Artificial intelligence (AI) Market worth $18.03 Billion by 2019

How much is the artificial intelligence (AI) market worth?

According to the report, global demand for Artificial Intelligence Market was valued at approximately USD 18.03 Billion in 2019 and is expected to generate revenue of around USD 313.18 Billion by end of 2027, growing at a CAGR of around 42.9% between 2020 and 2027.

What is artificial intelligence (AI)?

In recent years, artificial intelligence (AI) has been one of the technologies which is growing fast. AI has similar characteristics to human intelligence, such as listening, language comprehension, problem solving, reasoning, and others. Market manufacturers are witnessing huge underlying intellectual challenges in the development and overhaul of such a technology. AI is positioned among the market's next generation software technologies. Companies like Microsoft IBM, Google, and other leading players have been successfully integrating AI as a core part of their technology.

Growing popularity of applications for parallel processing contributes to the growing acceptance of intelligence technology in scientific disciplines such as artificial intelligence and data science. Organizations are using AI to derive useful insights from data to deliver new goods and to enhance customer experience, thus growing opportunities for revenue. Significant developments in operational dimensions of advances in artificial intelligence and implementation of complex artificial intelligence applications are driving development in the industry. Rapid advances in high computing power have helped increase the adoption of AI and robotics in end use industries like automotive, IT, healthcare and manufacturing. Machine intelligence is likely to hold enormous potential for growth and key players are focused on developing integrated software and hardware solutions. In addition, a variety of retailers have partnered with distributors and end users for product delivery to extend their customer reach. In the automotive industry, AI has many possible applications in advanced driver assistance systems (ADAS) and autonomous driving. Neural networks are commonly used in lane recognition vehicles, which promote the replacement of costly sensors. Artificial intelligence helps coordinate vast volumes of data gathered by IoT sensors and mobile devices to boost the storage of data.

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Segmentation Analysis

The global market for the artificial intelligence is segmented into offering, technology, application, and region. Based on offering, the market is segmented into hardware, software, and services. The hardware segment is likely to grow at CAGR in the forecast period. It can mainly be attributed to the growing need for hardware platforms with high processing power to run various AI applications. The presence of major companies operating in this segment has contributed to the AI-related hardware market.

Based on technology, the market is categorized into deep learning, machine learning, machine vision, and natural language processing. The deep learning segment held almost 27% share of the market in 2019 due to its complicated data-driven applications that involve sound recognition or text/content recognition technology. Deep learning offers lucrative investment opportunities, as it helps to solve high data volume challenges. Growing deployment of cloud-based computing systems and hardware equipment on site to recover large quantities of data in a safe and secure manner has paved the way for the expansion of the analytics market as well. Rising R&D expenditures by leading players is also playing a crucial role in growing the adoption of AI technologies.

Based on the application, the global market for artificial intelligence is segmented into media & advertising, BFSI, healthcare, manufacturing, automotive & transportation, IT & telecom, retail and others. The media & advertising segment accounted for almost 31% share of the market in 2019. The healthcare sector is expected to gain leading share by 2027 tough. This section is divided based on use cases, like robot-assisted surgery, virtual nursing assistants, hospital process management, reduction of dosage errors, identification of participants in clinical trials, automatic image diagnosis, and preliminary diagnosis which will lead to its market growth in the forecast period.

Regionally, the market is divided into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America held almost 37% owing to the involvement of leading regional players, a strong technological base for adoption and the availability of government funding. Moreover, the growing acceptance of cloud services in developed countries such as the U.S. and Canada contributes significantly to the global market. Cloud-based AI deployment in Europe is also likely to see substantial growth in the coming years due to increased user demand for faster and on-demand data access and easy document control. In addition, many private and public agencies are collecting domain-specific data that covers topics such as cyber security, medical computer science, national intelligence, marketing, and fraud detection. Asia Pacific is likely to grow at high CAGR in the forecast period. 

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