baidu Inc., Oracle Corp., Salesforce.com Inc., Cisco Systems, Inc., Meta Platforms Inc., Siemens AG, Nvidia Corp., Microsoft Corp., SAP SE, Dolbey Systems, Netbase Solutions, Verint Systems, Lexalytics, and People.ai.