AI Agents Market Size, Share & Trends Analysis Report By Technology, By Agent System (Single-agent, Multi-agent), By Type, By Application (Customer Service & Virtual Assistants, Healthcare), By End Use, By Region, And Segment Forecasts, 2024 - 2030

AI Agents Market Size & Trends

The global AI agents market size was valued at USD 3.86 billion in 2023 and is expected to grow at a CAGR of 45.1% from 2024 to 2030. Increased demand for automation, advancements in Natural Language Processing (NLP), and rising demand for personalized customer experiences are primarily driving the growth of the market. Moreover, the widespread adoption of cloud computing has made it easier and cost-effective for businesses to deploy AI agents. Cloud-based platforms enable companies to scale AI agent applications with lower infrastructure investments, driving wider adoption across industries.

Consumers expect more personalized interactions, and AI agents enable businesses to deliver customized solutions by leveraging data to provide targeted recommendations, customer support, and marketing outreach, increasing customer satisfaction and loyalty. AI agents enhance customer engagement in e-commerce by offering real-time product recommendations, assisting with transactions, and improving the online shopping experience. The rise of online retail has been a significant growth driver, especially post-pandemic. AI agents are used in telemedicine, patient management, and diagnostics, playing a crucial role in streamlining healthcare operations. Their ability to handle patient queries, assist in appointment scheduling, and offer health guidance contributes significantly to the growth of AI agents in healthcare.

AI agents are integrated with security systems to monitor, analyze, and respond to security threats in real time. Their capabilities in detecting anomalies, predictive analysis, and automating security procedures are increasing demand in both public and private sectors. Moreover, ongoing research and development in AI technologies, particularly in machine learning, deep learning, and NLP, are improving AI agents' functionality and performance. As AI agents become more advanced, industries are adopting them for increasingly complex tasks.

Technology Insights

The machine learning segment led the market in 2023, accounting for over 30.0% share of the global revenue. Machine learning algorithms enable AI agents to analyze vast amounts of data and make informed decisions quickly. This capability enhances automation and improves overall operational efficiency across various industries. Machine learning models can scale efficiently as data increases, allowing AI agents to adapt to new patterns and trends. This adaptability is essential for industries facing rapidly changing environments, such as finance and healthcare.

The deep learning segment is anticipated to exhibit the highest CAGR over the forecast period. Numerous factors such as enhanced performance and accuracy, big data availability, advancements in computational power, and real-time processing are primarily driving the growth of the segment. Deep learning models, particularly neural networks, provide superior performance in various tasks, such as natural language processing (NLP), image recognition, and speech recognition. This improved accuracy enhances the effectiveness of AI agents in various applications.

Agent System Insights

The single-agent systems segment accounted for the largest market revenue share in 2023. Single agent systems are easier and faster to implement compared to multi-agent systems. Businesses can deploy these solutions quickly without extensive customization, making them suitable for companies looking to enhance efficiency rapidly. Moreover, the development and deployment costs associated with single agent systems are generally lower. Organizations can achieve automation and AI capabilities without the significant investment required for multi-agent systems.

The multi-agent systems segment is anticipated to exhibit the highest CAGR over the forecast period. Complex problem-solving, real-time decision-making, enhanced collaboration and communication, and diverse applications across industries are primarily contributing to the growth of the segment. Multi-agent systems enable better communication and collaboration among agents, leading to improved coordination and teamwork. This aspect is crucial in numerous applications, such as emergency response, where multiple agents must work together effectively.

Type Insights

Ready-to-deploy agents segment accounted for the largest market revenue share in 2023. Businesses can implement ready-to-deploy agents with minimal setup time, allowing them to start benefiting from AI technologies immediately. Various solutions come with intuitive interfaces that do not require extensive technical knowledge, making them accessible to a wider range of users. These agents typically require less upfront investment compared to developing custom solutions, making them suitable for small to medium-sized enterprises. By automating various tasks, such as customer service, businesses can significantly reduce labor costs and improve operational efficiency.

The build-your-own agents segment is anticipated to exhibit the highest CAGR over the forecast period. Businesses often have legacy systems and applications that need to be connected to new AI solutions. Build-your-own agents can be designed to seamlessly integrate with various enterprise systems, facilitating smoother workflows. Moreover, companies prefer to maintain control over their data and security protocols, especially in healthcare and BFSI industries. Building their own agents allows organizations to implement stringent data handling and privacy measures.

Application Insights

The customer service and virtual assistants segment accounted for the largest market revenue share in 2023. Businesses are increasingly adopting AI agents to automate customer service tasks, leading to improved efficiency and reduced operational costs. In addition, AI agents can handle a large volume of customer interactions simultaneously, making it easier for companies to scale their customer service operations without significant increases in staff. Furthermore, advanced AI algorithms allow virtual assistants to analyze customer data and interactions, providing personalized responses and recommendations that enhance the customer experience.

The healthcare segment is anticipated to exhibit the highest CAGR over the forecast period. Various factors such as improved patient engagement, efficiency in operations, enhanced diagnosis and decision support, and integration with wearable devices are primarily driving the growth of the healthcare segment. Moreover, AI agents help reduce healthcare costs by automating repetitive tasks, minimizing administrative burdens, and enhancing operational efficiencies, which is crucial in a sector facing rising expenses.

