Artificial Intelligence Market Investments, Competitive Analysis, Leading Players, Regional, And Global Industry Outlook To 2027


Posted August 18, 2021 by ketanwagh15

Global Artificial Intelligence Market - System Type, Services, Application - Forecast till 2027
 
Market Analysis

Market Research Future (MRFR) projects the global artificial intelligence market to reach USD 25 billion, with a CAGR of 48% from 2016 to 2023 (forecast period).

Artificial intelligence has the potential to transform the world around us by modernizing the way we communicate, work and conduct our everyday lives. Organizations are adopting artificial intelligence technology to derive useful insights from data for developing innovative products and improving customer experience.

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The key growth drivers of the artificial intelligence market include increasing demand for AI in sectors such as media & advertising and financial, an increasing need to boost the organization's productivity to increase customer satisfaction, and a growing IoT sector, among others. Algorithms such as deep learning and its hierarchical pattern recognition are driving the adoption of AI. Software like RStudio and Sentient was the first to adopt artificial intelligence. The adoption of AI in hardware is the most significant factor boosting the market growth.

However, lack of expertise and high initial costs are some of the key factors that hinder the growth of the artificial intelligence market.


Market Segmentation

The global artificial intelligence market has been segmented into system types, services, and applications.

On the basis of system type, the global artificial intelligence market has been segmented into artificial neural networks, digital assistant systems, automotive robotics systems, and embedded systems.

On the basis of services, the global artificial intelligence market has been segmented into speech recognition, gesture control, robots, and language processing, among others.

On the basis of application, the global artificial intelligence market has been segmented into education, oil & gas, automotive, healthcare, media and entertainment, and aerospace, among others.

COVID-19 Impact on the Global Artificial Intelligence Market

The World Health Organization (WHO) has declared the novel coronavirus (COVID-19) outbreak as a pandemic, with a massive effect on businesses and humankind. This pandemic has arisen as an opportunity for AI-enabled computer systems to battle the virus, as many tech giants and start-ups are working to prevent, mitigate and contain the virus.

Competitive Landscape

Vendors in the artificial intelligence market are focused on growing the customer base in order to gain a competitive advantage in the industry. Key players are also taking a range of strategic steps, such as mergers and acquisitions, alliances and collaborations with other major companies.

Some of the major players in the global artificial intelligence market include IBM Corporation (U.S.), Google Inc. (U.S.), Brighterion Inc. (U.S.), Microsoft Corporation (U.S.), Facebook (U.S.), Qualcomm (U.S.), Rocket Fuel Inc. (U.S.), Kensho Technologies, Inc. (U.S.), Salesforce (U.S.), Infosys (India) and Sentient Technologies (U.S.) among others.

Regional Analysis

Region-wise, the global artificial intelligence market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.

North America to lead the global market

North America is expected to dominate the global artificial intelligence market with the largest market share due to the increasing use of artificial intelligence in the aviation, defense, and financial sectors. In addition, the U.S. holds the largest market share. In Europe, however, cloud-based AI deployment is expected to see significant growth in the near future due to increasing consumer leaning towards artificial intelligence applications like fast and easy document control and on-demand access to data.

Industry News

In September 2019, IBM Watson Health entered into an agreement with Guerbet, a French-based medical imaging firm, to develop an AI software solution for cancer diagnostics and monitoring. This collaboration marked an extension between their earlier collaboration allied with live cancer diagnostics and monitoring.

Summary

The global artificial intelligence market is predicted to reach USD 25 billion, with a CAGR of 48% from 2016 to 2023 (forecast period). The main growth driver of the artificial intelligence market involves rising demand for AI in sectors like media & advertising and financial, a rising need to improve productivity by the organization to increase customer satisfaction, and a growing IoT sector. Algorithms such as deep learning and its hierarchical pattern recognition are encouraging the adoption of AI. Software like RStudio and Sentient was the first to embrace artificial intelligence. The most critical factor in boosting market growth is the adoption of AI in hardware

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About Market Research Future:

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Last Updated August 18, 2021