PUBLISHER: The Business Research Company | PRODUCT CODE: 1643997
PUBLISHER: The Business Research Company | PRODUCT CODE: 1643997
Artificial Intelligence (AI) software refers to computer programs designed to perform tasks that require human intelligence, such as learning, reasoning, problem-solving, perception and language understanding. These software applications are utilized across various industries to enhance efficiency, automate processes and provide insights through data analysis.
The artificial intelligence (AI) software market consists of sales, by entities (organizations, sole traders and partnerships) of artificial intelligence (AI) software that are used to perform specific tasks such as automating repetitive workflows, interpreting visual or auditory data, analyzing patterns within datasets, or enabling natural interactions between humans and machines.
The global artificial intelligence software market was valued at $13,118.61 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 35.00%.
Increased Internet Penetration
Increased internet penetration boosted the growth of the artificial intelligence (AI) software market in the historic period. Increased internet penetration expanded access to vast data volumes, essential for artificial intelligence (AI) growth, while enabling cloud-based AI platforms that lowered adoption barriers with scalable resources. Connectivity and internet-enabled devices supported real-time data collection, advancing AI applications in industries like healthcare, e-commerce and finance. This also fostered global collaboration among researchers, driving innovation and development. For instance, in October 2022, according to DataReportal, a Singapore-based online reference library, a total of 5.07 billion people around the world used the internet, equivalent to 63.5% of the world's total population. Internet users continue to grow too, with the data indicating that the world's connected population grew by more than 170 million in the past 12 months. Additionally, according to the ITU (International Telecommunication Union), globally, the percentage of households with internet access increased from 54.7% in 2018 to 57% in 2019. About 4.5 billion people had access to the internet in 2019. Initiatives such as Internet.org by Facebook also contributed to the rise in internet penetration. Therefore, more internet users and faster wireless internet access were major drivers for the artificial intelligence (AI) software market during this period.
Innovative AI Search Tools Boosting E-Commerce Engagement
Major companies operating in the artificial intelligence (AI) software market are focusing on integration of innovative solutions such as search tools to enhance data retrieval, improve user experience and drive business efficiency. AI-powered search tools use technologies like NLP (natural language processing), machine learning and deep learning to improve accuracy, relevance and speed. For instance, in November 2024, Alibaba, a China-based e-commerce company, launched an AI-driven search tool aimed at small businesses, which they claim has led to a significant increase in purchase intent among users. This new feature is designed to enhance the shopping experience by providing more personalized and relevant search results. The company reports that small businesses utilizing this tool have seen a notable uptick in customer engagement and sales conversions, highlighting the potential benefits of integrating AI technology into e-commerce platforms.
The global artificial intelligence (AI) software market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 19.0% of the total market in 2023.
Artificial Intelligence (AI) Software Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global artificial intelligence (AI) software market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for artificial intelligence (AI) software? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The artificial intelligence (AI) software market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider artificial intelligence (AI) software market; and compares it with other markets.
Global Market Size And Growth - Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.