The global artificial intelligence market reached a value of US$ 40.21 Billion in 2020. Artificial Intelligence (AI) refers to a branch of computer science that aims to simulate human intelligence for developing programmable machines. AI-integrated machines are capable of human-like speech-recognition, learning, planning and problem solving based on past experiences. The hardware components of AI include various chipsets with high computing capabilities, such as graphics processing unit (GPU), central processing unit (CPU), application-specific integrated circuits (ASIC), and field-programmable gate array (FPGA). The software components include core technologies such as natural language processing (NLP), deep learning, machine learning (ML) and augmented and virtual reality (AR/VR), which can process large amounts of data and provide meaningful insights.
The market is primarily driven by the significant growth in the information technology (IT) industry, along with the growing utilization of cloud-based applications across the globe. The increasing digitization in various industries, such as telecommunication, healthcare, automotive and banking, financial services and insurance (BFSI), has led to the extensive utilization of AI-integrated systems for analyzing large amounts of data and extracting insights regarding overall operational efficiencies and consumer experience. Furthermore, the increasing deployment of 5G infrastructure and the rising demand for intelligent virtual assistants are also providing a boost to the market growth. Various social media and e-commerce platforms are employing AI-based algorithms, recommendation engines, chatbots and pricing optimization, lead generation and supply chain optimization systems to enhance their customer engagement. Other factors, including the development of AI-powered industrial and surgical robots, along with increasing investments to improve the AI infrastructure, are projected to drive the market further. Looking forward, IMARC Group expects the global artificial intelligence market to exhibit robust growth during the next five years.
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The report has also analysed the competitive landscape of the market with some of the key players 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.
Key Questions Answered in This Report
The global artificial intelligence market reached a value of US$ 40.21 Billion in 2020.
According to the estimates by IMARC Group, the global artificial intelligence market will exhibit robust growth during the next five years.
Extensive utilization of AI-integrated systems for analyzing large amounts of data and extracting insights regarding overall operational efficiencies and consumer experience, represents one of the key drivers for the global artificial intelligence market.
Rapid development of AI-powered industrial and surgical robots, along with increasing investments for the upgradations in the AI-based infrastructures, represent some of the key trends in the global artificial intelligence market.
Sudden outbreak of the COVID-19 pandemic had led to the increasing adoption of AI-based automated devices across diverse sectors, such as retail, healthcare, manufacturing, financial services, etc., to mitigate the risk of coronavirus transmission upon human interaction.
On the basis of the type, the market has been bifurcated into narrow/weak artificial intelligence and general/strong artificial intelligence. Amongst these, narrow/weak artificial intelligence holds the largest market share.
On the basis of the technology, the market has been classified into machine learning, natural language processing, context-aware computing, computer vision, and others. Amongst these, machine learning holds the majority of market share.
On the basis of the system, the market has been classified into intelligence systems, decision support processing, hybrid systems, and fuzzy systems. Currently, intelligence systems hold the majority of market share.
On the basis of the end-use industry, the market has been classified into healthcare, manufacturing, automotive, agriculture, retail, security, human resources, marketing, financial services, transportation and logistics, and others. Amongst these, manufacturing holds the largest market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
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