Global artificial intelligence market is estimated to witness a strong CAGR of 40.1% from 2019-2026, reaching a value of USD 551,706 Million in 2027, due to the continuous research and development activities by the leading giants.

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Key Drivers

The major factors propelling the growth of Global AI market include the rise in the adoption of cloud-based applications and services and the growth of big data across the globe. The advanced AI technologies is continuously enhancing the performance of economies, businesses and different industries. The growing demand for intelligent virtual assistants across different verticals in several industry will have a positive impact on the Global Artificial Intelligence market during the forecast period. The increased integration of image recognition technology with optical character recognition, pattern matching and face recognition in various end-use applications such as drones, self-driving cars and robotics will propel the growth of the artificial intelligence market during the forecast period. Various multinational giants are largely focusing on mergers and acquisition with emerging start-ups in order to capture the highest market share and gain competitive advantage over the other market players. For instance, in 2017, Microsoft Corporation acquired Maluuba aiming to advance in the deep learning and AI landscape. Ongoing research and development activities by leading giants have encouraged the adoption of advanced technologies in industry verticals, such as automotive, healthcare, retail, finance, and manufacturing, which will offer enormous opportunities for the market. For instance, In November 2020, Intel Corporation acquired Cnvrg.io., an Israeli company is working on the development of a platform for data scientists to build and run machine learning models, to boost Artificial Intelligence (AI) business.

In addition, the increasing application of Artificial Intelligence in the automotive industry to produce autonomous vehicles (EVs) and the rising sales of self-driving vehicles, are likely to augment the market growth. The growing adoption of Artificial Intelligence technologies across media and entertainment industry in order to provide customized content and improve the experience of streaming services has bolstered the market growth. The emerging trend of streaming content on over-the-top (OTT) platforms, expansion of Information Technology Industry and growing adoption of cloud-based solutions to interpret large data, enhance user experience are expected to boost the market growth. is creating a positive outlook for the market. Besides this, the surging adoption of fifth generation (5G) technology, growing demand for intelligent virtual assistants, advent of AI-powered industrial and surgical robots, and rising investments to improve the AI infrastructure, are projected to strengthen the market growth over the upcoming years.

The rising AI technologies will create new opportunities in the market, thereby attracting large number of customers to opt for AI based solutions across the globe. In addition to this, the growing demand of AI-powered industrial robots in the developing economies such as China and Japan will further augment the growth of Global Artificial intelligence (AI) market over the coming years. On the other hand, the difficulty in data labelling and limited application of AI in complex models along with restricted number of AI experts will hamper the growth of the Global Artificial Intelligence (AI) market during the forecast period. According to the report published by European Parliament, the data produced is estimated to reach 175 zettabytes in 2025 from 33 zettabytes in 2018, which has encouraged Europe to introduce General Data Protection Regulation to control the misuse of personal data, which is likely to hamper the market growth.

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Offering Segment Analysis

Based on offering, the Global AI market is segmented into Hardware, Software and Services. The Hardware segment is projected to grow at the fastest CAGR during the forecast period owing to the rising demand for hardware platforms with high level of computing power in order to run different AI software. The AI systems are becoming more sophisticated, thus making it necessary to develop new hardware which will accelerate training and performance of neural network while reducing the power consumption.

Technology Segment Analysis

Based on Technology, the Computer Vision is anticipated to lead the market during the forecast period owing to the rising adoption of computer vision in autonomous or semiautonomous applications in numerous industries such as Manufacturing and Automotive industry across the globe. Moreover, the growing need for quality inspection & automation and the expanding demand for vision-guided robotic system will drive the demand for computer vision, thereby accelerating the growth of the Global Artificial Intelligence (AI) market during the forecast period.

The deep learning segment is expected to witness a higher CAGR over the upcoming years, because of the increasing investment by leading players as it helps in overcoming challenges of high data volumes. For instance, in July 2020, Zebra Medical Vision entered into a partnership with TELUS Ventures to expand the availability of the former’s deep learning solutions in North America and AI solutions to clinical care settings and new modalities.

Segment Analysis

Based on End User, Automotive segment is expected to grow at a higher CAGR during the forecast period owing to the rising usage of AI technologies in the semi-autonomous and autonomous car in order to meet the changing demand of the end-users and to deliver amazing customer experience. The car manufacturers are largely focusing on implementing artificial intelligence technologies in every part of the manufacturing process such as using AI and machine learning based robots for transferring vehicle parts and loading & unloading of the cars. Moreover, the rising demand for autonomous cars with remarkable artificial intelligence technologies such as internet radio, voice commands, roadside assistance, collision warning and contextual help will further propel the growth of the Global Artificial Intelligence (AI) market during the forecast period.

The healthcare segment is estimated to hold a higher share during the forecast period, due to the growing applications of AI in robotic surgery, virtual nursing assistants, clinical trials, automated image diagnosis. In addition, the accelerating penetration of the telehealth platforms and growing adoption of the remote monitoring systems and electronic health records have fueled the market growth.

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Regional Analysis

Based on the region, APAC is anticipated to lead the market during the forecast period owing to the rising adoption of deep learning and natural language processing technologies in numerous industries including finance, agriculture, marketing and law across China, Japan and Australia. With the growing e-commerce and increasing internet penetration, the key players of the marketing industry are adopting AI-based solutions for marketing on different platforms in order to capture the changing demand of the consumer base. Moreover, the increasing incidences of cyberattacks in the Asian countries is encouraging governments and organizations to opt for AI and machine learning tools to improve cyber security. The growing demand of industrial robots in the production process across various Food & Beverage companies to improve quality, enhance efficiency and reduce the operational post, will further complete the growing demand of the Artificial Intelligence (AI) market in the region.

