Composite AI Global Market Report 2024

The composite AI market size has grown exponentially in recent years. It will grow from $1.04 billion in 2023 to $1.43 billion in 2024 at a compound annual growth rate (CAGR) of 37.9%. The expansion witnessed during the historical period can be ascribed to progressions in artificial intelligence (AI), heightened computing capabilities, the emergence of big data, and the increasing adoption of AI within creative industries, along with the development of user-friendly interfaces.

The composite AI market size is expected to see exponential growth in the next few years. It will grow to $5.08 billion in 2028 at a compound annual growth rate (CAGR) of 37.2%. The anticipated growth in the upcoming period can be credited to ongoing advancements in AI, the advent of quantum computing, the implementation of ethical and responsible AI practices, the global expansion of creative industries, and the customization of solutions tailored to specific markets. Key trends expected in the forecast period encompass improved collaboration between humans and AI, the integration of AI with creativity tools, the utilization of generative adversarial networks (GANs) in creative processes, human-AI collaboration, and personalized content creation.

The rising integration of artificial intelligence (AI) is anticipated to drive growth in the composite AI market. AI adoption involves the incorporation of AI technologies into existing systems, processes, or daily activities, with composite AI increasingly being utilized. Composite AI combines various AI techniques such as machine learning, natural language processing, computer vision, and rule-based systems to enhance overall capabilities and tackle complex problems more effectively. According to The International Business Machines Corporation, approximately 35-36% of global companies were implementing AI, and 42-64% were exploring its potential in March 2022. Moreover, 64% of businesses believe AI can enhance productivity, while 42% believe it can streamline job processes, further fueling the adoption of AI and subsequently the growth of the composite AI market.

Key players in the composite AI market are focusing on innovating new technologies, such as artificial intelligence platforms, to deliver reliable services to customers. An AI platform is a hardware architecture or software framework that enables tasks mimicking human cognitive abilities, including learning, reasoning, problem-solving, and social intelligence. For example, in October 2023, Fujitsu Limited launched Fujitsu's Kozuchi AI platform, offering advanced AI technologies to expedite application verification across industries such as manufacturing, retail, finance, and healthcare. This platform, part of Fujitsu's Composite AI framework, combines various AI innovation components to solve complex problems such as demand forecasting and production scheduling for customers.

In August 2023, Thomson Reuters Corporation acquired Casetext Inc. to enhance its AI roadmap, offering generative AI solutions to its clientele and accelerating the advancement of generative AI for its markets and clientele. Casetext Inc. is known for providing legal composite AI solutions and will contribute to Thomson Reuters' efforts in this domain.

Major companies operating in the composite AI market report are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Meta Platforms Inc., Intel Corporation , International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, Oracle Corporation, SAP SE, NVIDIA Corporation, Infosys Limited, Baidu Inc., Genpact Limited, OpenText Coporation, SAS Institute Inc., Nutanix Inc., Cloudera Inc., BlackSwan Technologies Inc., Gorilla Technology Group, Azion Technologies Inc., Tact.AI Technologies Inc., FogHorn Systems Inc., Veea Inc., ClearBlade Inc., Octonion SA, Anagog Ltd., E-SPIN Group of Companies, Exponential AI, Lalaland.ai.

North America was the largest region in the composite AI market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the composite AI market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the composite AI market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The composite AI market includes revenues earned by entities by providing services such as customer service, security and surveillance, quality control, product design, and development services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The composite AI market also consists of sales of Central Processing Units (CPUs), Graphics Processing Units (GPUs), and Field-Programmable Gate Arrays (FPGAs). Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Composite AI refers to software that combines various AI technologies, methods, or models to enhance the capability and adaptability of artificial intelligence systems. It brings multiple benefits, including improved accuracy, transparency, speed, and comprehensibility, resulting in enhanced user outcomes.

The primary components of composite AI encompass hardware, software, and services. In the context of Composite AI, hardware denotes the physical elements and infrastructure essential for efficiently processing and executing diverse AI models, algorithms, and techniques integrated within a Composite AI solution. These techniques encompass conditioned monitoring, pattern recognition, data processing, proactive mechanisms, data mining, machine learning, automl, and model building. They find applications across sectors such as banking, financial services, insurance (BFSI), retail, ecommerce, manufacturing, energy, utilities, transportation, logistics, healthcare, life sciences, media, entertainment, government, defense, and telecom. The applications span product design and development, quality control, predictive maintenance, security, surveillance, customer service, and other functions such as fraud detection and prevention.

The composite AI market research report is one of a series of new reports that provides composite AI market statistics, including composite AI industry global market size, regional shares, competitors with composite AI market share, detailed composite AI market segments, market trends, and opportunities, and any further data you may need to thrive in the composite AI industry. This composite AI market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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