The global artificial intelligence (AI) market was valued at nearly USD 59.67 billion in 2021 and is estimated to expand at a compound annual growth rate (CAGR) of 39.4 percent to reach USD 422.37 billion by 2028.
Artificial intelligence is a branch of computer science that automates the performance of technology that can make a decision and undergo transactions as well as users. Currently, artificial intelligence programs are being put to validation and tests to evaluate their intelligence criteria to perform tasks that are beyond human conception. Quantum and supercomputers have also been integrated into this technology and this seems to be the future of every system.
Self-driving vehicles and medical gears have AI functioning on them and they operate virtually without the help of any manual labor. The digitalization that has picked up recently seems to converge a lot into the aspects of artificial intelligence going forward. Retail giants like Amazon or Flipkart have switched over to AI technology as they have integrated augmented reality into every facet of shopping in recent times. The customer experience along with effectiveness and accessibility towards these tech giants have improved exceptionally because of AI.
Companies in recent times have adopted AI-induced systems for every operation right from management to execution. Even educational institutions in many places have streamlined and automated their operations using AI.
The pandemic of COVID-19 has prompted new uses and technical advancements in the field. It has expedited AI adoption in industries like healthcare. For reacting to the crisis, AI-based tools and solutions are being implemented at a mass scale. Google, Microsoft, Apple, Facebook, and Amazon are all working on remote interactions between clients & users and contact tracing. Various organizations saw considerable increases in consumer demand during the pandemic, but their number of available personnel reduced. Various contact centers were unable to meet demand or were forced to close due to lockdown limitations, resulting in lengthy delays in customer support requests and a negative impact on the customer experience. As a result, the need for conversational AI is growing, thereby driving the global artificial intelligence (AI) market growth toa great extent.
Artificial intelligence, particularly computer vision and machine learning has led the robotics world today. There are robots that work very similarly to the actions and instances of a human mind. This is possible with the help of artificial intelligence and this factor steers a steady growth in the market as well. Artificial intelligence is used and leveraged in all fields to bring precision in execution and values. They have also been very critical in healthcare, aviation, and agriculture to perform important functions which have spiked up their demand across the world.
AI has also been extensively utilized in recent times to improve the access to historical datasets. Data research and pattern recognition in healthcare and government agencies have become more prominent in recent times due to the availability of AI. Scientists and researchers leverage AI algorithms to explore many facts and do a thorough data analysis more easily in recent times. Moreover, industries and fields such as aerospace, manufacturing, and automotive have used artificial neural networks which work on an AI foundation. All these factors look very promising for the improvement of the market rate even in the future as well.
Apart from all this, multiple innovation programs are happening in AI, propelling the market growth. Technological advancements such as faster speech, voice recognition, and face identifications bolster the market expansion thereby increasing its dependence in various fields.
However, the cost of installing AI mechanisms and the dearth of experts in the field hamper the market growth. Integrating AI with any system requires a deep recording of universal data and information, which can be processed for pattern recognition. This is slightly a cumbersome activity and needs to be done with precision as any single fault could result in harmful consequences. These issues hinder market growth to a certain extent.
The global artificial intelligence (AI) market is categorized into component, technology, industry vertical, and region. Based on components, the market is split into services and solutions. By technology, the market is bifurcated into natural language processing, machine learning, computer vision, and others. The industry vertical segment of the market includes healthcare, IT & telecommunication, manufacturing, retail & e-commerce, automotive, BFSI, and others
North America is touted to be the major contributor to the global artificial intelligence (AI) market due to the innumerable government programs emerging to support the integration of AI into every field and sector. Real-world applications and augmented reality in every single industrial operation have become more prominent during the forecast period. Asia-Pacific is next on line to be the major shareholder of the market due to the extensive use of AI in fields like healthcare, manufacturing, and automotive. New innovations and AI features have been introduced in these fields which makes it the most used technology going forward.
Major players operating in the global artificial intelligence (AI) market include
Alphabet Inc.
Microsoft Corporation
IBM Corporation
SAP SE
Baidu
Intel Corporation
Amazon Web Services
Samsung Electronics Co.
SAS Institute Inc.
Oracle
Cisco
Alibaba Cloud
Siemens
NVIDIA Corporation
Huawei.
Recent Developments
- January 2021, for the retail business, Google has created Product Discovery Solutions. This suite would assist the store to improve its eCommerce capabilities and give a better consumer experience. Product Discovery Solutions for Retail combines AI algorithms with Cloud Search for Retail, a search service that uses Google Search to power merchants' product-finding capabilities.
- In November 2020, Microsoft has made the Dynamic 365 Project Operations solution available in India. From prospects to payments to profit, the solution focuses on assisting organizations in integrating operational procedures to enable visibility, collaboration, and analytics to promote performance across teams. Built on the Microsoft Power Platform, the solution employs real-time analytics to link and motivate sales, leadership, project management, and resources with the visibility they need to provide services to clients on time and on budget.
Global artificial intelligence (AI) market is segmented as follows:
By Component
- Solution
- Services
By Technology
- Machine Learning
- Natural Language Processing
- Computer Vision
- Others
By Industry Vertical
- IT and Telecommunication
- Retail and E-Commerce
- BFSI
- Healthcare
- Manufacturing
- Automotive
- Others
By Region
- North AmericaThe U.S.Canada
- EuropeFranceThe UKSpainGermanyItalyRest of Europe
- Asia PacificChinaJapanIndiaSouth KoreaSoutheast AsiaRest of Asia Pacific
- Latin AmericaBrazilMexicoRest of Latin America
- Middle East & AfricaGCCSouth AfricaRest of Middle East & Africa
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