Artificial Intelligence Market Analysis Report By Solution, By Technology, By End Use, By Region And Segment Forecasts From 2021 To 2028

Synopsis

Regarding the report published, the global artificial intelligence market was prized by USD 62.35 billion in 2020. It is estimated to witness a 40.2% CAGR from 2021 to 2028.

Drivers

The technology monsters are carrying out incessant research and modernization of their products. It is encouraging the implementation of sophisticated technologies, within various business verticals like manufacturing, retail, automotive, finance, and healthcare.

Even though technology has constantly been an important factor for these businesses, however artificial intelligence (AI) has taken technology to the midpoint of the business. For example, from self-driving means of transportation to the fundamental life-saving medicinal equipment, AI is being introduced, practically into each one of the equipment, as well as the program. AI is established to be the major radical constituent of the approaching digital age.

Effect of Covid-19

Due to the authorization of the adopted work-from-home (WFH) strategy, because of this pandemic, the eruption of the Covid-19 pandemic is estimated to encourage the expansion of the market for the next-generation technology area, together with artificial intelligence.

For example, the U.S.-based company LogMeIn, Inc., which presents Software as a Service (SaaS) as well as cloud-sourced teamwork services, client appointment, and distant connectivity, has undergone a noteworthy enhancement in novel sign-ups, through its every one product range, between the pandemic.

Besides, the technology companies are increasing their product contributions plus the services to expand accessibility throughout the world. For example, in April 2020, Google LLC introduced an AI facilitated chatbot. It is known as Rapid Response Virtual Agent, designed for call centers. This chatbot is constructed to act, in response to the problems customers may be facing because of the Covid-19 eruption, above chat, voice as well as an additional public network. 

Technology Insight

Deep learning held approximately 38.0% shares of the international revenue and dominated the artificial intelligence (AI) market, in 2020. This elevated share is credited to its eminence on account of its complex data-driven functions, counting speech otherwise content/text identification. Deep learning presents well-paid investment openings since it assists in conquering the challenges of excessive data quantity.

Deep learning and machine learning contain major funds in artificial intelligence. It comprises, together with cognitive functions and AI platforms, accompanied by visualization, filtering, hypothesis generation, clustering, navigation, alerting, categorization, and tagging. Increasing funds in research & development by the foremost companies will, moreover, perform a decisive task in raising the utilization of artificial intelligence tools.

Solution Insight

In 2020, software solutions held above 38.0% share of the international revenue and dominated the AI market. This greater share is credited to the sensible development in data storage space capability, greater computing ability, and equivalent processing competence to provide high-end artificial intelligence software in active end-user verticals.

AI services comprise maintenance & support undertakings, installation, and integration. The sector is expected to rise by a considerable proportion, during the forecast period.

Artificial intelligence hardware consists of chipsets, for example, Field-Programmable Gate Array (FPGA), CPU, Application-Specific Integrated Circuits (ASIC), and Graphics Processing Unit (GPU). As a result of their greater processing ability, which is necessary for the artificial intelligence structure, the market for the artificial intelligence hardware is, at present, led by CPUs and GPUs.

End-Use Insight

In 2020, the advertising & media section held over an 18.0% share of the global revenue and dominated the artificial intelligence market. This extraordinary share is caused by the rising marketing of the AI functions, through considerable traction. Yet, by 2028, the healthcare segment is expected to increase its principal share.

The BFSI division takes account of portfolio/investment organization solicitations, fiscal analysis, and risk measurement. Artificial intelligence has observed a major share in the BFSI, owing to the greater demand for the risk & compliance functions, within the segment.

Additional verticals for the artificial intelligence arrangement comprise agriculture, law, automotive & transportation, retail, and additional sectors. The chatty artificial intelligence stage is single of the majority utilized functions in each vertical.

Regional Insight

North America held more than 40.0% revenue share and dominated the global artificial intelligence market, in 2020. This greater share is credited to positive proposals by the government to promote the acceptance of artificial intelligence, through diverse businesses.

For example, the president of the U.S.A presented the American Artificial Intelligence (AI) Initiative, having the status of national policy, for encouraging headship in artificial intelligence, in February 2019. As a function of this proposal, Federal organizations have promoted community groups in AI-sourced arrangements, using setting up the guiding principles for its expansion and real-life execution, through diverse categories of industrial subdivisions.  

The Asia Pacific is expected to observe, a major enlargement during the approaching days. This development is due to the considerably growing funds in artificial intelligence. Moreover, a rising number of artificial intelligence start-ups, within the region, are increasing the acceptance of AI to make better the effectiveness of the business, as well as facilitate the computerization of the procedure.

Companies

The major companies, that led the international artificial intelligence (AI) market in 2020, consist of Alphabet Inc., Microsoft, and Amazon.com, Inc. The market contestants are concentrating on growing their client base to increase a reasonable advantage, within the business. Hence, the main contestants are taking several tactical actions, like alliances with other key companies, along with mergers & acquisitions.

For example, Advanced Micro Devices declared a tactical coalition with Oxide Interactive LLC, a company busy in video game development, to make available the graphics tools for the cloud gaming marketplace, in April 2020. Both companies have intended to make a group of techniques as well as tools; to deal with the real-time difficulties of cloud-sourced gaming.

Some of the companies for the artificial intelligence market are:

    • Sensely, Inc.
    • Microsoft
    • Iris.ai AS.
    • IBM Watson Health
    • Hyper Verge, Inc.
    • Google LLC
    • Cyrcadia Health
    • Baidu, Inc.
    • Atomwise, Inc.
    • AiCure
    • Zebra Medical Vision, Inc.
    • NVIDIA Corporation
    • Life graph
    • Intel Corporation
    • International Business Machines Corporation
    • H2O.ai.
    • Enlitic, Inc.
    • Clarifai, Inc
    • Ayasdi AI LLC
    • Arm Limited
    • Advanced Micro Devices

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from2017 to 2028. For this study, Million Insights has segmented the global artificial intelligence market report based on solution, technology, end-use, and region:

• Solution Outlook (Revenue, USD Billion, 2017 - 2028)
    • Hardware
    • Software
    • Services

• Technology Outlook (Revenue, USD Billion, 2017 - 2028)
    • Deep Learning
    • Machine Learning
    • Natural Language Processing (NLP)
    • Machine Vision

• End-use Outlook (Revenue, USD Billion, 2017 - 2028)
    • Healthcare
    • BFSI
    • Law
    • Retail
    • Advertising & Media
    • Automotive & Transportation
    • Agriculture
    • Manufacturing
    • Others

• Regional Outlook (Revenue, USD Billion, 2017 - 2028)
    • North America
        • U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • U.K.
    • The Asia Pacific
        • China
        • Japan
        • India
    • South America
        • Brazil
    • Middle East & Africa (MEA)