According to a new report, published by KBV research, The Global AI and Machine Learning in Business Market size is expected to reach $1198.4 billion by 2031, rising at a market growth of 30.9% CAGR during the forecast period.
The Solution segment is leading the Global AI and Machine Learning in Business Market by Component in 2023; thereby, achieving a market value of $680.1 billion by 2031. AI and machine learning solution components offer the ability to analyze large volumes of data and derive actionable insights to solve these complex problems. Businesses can frequently acquire and integrate these solutions into their pre-existing systems via software product packaging. Additionally, these solutions typically offer a range of features and functionalities, such as data analytics, predictive modeling, and automation.
The Large Enterprise segment is experiencing a CAGR of 30.4 % during the forecast period. Large enterprises are increasingly embracing digital transformation to stay competitive in the digital age. AI and machine learning tools are crucial in digital transformation initiatives, enabling enterprises to modernize their operations and adopt innovative technologies. Large enterprises increasingly leverage AI and machine learning to gain a competitive advantage. These technologies enable enterprises to automate processes, improve efficiency, and enhance customer experiences, allowing them to differentiate themselves in the market.
The BFSI segment is generating the highest revenue in the Global AI and Machine Learning in Business Market by Industry Vertical in 2023; thereby, achieving a market value of $288.5 billion by 2031. The BFSI industry employs chatbots and virtual assistants powered by AI to deliver customized customer service. These tools can interact with customers, answer queries, and provide information on products and services, enhancing the overall customer experience. AI and machine learning are used in the BFSI sector to assess and manage various risks, including credit, market, and operational risks.
The Data Analytics segment would register a CAGR of 29.9 % during the forecast period. Utilizing ML as well as statistical algorithms, data analytics analyses past data in order to forecast future trends or outcomes. The advent of digital technologies has enabled enterprises to obtain access to enormous quantities of data. Data analytics empowers organizations to utilize this data in order to generate well-informed decisions and stimulate business expansion.
Full Report: https://www.kbvresearch.com/ai-and-machine-learning-in-business-market/
The North America market dominated the Global AI and Machine Learning in Business Market by Region in 2023; thereby, achieving a market value of $441.1 billion by 2031. The Europe region is poised to grow at a CAGR of 30.5% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 32% during (2024 - 2031).
By Component
By Enterprise Size
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