North America Artificial Intelligence (AI) Market Insights Forecasts to 2032

• The North America Artificial Intelligence (AI) Market Size was valued at USD 37.5 Billion in 2022.
• The Market is growing at a CAGR of 34.6% from 2022 to 2032.
• The North America Artificial Intelligence (AI) Market Size is expected to reach 731.8 Billion by 2032.
• North America is expected to grow the fastest during the forecast period.

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The North America Artificial Intelligence (AI) Market Size is expected to reach USD 731.8 Billion by 2032, at a CAGR of 34.6% during the forecast period 2022 to 2032.

 

Market Overview

Artificial intelligence (AI) is a broad and fast-growing industry in North America, with diverse applications and a substantial impact on several sectors. Organizations in North America have swiftly used AI to increase efficiency, productivity, and consumer experiences. Artificial intelligence (AI) is transforming the healthcare industry by assisting with diagnostic processes, predictive analytics, patient care, and drug discovery. In addition, artificial intelligence serves as the cornerstone for autonomous or self-driving automobiles. Tesla, Waymo (an Alphabet Inc. subsidiary), and Uber are all aggressively pursuing opportunities in this area of technology. AI can also be employed in intelligent traffic management systems. Retail uses artificial intelligence for demand projections, algorithms for recommendation, as well as supply chain efficiency. Also, governments in North America have been investigating the use of artificial intelligence (AI) to simplify public services, better data analysis, and improve decision-making. Artificial intelligence has many opportunities to improve transportation, urban planning, and public safety. Moreover, the emergence of digital corporations such as Google, Microsoft, IBM, and Amazon in North America has been critical in fostering the development of artificial intelligence (AI). These firms make significant investments in AI research, development, and incorporation throughout their goods and services. Additionally, the region has a flourishing AI startup ecosystem, with rising firms focused on specific AI applications and emerging technologies.

 

Report Coverage

This research report categorizes the market for North America Artificial Intelligence (AI) Market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America Artificial Intelligence (AI) Market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the North America Artificial Intelligence (AI) Market.

 

Driving Factors

The North America artificial intelligence (AI) market had been rapidly increasing as a result of factors such as advances in data analysis, greater funding for AI startups, and the broad range of applications that take advantage of AI in industries such as healthcare, automotive, retail, and banking. In addition, ongoing research and development in AI technologies, such as machine learning, natural language processing, and computer vision, is driving the adoption of the AI market. Additionally, artificial intelligence (AI) provided enormous prospects for revolutionizing healthcare in North America. AI applications are expected to improve patient satisfaction and lower healthcare costs across the board, from disease detection and drug discovery to personalized treatment. Through predictive maintenance, quality control, and supply chain optimization, artificial intelligence may dramatically increase the efficiency of manufacturing processes.

 

Furthermore, the continued presence of significant artificial intelligence (AI) competitors such as Google, Microsoft, IBM, and other technology businesses, as well as prominent AI research universities, are expected to increase the demand for AI in North America. In addition, there had also been a trend favoring increased government funding and policymaking aimed at encouraging AI technology adoption and development. Moreover, Edge AI, which involves bringing artificial intelligence (AI) processing closer to the data source in order to reduce latency and improve privacy, has grown increasingly prevalent in applications such as IoT gadgets and real-time data monitoring.

 

Market Segment

• In 2022, the software segment accounted for the largest revenue share of more than 61.3% over the forecast period.

Based on the offering, the North America Artificial Intelligence (AI) Market is segmented into hardware, software, and services. Among these, the software segment has the largest revenue share of 41.3% over the forecast period. The software segment includes platforms and applications that employ AI technologies. Artificial intelligence (AI) software platforms offer the tools and infrastructure required for AI application development. They can consist of machine learning libraries, development environments, and APIs that aid in facilitating the creation of AI models. On the other hand, AI apps are software solutions that use AI technologies to provide specialized services or accomplish specified activities. The need for automation, data-based decision-making, and improved consumer experiences has fueled the demand for AI software.

• In 2022, the cloud segment is influencing the largest CAGR over the forecast period.

On the basis of deployment, the North America Artificial Intelligence (AI) Market is segmented into cloud and on-premises. Among these segments, the cloud segment dominates the largest market share over the forecast period. Cloud AI solutions are those that are maintained on cloud platforms and offered to users via the Internet. Cloud-based AI solutions are a popular alternative for many enterprises due to their scalability, versatility, and cost-effectiveness. The capacity of clouds to access sophisticated artificial intelligence (AI) features without considerable upfront hardware and infrastructure expenditure is projected to contribute to the growth of the cloud AI industry.

 

• In 2022, the machine learning segment accounted for the largest revenue share of more than 64.2% over the forecast period.

On the basis of technology, the North America Artificial Intelligence (AI) Market is segmented into machine learning, natural language processing, machine vision, autonomous & sensor technology, and others. Among these, the machine learning segment has the largest revenue share of 64.2% over the forecast period. This is due to its wide range of applications across industries and its essential role in several AI technologies. It is widely utilized in North America for a variety of applications such as predictive analytics, recommendation systems, fraud detection, and others. Deep learning, a subset of machine learning that focuses on neural networks, is also becoming more popular for image and speech recognition applications.

