The global Artificial Intelligence market is valued at USD 129.12 billion in 2022 and is projected to reach a value of USD 1708.26 billion in 2030 expanding at a CAGR of 38.1% over the forecast period of 2022-2030.
Artificial intelligence (AI) refers to a machine’s or robot’s ability to perform tasks frequently carried out by intelligent beings. The phrase is frequently used to describe efforts to develop artificial intelligence (AI) systems that have cognitive abilities similar to those of humans, such as the ability to reason, find meaning, generalise, and learn from experience.
The constant research and innovation carried out under the leadership of the tech giants in industries including manufacturing, healthcare, retail, and finance is fueling the adoption of cutting-edge technology. For instance, Intel Corporation bought Cnvrg.io, an Israeli start-up that develops and operates a platform for data scientists to create and run machine learning models, in order to grow its artificial intelligence (AI) business. Although technology has always been important to many industries, AI has elevated technology to the foreground of business.
Artificial Intelligence Market– Overview
Artificial intelligence (AI) is defined as the ability of a digital computer or a computer-controlled robot to perform tasks that are commonly associated with intelligent beings.
The term, AI is frequently applied to the project of developing systems that are endowed with the intellectual processes characteristic of humans, such as the ability to reason, discover meaning, generalize, or learn from past experience.
The main characteristic of artificial intelligence is the ability of AI to rationalize and take actions that have the best chance of achieving a specific goal. A subset of artificial intelligence is machine learning that refers to the concept that computer programs can automatically learn from and adapt to new data without being assisted by humans.
Also, deep learning techniques can enable this automatic learning through the absorption of huge amounts of unstructured data such as text, images, or video.
Global Artificial Intelligence Market- Key trends
Essential to achieve robotic autonomy to stay competitive in a global market
The robotics business is currently undergoing significant change because to AI, especially computer vision and ML. Businesses have begun to think about fully autonomous robots that can observe, interact, and conceive the environment around them in order to stay ahead in a global market. Industries are looking for dependable and skilled technology partners as they start to traverse the current technological transformation. Artificial neural networks are used by deep learning models to handle enormous amounts of data, including texts, photos, and audio in order to produce correct results.
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Segmental analysis of the Market
Based on deployment mode
- Cloud segment
- On premise segment
The cloud segment has dominated the market over the forecast period. This is because it provides a lot of benefits, such as reduction in operational costs, hassle-free deployment, etc.
Based on solution
- Software
- AI Hardware
The software segment has dominated the market over the forecast period. This is because of prudent advances in information storage capacity, the high computing power, and also the parallel processing capabilities in order to provide and deliver high end services.
Based on end-user
- Advertising and media
- Healthcare
- BSFI
- Technology
The advertising and media segment has dominated the market sphere over the forecast period. This is because of the rise in artificial intelligence marketing applications that have significant traction.
North America is anticipated to amplify at a considerable CAGR
North America, Europe, Asia Pacific, and Middle East and Africa are the major regions constituting the geographical landscape of Artificial Intelligence market. Among these, North America has dominated the regional market share. This is because of the favourable government initiatives in order to encourage the adoption of AI in various industries.
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Competitive Landscape
The prominent players influencing the competitive hierarchy of the market sphere are
- Advanced Micro Devices
- AiCure
- Arm Limited
- Atomwise, Inc.
- Ayasdi AI LLC
- Baidu, Inc.
- Clarifai, Inc
- Cyrcadia Health
- Enlitic, Inc.
- Google LLC
- HyperVerge, Inc.
- International Business Machines Corporation
- IBM Watson Health
- Intel Corporation
- ai AS.
- Lifegraph
- Microsoft
- NVIDIA Corporation
- Sensely, Inc.
- Zebra Medical Vision, Inc.
Table of Contents
- Market Introduction and Market Overview
- Market – Executive Summary
- Artificial Intelligence Market Trends, Outlook, and Factors Analysis
- Global Artificial Intelligence Market: Estimates & Historic Trend Analysis (2018 to 2021)
- Global Artificial Intelligence Market Estimates & Forecast Trend Analysis, by Deployment
- Global Artificial Intelligence Market Estimates & Forecast Trend Analysis, by Component
- Global Artificial Intelligence Market Estimates & Forecast Trend Analysis, by Content Type
- Global Artificial Intelligence Market Estimates & Forecast Trend Analysis, by End Use
- Global Artificial Intelligence Market Analysis and Forecast, by Region
- North America Artificial Intelligence Market: Estimates & Forecast Trend Analysis
- Europe Artificial Intelligence Market: Estimates & Forecast Trend Analysis
- Asia Pacific Artificial Intelligence Market: Estimates & Forecast Trend Analysis
- Middle East & Africa Artificial Intelligence Market: Estimates & Forecast Trend Analysis
- Latin America Artificial Intelligence Market: Estimates & Forecast Trend Analysis
- Competitive Landscape
- Company Profiles
- Assumptions and Research Methodology
- Conclusions and Recommendations
Major questions answered in this report
- What is the growth rate of AI market?
- What are the primary growth determinant of the market?
- Which are the major regions constituting the geographical landscape of the Market?
- Which are the prominent companies operating in the market?
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