Composite AI Market worth $4.4 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, May 31, 2023 /PRNewswire/ -- With rising adoption across industries, cutting-edge applications like autonomous vehicles and healthcare diagnostics, integration with deep learning and edge computing, an emphasis on moral and responsible AI practises, the growth of collaborative AI ecosystems, and changing regulatory frameworks, the future of the Composite AI market appears bright. These patterns suggest that Composite AI will continue to play a crucial role in fostering innovation and providing value, as well as tremendous development potential.

The Composite AI Market is estimated to grow from USD 0.9 billion in 2023 to USD 4.4 billion by 2028, at a CAGR of 36.5% during the forecast period, according to a new report by MarketsandMarkets™. The growing availability of data, growing intricacy of AI applications for better performance is fuelling the market growth.

Browse in-depth TOC on "Composite AI Market"

264 - Tables
59 - Figures
280 - Pages

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Scope of the Report

Software to hold the largest market share during the forecast period

Composite AI software typically provides a platform or framework enabling seamless integration and orchestration of different AI models or algorithms. It allows users to leverage the diverse capabilities of these AI components to solve multifaceted challenges and make more informed decisions. With composite AI software, organizations can build sophisticated AI applications that can process and analyze diverse data types, understand complex patterns, generate insights, make predictions, and perform tasks that require a combination of AI techniques. The software enables the development of intelligent systems that can handle real-world complexities and deliver robust and reliable results.

Data mining & machine learning to grow at the highest CAGR during the forecast period

Data mining and machine learning techniques are crucial in implementing Composite AI solutions in the market. Combining data mining and machine learning techniques within composite AI solutions enables the system to analyze vast amounts of data, discover patterns, make predictions, and optimize decision-making. These techniques form the foundation for developing and deploying AI models and algorithms that power composite AI systems. They enable composite AI solutions to harness the power of data and deliver intelligent, adaptive, and context-aware capabilities across various domains and applications.

Product design & development to hold the largest market share during the forecast period

Product design and development applications play a vital role in composite AI solutions by facilitating the creation, iteration, and improvement of AI-powered products and services. Product design and development applications enable the creation of prototypes and simulations of AI-powered systems. Product design and development applications emphasize user-centric design principles, ensuring that the composite AI solution is intuitive, usable, and meets the needs of the end users. Hence, product design and development applications are crucial in shaping the user experience, integrating AI components, facilitating iterative development, ensuring scalability, monitoring performance, and addressing compliance and ethics considerations within composite AI solutions.

Asia Pacific to hold the highest CAGR during the forecast period

The Asia Pacific segment is anticipated to grow at the highest CAGR during the forecast period, driven by advancements in AI technologies, increasing data availability, and the growing digital transformation initiatives in various industries.  As AI technologies continue to advance and organizations embrace digital transformation, the adoption of Composite AI solutions is expected to grow further in the region.

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Composite AI Market Dynamics

Driver:

• Growing intricacy of AI applications for better performance and accuracy
• Increasing demand for more customized and flexible solutions to improve efficiency and productivity
• Advancements in hardware components and infrastructure for better scalability
• Rising usage of composite AI for industry-specific applications

Restraint:

• Concerns related to data privacy and security
• Shortage of skilled and talented workforce

Opportunities:

• Integration with edge computing and IoT for real-time decision-making
• Rising demand for explainable AI and trustworthiness across healthcare and BFSI sectors

Challenges:

• Data availability and quality
• High infrastructure costs with lower ROI

Top Key Companies in Composite AI Market:

Major vendors in the global Composite AI Market are IBM (US), SAS Institute (US), Microsoft (US), Google (US), AWS (US), Salesforce (US), BlackSwan Technologies (Israel), Oracle (US), OpenText (Canada), SAP (Germany), HPE (US), Pega (US), NVIDIA (US), Intel (US), UiPath (US), Zest AI (US), Dynamic Yield(US), DataRobot(US), H2O.ai(US), Squirro(Switzerland), CognitiveScale(US), SparkCognition (US), Diwo(US), ACTICO (Germany), Kyndi(US), Nauto(US), Netra(US), and Exponential AI (US).

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 July 2022, AWS partnered with Hugging Face to make it easier for companies to leverage state-of-the-art machine learning models, and ship cutting-edge NLP features faster. Through this partnership, Hugging Face is leveraging Amazon Web Services as its preferred cloud provider to deliver customer services.
• 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.
• In March 2022, Microsoft announced the acquisition of Nuance. This acquisition will offer customers improved consumer, patient, clinician, and employee experiences and better productivity and financial results.
• In September 2021, SAS announced an expansion for its SAS Viya platform, which analyzes data and builds AI models.

Composite AI Market Advantages:

• Composite AI integrates many AI technologies to get results that are more precise and dependable. The accuracy of forecasts, classifications, and decision-making processes can all be improved with Composite AI by combining diverse models, algorithms, and data sources.
• Businesses can automate complicated operations and procedures with Composite AI, which lowers manual labour requirements and boosts operational effectiveness. Automation, pattern recognition, and cognitive reasoning are just a few of the AI tools that Composite AI systems can use to complete jobs more rapidly and effectively than people.
• Organisations may provide their clients with personalised experiences and services thanks to composite AI. Composite AI is able to analyse individual preferences, behaviours, and needs by using data from numerous sources and machine learning algorithms to deliver specialised recommendations, information, and solutions.
• The engagement and happiness of customers can be greatly increased via composite AI. Composite AI systems are able to comprehend and reply to client inquiries by utilising technologies like natural language processing and computer vision, as well as to create interactive and immersive experiences.

Report Objectives

• To define, describe, and predict the Composite AI Market by offering (Hardware, Software, and services), technique, application, vertical, and region
• To provide detailed information about major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth
• To analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders
• To forecast the market size of segments concerning five main regions: North America, Europe, Asia Pacific, Middle East and Africa, and Latin America
• To profile key players and comprehensively analyze their market rankings and core competencies
• To analyze competitive developments in the Composite AI Market, such as partnerships, new product launches, and mergers and acquisitions.

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