End Use Insights

The enterprise segment accounted for the largest market revenue share in 2023. AI agents provide 24/7 customer support, personalized interactions, and quick responses, improving overall customer satisfaction and loyalty, which is crucial for businesses in competitive markets. Moreover, AI agents can analyze vast amounts of data quickly, providing valuable insights for decision-making, trend analysis, and customer behavior prediction, thus enabling enterprises to make informed strategic choices. Furthermore, AI agents help enterprises manage compliance with regulations by automating documentation, monitoring transactions, and ensuring adherence to standards, thereby reducing legal risks.

The industrial segment is anticipated to exhibit the highest CAGR over the forecast period. Industries are increasingly adopting automation to enhance operational efficiency and reduce labor costs. AI agents can automate repetitive tasks, monitor processes, and make real-time decisions. Moreover, AI agents optimize workflows, reduce downtime, and streamline operations, leading to significant improvements in productivity and resource management. Furthermore, the ability of AI agents to analyze vast amounts of data and provide actionable insights supports better decision-making and enhances strategic planning within industrial operations.

Regional Insights

North America AI agents market dominated the global industry with a revenue share of over 40.0% in 2023. The customer service sector in North America has widely adopted AI agents to handle routine inquiries, resolve issues, and offer personalized support. With large volumes of customer interactions across various industries, AI agents help businesses scale and optimize customer service operations.

U.S. AI Agents Market Trends

The AI agents market in the U.S. is anticipated to exhibit a significant CAGR over the forecast period. The U.S. hosts major technology companies, including Google, Microsoft, and IBM Corporation, which are leading developments in AI agent technology. Furthermore, the region has a robust startup ecosystem concentrated on AI innovation and automation, facilitating the advancement of AI agents across diverse sectors, such as finance and education.

Europe AI Agents Market Trends

The AI agents market in Europe is expected to witness significant growth over the forecast period. European governments are actively promoting AI technologies through supportive regulations and initiatives, such as the European Union's strategy. This framework encourages research, innovation, and ethical use of AI agents across various industries.

Asia Pacific AI Agents Market Trends

The AI agents market in Asia Pacific is anticipated to register the highest CAGR over the forecast period. Various countries in the APAC region are experiencing significant digital transformation across industries, leading to increased adoption of AI technologies, including AI agents. Businesses are leveraging AI to improve operational efficiency and customer engagement.

Key AI Agents Company Insights

Key AI agent companies include Salesforce, inc., IBM Corporation, and Microsoft. Companies active in the AI agents market are focusing aggressively on expanding their customer base and gaining a competitive edge over their rivals. Hence, they pursue various strategic initiatives, including partnerships, mergers & acquisitions, collaborations, and new product/ technology development. For instance, in September 2024, Salesforce, inc. launched Agentforce, which offers a collection of independent AI agents designed to enhance the work of employees and manage duties across service, sales, marketing, and commerce sectors, leading to efficiency and customer contentment. It allows any organization to create, tailor, and implement their personalized agents rapidly by utilizing user-friendly, low-code solutions.

Recent Developments

• In September 2024, Microsoft launched Microsoft 365 Copilot innovations, including new Copilot agents that automate and streamline processes. The AI agent offers users the capability to develop a range of AI assistants capable of performing tasks within Microsoft's proprietary software and software from third-party vendors.

• In September 2024, IBM Corporation partnered with Salesforce, inc., to offer AI agents and tools that organizations can implement in their own IT infrastructures, utilizing their specific data while maintaining rigorous oversight of their systems. Through the integration of Agentforce, Salesforce, inc.’s collection of autonomous agents, with the functionalities from IBM Corporation’s WatsonX, businesses aim to empower customers by leveraging the strength of agents in the daily applications they utilize.

• In July 2024, BRYTER, an AI workflow automation provider, launched AI Agents, a new product suite, and major updates to its no-code platform. Utilizing specialized trained AI, BRYTER's AI Agents assist law firms and legal departments in handling the repetitive and laborious aspects of their tasks. This includes accelerating the contract review process with the Review Agent and providing draft email responses to frequent requests from commercial teams directly within MS Outlook or Gmail via the Email Agent.

AI Agents Market Report Scope

Global AI Agents Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global AI agents market report based on the technology, agent system, type, application, end use, and region.

• Technology Outlook (Revenue, USD Million, 2017 - 2030)

  • Machine Learning

  • Natural Language Processing (NLP)

  • Deep Learning

  • Computer Vision

  • Others

• Agent System Outlook (Revenue, USD Million, 2017 - 2030)

  • Single Agent Systems

  • Multi Agent Systems

• Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Ready-to-Deploy Agents

  • Build-Your-Own Agents

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Customer Service and Virtual Assistants

  • Robotics and Automation

  • Healthcare

  • Financial Services

  • Security and Surveillance

  • Gaming and Entertainment

  • Marketing and Sales

  • Human Resources

  • Legal and Compliance

  • Others

• End Use Outlook (Revenue, USD Million, 2017 - 2030)

  • Consumer

  • Enterprise

  • Industrial

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • South Korea

  • Latin America

    • Brazil

  • MEA

    • UAE

    • South Africa

    • KSA