Artificial Intelligence Market

Analysts at GMI Research estimates that the Artificial Intelligence Market was worth USD 105.8 billion in 2022, and forecast to touch USD 1174.0 billion in 2030, growing at a significant higher CAGR of 35.1% during AI market forecast from 2023-2030 attributed to increasing penetration of digital technologies around the world.

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Major Artificial Intelligence (AI) Market Drivers

Artificial Intelligence Market is primarily driven by rapid growth in data-based AI, increasing adoption of advanced technologies across industry verticals such as Automotive, Healthcare and Finance and rising demand for access to historical datasets for analysing and forecasting trends. Artificial Intelligence (AI) has penetrated in almost every sector, major companies such as Facebook and Amazon Webservices have increased their investments on research and development of AI to make it more accessible for enterprise use-cases. Moreover, emerging need to improve operational efficiency in the manufacturing industry and enhancing customer service, are creating more growth opportunities for AI Market. Companies are using AI to understand and identify customers’ needs and preference to understand purchasing pattern.

Advancements in Artificial Neural Networks (ANN) has significantly increased the adoption of Artificial Intelligence. Enterprises are using neural networks for decision making and recognizing patterns. For instance, Google’s most popular product Google Map provide information to drivers about upcoming traffic using AI. Almost every day, 1 billion kilometres of road are driven with the help of Google Map. Google feeds information related to speed limits and construction site from local governments and quality and direction of the given road in neural networks, which is designed by DeepMind to predict future trends. Furthermore, enterprises are utilizing Artificial Intelligence to enhance customer’s experience. For instance, Netflix uses AI to analyse watching habits and hobbies of consumers to offer recommendations. AI based guidelines and framework set by governments for helping enterprises to build ethical AI models, is projected to have a positive impact on artificial intelligence market growth. However, sufficient availability of skilled workforce and surge in the number of cyber-crimes worldwide are hindering the growth of AI global market.

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Based on offering, the AI software market size segment is projected hold the largest market share

Companies are increasingly adopting AI based software for extracting data, decision making and analyzing visual content for deriving meaningful insights. Additionally, AI based software are used in applications such as smartphone assistants and ATMs, social media and different websites, which is propelling the segment’s growth.

According to Artificial Intelligence Market Report, Deep Learning is forecast to hold a major share in the market

Deep learning is increasingly used in different applications such as developing systems which can generate human like feelings, analyzing medical images in healthcare industry and optimizing manufacturing processes. In addition, various companies are investing in deep learning technology because it helps in problems related with high data volumes. Computer Vision technology is increasingly adopted in end-use industries such as Manufacturing and Automotive. Growing need for quality inspection and automation and increasing demand for vision-guided robotic system, are pushing the demand for computer vision technology. While natural process language is used by organizations to understand client preferences, purchasing behaviors and accelerate decision making processes.

According to artificial intelligence forecast, Healthcare segment is projected to hold a leading share in the healthcare industry.

Artificial intelligence in healthcare industry is used in applications such as robotic surgery, clinical trials, and image diagnosis. Major companies in the BSFI industry are adopting AI based solutions for making trading decisions, detecting fraudulent activities, and risk management. Furthermore, organizations in the Automotive and Manufacturing industries are deploying AI solutions for enhancing product quality and minimizing downtime. Enterprises are increasingly using AI based techniques in Media & Entertainment industry to promote their products and expand their customer base.

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As per AI Market Forecast, North American region is forecast to dominate the market

North America Artificial Intelligence Market is driven by favorable government policies promoting the adoption of artificial intelligence across different industries and presence of leading companies. For instance, federal government in the United States passed National AI Initiative Act in 2020, which focuses on accelerating national security and economic prosperity in the country. Artificial Intelligence Market in Asia-Pacific region is gaining popularity due to rise in the number of AI-based start-ups, increasing deployment of 5G technology across South Korea, China and Japan and technological developments in the region. Artificial intelligence market in China is worth more than USD 24 billion in 2021 and the total investment in AI is accounted for more than 10 billion in 2021. Finance, high tech sector and retail are the major sectors and combined together hold more than one third of total AI market in China.