 

• In 2022, the finance and marketing & sales segment is influencing the largest CAGR over the forecast period.

On the basis of application, the North America Artificial Intelligence (AI) Market is segmented into finance, security, human resources, law, marketing & sales, operations, supply chain management, and others. Among these segments, the finance and marketing & sales segment dominates the largest market share over the forecast period. This is primarily owing to the significant benefits that AI may provide in terms of better decision-making and consumer experience. In the banking industry, AI is commonly utilized for risk assessment, fraud detection, customer service, and algorithmic trading. Chatbots and virtual assistants powered by AI have grown in popularity as solutions for improving consumer relations. Furthermore, artificial intelligence (AI) is being used in marketing and sales to personalize client experiences, automate interactions, and analyze customer data for insights. It is used for a variety of purposes, including consumer segmentation, predictive analytics, lead scoring, and customer support.

 

• In 2022, the healthcare & retail segment dominated with more than 57.8% market share

Based on the industry, the North America Artificial Intelligence (AI) Market is segmented into healthcare, retail, IT & telecom, BFSI, automotive, advertising & media, manufacturing, and others. Healthcare & retail has captured the highest market share in the industry of the North America Artificial Intelligence (AI) Market. In North America, artificial intelligence is making tremendous advancements in the healthcare business. It's utilized in medical image analysis, drug development, patient diagnosis and treatment planning, virtual health aids, and health record administration, among other things. Artificial intelligence-powered applications are assisting healthcare practitioners in making more accurate diagnoses, improving patient outcomes, and increasing overall healthcare efficiency. AI is used in the retail business for targeted marketing, demand forecasting, inventory management, and customer support. AI-powered recommendation systems are used to provide customers with individualized product suggestions, improving their shopping experience and increasing sales.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the North America Artificial Intelligence (AI) Market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• Amazon.com, Inc.
• Okaya USA, Inc.
• Baidu, Inc.
• IBM Corporation
• Microsoft Corporation
• Pleora Technologies, Inc.
• Oracle Corporation
• Salesforce, Inc.
• NVIDIA Corporation
• People.ai
• H2O.ai
• OpenAI
• Nuro AI
• Google LLC
• RailState
• Intel Corporation
• Twitter, Inc.
• SmartWitness
• Synopsys, Inc.
• DataRobot
• Optessa

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Developments

• On February 2023, L&T Technology Services Limited has announced a new suite of offerings centered on Industry 4.0 technologies for key verticals such as transportation, medical devices, and high-tech, utilizing the most recent advancements in Artificial Intelligence (AI), robotics, 3D-vision systems, and connected machines.  LTTS will assist create new solutions across the digital manufacturing spectrum in the United States, with a focus on connecting machine language with cutting-edge Manufacturing Execution Systems and allowing next-generation digital twins. The company intends to develop these design centres to provide additional services such as embedded software and hardware solutions, as well as enhanced process analytics leveraging AI, ML, and predictive maintenance.

 

• On April 2023, Siemens and Microsoft are leveraging the collaborative power of generative artificial intelligence (AI) to assist industrial enterprises in driving innovation and efficiency throughout the product design, engineering, manufacturing, and operating lifecycle. The businesses are combining Siemens' Teamcenter® software for product lifecycle management (PLM) with Microsoft's collaboration platform Teams and the language models in Azure OpenAI Service, as well as other Azure AI capabilities, to improve cross-functional communication.

 

• On May 2023, Evolv Technology, the market leader in AI-based weapons detection security screening, has announced a collaboration with Ricoh USA, Inc., one of the world's largest service delivery organizations, to expand Evolv's customer care program. The new support and service relationship will leverage Ricoh's well-established and extensive Service Advantage program to expand Evolv's coverage, capacity, and capabilities in order to provide better, faster service to Evolv's more than 600 current clients and potential venues secured.

 

• On May 2023, Veritone, Inc., a pioneer in enterprise AI software and services, announced today an agreement with CareerBuilder to acquire Broadbean, a global leader in software-as-a-service (SaaS) technology that enables talent acquisition and engagement easier, faster, and more efficient. Broadbean's purchase will add more than 5 billion data points of worldwide job advertising performance to Veritone's AI algorithms and analytics, allowing Veritone to improve recruitment insights for customers and scale AI-driven innovations across the business.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2021 to 2032. Spherical Insights has segmented the North America Artificial intelligence (AI) Market based on the below-mentioned segments:

 

North America Artificial Intelligence (AI) Market, By Offering

• Hardware
• Software
• Services

 

North America Artificial Intelligence (AI) Market, By Technology

• Machine Learning
• Natural Language Processing
• Machine Vision
• Autonomous & Sensor Technology
• Others

 

North America Artificial Intelligence (AI) Market, By Deployment

• Cloud
• On-premises

 

North America Artificial Intelligence (AI) Market, By Application

• Finance
• Security
• Human Resources
• Law
• Marketing & Sales
• Operations
• Supply Chain Management
• Others

 

North America Artificial Intelligence (AI) Market, By Industry

• Healthcare
• Retail
• IT & Telecom
• BFSI
• Automotive
• Advertising & Media
• Manufacturing
• Others

 

North America Artificial Intelligence (AI) Market, By Country

• United States
• Canada
• Mexico