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2022
Artificial Intelligence (ai) Market

Artificial Intelligence (AI) Market

by Component (Solution and Services), Technology (Machine Learning, Natural Language Processing, Computer Vision, and Others), and Industry Vertical (IT and Telecommunication, Retail and E-Commerce, BFSI, Healthcare, Manufacturing, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030

Report Code: A01445
Pages: 219
May 2022 | 93568 Views
Author(s) : Keshav K, Pramod B , Vineet K
Tables: 137
Charts: 61
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Artificial Intelligence (Ai) Market Statistics: 2030

The global artificial intelligence market size was valued at $65.48 billion in 2020, and is projected to reach $1,581.70 billion by 2030, growing at a CAGR of 38.0% from 2021 to 2030. Artificial intelligence (AI), often known as machine intelligence, is an area of computer science that focuses on developing and managing technology that can learn to make choices and can autonomously carry out transactions on behalf of humans. Today, artificial intelligence algorithms are being tested against intelligence standards that are beyond human comprehension, such as AI applications in supercomputers and quantum computers. Such advancements in artificial intelligence technology are expected to contribute to the development of the artificial intelligence industry in the coming years.

During the forecast period, the outbreak of COVID-19 is expected to provide some lucrative opportunities for the growth of global artificial intelligence (AI) industry. This is due to an increase in the digital transformation trends in business organizations, and rise in demand for automation solutions in various SMEs and large enterprises during the period. Furthermore, companies are more likely to focus on solutions that can assist in improving efficiency and overall production during the post-pandemic period. As a result, businesses are expected to make significant investments in artificial intelligence (AI) solutions in the coming years.

Rise in demand for intelligent systems to enhance efficiency and productivity are propelling the growth of the global artificial intelligence market. Technological advancements in the AI industry such as faster speech and natural language processing are positively impacting the growth of the AI market. However, high implementation cost of artificial intelligence (AI) solutions hampers the market growth. On the contrary, increasing digital dependence and industry 4.0 trends are expected to offer remunerative opportunities for expansion of the artificial intelligence market during the forecast period.

Artificial-Intelligence-(AI)-Market,-2021-2030

Depending on technology, the IT and telecom segment dominated the artificial intelligence market share in 2020, and is expected to continue this trend during the forecast period as the demand for telecommunication services is on the rise. However, the healthcare segment is expected to witness highest growth in the upcoming years, owing to growing automation and patient service trends in the healthcare and medicine sector.

Region wise, the artificial intelligence market was dominated by North America in 2020, and is expected to retain its position during the forecast period, owing to its high expenditure on artificial intelligence solutions in the government as well as public sector. Moreover, the use of artificial intelligence (AI) technology for the automation of industrial machinery is expected to drive the market for artificial intelligence (AI) technology during the forecast period. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to economic and technological developments in the region, which is expected to fuel the growth of artificial intelligence solutions in the region in the coming few years.

The report focuses on growth prospects, restraints, and analysis of the global artificial intelligence market trend. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the global artificial intelligence market share.

Artificial Intelligence (AI) Market
By Component

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Solution segment is projected as one of the most lucrative segment.

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Segment Review

The artificial intelligence market is segmented on the basis of component, technology, industry vertical, and region. On the basis of component, the industry is bifurcated into solution and services. Depending on technology, the market is classified into machine learning, natural language processing, computer vision, and others. The industry vertical covered in the study include IT and telecommunication, retail and e-commerce, BFSI, healthcare, manufacturing, automotive, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The global Artificial intelligence (AI) market is dominated by key players such as Amazon Web Services, Inc., Apple Inc., Google LLC, IBM Corporation, Intel Corporation, Microsoft Corporation, Nvidia, Oracle Corporation, SAP SE, and Siemens. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Covid-19 Impact Analysis

Post aftermath of the COVID-19 pandemic, the World Health Organization emphasized that artificial intelligence (AI) might be a critical tool in managing the COVID-19 pandemic. Artificial intelligence is a pivotal technology that has proven to be essential for the fourth industrial revolution, and many experts believe that AI will do the same for modern medicine. Artificial intelligence-based applications are powering the many COVID-19 detection, infection tracing, and risk exposure tools. Moreover, AI tools are enabling effective management of patients and medical resources in a time where the global supply chains are facing constant disruptions. Such application of artificial intelligence technology is providing some great opportunities for the development of AI market in the coming years.

