Artificial Intelligence Engineering Market: Global Analysis, Opportunities And Forecast To 2032

As per a recent research report, Global Artificial Intelligence Engineering Market share is likely to surpass USD 180 billion valuation by 2032.

Artificial Intelligence (AI) Engineering Market is slated to depict considerable growth through 2032 owing to surging adoption of smart devices in varied end-use industries. In addition, government emphasis on improving IT infrastructure, along with rigorous R&D initiatives towards AI integrated solutions, is likely to propel market growth over the forecast period.

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The COVID-19 pandemic had a positive impact on the market dynamics as the penetration of smart devices such as smart home technologies increased drastically. Mounting integration of AI voice control features into smart home units, such as Alexa, Siri, and Google Assistant is aiding product penetration.

Moreover, the major players in the industry have been focusing on eliminating loopholes in AI technology and adopting collaborative partnership deals to strengthen their market position. For instance, in June 2021, Salesforce.com Inc., a software firm, announced an expansive partnership with Amazon Web Services (AWS) to develop and launch new intelligent applications.

The artificial intelligence engineering market has been bifurcated based on solutions, technology, end-use, deployment, and region.

Based on solutions, the artificial intelligence (AI) engineering industry has been segregated into hardware, software, and services. The services segment is expected to depict considerable demand through 2032 due to a positive outlook toward AI services among corporate companies to minimize operation costs and avoid regular maintenance.

With respect to technology, the AI engineering market has been classified into deep learning, machine learning, natural language processing (NLP), and computer vision. The computer vision segment held over 10% market share in 2022 on account of continuous efforts by market players to capitalize on the emerging automation trend. In September 2022, AWS collaborated with SK Telecom to develop computer vision AI services that aid customers in building and using computer vision applications.

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In the regional context, the Latin America AI engineering market is primed to expand at over 33% CAGR over 2023-2032. The booming spread of automation and digitization in public and private sectors is augmenting LATAM market growth. For instance, in May 2022, the Brazilian government used AI to seek investments in science and technology projects.

On the other hand, the Middle East & Africa industry is poised to witness growth at more than 34% CAGR from 2023 to 2032 backed by growing investment in R&D programs, coupled with government support for the AI industry. Citing an instance, in March 2022, OurCrowd, an Israel-based venture firm, opened an AI-based R&D centre in Abu Dhabi.

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