LONDON, Nov. 21, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s artificial intelligence (AI) engineering global market report 2023, the global artificial intelligence (AI) engineering market is set for an explosive growth journey, projected to soar from $8.28 billion in 2022 to an impressive $11.49 billion in 2023, boasting a remarkable compound annual growth rate (CAGR) of 38.9%. Looking ahead, the market is anticipated to reach a staggering $42.3 billion by 2027, maintaining a robust CAGR of 38.5%. This growth is underpinned by the swift adoption of automation, revolutionizing AI engineering across diverse sectors.
Driving Force: Automation Revolution
Automation, the hallmark of technological evolution, is propelling the AI engineering market to unprecedented heights. The integration of technology to streamline processes, enhance productivity, and expedite development has become a global imperative. Notably, in the UK, the International Federation of Robotics reported a 6% increase in industrial robots operating in factories, reaching 23,000 units in 2021. The surge in automation extends to Europe, where Denmark and Finland lead in the adoption of artificial intelligence, reporting 24% and 16%, respectively, in 2021.
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Industry Titans Leading the Way
The AI engineering landscape is shaped by industry giants such as Alphabet Inc., Microsoft Corporation, and Meta Platform Inc. These major players steer the market with innovation and strategic acquisitions. For instance, Mach9 Robotics Inc. has embraced technological advancement by launching geospatial production software that utilizes computer vision and AI to accelerate the production of engineering deliverables. Additionally, Tecnotree Corporation's acquisition of CognitiveScale Inc. enhances its position in 5G digital business support systems, leveraging AI and machine learning capabilities.
Tech Innovation: A Trending Wave
Technological advancement stands out as a prominent trend in the AI engineering market. Companies are adapting to new technologies to fortify their market positions. In a groundbreaking move, Mach9 Robotics Inc. shifted from a hardware-first to a software-first model, responding to the increasing demand for tools expediting the processing and analysis of geospatial data for infrastructure management.
Geographic Dominance: North America at the Helm
As of 2022, North America commands the largest share in the AI engineering market, exemplifying the region's technological prowess and innovation. However, the global artificial intelligence (AI) engineering market is intricately segmented based on:
- Solution: Hardware, Software, Services
- Technology: Deep Learning, Machine Learning, Natural Language Processing, Computer Vision
- Deployment: On-Cloud, On-Premise
- End-User: Healthcare, Automotive And Transportation, Agriculture, Information Technology (IT), Business Management, Other End-Users
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In conclusion, the AI engineering market presents an unparalleled growth trajectory, driven by automation, technological innovation, and strategic initiatives by industry leaders. Players in the field can harness the insights provided by the artificial intelligence (AI) engineering market report to make informed decisions, whether through embracing technological trends, fostering strategic partnerships, or capitalizing on regional dynamics. As the artificial intelligence (AI) engineering market continues to evolve, businesses equipped with a comprehensive understanding of these trends and opportunities can position themselves for unprecedented success in the dynamic landscape of AI engineering.
Artificial Intelligence (AI) Engineering Global Market Report 2023 by The Business Research Company provides insights on the artificial intelligence (AI) engineering market size, artificial intelligence (AI) engineering market segments, artificial intelligence (AI) engineering market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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