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Global Composite AI Market

Global Composite AI Market

Dublin, June 13, 2023 (GLOBE NEWSWIRE) -- The "Composite AI Market - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The composite AI market is estimated to grow from USD 0.9 billion in 2023 to USD 4.4 billion by 2028, at a CAGR of 36.5%

With the proliferation of digital devices, sensors, and IoT devices, a wealth of data is generated across various industries. Composite AI leverages this data to gain insights, make predictions, and deliver personalized experiences. The growing availability of data fuels the development and adoption of Composite AI solutions.

The software segment is expected to hold the largest market size during the forecast period.

The global composite AI market is segmented based on offering hardware, software, and services. Based on software segment is divided into AI development platforms and tools, machine learning (ML) frameworks, AI Middleware, and other software (computer vision software, data management tools, monitoring software, and security and governance tools).

Composite AI software refers to the software systems and tools that enable the integration of multiple AI technologies, such as machine learning, natural language processing, computer vision, and robotics, to create more advanced AI applications. One of the key software tools used in composite AI is machine learning frameworks.

These frameworks provide tools and libraries for developing and training machine learning models, making creating and optimizing AI algorithms easier.

Data mining & machine learning segment to grow at a higher CAGR during the forecast period.

The global composite AI market is segmented based on technique into conditioned monitoring, pattern recognition, data processing, proactive mechanism, data mining & machine learning, and other methods (AutoML and Model Building, Model Stacking and Ensemble, and Transfer Learning).

Data mining and machine learning techniques to gain traction in coming years. These techniques extract valuable insights from large and complex datasets, which are then used to train AI models and drive intelligent decision-making.

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Among verticals, the BFSI segment holds the largest market size during the forecast period.

Composite AI solutions are being adopted across the BFSI sector for numerous applications such as fraud detection and prevention, risk assessment and management, customer service, credit scoring, and compliance and regulatory reporting.

The adoption of composite AI solutions in the BFSI sector offers numerous benefits, including improved operational efficiency, enhanced customer experience, risk reduction, and compliance with regulatory requirements.

Asia Pacific to grow at a higher CAGR during the forecast period.

The growth of composite AI solutions across the five major regions, namely North America, Europe, Asia Pacific, Middle East and Africa, and Latin America is driven by factors such as technological advancements, industry-specific demands, government initiatives, availability of talent, and the increasing recognition of AI's potential to transform businesses and societies.

Asia Pacific region is experiencing a rapid growth rate in adopting composite AI solutions. Countries like China, Japan, South Korea, and India are leading in AI R&D, with strong government support and investments. Key industry verticals such as manufacturing, eCommerce, healthcare, and BFSI aggressively implementing composite AI to gain a competitive edge, drive innovation, and cater to the growing demand for advanced AI-driven solutions.

Asia Pacific is home to some of the world's fastest-growing economies, and the region is experiencing rapid technological advancements. The increasing adoption of advanced technologies, such as AI, big data analytics, and cloud computing, has fueled the demand for composite AI solutions.

Competitive landscape

Market shares, growth strategies, and service offerings of leading players such as IBM (US), SAS Institute (US), Microsoft (US), Google (US), AWS (US), Salesforce (US), BlackSwan Technologies (Israel), Oracle (US), OpenText (Canada), SAP (Germany), HPE (US), Pega (US)

Key Attributes:

Report Attribute

Details

No. of Pages

281

Forecast Period

2023 - 2028

Estimated Market Value (USD) in 2023

$0.9 Billion

Forecasted Market Value (USD) by 2028

$4.4 Billion

Compound Annual Growth Rate

36.5%

Regions Covered

Global

Premium Insights

Growing Intricacy of AI Applications for Better Performance and Accuracy to Drive Market Growth

Market to Witness Minor Decline in Y-O-Y Growth in 2023

Customer Service Segment to Grow at Highest CAGR During Forecast Period

Software and Bfsi Segments to Hold Largest Shares in North America in 2023

North America to Hold Largest Share in 2023

Market Overview and Industry Trends

Market Dynamics

Drivers

Growing Intricacy of AI Applications for Better Performance and Accuracy

Increasing Demand for More Customized and Flexible Solutions to Improve Efficiency and Productivity

Advancements in Hardware Components and Infrastructure for Better Scalability

Rising Usage of Composite AI for Industry-Specific Applications

Restraints

Opportunities

Challenges

Case Study Analysis

Case Study 1: Creation of Holistic View of Clients and Activities of Tier-1 Bank Using Data Fabric Concept

Case Study 2: Intuit Used Amazon Sagemaker to Manage Machine Learning at Scale

Case Study 3: Sas Analytics Solutions Helped Usg Corporation to Improve Its Manufacturing Process

Case Study 4: Orlando Magic Used Mobile App Data and Machine Learning to Personalize Marketing Campaigns

Case Study 5: Amsterdam Umc Used Analytics and AI to Increase Speed and Accuracy of Tumor Evaluations

Case Study 6: in Special Olympics, Abu Dhabi Used Sas Analytics and AI Solutions to Keep Athletes Safe

Case Study 7: Hpe Helped New Work to Address Complex Data Privacy Requirements and Improve Operational Efficiency

Technology Analysis

Related Technologies

Supervised Learning

Unsupervised Learning

Natural Language Processing

Deep Learning

AI Governance (Ethical, Explainable, and Responsible AI)

Knowledge Graphs

Allied Technologies

Cloud Computing

Computer Vision

Federated Learning

Digital Twin

Ecosystem Analysis

Composite AI Framework/Library Providers

Composite AI Platform Providers

Composite AI Software Tool Providers

Composite AI Hardware Providers

Composite AI Service Providers

Regulatory Bodies

Business Models for the Development of Composite AI

Company Profiles

Key Players

IBM

Sas Institute

Microsoft

Google

Aws

Salesforce

Blackswan Technologies

Oracle

OpenText

Recent Developments

Sap

Hpe

Pega

Other Key Players

Nvidia

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$4.4 Billion Composite AI Markets: Growing Intricacy of AI Applications for Better Performance and Accuracy to Drive Growth - Global Forecast to 2028...