AI In Data Management Global Market Projected To Reach $34.76 Billion In 2024 With A Robust 25.8% CAGR
AI In Data Management Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The AI in data management market has seen significant expansion in recent years and is projected to grow from $27.64 billion in 2023 to $34.76 billion in 2024 at a compound annual growth rate CAGR of 25.8%. This notable growth within the historic period can be attributed to factors such as the increase in data generation, advancements in machine learning technologies, widespread adoption of cloud computing, digital transformation initiatives, and rising concerns around data privacy and security.
What Is the Projected Market Size for AI In Data Management?
Forecasting ahead, the AI in data management market will continue its positive trajectory. It's expected to surge to a staggering $87.33 billion in 2028, with a compound annual growth rate CAGR of 25.9%. Factors that are expected to drive growth in the forecast period include the expansion of the healthcare sector, increased use of AI in automation, the integration of AI in business processes, and a growing emphasis on data analytics for strategic business insights. Trends such as data fabric for seamless integration, AI automation, low-code/No-Code platforms, and an increased focus on data security and privacy are also anticipated to influence the market growth substantially.
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What Is Propelling The Growth Of AI In Data Management Market?
A shift towards the adoption of cloud-based platforms is predicted to be a significant driver for the AI in data management market. Cloud services - a broad category of computing resources and applications delivered over the internet on a subscription basis - are on the rise due to their capacity to support remote work, facilitate digital transformation, and meet the scalability and agility needs of modern businesses. On these platforms, Artificial Intelligence AI streamlines data integration, analysis, governance and enables efficient, scalable, intelligent data processing and decision-making. Notably, in December 2023, according to Eurostat, a Luxembourg-based intergovernmental organization, 45.2% of enterprises within the European Union procured cloud computing services, primarily for hosting email systems and storing electronic files.
Discover more information and insights about the emerging trends and driving factors in the full AI in Data Management Market Report at: https://www.thebusinessresearchcompany.com/report/ai-in-data-management-global-market-report
Who Are The Major Players In The AI In Data Management Market?
Key market players include established tech giants like Google LLC, Microsoft Corporation, Amazon Web Services Inc., International Business Machines Corporation, Oracle Corporation, SAP SE, Salesforce Inc., Hewlett Packard Enterprise, SAS Institute, and emerging players like Databricks Inc., Teradata Corporation, Informatica Inc., TIBCO Software, Alteryx Inc., Qlik, Talend S.A., Sumo Logic Inc. These companies, among others, are constantly innovating and focusing on the development of advanced solutions such as AI-powered intelligent data management cloud platforms to maintain a competitive edge in the market.
What Are The Market Segments Of The AI In Data Management Market?
Segmenting the AI in data management market, it can be broken down by:
1 Component: Solution, Services
2 Deployment Mode: Cloud-Based, On-Premise
3 Technology: Machine Learning, Natural Language Processing, Computer Vision, Other Technologies
4 Application: Data Search And Retrieval, Data Analytics, Data Classification, Data Integration, Data Security, Other Applications
5 Industry Vertical: Banking Financial Services And Insurance BFSI, Information Technology IT And Telecommunications, Healthcare, Retail And E-commerce, Manufacturing, Media And Entertainment, Government And Public Sector, Other Industry Verticals
Where Is The AI In Data Management Market Most Prominent?
Regional analysis reveals that North America was the largest region in the AI in data management market in 2023. The AI in data management market report covers several regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa, providing a comprehensive insight into the regional trends impacting the market.
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