Selbyville, Delaware,, Nov. 01, 2022 (GLOBE NEWSWIRE) —
The artificial intelligence (AI) engineering market is expected to record a valuation of USD 180 billion by 2032, as reported in a research study by Global Market Insights Inc. Rapid digital transformation across end-user industries is likely to foster the AI engineering industry trends. Moreover, market players are developing new AI engineering hardware and software, capitalizing on the growing consumer demand and thus, advancing the product scenario.
The shortage of skilled professionals may hamper the AI engineering market growth. The limited availability of skilled personnel in the field is hindering the full use of AI technology. According to tech giant IBM, around 7 out of 10 technology job aspirants and potential recruits lack the skills required to work in AI firms.
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Increasing preference of corporate companies to push the demand for AI engineering services
The services segment is forecast to showcase nearly 38% of the growth rate from 2023 to 2032, on account of the shifting preference of corporate companies towards AI services instead of purchasing hardware and software to cut costs and avoid regular maintenance.
Initiatives by market leaders to encourage deep learning segment growth
The deep learning AI engineering segment is estimated to progress at above 38% CAGR through 2032. This growth is attributed to the launch of novel deep learning solutions by the artificial intelligence engineering market players.
Launch of new solutions to boost on-premise segment
Notable developments in the field of AI engineering have prompted customers to opt for on-premise software due to its higher reliability than other deployment options & rising cybersecurity concerns. The on-premise segment is speculated to register substantial gains up to 2032.
Favorable government & public sector programs to augment market growth
The industry outlook from the government & public sector is poised to remain positive until 2032. Governments from varied nations are encouraging the use of AI technologies and deploying them across different departments, such as defense & aerospace, commerce, and others, bolstering the demand for AI engineering. Backed by supportive awareness programs to increase AI adoption, the government & public sector segment is foreseen to grow at more than 31% growth through 2032.
Favorable R&D initiatives to accelerate North America market
The North America artificial intelligence engineering market garnered over 35% of the revenue share in 2022. The regional government is actively supporting the AI industry, which is pushing business growth. Additionally, surging investments toward R&D initiatives are set to encourage researchers to innovate AI technologies and improve the existing AI infrastructure.
Partnered efforts towards innovation to remain a key growth strategy
The competitive landscape of the artificial intelligence engineering market is inclusive of Cisco Systems, Inc., Intel Corp., Siemens AG, Oracle Corp., Salesforce.com Inc., Baidu Inc., Meta Platforms Inc., and Nvidia Corp., among others. These companies engage mainly in strategic partnerships and product enhancements to maintain their market position.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 AI engineering industry 360º synopsis, 2018 – 2032
2.2 Business trends
2.2.1 Total addressable market (TAM) trends, 2023 – 2032
2.3 Regional trends
2.4 Cable type trends
2.5 Vehicle type trends
2.6 Technology trends
Chapter 3 AI Engineering Industry Insights
3.2 Impact of COVID-19 outbreak
3.3 Impact analysis of Russia-Ukraine war
3.4 AI engineering industry ecosystem analysis
3.5 Technology & innovation landscape
3.6 Patent analysis
3.7 Investment portfolio
3.8 Industry news
3.9 Regulatory landscape
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.2 Industry pitfalls & challenges
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.