June 22, 2024
ICT

U.S. Artificial Intelligence (AI) Market Size, Share, Report By 2033

The U.S. artificial intelligence (AI) market size accounted for USD 37.01 billion in 2023 and is anticipated to touch around USD 369.34 billion by 2033, expanding at a CAGR of 28.83% from 2024 to 2033.

Key Points

  • By offering, the software segment dominated the market with a share of 39.24% in 2023.
  • By offering, the services segment is expected to witness a significant growth in the market during the forecast period.
  • By technology, the machine learning segment dominated the market with a share of 39.32% in 2023.
  • By deployment, the on-premise segment is dominated the market with the market share of 50.76% in 2023.
  • By organization, the large enterprises dominated the market with the share of 57.13% in 2023.
  • By business function, the others segment led the market with 38.58% market share in 2023.
  • By end use, the advertising and media segment dominated the market with a share of 18.77% in 2023.
  • By end-use, the BFSI segment was the second largest segment with a share of 17.15% in 2023.

Artificial Intelligence (AI) Market Size in US 2024 to 2033

The U.S. Artificial Intelligence (AI) market has experienced significant growth and innovation in recent years, driven by advancements in machine learning, deep learning, natural language processing, and robotics technologies. AI is being integrated across various industries, including healthcare, finance, retail, automotive, and manufacturing, to enhance efficiency, automate processes, and deliver personalized experiences. The market encompasses software, hardware, and services that enable organizations to leverage AI capabilities for data analysis, decision-making, and automation.

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Growth Factors

Several key factors are fueling the growth of the U.S. AI market. One major driver is the increasing adoption of AI-driven solutions by businesses to gain competitive advantages, improve customer experiences, and optimize operations. Additionally, the availability of vast amounts of data and advancements in computing power have facilitated the development and deployment of AI applications. Investments from tech giants, venture capitalists, and government initiatives to promote AI research and development further contribute to market expansion.

Region Insights

Within the U.S., regions like Silicon Valley in California, Seattle in Washington, and the Boston area in Massachusetts have emerged as hubs for AI innovation and entrepreneurship. These regions benefit from a dense network of tech companies, research institutions, and skilled talent pools, fostering collaboration and growth in the AI ecosystem. The West Coast, in particular, has seen rapid AI adoption across various sectors, while the Northeast is notable for its concentration of AI startups and academic institutions.

U.S. Artificial Intelligence (AI) Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 28.83%
U.S. Artificial Intelligence (AI) Market Size in 2023 USD 37.01 Billion
U.S. Artificial Intelligence (AI) Market Size in 2024 USD 48.51 Billion
U.S. Artificial Intelligence (AI) Market Size by 2033 USD 369.34 Billion
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Offering, By Technology, By Deployment, By Organization Size, By Business Function, and By End-use

 

U.S. Artificial Intelligence(AI) Market Dynamics

Drivers

The U.S. AI market is propelled by several drivers, including the increasing demand for automation and efficiency in industries such as healthcare and manufacturing. AI’s ability to analyze large datasets for insights and predictive analytics is transforming decision-making processes. Moreover, advancements in autonomous vehicles, virtual assistants, and smart devices are expanding AI applications in consumer electronics and transportation sectors, further driving market growth.

Opportunities

Amidst the growth, there are significant opportunities for AI adoption across sectors that have yet to fully leverage AI capabilities. Healthcare presents a promising opportunity for AI-driven diagnostics, personalized treatment plans, and drug discovery. In finance, AI is used for fraud detection, risk assessment, and algorithmic trading. Additionally, AI-powered customer service and marketing automation are emerging as key areas for businesses to improve customer engagement and operational efficiency.

Challenges

Despite its rapid expansion, the U.S. AI market faces challenges related to ethical considerations, data privacy, and regulatory frameworks. Ensuring transparency and accountability in AI algorithms, addressing bias in AI models, and navigating regulatory compliance are critical challenges that require industry collaboration and policy development. Additionally, there is a growing need for skilled AI talent to meet the demand for developing, implementing, and maintaining AI systems across different sectors.

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U.S. Artificial Intelligence (AI) Market Recent Developments

  • In May 2024, The Department of Homeland Security (DHS) is regulating artificial intelligence for training officers for reviewing refugee status applicants in the United States.
  • In May 2024, Mechanoid, a leading players in the automation and business optimization announced the launch of new software for the transformation of small business sales and marketing by artificial intelligence (AI) and automation.

U.S. Artificial Intelligence (AI) Market Companies

  • AiCure
  • Atomwise, Inc.
  • Ayasdi AI LLC
  • Clarifai, Inc
  • Cyrcadia Health
  • Enlitic, Inc.
  • Google LLC
  • H2O.ai.
  • HyperVerge, Inc.
  • International Business Machines Corporation
  • IBM Watson Health
  • Intel Corporation
  • Microsoft
  • NVIDIA Corporation
  • Sensely, Inc.

Segments Covered in the Report

By Offering

  • Hardware
  • Software
  • Services

By Technology

  • Machine Learning
  • NLP
  • Context Aware Computing
  • Computer Vision

By Deployment

  • On-premise
  • Cloud-based

By Organization Size

  • Large Enterprises
  • SMEs

By Business Function

  • Marketing
  • Security
  • Finance
  • Others

By End-use

  • Healthcare
  • BFSI
  • Law
  • Retail
  • Advertising and Media
  • Automotive and Transportation
  • Agriculture
  • Manufacturing
  • Others

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