Artificial Intelligence (AI) Market
By Industry Vertical

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IT and Telecommunication segment is projected as one of the most lucrative segment.

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Top impacting factors

Scarcity of skilled workers in the field of artificial intelligence

Only after dealing with sophisticated algorithms, development of AI algorithms is achievable. Furthermore, managing AI and automated systems might be challenging at times. This necessitates some great software engineering abilities as well as significant knowledge with distributed and concurrent programming or debugging with communication protocols. However, appropriately skilled talents are often in short supply in many locations, particularly in emerging economies. As a result, scarcity of competent workers and employees is a significant limiting factor for the growth of AI market.

Growing Investments In Artificial Intelligence Systems

The potential of AI technology to efficiently assess the acquired data and use to predict future steps in real time with the help of complex algorithms aids in productivity development; for instance, Netflix can recommend movies based on their users' prior watching experiences. AI has transformed business management in the modern business environment by integrating workflow management tools, trend forecasting, and other innovations. These are the primary drivers of increased investment in AI technology and the machine learning sector. Furthermore, many small startups and tech organizations have invested in the adoption of open-source AI platforms in order to increase efficiency in their value chains. Furthermore, the increasing availability of low-cost, high-quality AI technology is expected to contribute to the expansion of the AI industry.

Artificial Intelligence (AI) Market
By Region

2030
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific would exhibit the highest CAGR of 41.0% during 2021-2030.

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Key Benefits For Stakeholders     

  • The study provides an in-depth analysis of the global artificial intelligence market forecast along with current & future trends to explain the imminent investment pockets.
  • Information about key drivers, restraints, & opportunities and their impact analysis on global artificial intelligence (AI) trend is provided in the report.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
  • The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential.

Artificial Intelligence (AI) Market Report Highlights

Aspects Details
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 America  (U.S., Canada)
  • Europe   (UK, Germany, France, Italy, Spain, Netherlands, Rest of Europe)
  • Asia-Pacific   (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
By Key Market Players
  • Amazon Web Services, Inc.
  • Apple Inc.
  • Google LLC
  • IBM Corporation
  • Intel Corporation
  • Microsoft Corporation
  • Nvidia
  • Oracle Corporation
  • SAP SE
  • Siemens
 

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Demand for artificial intelligence (AI) systems has been increasing in the past few years and is expected to continue this trend in the coming years as well, owing to increasing market competitiveness and rising quality standards, which are enabling the development of AI based applications that can automate business operations while maintaining (even raising) quality and efficiency in due time. Moreover, increasing application and accuracy of artificial intelligence (AI) has increased its demand for government and public sector organizations to promote automation. In addition, owing to growing digital and internet penetration in many regions of the world are promising new opportunities for the growth of the artificial intelligence market.

Key providers of the artificial intelligence (AI) market such as IBM Corporation, Microsoft Corporation, and Google LLC account for a significant share in the market. With larger requirement from artificial intelligence (AI), various companies are establishing partnerships to increase artificial intelligence (AI) capabilities. For instance, in October 2020, IBM Corporation announced partnership with ServiceNow to help companies reduce operational risk and lower costs by applying AI to automate IT operations. The solution is engineered to help IBM and ServiceNow clients realize deeper, AI-driven insights from their data, create a baseline of a typical IT environment, and take succinct recommended actions on outlying behavior to help prevent and fix IT issues at scale. Together, IBM and ServiceNow can help companies free up valuable time and IT resources from maintenance activities, to focus on driving the transformation projects necessary to support the digital demands of their businesses.

In addition, with the increase in demand for artificial intelligence (AI), various companies are expanding their current product portfolio with increasing diversification among customers. For instance, in August 2021, Siemens Healthineers AG, a subsidiary of German multinational Siemens AG announced the launch of The Atellica COVID-19 Severity Algorithm, an AI-based tool that helps predict which patients with COVID-19 are at risk of progressing to severe medical outcomes.

Moreover, market players are expanding their business operations and customers by increasing their acquisition. For instance, in January 2022, Oracle Corporation announced the acquisition of Federos, an artificial intelligence and machine learning services provider. The acquisition extends Oracle Communications’ application portfolio by adding AI-optimized assurance, analytics, and automation solutions to manage the availability and performance of critical networks and systems. This expands Oracle’s ability to deliver end-to-end network and service assurance, enabling communication service providers and enterprises to increase operational efficiency while significantly lowering costs and reducing customer attrition.
 

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