The global artificial intelligence market reached a value of US$ 40.21 Billion in 2020. Artificial Intelligence (AI) refers to a branch of computer science that aims to simulate human intelligence for developing programmable machines. AI-integrated machines are capable of human-like speech-recognition, learning, planning and problem solving based on past experiences. The hardware components of AI include various chipsets with high computing capabilities, such as graphics processing unit (GPU), central processing unit (CPU), application-specific integrated circuits (ASIC), and field-programmable gate array (FPGA). The software components include core technologies such as natural language processing (NLP), deep learning, machine learning (ML) and augmented and virtual reality (AR/VR), which can process large amounts of data and provide meaningful insights.
The market is primarily driven by the significant growth in the information technology (IT) industry, along with the growing utilization of cloud-based applications across the globe. The increasing digitization in various industries, such as telecommunication, healthcare, automotive and banking, financial services and insurance (BFSI), has led to the extensive utilization of AI-integrated systems for analyzing large amounts of data and extracting insights regarding overall operational efficiencies and consumer experience. Furthermore, the increasing deployment of 5G infrastructure and the rising demand for intelligent virtual assistants are also providing a boost to the market growth. Various social media and e-commerce platforms are employing AI-based algorithms, recommendation engines, chatbots and pricing optimization, lead generation and supply chain optimization systems to enhance their customer engagement. Other factors, including the development of AI-powered industrial and surgical robots, along with increasing investments to improve the AI infrastructure, are projected to drive the market further. Looking forward, IMARC Group expects the global artificial intelligence market to exhibit robust growth during the next five years.
Breakup by Type:
Narrow/Weak Artificial Intelligence
General/Strong Artificial Intelligence
Breakup by Offering:
Breakup by Technology:
Natural Language Processing
Breakup by System:
Decision Support Processing
Breakup by End-Use Industry:
Transportation and Logistics
Breakup by Region:
Middle East and Africa
The report has also analysed the competitive landscape of the market with some of the key players being Amazon Web Services Inc., Apple Inc., Baidu, Cisco Systems Inc., Facebook Inc., General Electric Company, Google LLC (Alphabet Inc.), International Business Machines, Intel Corporation, Micron Technology Inc., Microsoft Corporation, Nvidia Corporation, Oracle Corporation, Rockwell Automation Inc., Samsung Electronics Co. Ltd., SAP SE, Siemens AG, etc.
Key Questions Answered in This Report
1. What was the global artificial intelligence market size in 2020?
2. What will be the global artificial intelligence market outlook during the forecast period (2021-2026)?
3. What are the global artificial intelligence market drivers?
4. What are the major trends in the global artificial intelligence market?
5. What is the impact of COVID-19 on the global artificial intelligence market?
6. What is the global artificial intelligence market breakup by type?
7. What is the global artificial intelligence market breakup by technology?
8. What is the global artificial intelligence market breakup by system?
9. What is the global artificial intelligence market breakup by end-use industry?
10. What are the major regions in the global artificial intelligence market?