Rising Adoption of Personalized and Adaptive System among Consumers Worldwide is Expected to Create Lucrative Opportunities in AI Data Management Market During 2021–2031.
According to our latest market study on "AI Data Management Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Offering, Deployment, Technology, and Industry Vertical," the market was valued at US$ 23.03 billion in 2023 and is expected to reach US$ 114.99 billion by 2031; it is estimated to record a CAGR of 22.3% from 2023 to 2031.
Al technologies enable businesses to examine enormous volumes of data, enabling the development of individualized experiences based on the interests, actions, and previous exchanges of each user. The adoption of machine learning algorithms allows businesses to create adaptable systems that continuously learn from data inputs and customer feedback. With the help of these algorithms, businesses support real-time customization and improvement of experiences. The personalized and adaptive systems have enormous potential in numerous industries such as BFSI, retail & e-commerce, IT & telecom, healthcare, and government & utilities. For instance, the retail & e-commerce industry uses Al-powered recommendation engines for analyzing customer browsing and purchase history. This helps the companies operating in the retail & e-commerce industry to provide tailored product recommendations that increase user engagement and boost their revenue. According to the World Economic Forum, AI services in the retail sector are expected to reach US$ 31 million by 2028. Al algorithms can dynamically modify information, services, or suggestions based on ongoing analysis of user interactions, ensuring relevance and enhancing user satisfaction. Businesses use AI-based personalized and adaptive systems to view customer’s sensitive information and analyze their specific demands; this supports them in fostering stronger customer relationships. Thus, the growing use of AI-based personalized and adaptive systems in the retail industry is expected to create lucrative opportunities for the global AI data management market growth during the forecasted period.
AI Data Management Market Report — by Geography, 2023
AI Data Management Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Offering (Solution and Service), Deployment (On-premise and Cloud), Technology [Machine Learning, Natural Language Processing (NLP), Computer Vision, and Context Awareness Computing], and Industry Vertical (BFSI, Retail & E-commerce, IT & Telecom, Healthcare, Government & Utilities, and Others), and Geography
AI Data Management Market Growth Analysis and Size by 2031
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Source: The Insight Partners Analysis
The cloud platform plays a significant role in the organization's management of data. Businesses are heavily investing in cloud technology to streamline their operations and secure data from cyber threats. For instance, according to Infosys Limited, 67% of companies will increase their cloud spending in 2023, and 80% are planning to raise their cloud spending to effectively manage and protect their customer's data from theft. Moreover, there is increasing awareness among companies for migrating workloads, rising advantages of the cloud’s agility for improving new products and services, and a growing need to reduce CapEx and OpEx. However, the growing adoption of cloud platforms is driving the demand for AI data management solutions.
The AI data management market forecast is done by considering Microsoft Corp, Amazon Web Services Inc, Alphabet Inc, Oracle Corp, International Business Machines Corp, Salesforce Inc, SAP SE, Hewlett Packard Enterprise Development LP, SAS Institute Inc, and Snowflake Inc, are among the key AI data management market players that are profiled in the report. Several other essential AI data management market players were also analyzed for a holistic view of the market and its ecosystem. The AI data management market forecast can help stakeholders in this marketplace plan their growth strategies. The AI data management market report provides detailed market insights to help major players strategize their growth.
In terms of revenue, Asia Pacific dominated the AI data management market share. AI data management market in Asia Pacific is projected to register the highest CAGR during the forecast period. The AI data management market analysis s carried out by identifying and evaluating key players in the market across China. Various companies in these countries are highly engaged in adopting AI technology, and the rising incorporation of machine learning and deep learning drives the AI data management market growth. For instance, according to Salesforce Inc., in September 2023, 12 countries in Asia Pacific have already deployed AI technology in their business to streamline their operations. Countries such as Singapore, Japan, China, and South Korea have already deployed AI technology for managing large amounts of high-quality data; this is expected to fuel the AI data management market growth in the region during the forecast period.
The growing use of AI-powered chatbots across industries for providing better services to their customer is facilitating the expansion of the AI data management market share. The high adoption of innovative technologies such as AI, ML, and deep learning in China, India, South Korea, Japan, and other countries has surged the adoption of AI data management among businesses for analyzing customer data, improving employee productivity, in-store analytics, inventory optimization, and improving supply chain efficiency. Moreover, the continuous growth of the e-commerce industry in Asia Pacific is contributing to the growing AI data management market size. The rising popularity of online shopping is increasing consumer awareness of data privacy and security, encouraging the e-commerce industry to adopt AI technologies in order to efficiently manage customers' data. Further, AI data management plays a crucial role in facilitating online transactions in the Asia Pacific region, which is likely to propel the AI data management market trends during the forecast period.
The high adoption and investments in AI technology in the Asis Pacific region are expected to bring new AI data management market trends in the coming years. Industries in the Asis Pacific region is continuously engaged in the development and adoption of AI technology to streamlining their business processes by managing sensitive information and data of their customers. Industries like BFSI, IT & telecom, healthcare, manufacturing, government & utilities, and automotive, among others are deploying AI technology for sensitive information and data against cyberattacks is expected to facilitate the expansion of the AI data management market during the forecast period.
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