The artificial intelligence (AI) software market is expected to reach $97 billion in 2024, a rise of 32% from 2023. Omdia expects the market to rise at a compound annual rise rate (CAGR) of 18% to reach $218 billion by 2029. The rise in the market is driven by the potential demand for two major capabilities of AI by enterprises: automating workflows (to save time or costs) and delivering more personalized content to customers (to enhance consumer interaction and revenue).

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