Artificial Intelligence Market is valued at USD 44.43 Billion in 2020 and is expected to reach USD 526.15 Billion by 2028 with a CAGR of 36.2% over the forecast period.
Artificial Intelligence (AI) is the study of “intelligent agents” which can be define as any device that perceives its environment and takes appropriate action that makes the highest probability of achieving its goals. Additionally, it can also be define as a system’s ability to interpret external data, learn from gathered data and use those learnings to realize specific goals through adaptation. It is also called as machine intelligence and attributed to the nature of intelligence demonstrated by machines. Some of the features of artificial intelligence are; successfully understanding human language, contending at the highest level in strategic games systems such as chess and go, autonomously operating cars, intelligent routing in content delivery networks and military simulations and others. To solve the problem of learning and perceiving the immediate environment, many approaches have been taken such as statistical methods, computational intelligence, versions of search and mathematical optimization, artificial neural networks, and methods based on statistic, probability and economics. The AI field collects various data from subjects such as computer science, information engineering, mathematics, psychology, linguistics, philosophy etc. and compares it with its perceived data to learn and use it to solve problems.
The artificial intelligence market is segmented on the basis of technology, end-user and region & country level. Based on technology, the artificial intelligence market is segmented into machine learning, natural language processing, image processing and speech recognition. Based on end-user, the market is segmented into media & advertising, BFSI, it & telecom, retail, healthcare, automotive & transportation and others.
The regions covered in this Artificial Intelligence Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of artificial intelligence is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Global Artificial intelligence market report covers prominent players like
Artificial intelligence is one of the trendy research subjects which are increasingly driving important developments in technology and business, from autonomous vehicles to medical diagnosis and advanced manufacturing. As AI is gradually moving from theoretical knowledge to practical uses, the artificial intelligence market’s growth is fueled by abundance of digitized data and improving computation power. Some of the applications of AI which gives better performance by enhancing traditional processes are weather forecasting, boost crop yields, enhance detection of cancer, prediction an epidemic etc. by detecting patterns among billions of apparently unrelated data points.
The AI technology has performed well in streamlining work process in healthcare industry, reducing man hours in administrative tasks, decreasing overhead costs in manufacturing world etc. the popularity of AI can be known from the fact that according to Adobe only 15% enterprises use AI in 2018, but 31% more enterprises are expected to use AI in coming years. Adobe also revealed that about 47% of digitally mature organizations with advanced digital practices have definite AI strategy. Robot imports have increased from around 100,000 in 2000 to approximately 250,000 in 2015, which shows the successful implication AI technology and the growth of the artificial intelligence market.
North America is dominating the global artificial intelligence market with largest share due to investment of major enterprises into AI and increasing use of AI in various sectors in this region. For example, in U.S. investment in financial AI has tripled between 2013 and 2014 to USD 12.2 billion. 46% of U.S. adults use digital voice assistants to interact with smartphones and other devices, shows the extent of use of AI in North America. Venture capital investors have increased their annual investment up to 6X in to US based AI startups since 2000. Europe is the 2nd largest market for AI due to increasing research & development activities in autonomous vehicles, electric vehicles and health care sector in this region. For example, Merantix, a German company applied deep learning to medical issues. The deep learning has an application in medical imaging that “detects lymph nodes in the human body in computer tomography (CT) images.”
Asia pacific is expected to witness a high CAGR rate and seems to be a lucrative market for AI due to government initiatives in AI research, rapid development in economy and high adoption rate for new technology. China found that AI led automation can provide productive injection to China economy that would add 0.8 to 1.4% points to GDP annually, for which they are investing more in AI. Other than that countries such as China, Russia, and North Korea put substantial resources in AI for hyper war purpose and to defend critical cyber networks.
|Historical data||2018 - 2021|
|Forecast Period||2022- 2028|
|Market Size in 2020:||USD 44.43 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||36.2%|
|Market Size Expected in 2027:||USD 526.15 Billion|
|Tables, Charts & Figures:||175|
|Artificial Intelligence (AI) Companies:||Alphabet (Google Inc.), Apple Inc., Baidu, IBM Corporation, IPsoft, Microsoft Corporation, MicroStrategy, Inc., NVIDIA, Qlik Technologies Inc, Verint Systems Inc., and others.|
|Segments Covered||By Technology, By End-User|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
Middle East and Africa
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