According to a new report, published by KBV research, The Global Artificial Intelligence (AI) Toolkit Market size is expected to reach $164.4 billion by 2030, rising at a market growth of 34.3% CAGR during the forecast period.
The Hardware segment would experience a CAGR of 34.6% during (2023 - 2030). Hardware advancements, such as developing specialized AI accelerators (e.g., GPUs, TPUs, and FPGAs), provide significantly increased processing power. As a result, AI developers can work with larger datasets and more intricate models, leading to improved AI applications. This is critical in scenarios where low latency is essential, such as autonomous vehicles, robotics, and real-time decision-making systems. Hardware improvements lead to the development of AI-specific hardware platforms, such as AI development kits and edge computing devices.
The Natural Language Processing segment is generating the maximum revenue in the Artificial Intelligence (AI) Toolkit Market by Technology in 2022, thereby achieving a market value of $76 billion by 2030. NLP technology is essential for the development of conversational AI and chatbots. AI toolkits often include NLP libraries and frameworks that enable developers to create virtual assistants and chatbots capable of understanding and responding to natural language. The rising demand for chatbots in customer support, virtual assistants, and other applications has driven the adoption of NLP-enhanced AI toolkits. NLP technology enables AI toolkits to perform text analysis and sentiment analysis. AI toolkits with NLP enhancements make it easier for enterprises to extract insights from textual data.
The BFSI segment is registering a CAGR of 31.5% during (2023 - 2030). AI toolkits are used to build robust fraud detection systems in the BFSI segment. Machine learning models integrated into these toolkits can analyze transaction data in real time to detect and prevent fraudulent activities, safeguarding both financial institutions and customers. AI toolkits enable BFSI organizations to offer personalized financial advice, investment recommendations, and insurance policies based on customer profiles and behavior. This customization increases consumer engagement and enhances the customer experience.
The North America region dominated the Global Artificial Intelligence (AI) Toolkit Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $62 billion by 2030. The Europe region is anticipated to have a CAGR of 33.8% during (2023 - 2030). Additionally, The Asia Pacific region is poised to grow a CAGR of 35.3% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/artificial-intelligence-toolkit-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Microsoft Corporation, IBM Corporation, Google LLC, Oracle Corporation, NVIDIA Corporation, Thales Group S.A., Intel Corporation, Adobe, Inc., Salesforce, Inc. and DataRobot, Inc.
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