The global artificial intelligence market size is poised to reach 1.81 trillion by 2030. The market totaled a valuation of USD 93.5 billion in 2021 and is anticipated to showcase growth at a significant CAGR of 38.1% from 2022 to 2030. The world is now shifting towards advanced technology and building a mass-creation of technological empire. Moreover, the surge of digitalization and the internet have given headway for the rapid growth in the shift change. These factors led the key players and companies to look over technologies such as AI to take over the world.
Artificial intelligence is estimated to change the face of the world in future years. The features of the technology are helping to cater to healthcare, manufacturing, automotive, retail, finance, marketing, and many more industries. The continuation of the research and innovation incorporated by the tech giants is boosting the adoption of AI-based platforms. Safe and secure restoration of large volumes of data paving headway for the expansion of the analytics platform. Increasing research and development by the major players is aggrandizing the uptake of artificial technologies. AI has become essential to the center of organizations in various industries. From self-driving vehicles to essential medical infrastructure, AI has been infused into all major programs. Artificial Intelligence is estimated to revolutionize the digital era in forthcoming years.
Major key players such as Amazon.com, Inc.; Google LLC; Apple Inc.; Facebook, International Business Machines Corporation, and Microsoft are continuing rapid investments in the research and development activities of AI program installments. They are focusing on the indulgence of end-user access in enterprises. Furthermore, AI is being used for enhancing the better customer experience in companies. For instance, In March 2020, McDonald’s invested around USD 300 million in order to acquire Tel Aviv, an AI start-up to use AI for personalized customer experience.
The outbreak of COVID-19 has impacted industries and mankind across the globe. However, the emergence of the COVID-19 pandemic has created opportunities for AI-enabled systems to help in research activities and solutions to fight against the situation. For instance, Alibaba's research institute Damo Academy, a Chinese tech giant invented a diagnostic algorithm to detect coronavirus cases with chest CT scans. Moreover, in June 2020, Lunit, an AI-Based company developed an AI solution for COVID-19 cases, X-ray analysis of the chest, and assisting in interpreting, monitoring, and patient trials.
Artificial Intelligence Market Report Key Takeaways
- The deep learning segment led the artificial intelligence (AI) market accounting for over 37% in 2021. The deep learning segment is creating lucrative opportunities for the market to expand in various industries as it has the ability to provide solutions to any complicated data-driven applications and overcome the challenges such as high data volumes
- The advertising and media segment accounted for a market share of 20% in 2021. The growing number of businesses with a growing need for AI marketing applications is contributing to the segment growth
- The healthcare segment contributes to the market growth due to the high use of AI in the healthcare system. Robot-assisted surgery usage error reduction, virtual nursing assistants, clinical trial participant identifier, hospital workflow management, preliminary diagnosis, and automated image diagnosis
- North America led the market accounting for over 42% of the total market share in 2021. The market has a stronghold in the region. Favorable government initiatives and the availability of developed resources have created a positive environment for the market to boom in the region. The government of the U.S. has launched an AI initiative in February 2019 to lead and withhold its position in the global AI market. Due to the surge of the initiatives, the federal agencies built public trust in AI-based systems by indulging them in certain established guidelines for the development and real-life advantages of AI in various sectors
- In Asia Pacific, technology-driven countries such as China, India, Japan, and Korea are increasing their investments in artificial intelligence. This shift change towards technological inclinations has created a market to expand in the region. Moreover, the rising start-up companies which are flourishing due to the adoption of AI have improved operations efficiency and process automation. The emergence of technology has become a boon to the developing economies of the region. Hence, the region has kept a wide-open door for the AI market to expand at an asserted growth rate during the forecast period
Artificial Intelligence Market Segments
- Artificial IntelligenceSolution Outlook (Revenue, USD Billion, 2017 - 2030)
- Hardware
- Software
- Services
- Artificial IntelligenceTechnology Outlook (Revenue, USD Billion, 2017 - 2030)
- Deep Learning
- Machine Learning
- Natural Language Processing (NLP)
- Machine Vision
- Artificial IntelligenceEnd-use Outlook (Revenue, USD Billion, 2017 - 2030)
- Healthcare
- Robot-Assisted Surgery
- Virtual Nursing Assistants
- Hospital Workflow Management
- Dosage Error Reduction
- Clinical Trial Participant Identifier
- Preliminary Diagnosis
- Automated Image Diagnosis
- BFSI
- Risk Assessment
- Financial Analysis/Research
- Investment/Portfolio Management
- Others
- Law
- Retail
- Advertising & Media
- Automotive & Transportation
- Agriculture
- Manufacturing
- Others
- Artificial IntelligenceRegional Outlook (Revenue, USD Billion, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa (MEA)
- Key players of the Artificial Intelligence Market
- Advanced Micro Devices
- AiCure
- Arm Limited
- Atomwise, Inc.
- Ayasdi AI LLC
- Baidu, Inc.
- Clarifai, Inc
- Cyrcadia Health
- Enlitic, Inc.
- Google LLC
- H2O.ai.
- HyperVerge, Inc.
- International Business Machines Corporation
- IBM Watson Health
- Intel Corporation
- Iris.ai AS.
- Lifegraph
- Microsoft
- NVIDIA Corporation
- Sensely, Inc.
- Zebra Medical Vision, Inc.
