May 20, 2024

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

The U.S. artificial intelligence (AI) market size was estimated at USD 37.01 billion in 2023 and is projected to reach 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 is experiencing rapid growth and transformation driven by advancements in technology, increasing adoption across industries, and substantial investments in AI research and development. AI encompasses a wide range of technologies that enable machines to perform tasks that typically require human intelligence, such as natural language processing, machine learning, computer vision, and robotics. In the U.S., AI applications are being deployed across various sectors including healthcare, finance, automotive, retail, and manufacturing, revolutionizing business operations and consumer experiences.

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Growth Factors

Several key factors are fueling the growth of the AI market in the U.S. First, the availability of big data and the need for sophisticated data analytics are driving demand for AI solutions that can extract insights and make predictions from vast datasets. Second, advancements in deep learning algorithms and neural networks have significantly enhanced AI capabilities, making it more effective in solving complex problems. Additionally, the proliferation of connected devices and the Internet of Things (IoT) is generating massive amounts of data that can be leveraged by AI systems to optimize processes and improve decision-making.

The United States leads the global AI market, with major technology hubs such as Silicon Valley in California, Seattle in Washington, and Boston in Massachusetts driving innovation and attracting talent. Companies ranging from tech giants like Google, Microsoft, and Amazon to startups and research institutions are concentrated in these regions, fostering a rich ecosystem for AI development. The presence of top-tier universities and research centers further contributes to the region’s leadership in AI technology and applications.

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:

Several drivers are propelling the growth of the U.S. AI market. One key driver is the increasing automation of tasks across industries to improve efficiency and reduce costs. AI-powered automation streamlines workflows, enhances productivity, and enables businesses to focus on higher-value activities. Another driver is the rising demand for personalized customer experiences, with AI enabling targeted marketing, recommendation systems, and virtual assistants that enhance user engagement and satisfaction.

Opportunities:

The U.S. AI market presents significant opportunities for innovation and business expansion. Industries such as healthcare are leveraging AI for predictive analytics, disease diagnosis, and personalized treatment plans, while autonomous vehicles and smart manufacturing are transforming transportation and industrial sectors. AI-driven cybersecurity solutions are also in high demand to combat evolving cyber threats. Moreover, the emergence of AI-powered virtual agents and chatbots is reshaping customer service and support functions across various industries.

Challenges:

Despite its growth prospects, the U.S. AI market faces several challenges. Ethical concerns related to data privacy, bias in AI algorithms, and job displacement due to automation require careful consideration and regulatory frameworks. Additionally, the complexity of AI technologies and the shortage of skilled AI talent pose obstacles to widespread adoption. Addressing these challenges will be crucial to ensuring the responsible and sustainable development of AI in the United States.

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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.

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