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Artificial Intelligence Toolkit Market Trends

Report ID: GMI7331
Published Date: Dec 2024
Report Format: PDF

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Artificial Intelligence Toolkit Market Trends

The increasing adoption of AI in autonomous vehicles is set to drive the demand for AI toolkits. AI is essential for self-driving cars, enabling them to perceive their environment, make decisions, and navigate safely. In July 2023, AI Singapore, in collaboration with the Ministry of Defence (Mindef), launched a groundbreaking USD 20 million grant program. This initiative aims to advance AI technology in self-driving vehicles and materials research for both military and commercial applications. This partnership marks the first significant involvement of local AI researchers.

The USD 20 million fund will be allocated to five research teams, comprising industry players and universities from Singapore and abroad. Three teams will focus on developing AI systems for autonomous vehicles, while the other two will concentrate on generative AI for creating new materials for military equipment.

As automakers and tech companies intensify their efforts to develop autonomous solutions, the demand for comprehensive AI toolkits to create and fine-tune these complex systems will increase. These toolkits provide essential resources for AI development, making them indispensable in the pursuit of autonomous vehicle technology, thereby accelerating adoption rates.

Researchers and developers depend on these toolkits to stay at the forefront of AI technology and create innovative solutions. Consequently, this trend will drive substantial growth in the AI toolkit market. However, the increasing use of AI raises concerns about data privacy and security. Regulations such as GDPR and growing public awareness of data privacy issues require organizations to exercise caution when using AI toolkits. This could lead to more stringent requirements and restrictions on AI development and deployment, impacting overall market dynamics.

Authors: Preeti Wadhwani, Aishwarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of artificial intelligence toolkit reached USD 25.3 billion in 2024 and is set to grow at a 24.1% CAGR from 2025 to 2034, driven by the increasing demand for AI-powered applications across various sectors.

The machine learning segment held around 38% of the market share in 2024, led by its versatility and extensive application across industries such as healthcare, finance, and retail.

The North America market accounted for 40% of the revenue share in 2024 and is expected to exceed USD 70 billion by 2034, propelled by a robust technological infrastructure and significant investments in AI research.

The key players in the industry include AWS (Amazon Web Services), Google LLC, H2O.ai, IBM, Intel, Meta Platform (Facebook), Microsoft, NVIDIA, Salesforce, and Teradata.