The Global Composite AI Market was valued USD 900 Million in 2023 and projected to reach USD 5870 Million by 2030, growing at a CAGR of 36.7% during the forecast period of 2023-2030.
Richmond, Nov. 08, 2023 (GLOBE NEWSWIRE) — According to a research report “Composite AI Market, by Component (Service, Hardware, Software), Technique (Conditioned Monitoring, Pattern Recognition, Data Processing, Proactive Mechanism, Data Mining & Machine Learning, Others) Application (Product Design & Development, Quality Control, Predictive Maintenance, Security & Surveillance, Customer Service, Others), Industry Vertical (BFSI, Retail and ecommerce, Manufacturing, Energy and Utilities, Transportation and Logistics, Healthcare and Life Sciences, Media and Entertainment, Government and Defense, Telecom, Others), and Region.
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TOC Covers in Depth & Breath on Composite AI Market
170 – Market Data Tables
67 – List of Figures
230 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
Composite AI refers to the combination of various AI technologies. Traditional AI is a broad sector of machine intelligence and has a wide range of applications, including automation, predictive analytics, machine learning, and natural language processing (NLP), and so on. The Composite AI market is witnessing substantial growth due to its ability to address complex real-world problems that single AI approaches may struggle to solve. These solutions are being applied across a wide range of industries, including healthcare, finance, automotive, and manufacturing, to improve decision-making processes, automate tasks, enhance customer experiences, and optimize operational efficiency. One key driver of this market is the increasing need for AI solutions that can provide a holistic and integrated approach to problem-solving. Composite AI leverages the strengths of different AI technologies, enabling the development of more accurate and adaptable AI models. As a result, businesses are turning to Composite AI to gain a competitive edge in today’s data-driven economy.
Major vendors in the global Artificial Intelligence In Composite AI Market – IBM, SAS Institute, Microsoft, Google, AWS, Salesforce, BlackSwan Technologies, Oracle, OpenText, SAP, HPE, Pegas, NVIDIA, Intel, UiPath, Zest AI, Dynamic Yield, DataRobot, H2O.ai, Squirro, CognitiveScale, SparkCognition, Diwo, ACTICO, Kyndi, Nauto, Netra, and Exponential AI. and Others.
Growing intricacy of AI applications for better performance and accuracy
The growing intricacy of AI applications stands out as a significant driver propelling the Composite AI market forward. This driver is rooted in the increasing demand for AI systems that can deliver superior performance and unmatched accuracy, a need that single AI approaches often struggle to fulfill. Composite AI, which integrates multiple AI technologies and techniques, offers a solution to this growing complexity in AI applications. In a rapidly evolving technological landscape, the requirements for AI systems have expanded beyond simple and isolated tasks. Businesses and industries are seeking AI solutions that can tackle multifaceted challenges, adapt to changing environments, and handle the intricacies of real-world scenarios. Whether it’s the healthcare sector diagnosing complex diseases, the financial industry predicting market trends, or the automotive sector developing self-driving vehicles, the need for more sophisticated AI models has become evident.
Market Dynamics
Drivers:
Opportunities:
Continuous Innovation In Composite AI Techniques And Models
Continuous innovation in Composite AI techniques and models presents a remarkable opportunity within the Composite AI market. This dynamic field is marked by its flexibility and adaptability, allowing for the integration of multiple AI technologies to create sophisticated and robust AI models. The potential for ongoing innovation in Composite AI techniques and models offers an avenue for staying at the forefront of AI advancements and driving the development of more effective and specialized solutions. One of the fundamental opportunities lies in the evolution of AI techniques themselves. As the field of AI continually evolves, new algorithms and approaches are developed to address complex challenges and improve AI’s performance. By incorporating these innovative techniques into Composite AI models, the market can advance the capabilities of AI systems. These models can adapt to an ever-widening range of applications, enabling more precise and efficient outcomes.
The market for Composite AI is dominated by North America.
North America indeed reigns as the dominant region in the Composite AI market. This prominence is attributed to several key factors that make North America a hub for adopting and fostering the growth of Composite AI solutions. The region boasts a strong presence of advanced AI technology companies, renowned for their innovations and expertise in the field. Additionally, North America possesses robust research and development capabilities, facilitating the continuous evolution and refinement of Composite AI solutions. This ecosystem is further bolstered by a mature and well-established market, enabling the swift proliferation of Composite AI technology. Major industries in North America, including healthcare, BFSI (Banking, Financial Services, and Insurance), retail, and manufacturing, have warmly embraced Composite AI solutions. These sectors recognize the potential of Composite AI to drive innovation, elevate customer experiences, and streamline operational efficiency. Such recognition has led to the rapid adoption of Composite AI solutions across North America, making it the epicenter of this transformative technology.
Asia Pacific is emerging as the fastest-growing region in the Composite AI market, following in the footsteps of the dominant North American market. This surge in growth is driven by a combination of factors that are reshaping the AI landscape in the Asia Pacific region, making it a burgeoning hub for Composite AI adoption and innovation. One of the primary drivers of Composite AI’s rapid growth in Asia Pacific is the region’s increasing focus on technological advancements and digital transformation. With several countries in Asia Pacific, such as China and India, becoming global tech powerhouses, there is a burgeoning demand for AI solutions that can tackle complex, real-world challenges. Industries across the region are striving to adopt advanced AI technologies to remain competitive in the global market. This heightened focus on technology, coupled with the availability of skilled talent, is accelerating the adoption of Composite AI.
The Services Segment is Anticipated to Hold the Largest Market Share During the Forecast Period
Product design and development represents a dominating application segment within the Composite AI market. This is driven by the intersection of AI technologies with the creative and technical aspects of conceiving, designing, and refining products. Composite AI, a blend of multiple AI techniques, has proven to be a game-changer in this domain. Innovations in product design and development have witnessed a profound shift as Composite AI empowers designers and engineers with intelligent tools. By integrating machine learning, computer vision, and natural language processing, designers can harness AI-driven insights to optimize the form, function, and user experience of their products. This results in faster prototyping, improved efficiency, and a more agile development process.
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Recent Developments
In April 2023, Amazon SageMaker announced Collections, a new capability to organize machine learning models in the Amazon SageMaker Model Registry. Collections may gather relevant registered models and organize them hierarchically to improve model discoverability at scale.
In May 2022, BlackSwan Technologies and Refinitiv entered a strategic agreement. The agreement enables next-generation customer risk assessment through an advanced compliance solution incorporating comprehensive financial crime data and ground-breaking AI technologies for KYC, transaction monitoring, and screening.
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