The global artificial intelligence market reached a value of US$ 56.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 308.5 Billion by 2027, exhibiting a CAGR of 31.9% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
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.
Artificial Intelligence Market Trends:
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.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global artificial intelligence market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, offering, technology, system and end-use industry.
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 2021?
2. What are the key factors driving the global artificial intelligence market?
3. What has been the impact of COVID-19 on the global artificial intelligence market?
4. What is the breakup of the global artificial intelligence market based on the type?
5. What is the breakup of the global artificial intelligence market based on the technology?
6. What is the breakup of the global artificial intelligence market based on the system?
7. What is the breakup of the global artificial intelligence market based on the end-use industry?
8. What are the key regions in the global artificial intelligence market?
9. Who are the key players/companies in the global artificial intelligence market?