Top Market Players

Various notable players operating in the Artificial Intelligence Market include Intel Corporation, NVIDIA Corporation, Samsung, Xilinx, Micron Technology, Inc., IBM Corporation, Microsoft Corporation, Google, Amazon Web Services (AWS), Facebook among others.

Key Developments:

• • In June 2022, Salesforce and AT&T collaborated to reduce greenhouse missions by 1 gigaton by 2035. In this collaboration, AT&T will utilize Salesforce’s net zero cloud to measure carbon footprints.
  • In December 2021, AWS launches AWS Cloud Wan, which will enable businesses to connect to connect to their on-premises branch, data centers and virtual clouds to AWS Global networks through unified dashboard.
  • In August 2021 – OpenAI, LLC updated OpenAI Codex and released it through API in private beta program. Through this update, Codex can interpret users’ natural language commands and executes them on user’s behalf.
  • In July 2021, Qualcomm Technologies, announced that it has acquired assets from Twenty Billion Neurons GmbH, which includes 2 large video datasets and an AI research team.
  • In January 2020, Samsung launched its QLED 8K with enhanced AI technology to improve audio, video and smart capabilities of the LED television.
  • In January 2020, IBM Corporation launched its AI-powered tool, which provide developers automatic labelling of images in videos.
  • In January 2020, Microsoft launched its USD 40 million healthcare artificial intelligence program “AI for Health”, which will provide access latest technology and technical expert leverage to AI for research and care delivery.
  • In December 2020, the Amazon Web Services collaborated with Novartis for redeveloping manufacturing, supply chain and delivery operations of Novartis using AI and machine learning.

Artificial Intelligence Market Segmentation

The Global Artificial Intelligence market has been segmented based on Offering, Technology, Type, End-User and Key Regions. Based on Offering, the market is segmented into Hardware, Software and Services. Based on Technology, the market is segmented into Machine Learning, Natural Language Processing (NLP), Context-Aware Computing and Computer Vision. Based on Type, the market is segmented into Narrow/Week AI and General/Strong AI. Based on End-User, the market is segmented into Healthcare, BFSI, Retail, Manufacturing, Automotive & Transportation, Agriculture, Media & Entertainment, and Others.

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Market Segmentation:

Global Artificial Intelligence (AI) Market by Offering

• • Hardware
    • Processors
    • Memory
    • Network
  • Software
    • AI Platforms
    • AI Solutions
  • Services
    • Deployment & Integration
    • Support & Maintenance

Global Artificial Intelligence (AI) Market by Technology

• • Machine Learning
  • Natural Language Processing (NLP)
  • Deep Learning
  • Computer Vision
  • Others

Global Artificial Intelligence (AI) Market by End-User

• • Healthcare
  • BFSI
  • Retail
  • Manufacturing
  • Automotive & Transportation
  • Agriculture
  • Media & Entertainment
  • Others

Global Artificial Intelligence (AI) Market by Region

• • North America Artificial Intelligence (AI) Market Option 1: As a part of the free 25% customization
    • By Offering
    • By Technology
    • By End-user
    • United States Market All-Up
    • Canada Market All-Up
  • Europe   Option 2: As a part of the free 25% customization
    • By Offering
    • By Technology
    • By End-user
    • Spain Market All-Up
    • Germany Market All-Up
    • UK Market All-Up
    • France Market All-Up
    • Poland Market All-Up
    • Russia Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Artificial Intelligence (AI) Market Option 3: As a part of the free 25% customization
    • By Offering
    • By Technology
    • By End-user
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • South Korea Market All-Up
    • Indonesia Market All-Up
    • Australia All-Up
    • Rest of APAC Market All-Up
  • ROW Artificial Intelligence (AI) Market Option 4: As a part of the free 25% customization
    • By Offering
    • By Technology
    • By End-user
    • Brazil Market All-Up
    • Argentina Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • Rest of world Market All-Up

Leading market players (Option 5: Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Intel Corporation
  • NVIDIA Corporation
  • Samsung
  • Xilinx
  • Micron Technology, Inc.
  • IBM Corporation
  • Microsoft Corporation
  • Google
  • Amazon Web Services (AWS)
  • Facebook