Human-centered AI Market size is expected to reach USD 48 Billion by the end of 2036, growing at a CAGR of 9% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of human-centered AI crossed around USD 8 Billion. The increasing growth of the healthcare sector worldwide will propel the primary reason behind the growth of the human-centered AI market. Brazil has comprehensive health care which encircles 75% of the population. 25% of the population gets care through a private system which is mainly paid for by employers. The private system extended quickly to match the requirement for services, however medical expansion for the private sector is running at 17.3%, and chief employers are to ask for solutions and services to maintain healthcare costs. Healthcare isn’t just regarding hospitals. It is an extensive compass including clinical trials, medical devices, telemedicine, externalizing, medical tourism, insurance, etc. The medical system is mostly splintered into two sections: the public and the private sector.
Another reason that will propel the human-centered AI market by the end of 2036 is the increasing adoption of AI across the world. The approval rate of artificial intelligence (AI) is projected to acquire substantial significance in material growth organizations globally between 2022 and 2025. Recently, organizations functioning in that sector have mainly reported restricted agreement with AI in their generation cycles. Technology executives projected this to transform substantially by 2025. Artificial Intelligence (AI) is an inclining technology that is being utilized for automating human functions with 99.9% precision and taking efficiency to new heights. This revolutionizing technology is playing a critical role in the design and growth of the most progressed solutions that make their lives wiser. AI is encircled with the most outstanding technologies like ML, Natural Language Processing, Robotic Process Automation (RPA), Predictive Analytics, computer vision, etc. Utilizing the strength of all these technologies, the inclining AI-driven software applications are presenting incredible possibilities to organizations in many ways.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
∼9% |
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Base Year Market Size (2023) |
~USD 8 Billion |
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Forecast Year Market Size (2036) |
~USD 48 Billion |
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Regional Scope |
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Function (Assistance & Support, Safety and Security, Decision-making & Support, Workflow Operation, Collaboration)
The assistance & support segment in the human-centered AI market will grow the most by the forecast period and will hold almost 48% because of its wide use in modifying customer service by giving round-the-clock guidance. Ever since the international epidemic eruption, the healthcare sector has been dependent massively on progressed technologies such as conversational AI, computerization, machine learning (ML), and natural language processing (NLP) to work with patients, which is a game-changer. Spending on IT solutions for the Healthcare industry, like helpdesks, IT service management (ITSM), and AI chatbots, are devoted substitutes for patients looking to comprehend the cause of their indications. With contemporary healthcare helpdesks that influence the power of Generative AI, natural language processing (NLP), and progressed algorithms, hospitals can limit employee burden, enter precise data, get customized guidance, and make employees pleased. Picture a globe where Healthcare employees have an intelligent chatbot or helpdesk solution accessible day and night, equal to responding to their questions, assisting them with recurrent and time-consuming administrative projects and techniques, and giving real-time support.
Application (Medical Diagnostics, Chatbots & Virtual Assistants, Personalized Learning, Fraud Detection & Risk Assessment, Quality Control, Human Resources)
The chatbots & virtual assistants segment in the human-centered AI market will have superior growth during the forecast period and will hold around 35% of the revenue share owing to the increasing use of chatbots in companies across the world. 23% of customer service companies are currently using AI chatbots. Chat Bot can be skilled to answer customer service questions and give quick solutions, day in and day out. With the utilization of chatbots, a lot of companies can now increase their clientele service experience and contentment, thereby modifying their answer time, pushing new sales, and limiting clientele service above. Chatbot applications can assist in rationalizing communications between people and services, thereby increasing customer experience. Chatbots also present scopes to modify customer involvement techniques and operational effectiveness by limiting the total cost of customer service.
Our in-depth analysis of the global human-centered AI market includes the following segments:
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Function |
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Application |
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End-User |
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Human-centered AI Industry - Regional Synopsis
North American Market
The human-centered AI market in the North American region will have the biggest growth during the forecast period with a revenue share of around 39%. This growth will be noticed owing to the increasing adoption of AI in the education sector in this region. Although early days, the outcomes recommend that AI is already producing important value. 40% of plaintiffs reported substantial worth and 40% reported less value has been acquired from AI’s utilization in learning processes. 2023 is being noticeable by the detonation of generative Artificial Intelligence (AI), like ChatGPT, which has increased both passion about its possibility, along fear about its disadvantages, specifically in educational systems worldwide.
APAC Market
The human-centered AI market in the APAC region will also encounter huge growth during the forecast period and will hold the second position owing to the increasing use of human-centered AI in Retail & E-Commerce in this region. Japanese companies are also spending massively on AI to transform customer experience. The country’s AI investing is projected to touch USD 12bn by 2027, increasing at a compound annual growth rate of 25 percent. There are a lot of other good reasons for CX teams in APAC to add AI to their inventory. The technology presents the possibility to push effectiveness and limit costs in CX operations. AI platforms strategized for CX targets bring a range of capacities to the table, merging natural language processing (NLP), machine learning, and automation to give seamless clientele communications.
February 08, 2024: IBM Corporation declared a program that offers IBM channel associates in the U.S. to resale IBM Software on the Amazon Web Services (AWS) Marketplace. They declared that they are now taking this program to opt for countries in EMEA to scale the powerful adoption they’ve noticed with their partners assisting customers enter the software they require while leveraging the buying platform they promote. IBM’s mixed and open technique expands through the buying cycle and enables clients to leverage AWS consumption obligations.
January 30, 2024: The GSMA and IBM Corporation declared a new cooperation to support the adoption and abilities of generative artificial intelligence (AI) in the telecom industry through the beginning of GSMA Advance's AI Training program and the GSMA Foundry Generative AI program.
Author Credits: Abhishek Verma
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