June 19, 2024

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

The U.S. artificial intelligence (AI) market size is expected to increase USD 369.34 billion by 2033 from USD 37.01 billion in 2023 with a CAGR of 28.83% between 2024 and 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 transformation in recent years, driven by advancements in technology, increasing adoption across various industries, and robust investment in research and development. AI technologies encompass machine learning, natural language processing, computer vision, robotics, and more, enabling businesses to automate processes, enhance decision-making, and improve overall efficiency. In the U.S., AI is being integrated into diverse sectors such as healthcare, finance, automotive, retail, and manufacturing, shaping the future of how businesses operate and deliver value.

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Growth Factors

Several key factors are driving the growth of the U.S. AI market. First, the expanding availability of big data has provided a wealth of information for AI algorithms to analyze and derive insights from, fueling AI’s capabilities and applications. Additionally, growing investments from both public and private sectors in AI research and development are accelerating innovation and pushing the boundaries of what AI can achieve. Furthermore, the increasing demand for automation, predictive analytics, and personalized customer experiences is propelling the adoption of AI technologies across industries.

Regional Insights

In the U.S., regions such as Silicon Valley in California, Seattle in Washington, and Boston in Massachusetts have emerged as hotspots for AI development and deployment. These regions boast a concentration of tech companies, research institutions, and venture capital firms that are driving AI innovation. The collaborative ecosystem between academia, startups, and established tech giants in these areas fosters a fertile ground for AI advancements, attracting top talent and investment.

U.S. Artificial Intelligence (AI) Market Scope

Report CoverageDetails
Growth Rate from 2024 to 2033CAGR of 28.83%
U.S. Artificial Intelligence (AI) Market Size in 2023USD 37.01 Billion
U.S. Artificial Intelligence (AI) Market Size in 2024USD 48.51 Billion
U.S. Artificial Intelligence (AI) Market Size by 2033USD 369.34 Billion
Base Year2023
Forecast Period2024 to 2033
Segments CoveredBy Offering, By Technology, By Deployment, By Organization Size, By Business Function, and By End-use

 

U.S. Artificial Intelligence(AI) Market Dynamics

Drivers

Several drivers are propelling the growth of the U.S. AI market. One major driver is the increasing demand for AI-driven solutions to streamline business operations, optimize supply chains, and improve customer engagement. Another driver is the continuous improvement of AI algorithms and models, leading to more accurate predictions and sophisticated applications. Additionally, regulatory support and government initiatives to promote AI adoption and development are further stimulating market growth.

Opportunities

The U.S. AI market presents significant opportunities for businesses and investors. Companies can leverage AI to gain competitive advantages by harnessing data insights for targeted marketing, operational efficiency, and product innovation. Startups focusing on niche AI applications or novel algorithms have the opportunity to disrupt traditional industries and capture market share. Moreover, collaborations between industry players and research institutions offer avenues for breakthrough innovations and commercialization of AI technologies.

Challenges

Despite its growth prospects, the U.S. AI market faces certain challenges. Ethical concerns related to AI, such as data privacy, bias in algorithms, and job displacement due to automation, require careful consideration and regulation. Additionally, the complexity and cost of implementing AI solutions, especially for small and medium-sized enterprises (SMEs), can be a barrier to adoption. Addressing these challenges will be essential for ensuring sustainable and responsible growth of the U.S. AI market.

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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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