The Global Composite AI Market size is expected to reach $8.5 billion by 2030, rising at a market growth of 36.9% CAGR during the forecast period.
The need of Composite AI in Security & surveillance is growing as organizations may increase situational awareness, strengthen threat detection capabilities, automate monitoring procedures, and allow more effective and proactive security actions by using composite AI in security and surveillance. Therefore, Security & Surveillance acquired $83.4 million revenue in the market in 2022. Composite artificial intelligence (AI) may significantly advance numerous elements of safety monitoring, danger identification, and response. The market is predicted to expand due to the increased requirement for data protection since many firms have recently experienced severe security breaches and data breaches.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In June, 2023, Google LLC signed a partnership with Sysdig to integrate its generative artificial intelligence (AI) features with Sysdig's cloud security platform. The partnership would provide the joint customers of the two companies with secure cloud-based automation solutions that would drive better productivity. Additionally, In June, 2023, Salesforce extended its partnership with Google Cloud to develop solutions for AI-powered customer experience solutions. The partnership would allow the two companies to provide their clients with personalized customer experience solutions.
Based on the Analysis presented in the KBV Cardinal matrix; Microsoft Corporation and Google LLC are the forerunners in the Market. In June, 2023, Microsoft Corporation extended its partnership with HCLTech, an Indian IT company, to provide generative AI-powered business transformation solutions to enterprises. The partnership would allow Microsoft to serve its customers in a better way by providing them with solutions for better decision-making through the use of AI-powered operational insights. Companies such as Intel Corporation, NVIDIA Corporation, SAP SE are some of the key innovators in the Market.
Edge computing adoption is being fueled by the ubiquity of Internet of Things (IoT) devices and the need for real-time decision-making. By processing and analyzing data locally, composite AI systems linked with edge devices may lower latency and enable quicker insights and answers. This integration makes the deployment of composite AI solutions in edge computing settings possible. Intelligent applications and 5G/6G Internet of Things (IoT) networks rely heavily on edge computing. The IoT ecosystem creates enormous, heterogeneous, extremely noisy, spatiotemporal-correlated, real-time data streams that need intelligent learning for effective data analysis and insight extraction. These devices include sensors, mobiles, and memory units.
The complexity of AI applications is increasing, necessitating the fusion of many AI models and technologies. Organizations are now dealing with the fact that training a large neural network using ML only sometimes scales to address challenges of growing complexity. In conclusion, the increasing complexity of AI applications will support the rise of the market for extraordinary performance and accuracy.
Due to a lack of confidence in AI technology or incomplete awareness of its potential and constraints, some businesses could hesitate to employ composite AI solutions. Implementation challenges may also arise from worries about data security, privacy, and possible biases in AI algorithms. Data leaks and illegal access to private information are the key privacy issues with AI. Thus, over the projection period, worries about data security and privacy may restrain the development of the market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.
Based on offering, the market is segmented into hardware, software, and services. The software segment held the highest revenue share in the market in 2022. Composite AI software often provides a platform or framework that enables the smooth integration and orchestration of several AI models or algorithms. It allows users to make better judgments by using the many capabilities of these AI components to address complex problems. Organizations may create sophisticated AI applications that process and analyze various data kinds, comprehend complicated patterns, provide insights, anticipate outcomes, and carry out activities that call for a mix of AI approaches using composite AI software.
On the basis of application, the market is divided into product design & development, quality control, predictive maintenance, security & surveillance, customer service, and others. In 2022, the predictive maintenance segment registered a significant revenue share in the market. In predictive maintenance, which seeks to anticipate equipment breakdowns or maintenance requirements, composite AI may be beneficial. It provides better asset management methods, data-driven decision-making, and accurate projections.
Under software, the market is bifurcated into AI Development Platforms & Tools, ML Frameworks, AI Middleware, and other software. In 2022, the AI Development Platforms & Tools segment registered the largest revenue share in the market. Businesses and developers may now design and modify AI solutions more quickly and simply because of the emergence of low-cost and accessible AI tools and platforms like TensorFlow, PyTorch, and IBM Watson. AI systems may speed up software development procedures like code compilation and quality assurance, which can cut down on the time and expense involved in developing software.
Based on technique, the market is categorized into proactive mechanisms, data processing, pattern recognition, conditioned monitoring, data mining & machine learning, and others. In 2022, the data mining & machine learning segment projected a prominent revenue share in the market. Techniques for data mining and machine learning are essential for commercializing Composite AI solutions. Composite AI systems that combine data mining and machine learning methods allow the system to analyze enormous volumes of data, find patterns, anticipate the future, and improve decision-making. Using data's power allows composite AI systems to offer intelligent, adaptive, and context-aware capabilities across a range of domains and applications.
Based on the vertical, the market is segmented into BFSI, retail & eCommerce, manufacturing, energy & utilities, transportation & logistics, healthcare & life sciences, media & entertainment, government & military, telecom, and others. The BFSI segment registered the maximum revenue share in the market in 2022. In the BFSI industry, composite AI solutions are used for various purposes, including compliance and regulatory reporting, risk assessment and management, customer service, credit scoring, and fraud detection and prevention.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 722 Million |
| Market size forecast in 2030 | USD 8.5 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 36.9% from 2023 to 2030 |
| Number of Pages | 445 |
| Number of Table | 742 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Technique, Vertical, Application, Offering, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analysed across North America, Europe, Asia Pacific and LAMEA. The North America region led the market with highest revenue share in 2022. North America is a global leader in implementing and expanding composite AI solutions. The existence of cutting-edge AI technology businesses, strong R&D skills, and a developed market ecosystem all play a role in the region's fast rise of composite AI solutions. Composite AI is being used by major sectors, including healthcare, retail, BFSI, and manufacturing, to promote innovation, improve consumer experiences, and increase operational effectiveness.
Free Valuable Insights: Global Composite AI Market size to reach USD 8.5 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, SAS Institute, Inc., Microsoft Corporation, Google LLC (Alphabet Inc.), Salesforce, Inc., Amazon Web Services, Inc. (Amazon.com, Inc.), NVIDIA Corporation, Intel Corporation, SAP SE, and Squirro AG
By Technique
By Vertical
By Application
By Offering
By Geography
The Market size is projected to reach USD 8.5 billion by 2030.
AI applications are becoming more intricate to improve performance and accuracy are driving the Market in coming years, however, Issues with data security and privacy restraints the growth of the Market.
IBM Corporation, SAS Institute, Inc., Microsoft Corporation, Google LLC (Alphabet Inc.), Salesforce, Inc., Amazon Web Services, Inc. (Amazon.com, Inc.), NVIDIA Corporation, Intel Corporation, SAP SE, and Squirro AG
The Data Processing segment is generating the highest revenue share in the Global Composite AI Market by Technique in 2022, achieving a market value of $2.9 billion by 2030.
The Product Design & Development segment is leading the Global Composite AI Market by Application in 2022, achieving a market value of $3.0 billion by 2030.
The North America market dominated the Global Composite AI Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $3.2 billion by 2030.
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