PUBLISHER: Orion Market Research | PRODUCT CODE: 1380410
PUBLISHER: Orion Market Research | PRODUCT CODE: 1380410
Title: Global Artificial Intelligence (AI) orchestration Market Size, Share & Trends Analysis Report by Component (Solution, and Services), by Absorber Type (Lithium Bromide and Ammonia), by Power Source (Direct Fired, Indirect Fired, and Water Driven), and by Application (Chemicals, Food & Beverages, Power, Paper & Pulp, power & energy and Others),Forecast Period (2023-2030).
The global artificial intelligence (AI) orchestration market is anticipated to grow at a CAGR of 32.9 % during the Forecast Period (2023-2030). The market's growth is attributed to increasing consumer demands across the globe. Customers anticipate individualized interactions and prompt, accurate responses. AI orchestration enables enterprises to satisfy these demands. For instance, in September 2023, OvationCXM, launched the next generation of its CXMEngine platform, generative artificial intelligence (AI) that is fully integrated to give businesses ground-breaking capabilities to personalize consumer experiences through special data and insights and improved operational efficiencies. CXM platform, that involves connectivity to the partner ecosystem, conversational AI, knowledge delivery, and journey orchestration. Although OvationCXM has utilized AI models in its knowledge and conversational AI solutions.
The global artificial intelligence (AI) orchestration market is segmented on the component, deployment mode, application, organization size, and industry vertical. Based on the component, the market is sub-segmented into solution, and services. Based on the deployment mode, the market is sub-segmented into on-premise, and cloud. Based on the application, the market is sub-segmented into customer service orchestration, infrastructure orchestration, manufacturing orchestration, workflow orchestration, and others. Based on the organization size, the market is sub-segmented into large enterprises, and small and medium-sized enterprises. Furthermore, on the basis of industry vertical, the market is sub-segmented into IT and telecommunications, manufacturing, healthcare, BFSI, consumer goods and retail, government and defense, energy and utilities, and others. The cloud subcategory is expected to capture a significant portion of the market share within the deployment mode segment. This is attributed to the increase in the adoption of cloud-based AI orchestration owing to its lower cost and simpler management.
Among the organization size, the large enterprises sub-segment is expected to hold a considerable share of the global artificial intelligence (AI) orchestration market. The segmental growth is attributed to the growing AI adoption. A need for AI orchestration tools to manage and expand AI initiatives has been produced by the wider adoption of AI and ML in numerous industries. For instance, in June 2023, Wallaroo.AI, launched early access to its production ML platform's ML Workload Orchestration functionalities. Based on customer data, the unique capability enables AI teams to extend their ML workflows by 5-10x while additionally saving up 40% of their weekly time. It additionally facilitates automation, scheduling, and execution of combined data and ML inferencing workflows across the production process.
The global artificial intelligence (AI) orchestration market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia-Pacific is anticipated to hold a prominent share of the market across the globe, owing to the raising funds for 6G research and development, encouraging innovation in key areas such as integrated circuits and AI (artificial intelligence), and driving companies to adopt cloud services.
Among all regions, the North America regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the rising anticipation of Industry 5.0 across the region. The incorporation of AI and 6G technology promises to be essential in increasing human-machine collaboration as part of the Industry 5.0 concept. According to the National Institute of Health, in August 2023, 6G is expected to be utilized to automate various domains such as health, production, education, transport, business, and infrastructure. This technology is sought to support the Industry 5.0 concept by enabling the interaction between humans and machines with collaborative cognitive computing. AI is expected to be the major area for 6G automation, which will support distributed federated learning. 6G technology is also seen as a way to reduce the probability of human error by eliminating human influence from production. Additionally, it will be used to collect reliable responses from each module to fulfill the required objective. With the rapid development of network technologies, 6G will bring connected intelligence to business scenarios and societal activities, and drive business transformation.
The major companies serving the artificial intelligence (AI) orchestration market include: Appian Corporation Inc, BMC Software, Inc., CA Technologies, Cisco Systems, Inc., Cloud Software Group, Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in June 2023, Databricks, entered into a definitive agreement to acquire MosaicML, by enabling businesses to develop, manage, and secure generative AI models utilizing personal data, Databricks and MosaicML intend to render generative AI available to all types of businesses. The total transaction value, including retention benefits, is almost $1.3 billion.