DUBLIN, Feb. 15, 2024 /PRNewswire/ — The “Artificial Intelligence (AI) Toolkit Market by Offering (Hardware, Software, Services), Technology (Natural Language Processing, Machine Learning), Vertical (BFSI, Retail & eCommerce, Healthcare & Life Sciences) and Region – Global Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The AI toolkit market is estimated at USD 19.5 billion in 2023 to reach USD 91.6 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 36.2%
AI toolkits that generate content, including news articles, marketing materials, and social media posts, stand as a significant market driver in the AI toolkit landscape. These toolkits are revolutionizing content creation and distribution across industries by automating the production of high-quality, contextually relevant content at scale.
This expedites content development, reduces costs, and expands content accessibility. Furthermore, AI-generated content extends beyond text-based materials to include AI-generated music, videos, images, and songs. This multifaceted approach opens new horizons for creative expression and marketing strategies, unlocking novel avenues for artists, content creators, and businesses to connect with their audiences. The ability of AI toolkits to cater to diverse content needs while maintaining quality and relevance is propelling their adoption, further driving innovation in this segment of the AI toolkit market.
The computer vision segment is expected to register the fastest growth rate during the forecast period. The utilization of computer vision in industrial automation is a central driver for the AI toolkit market. In industrial operations, computer vision is pivotal in robotic assembly, object tracking, and visual inspection tasks. It enables precision and efficiency in manufacturing processes, enhancing product quality and reducing errors.
As industries increasingly embrace automation and smart manufacturing practices, the demand for AI toolkits incorporating computer vision capabilities is surging. These toolkits facilitate the integration of advanced vision systems into automated processes, fostering innovation and driving the growth of the AI toolkit market for industrial applications.
The BFSI segment to hold the largest market size during the forecast period AI toolkits are pivotal in driving the AI toolkit market within the Banking, Financial Services, and Insurance (BFSI) sector. They are indispensable for real-time fraud detection, enabling financial institutions to swiftly identify and mitigate fraudulent activities. This is of paramount importance in safeguarding both customer assets and the institution’s financial integrity.
By harnessing the power of AI, these toolkits continuously analyze vast datasets to identify suspicious patterns and transactions, allowing for immediate action. As the prevalence of financial fraud escalates, the demand for AI toolkits in fraud detection continues to surge, making it a central driver in the growth of the AI toolkit market in the BFSI sector.
Asia Pacific highest growth rate during the forecast period.
Agriculture-focused AI toolkits drive the Asia Pacific AI toolkit market by revolutionizing the agriculture sector. These toolkits are instrumental in the advancement of precision agriculture, farm management, and the development of smart farming technologies. With the region’s substantial population, there’s a growing demand for sustainable farming practices.
AI toolkits empower precision agriculture, enhancing crop yields, efficient resource utilization, and environmental sustainability. These tools provide valuable insights into soil conditions, weather, and crop health, enabling data-driven decisions and minimizing resource wastage. As a result, adoption is increasing, addressing food security, and propelling the overall AI toolkit market in Asia Pacific.
Premium Insights
Rising Technological Advancements and Increasing Government Support to Drive AI Toolkit MarketMajor Segments in AI Toolkit MarketSoftware Segment to Lead Market in 2023Managed Services Segment to Achieve Higher Growth During Forecast PeriodBfsi Segment to Lead Market During Forecast Period US and Bfsi Segment to Account for Significant Share in 2023
Case Study Analysis
Carmax Deployed Microsoft’s Azure Openai Service to Ensure Data Security and ComplianceTrifork Employed Nvidia’s Deepstream and Jetson Xavier Agx to Optimize Baggage Handling at AirportsObviously AI Offered Its Accurate Revenue Predictions to Provide Organizations with Valuable Insights for Better Decision-Making2X Implemented Jasper’s Multifaceted Functionality to Offer Personalized Experience to Content TeamObviously AI’s Precise Sales Predictions Empowered Organizations to Allocate Resources and Make Data-Driven Choices
Market Dynamics
Drivers
Evolution of Language Model Concept in AIGrowing Adoption of Automl to Train High-Quality ModelsNeed to Accelerate End-To-End Ml and Data Science Pipelines Using Optimized Deep Learning Frameworks
Restraints
Lack of Skilled AI ProfessionalsLack of Standardization in AI Toolkit Market
Opportunities
Growth in Data Generated by IoT DevicesMarket Penetration of AI Toolkit Vendors into Healthcare and Financial Services Sectors
Challenges
Concerns Related to AI Transparency and ExplainabilitySecurity and Privacy Concerns
Industry Trends
Evolution of Artificial Intelligence TechnologyMilestones of Artificial Intelligence
Companies Mentioned
AdobeAltairAlteryxAttriDatarobotDetermined AIFiddler AIGoogleH20.AIIBMIntelJasperKnimeLevity AIMetaMicrosoftNvidia CorporationObviously AIOpenaiOracleRasaRegie.AISalesforceSnorkel AISuperannotateThales GroupUnion.AI
For more information about this report visit https://www.researchandmarkets.com/r/qke2tk
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