AI Data Management Market Extrapolated to Reach $70.2 billion by 2028

(IT-NEWSWIRE.COM, January 19, 2024 ) According to a research report "AI Data Management Market by Offering (Platform, Software tools, and Services), Data Type, Technology (ML, NLP, Computer Vision, Context Awareness), Application (Process Automation, Data Augmentation), Vertical and Region - Global Forecast to 2028" published by MarketsandMarkets, the market for AI data management is estimated to grow from USD 25.1 billion in 2023 to USD 70.2 billion by 2028, at a CAGR of 22.8% during the forecast period. AI data management refers to artificial intelligence that leverages a variety of data types, such as video, audio, speech, images, text, and conventional numerical datasets, to enhance its ability to make more precise predictions, draw insightful conclusions, and provide accurate solutions to real-world challenges. This approach involves training AI systems to synthesize and process diverse data sources concurrently, enabling them to better understand content and context, a significant improvement compared to earlier AI models.

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Services segment to account for higher CAGR during the forecast period.

The services segment within the AI data management market encompasses a wide array of such as consulting services providing strategic guidance and advisory support, system integration & implementation to ensure smooth incorporation of AI solutions into existing frameworks, and support & maintenance for ongoing assistance and issue resolution. Data migration services aid in the seamless transfer of information to AI-enabled platforms, while AI change management and adoption services focus on organizational readiness and user adoption. Moreover, AI platform administration services are instrumental in managing and optimizing the functionality of AI systems, ensuring they operate at their full potential. This comprehensive suite of services forms the backbone for enterprises aiming to leverage AI for data management, enabling them to harness its transformative power effectively.

Cloud segment is expected to hold the largest market size for the year 2023.

Cloud-based solutions have become integral to the effective deployment and scalability of AI applications. Leveraging cloud infrastructure allows organizations to store and process vast amounts of data efficiently, providing the computational power required for complex AI algorithms. Cloud services in AI data management offer flexibility, enabling businesses to scale resources up or down based on demand, optimizing costs. Moreover, cloud platforms provide a collaborative and accessible environment for data storage, sharing, and analysis, fostering seamless collaboration among teams. The Cloud segment not only enhances the agility of AI implementation but also facilitates the integration of cutting-edge technologies, enabling organizations to stay at the forefront of innovation in the rapidly evolving field of AI data management.

The healthcare and life sciences vertical is projected to grow at the highest CAGR during the forecast period.

AI data management in healthcare & life sciences sector involves the comprehensive handling of vast amounts of patient data, genomic information, clinical trial results, and other healthcare-related data. Through AI-powered analytics and machine learning algorithms, healthcare organizations can derive actionable insights from complex datasets. This enables personalized medicine, predictive analytics for disease diagnosis and prognosis, and the identification of potential drug candidates. In addition to advancing clinical decision-making, AI data management enhances operational efficiency by streamlining administrative processes, optimizing resource allocation, and improving patient outcomes through data-driven interventions.

Europe is expected to hold the second-largest market size for the estimated year.

Europe has been actively engaged in the evolution and adoption of AI data management solutions, showcasing significant advancements and a growing market landscape. Countries within Europe, including the UK, Germany, France, and the Nordic countries, have been investing in AI research and development, fostering innovation in data-driven technologies. The region emphasizes data privacy and security, leading to the development of robust regulations like GDPR (General Data Protection Regulation), which has significantly influenced how AI data management is approached, ensuring ethical and responsible data practices. Europe's collaborative approach to research and innovation fosters partnerships between academia, industry, and governments, fueling the continuous growth and innovation in AI data management solutions.

The major AI data management and service providers include Microsoft (US), AWS (US), IBM (US), Google (US), Oracle (US), Salesforce (US), SAP (Germany), SAS Institute (US), HPE (US), Snowflake (US), Teradata (US), Informatica (US), Databricks (US), TIBCO Software (US), Qlik (US), Collibra (US), Dataiku (US), Alteryx (US), Datamatics Business Solutions (US), Accenture (Ireland), Ataccama (Canada), Reltio (US), Tamr (US), ThoughtSpot (US), AtScale (US), Alation (US), Clarifai (US), DDN Storage (US), Dataloop AI (US) Astera Software (US). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the AI data management market.

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AI Data Management Market Extrapolated to Reach $70.2 billion by 2028