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Artificial Intelligence Toolkit Market Size
- Report ID: GMI7331
- Published Date: Dec 2024
- Report Format: PDF
Artificial Intelligence Toolkit Market Size
The global artificial intelligence toolkit market size was valued at USD 25.3 billion in 2024 and is projected to grow at a CAGR of 24.1% between 2025 and 2034. The increasing demand for AI-powered applications across sectors such as healthcare, finance, e-commerce, and manufacturing is significantly driving the market. Organizations are leveraging AI toolkits to develop and deploy machine learning and deep learning models for tasks like image recognition, natural language processing, and recommendation systems.
For example, in July 2023, the Monetary Authority of Singapore (MAS) introduced an innovative open-source tool to promote the ethical use of AI in the financial sector. Named the Veritas Toolkit 2.0, this advanced AI toolkit was developed collaboratively by 31 industry participants under MAS's guidance. The Veritas Toolkit 2.0 equips financial institutions (FIs) with assessment methodologies to ensure compliance with the principles of Fairness, Ethics, Accountability, and Transparency (FEAT). These principles are crucial for demonstrating responsible AI and data analytics utilization within the financial industry.
| Report Attribute | Details |
|---|---|
| Base Year: | 2024 |
| Artificial Intelligence Toolkit Market Size in 2024: | USD 25.3 Billion |
| Forecast Period: | 2025 – 2034 |
| Forecast Period 2025 – 2034 CAGR: | 24.1% |
| 2025 – 2034 Value Projection: | USD 166.1 Billion |
| Historical Data for: | 2021 – 2024 |
| No. of Pages: | 180 |
| Tables, Charts & Figures: | 200 |
| Segments covered: | Type, Component, Application, End Use |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Moreover, advancements in AI research are poised to significantly enhance the AI toolkit market outlook. Technological breakthroughs in AI, including the development of more powerful algorithms, improved model architectures, and novel techniques, are driving the demand for sophisticated AI toolkits.
In September 2023, IBM Corp. expanded its offerings for mainframe developers by introducing a range of new solutions that streamline the deployment of AI on existing data center hardware. These updates to IBM Z aim to help customers achieve better business outcomes by implementing AI across various industries and use cases. These enhancements enable clients to improve the accuracy of recommendations in the insurance sector, enhance the reliability and timeliness of anti-money laundering measures, and mitigate risk exposure for financial services providers.
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Artificial Intelligence Toolkit Market Scope