North American region is estimated to witness a higher CAGR over the upcoming years, due to the strategic government initiatives to encourage the adoption of AI across various industries. For instance, in 2019, U.S. President Donald J. Trump introduced the American AI Initiative as the nation’s strategy to promote leadership in artificial intelligence. As part of this initiative, Federal agencies have fostered public trust in AI-based systems by establishing guidelines for its development and real-life implementation across different industrial sectors.

Various notable players operating in the market include Intel Corporation, NVIDIA Corporation, Samsung, Xilinx, Micron Technology, Inc., IBM Corporation, Microsoft Corporation, Google, Amazon Web Services (AWS), Facebook among others.

Key Developments:

• • In 2021 – Qualcomm Technologies acquired assets from Twenty Billion Neurons GmbH, including an AI research team and video datasets used by the AI community.
  • In 2021 – The OpenAI, LLC updated OpenAI Codex and launched a private beta program through API, which interprets users’ natural language commands and executes them on their behalf.
  • In 2020, Samsung successfully launches the QLED 8K with enhanced AI technology to improve audio, video and smart capabilities of the LED television.
  • In 2020, IBM Corporation released AI-powered tool to provide automatic labelling of images in videos.
  • In 2020, Microsoft launches $40 million healthcare artificial intelligence program known as “AI for Health” aiming to provide non-profits, academia and research organisations with easy access to the latest technology and technical experts to leverage AI for research and care delivery.
  • In 2020, the Amazon Web Services announced its collaboration with Novartis aiming to redevelop manufacturing, supply chain and delivery operations of Novartis using the artificial intelligence and machine learning technologies.

The Global Artificial Intelligence (AI) market has been segmented based on Offering, Technology, Type, End-User and Key Regions. Based on Offering, the market is segmented into Hardware, Software and Services. Based on Technology, the market is segmented into Machine Learning, Natural Language Processing (NLP), Context-Aware Computing and Computer Vision. Based on Type, the market is segmented into Narrow/Week AI and General/Strong AI. Based on End-User, the market is segmented into Healthcare, BFSI, Retail, Manufacturing, Automotive & Transportation, Agriculture, Media & Entertainment, and Others.

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Key questions answered in this research report:

• • At what pace is the Artificial Intelligence (AI) global market growing? What is the artificial intelligence market size in 2019 and the growth trend in the future?
  • What are the key drivers and restraints in the Global Artificial Intelligence (AI) market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the Global Artificial Intelligence (AI) market?
  • What are the future growth opportunities and its impact on companies artificial intelligence (AI) marketing plan?
  • What are the various technology types of the Global Artificial Intelligence (AI) market and how they are poised to grow?

Report Coverage	Details
Market Revenues (2019)	USD 37,156 Million
Market Base Year	2019
Market Forecast Period	2020-2027
Base Year & Forecast Units	Value (USD Million)
Market Segment	By Offering, By Technology, By End-User and By Key Regions
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Intel Corporation, NVIDIA Corporation, ChiefCasinos, Samsung, Xilinx, Micron Technology, Inc., IBM Corporation, Microsoft Corporation, Google, Amazon Web Services (AWS), Facebook
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation:

Global Artificial Intelligence (AI) Market by Offering

• • Hardware
    • Processors
    • Memory
    • Network
  • Software
    • AI Platforms
    • AI Solutions
  • Services
    • Deployment & Integration
    • Support & Maintenance

Global Artificial Intelligence (AI) Market by Technology

• • Machine Learning
  • Natural Language Processing (NLP)
  • Deep Learning
  • Computer Vision
  • Others

Global Artificial Intelligence (AI) Market by End-User

• • Healthcare
  • BFSI
  • Retail
  • Manufacturing
  • Automotive & Transportation
  • Agriculture
  • Media & Entertainment
  • Others

Global Artificial Intelligence (AI) Market by Region

• • North America Artificial Intelligence (AI) Market Option 1: As a part of the free 25% customization
    • By Offering
    • By Technology
    • By End-user
    • United States Market All-Up
    • Canada Market All-Up
  • Europe Artificial Intelligence (AI) Market Option 2: As a part of the free 25% customization
    • By Offering
    • By Technology
    • By End-user
    • Spain Market All-Up
    • Germany Market All-Up
    • UK Market All-Up
    • France Market All-Up
    • Poland Market All-Up
    • Russia Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Artificial Intelligence (AI) Market Option 3: As a part of the free 25% customization
    • By Offering
    • By Technology
    • By End-user
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • South Korea Market All-Up
    • Indonesia Market All-Up
    • Australia All-Up
    • Rest of APAC Market All-Up
  • ROW Artificial Intelligence (AI) Market Option 4: As a part of the free 25% customization
    • By Offering
    • By Technology
    • By End-user
    • Brazil Market All-Up
    • Argentina Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • Rest of world Market All-Up

Leading market players (Option 5: Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Intel Corporation
  • NVIDIA Corporation
  • Samsung
  • Xilinx
  • Micron Technology, Inc.
  • IBM Corporation
  • Microsoft Corporation
  • Google
  • Amazon Web Services (AWS)
  • Facebook