Market Overview:

The global artificial intelligence market reached a value of US$ 56.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 308.5 Billion by 2027, exhibiting at a CAGR of 31.9% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Artificial intelligence (AI) refers to a technological solution for building smart machines capable of performing several tasks that require human intelligence. It includes various chipsets with high computing capabilities and core technologies, such as natural language processing (NLP), deep learning, machine learning (ML), and augmented and virtual reality (AR/VR). It offers human-like visual perception, speech recognition, translation, and decision-making based on past experiences. It can also process large amounts of data, provide meaningful insights, and assist in automation, minimizing errors, and managing repetitive tasks.

Artificial Intelligence Market Trends:

Significant growth in the information technology (IT) sector, coupled with the increasing adoption of cloud-based solutions for analyzing large amounts of data, improving overall operational efficiency, and enhancing the user experience, represents one of the major factors positively influencing the market. In addition, AI is employed in the automotive industry for manufacturing autonomous vehicles (EVs). This, along with increasing sales of self-driving vehicles, is fueling the market growth. Moreover, AI is gaining immense traction in the media and entertainment industry to deliver personalized content and enhance the experiences of streaming services. This, in confluence with the emerging trend of streaming content on over-the-top (OTT) platforms, is creating a positive outlook for the market. Apart from this, due to the growing prevalence of chronic diseases among a significant percentage of the global population, AI is employed in the healthcare industry for remote monitoring of patients and identifying disease clusters. Besides this, the rising deployment of fifth-generation (5G) technology and the escalating demand for intelligent virtual assistants are driving the market. Other factors, including the development of AI-powered industrial and surgical robots, in confluence with increasing investments to improve the AI infrastructure, are projected to strengthen the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global artificial intelligence market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, offering, technology, system, and end-use industry.

Breakup by Type:

• Narrow/Weak Artificial Intelligence
• General/Strong Artificial Intelligence

Narrow/weak artificial intelligence dominates the market as it can perform single tasks.

Breakup by Offering:

• Hardware
• Software
• Services

Based on offering, the market has been segregated into hardware, software, and services.

Breakup by Technology:

• Machine Learning
• Natural Language Processing 
• Context-Aware Computing
• Computer Vision
• Others

Machine learning (ML) holds the majority of the market share as it helps reduce human errors, improve operational efficiency, and automate tasks.

Breakup by System:

• Intelligence Systems
• Decision Support Processing
• Hybrid Systems
• Fuzzy Systems

Intelligence systems exhibit a clear dominance in the market as they can gather and interpret the data and extract valuable patterns.

Breakup by End-Use Industry:

• Healthcare
• Manufacturing
• Automotive
• Agriculture
• Retail
• Security
• Human Resources
• Marketing
• Financial Services
• Transportation and Logistics
• Others

The manufacturing industry dominates the market due to the emerging trend of industrial automation.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa

North America holds the majority of the market share due to the high penetration of AI technology in the region.

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the top companies artificial intelligence companies being Amazon Web Services Inc., Apple Inc., Baidu, Cisco Systems Inc., Facebook Inc., General Electric Company, Google LLC (Alphabet Inc.), International Business Machines, Intel Corporation, Micron Technology Inc., Microsoft Corporation, Nvidia Corporation, Oracle Corporation, Rockwell Automation Inc., Samsung Electronics Co. Ltd., SAP SE, Siemens AG, etc.

Report Coverage: