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The global artificial intelligence market reached a value of US$ 40.21 Billion in 2020.
The growing utilization of cloud-based applications across various industries, including healthcare, telecommunication, BFSI, automotive, etc., is currently driving the global artificial intelligence market.
The sudden outbreak of the COVID-19 pandemic has led to the rising adoption of AI-based solutions across several end-use sectors to digitally process large amounts of data and to avoid human interaction for mitigating the risk of infection.
Based on the type, the global artificial intelligence market has been divided into narrow/weak artificial intelligence and general/strong artificial intelligence. Currently, narrow/weak artificial intelligence holds the largest market share.
Based on the technology, the global artificial intelligence market can be segregated into machine learning, natural language processing, context-aware computing, computer vision, and others. Among these, machine learning holds the majority of total market share.
Based on the system, the global artificial intelligence market has been bifurcated into intelligence systems, decision support processing, hybrid systems, and fuzzy systems. Currently, intelligence systems exhibit a clear dominance in the market.
Based on the end-use industry, the global artificial intelligence market can be categorized into healthcare, manufacturing, automotive, agriculture, retail, security, human resources, marketing, financial services, transportation and logistics, and others. Among these, the manufacturing sector holds the largest market share.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global artificial intelligence market include 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.
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