The global Artificial Intelligence market is valued at USD 129.12 billion in 2022 and is projected to reach a value of USD 1708.26 billion in 2030 expanding at a CAGR of 38.1% over the forecast period of 2022-2030.
Artificial Intelligence Market– Overview
Artificial intelligence (AI) is defined as the ability of a digital computer or a computer-controlled robot to perform tasks that are commonly associated with intelligent beings.
The term, AI is frequently applied to the project of developing systems that are endowed with the intellectual processes characteristic of humans, such as the ability to reason, discover meaning, generalize, or learn from past experience.
The main characteristic of artificial intelligence is the ability of AI to rationalize and take actions that have the best chance of achieving a specific goal. A subset of artificial intelligence is machine learning that refers to the concept that computer programs can automatically learn from and adapt to new data without being assisted by humans.
Also, deep learning techniques can enable this automatic learning through the absorption of huge amounts of unstructured data such as text, images, or video.
Key market trends- Growth determinants and Challenges
Every market has its major growth determinant and challenges. One of the major factor that has fuelled the growth of the market is the growth of data-based Artificial Intelligence.
Also, AI includes computer vision and ML that is changing the landscape of the robotics industry. In order to stay ahead in a global market, businesses have started considering fully autonomous robots that can perceive, interact, and conceptualize the world around them. Deep learning models use artificial neural nets for the processing of large quantities of data, including images, texts, and sounds, for producing accurate results. The AI-driven automation has been proved useful in various applications across numerous industries, including the aviation, medical, agriculture, energy, and material handling markets.
AI is used not only to automate tasks but also to diagnose equipment malfunctions or detect product anomalies. It is used across the board to automate dangerous tasks, augment or replace skilled labor, and streamline operations. And, despite these advances, AI still cannot think abstractly or creatively. Thus, this means there is a need for an ever-evolving workforce that is trained in robotics and advanced manufacturing. But, these factors have fuelled the market growth.
On the flipside, the limited number of AI experts acts as a restrain to the market growth. This is because AI is basically a complex process and for its development, management, and the implementation, AI companies require a lot of skill experts. Thus, this acts as a hinder to the market growth.
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Segmental analysis of the Market
Based on deployment mode
- Cloud segment
- On premise segment
The cloud segment has dominated the market over the forecast period. This is because it provides a lot of benefits, such as reduction in operational costs, hassle-free deployment, etc.
Based on solution
- Software
- AI Hardware
The software segment has dominated the market over the forecast period. This is because of prudent advances in information storage capacity, the high computing power, and also the parallel processing capabilities in order to provide and deliver high end services.
Based on end-user
- Advertising and media
- Healthcare
- BSFI
- Technology
The advertising and media segment has dominated the market sphere over the forecast period. This is because of the rise in artificial intelligence marketing applications that have significant traction.
North America is anticipated to amplify at a considerable CAGR
North America, Europe, Asia Pacific, and Middle East and Africa are the major regions constituting the geographical landscape of Artificial Intelligence market. Among these, North America has dominated the regional market share. This is because of the favourable government initiatives in order to encourage the adoption of AI in various industries.
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Competitive Landscape
The prominent players influencing the competitive hierarchy of the market sphere are
- Advanced Micro Devices
- AiCure
- Arm Limited
- Atomwise, Inc.
- Ayasdi AI LLC
- Baidu, Inc.
- Clarifai, Inc
- Cyrcadia Health
- Enlitic, Inc.
- Google LLC
- ai.
- HyperVerge, Inc.
- International Business Machines Corporation
- IBM Watson Health
- Intel Corporation
- ai AS.
- Lifegraph
- Microsoft
- NVIDIA Corporation
- Sensely, Inc.
- Zebra Medical Vision, Inc.
Major questions answered in this report
- What is the growth rate of AI market?
- What are the primary growth determinant of the market?
- Which are the major regions constituting the geographical landscape of the Market?
- Which are the prominent companies operating in the market?
Key takeaway from the Report
- The AI market is projected to rise at a considerable CAGR of 38.1% over the forecast period of 2022-2030.
- The growth of data-based Artificial Intelligence is aiding market progression.
- The software segment has poised to expand significantly over the forecast period.
- North America is anticipated to amplify at a considerable CAGR.
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