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Oct 24, 2023

Composite AI Market worth $4.4 billion by 2028

News provided by 31 May, 2023, 11:00 ET Share this article CHICAGO, May 31, 2023

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31 May, 2023, 11:00 ET

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CHICAGO, May 31, 2023 /PRNewswire/ -- With rising adoption across industries, cutting-edge applications like autonomous vehicles and healthcare diagnostics, integration with deep learning and edge computing, an emphasis on moral and responsible AI practises, the growth of collaborative AI ecosystems, and changing regulatory frameworks, the future of the Composite AI market appears bright. These patterns suggest that Composite AI will continue to play a crucial role in fostering innovation and providing value, as well as tremendous development potential.

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% during the forecast period, according to a new report by MarketsandMarkets™. The growing availability of data, growing intricacy of AI applications for better performance is fuelling the market growth.

Browse in-depth TOC on "Composite AI Market"

264 - Tables 59 - Figures280 - Pages

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Scope of the Report

Report Metrics

Details

Market size available for years

2019 - 2028

Base year considered

2022

Forecast period

2023–2028

Forecast units

USD Million/Billion

Segments Covered

By offering, method, application, vertical, and region

Geographies covered

North America, Europe, Asia Pacific, Middle East and Africa, Latin America

Companies covered

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), NVIDIA (US), Intel(US), UiPath(US) and many more.

Software to hold the largest market share during the forecast period

Composite AI software typically provides a platform or framework enabling seamless integration and orchestration of different AI models or algorithms. It allows users to leverage the diverse capabilities of these AI components to solve multifaceted challenges and make more informed decisions. With composite AI software, organizations can build sophisticated AI applications that can process and analyze diverse data types, understand complex patterns, generate insights, make predictions, and perform tasks that require a combination of AI techniques. The software enables the development of intelligent systems that can handle real-world complexities and deliver robust and reliable results.

Data mining & machine learning to grow at the highest CAGR during the forecast period

Data mining and machine learning techniques are crucial in implementing Composite AI solutions in the market. Combining data mining and machine learning techniques within composite AI solutions enables the system to analyze vast amounts of data, discover patterns, make predictions, and optimize decision-making. These techniques form the foundation for developing and deploying AI models and algorithms that power composite AI systems. They enable composite AI solutions to harness the power of data and deliver intelligent, adaptive, and context-aware capabilities across various domains and applications.

Product design & development to hold the largest market share during the forecast period

Product design and development applications play a vital role in composite AI solutions by facilitating the creation, iteration, and improvement of AI-powered products and services. Product design and development applications enable the creation of prototypes and simulations of AI-powered systems. Product design and development applications emphasize user-centric design principles, ensuring that the composite AI solution is intuitive, usable, and meets the needs of the end users. Hence, product design and development applications are crucial in shaping the user experience, integrating AI components, facilitating iterative development, ensuring scalability, monitoring performance, and addressing compliance and ethics considerations within composite AI solutions.

Asia Pacific to hold the highest CAGR during the forecast period

The Asia Pacific segment is anticipated to grow at the highest CAGR during the forecast period, driven by advancements in AI technologies, increasing data availability, and the growing digital transformation initiatives in various industries. As AI technologies continue to advance and organizations embrace digital transformation, the adoption of Composite AI solutions is expected to grow further in the region.

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Composite AI Market Dynamics

Driver:

Restraint:

Opportunities:

Challenges:

Top Key Companies in Composite AI Market:

Major vendors in the global Composite AI Market are 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), NVIDIA (US), Intel (US), UiPath (US), Zest AI (US), Dynamic Yield(US), DataRobot(US), H2O.ai(US), Squirro(Switzerland), CognitiveScale(US), SparkCognition (US), Diwo(US), ACTICO (Germany), Kyndi(US), Nauto(US), Netra(US), and Exponential AI (US).

Recent Developments:

Composite AI Market Advantages:

Report Objectives

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About MarketsandMarkets™

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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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