Composite AI Market by Offering (Software, Hardware, Services), Technique (Data Processing, Pattern Recognition), Application (Product Design & Development, Customer Service), Vertical and Region - Global Forecast to 2028

Composite AI Market by Offering (Software, Hardware, Services), Technique (Data Processing, Pattern Recognition), Application (Product Design & Development, Customer Service), Vertical and Region - Global Forecast to 2028

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. With the proliferation of digital devices, sensors, and IoT devices, a wealth of data is generated across various industries. Composite AI leverages this data to gain insights, make predictions, and deliver personalized experiences. The growing availability of data fuels the development and adoption of Composite AI solutions.

The software segment is expected to hold the largest market size during the forecast period

The global composite AI market is segmented based on offering hardware, software, and services. Based on software segment is divided into AI development platforms and tools, machine learning (ML) frameworks, AI Middleware, and other software (computer vision software, data management tools, monitoring software, and security and governance tools). Composite AI software refers to the software systems and tools that enable the integration of multiple AI technologies, such as machine learning, natural language processing, computer vision, and robotics, to create more advanced AI applications. One of the key software tools used in composite AI is machine learning frameworks. These frameworks provide tools and libraries for developing and training machine learning models, making creating and optimizing AI algorithms easier.

Data mining & machine learning segment to grow at a higher CAGR during the forecast period

The global composite AI market is segmented based on technique into conditioned monitoring, pattern recognition, data processing, proactive mechanism, data mining & machine learning, and other methods (AutoML and Model Building, Model Stacking and Ensemble, and Transfer Learning). Data mining and machine learning techniques to gain traction in coming years. These techniques extract valuable insights from large and complex datasets, which are then used to train AI models and drive intelligent decision-making.

Among verticals, the BFSI segment holds the largest market size during the forecast period

Composite AI solutions are being adopted across the BFSI sector for numerous applications such as fraud detection and prevention, risk assessment and management, customer service, credit scoring, and compliance and regulatory reporting. The adoption of composite AI solutions in the BFSI sector offers numerous benefits, including improved operational efficiency, enhanced customer experience, risk reduction, and compliance with regulatory requirements.

Asia Pacific to grow at a higher CAGR during the forecast period

The growth of composite AI solutions across the five major regions, namely North America, Europe, Asia Pacific, Middle East and Africa, and Latin America is driven by factors such as technological advancements, industry-specific demands, government initiatives, availability of talent, and the increasing recognition of AI's potential to transform businesses and societies. Asia Pacific region is experiencing a rapid growth rate in adopting composite AI solutions. Countries like China, Japan, South Korea, and India are leading in AI R&D, with strong government support and investments. Key industry verticals such as manufacturing, eCommerce, healthcare, and BFSI aggressively implementing composite AI to gain a competitive edge, drive innovation, and cater to the growing demand for advanced AI-driven solutions. Asia Pacific is home to some of the world's fastest-growing economies, and the region is experiencing rapid technological advancements. The increasing adoption of advanced technologies, such as AI, big data analytics, and cloud computing, has fueled the demand for composite AI solutions.

Breakdown of primaries

In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the composite AI market.

By Company: Tier I: 35%, Tier II: 45%, and Tier III: 20%

By Designation: C-Level Executives: 35%, Directors: 25%, and Others: 40%

By Region: North America: 45%, Europe: 20%, Asia Pacific: 30%, Europe: 20%, RoW: 5%

The report includes studying key players offering composite AI solutions and services. It profiles major vendors in the global composite AI market. The major vendors in the global composite AI market include 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).

Research Coverage

The market study covers the composite AI market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as offering, technique, application, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report

The report would provide the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall market for composite AIs and their subsegments. It would help stakeholders understand the competitive landscape, better position their business, and plan suitable go-to-market strategies. It also helps stakeholders understand the market’s pulse and provides information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers (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), restraints (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 sector), and challenges (Data availability and quality, High infrastructure costs with lower ROI) influencing the growth of the composite AI market.

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the composite AI market

Market Development: Comprehensive information about lucrative markets – the report analyses composite AI market across varied regions

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in composite AI market strategies; the report also helps stakeholders understand the pulse of the composite AI market and provides them with information on key market drivers, restraints, challenges, and opportunities.

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players such as 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) among others in the composite AI market.