Composite AI is combining different kinds of AI technologies to achieve the best and most apt results.
According to the MarkNtel Advisors’ research report, “Global Composite AI Market Analysis, 2021,” the market is likely to grow at a CAGR of around 35% during 2021-26 due to the mounting demand for AI-based cognitive solutions and the burgeoning need for evaluating complex data sets in data-sensitive companies.
Besides, enhancements in algorithms and technologies further augment the large-scale adoption of AI-based solutions. In addition to this, surging demand for improving business functions and evolving innovation across industries provides a lucrative opportunity to propel the growth of the Composite AI Market across the globe.
Impact of COVID-19
The outbreak of the COVID-19 pandemic has aided the demand for technological developments and new applications within different end-use verticals. Moreover, due to the spread of disease, the need for AI-enabled solutions in the healthcare sector witnessed tremendous growth for responding to any crises as quickly as possible.
Besides the healthcare sector, the demand for composite AI also experiences fast growth in the education sector to cater to a large consumer base without any service disturbance or delay.
Software Segment Accounted for the Largest Market Share
Based on the component, the market classifies into Hardware, Software, and Services. Among these, the Software segment acquired the largest share in the Global Composite AI Market in the past few years. The segment growth attributes to the surging demand for advanced AI software across dynamic end-user sectors.
Moreover, the surging requirements of organizations to analyze their data and gain proper insights from it also boost the adoption of composite AI software and hence, propel the segment growth, cites MarkNtel Advisors in their research report, “Global Composite AI Market Analysis, 2021.”
Manufacturing Sector Dominated the Market
Based on the End-User, the market bifurcates into Finance, Healthcare, Government, Logistics, Automotive, and Manufacturing sectors. Of these sectors, Manufacturing captured a significant share in the Global Composite AI Market in the past few years, primarily due to the increased customer satisfaction, diverse application area, and improved productivity.
Further, using composite AI in the manufacturing sector is beneficial for workflow management and Big Data integration. Thus, these factors contribute to the manufacturing sector's growth.
North America Region Attained the Highest Market Share
Geographically, North America held the largest share in the Global Composite AI Market in the past few years due to the abundant availability of leading market players in the region. In addition to this, the promising government initiatives to promote the adoption of composite AI across various end-user verticals, including healthcare, automotive, and retail sectors, are amongst other crucial factors propelling the market growth in the North American region.
Surging Investments in AI technologies boost the Market Share
The mounting number of high-tech companies and small startups surge the adoption of AI-based platforms to attain high productivity and efficiency in their value chains. Further, the ability of composite AI technology to analyze and interpret the massive data collected efficiently through algorithms, resulting in increased productivity, thereby fueling the market growth.
According to MarkNtel Advisors, the major leading players in the global Composite AI market are Black Swan Technologies, SAS, E-SPIN Corp., Exponential AI, Opentext, Infosys, and Lalaland.
Key Questions Answered in the Market Research Report:
1. What are the overall market statistics or estimates (Market Overview, Market Size- by Value, Forecast Numbers, Market Segmentation, and Market Shares) of the Global Composite AI Market?
2. What is the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Composite AI Market?
4. Who are the key competitors, their key strengths & weaknesses, and how they perform in the Global Composite AI Market based on a competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the Global Composite AI Market study?