Artificial Intelligence

Artificial Intelligence Market

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Market Overview

The size of the worldwide artificial intelligence industry, estimated at USD 93.5 billion in 2021, is expected to rise at a CAGR of 38.1% from 2022 to 2030. The adoption of cutting-edge technology is being fueled by ongoing research and innovation carried out under the direction of the tech giants in sectors including manufacturing, healthcare, retail, and finance. For instance, to expand its artificial intelligence (AI) business, Intel Corporation purchased Cnvrg.io, an Israeli startup that creates and runs a platform for data scientists to create and run machine learning models. Nevertheless, technology has long been crucial to many industries, but AI has pushed technology to the forefront of businesses.

Demand for technology is probably being driven by a major advancement in the implementation of 5G, automation, cloud computing, and massive databases, among other things.

The same goes for its capacity to identify threats in real-time, which is anticipated to promote interaction with cybersecurity tools. For instance, Stellar Cyber, a U.S.-based provider of security operations platform, established a cooperation with BlackBerry Limited in August 2021. The partnership’s goal is to encourage businesses and managed security service providers to deploy AI-powered security solutions (MSSPs).

Driving Factors

The recent expansion of the worldwide artificial intelligence industry has been considerably aided by the quick uptake of digital technologies and the internet. The massive research and development expenditures made by the IT behemoths are continually accelerating technical development across a wide range of businesses. The growing demand for artificial technology across a range of end-use industries, including manufacturing, banking & finance, healthcare, automotive, food & beverage, retail, and logistics, is anticipated to significantly fuel the development of the global artificial intelligence market over the coming years to come. The majority of sectors have traditionally placed a high priority on technological advancements.

The global AI market is expanding at a rapid rate due to the increasing acceptance of multiple life-saving medical equipment and the self-driving functionality in new electric vehicles. The world’s shifting attention to digitalization is having a positive effect on market expansion. The leading international tech behemoths, including Apple, Google, Microsoft, IBM, Amazon, and IBM, are expanding their investments in the development and improvement of various AI applications. During the projection period, it is anticipated that increasing initiatives by tech giants to increase access to AI will promote market growth.

Restraining Factors

With different algorithms and concerns over data privacy, the market is probably going to struggle. To give users relevant results, the system makes advantage of machine learning and deep learning capabilities. These technologies, which include search algorithms, recommendation engines, and adtech networks, may use the user’s private information for their own purposes.

Furthermore, without the user’s permission, artificial intelligence algorithms generate new information based on historical data. According to a report released in March 2021 by the European Parliament, the amount of data produced worldwide is predicted to increase from 33 zettabytes in 2018 to 175 zettabytes in 2025. In order to prevent the misuse of personal data, Europe adopted the General Data Protection Regulation. This will probably reduce consumer demand for the technology.

Market Segmentation

The market is segmented into different sectors based on the various aspects. On the basis of type, AI is divided into Narrow or Weak AI and General or Strong AI. By technology, the segments are , Machine Learning, and Natural Language Processing. Machine learning AI is subdivided into Deep Learning, Supervised Learning, Unsupervised Learning Reinforcement Learning and other technology; and the Natural Language Processing is further subdivided into context aware computing and computer vision. On the basis of Solution, AI is divifed into Software, Hardware and Services AI. Based on the End User, the market is segmented into BFSI, Retail, Law, and Healthcare, Advertising and Media, Manufacturing, Automotive and Transportation and others. The BFSI segment is further subdivided into Risk Assessment, Financial Analysis, Investment, and others. In the healthcare segment, the market is subdivided into Robot Assisted Surgery, Virtual Nursing Assistants, Hospital Workflow Management, Dosage Error Reduction, Clinical Trial Participant Identifier, Preliminary Diagnosis and Automated image Diagnosis. By Business Functions, the market is differentiated into Marketing and Sales, Security, Finance, Law, Human Resource and others. Under Deployment Mode, AI is segmented as Cloud and On-premises AI. Based on the organisation sizes, AI is developed as Large Enterprises and Small and/or Medium Enterprises. According to the System Type, the segments are as, Artificial Neural Networks, Digital Assistant, Automotive Robotics System and Embedded System. Based on the Geography, the AI industry is divided as, North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA). The North America segment covers the U.S. and Canada subdivisions. The Europe segment covers the U.K., Germany and France factions. The Asia-Pacific segment covers the China, India, Japan, South Korea, Malaysia and Philippines subdivisions.  The Latin America covers the Brazil and the rest of the Latin America. The Middle East and Africa consist of the GCC, North Africa, South Africa and the rest of the Middle East and Africa segment.

  • By Type
  • Narrow/Weak AI
  • General/Strong AI
  • By Technology
  • Machine Learning
  • Deep Learning
  • Supervised Learning
  • Unsupervised Learning
  • Reinforcement Learning
  • Other Technology
  • Natural Language Processing
  • Context-Aware Computing
  • Computer Vision
  • By Solution
  • Software
  • Hardware
  • Services
  • By End User
  • BFSI
  • Risk Assessment
  • Financial Analysis/Research
    • Investment/Portfolio Management
    • Others
  • Retail
  • Law
  • Healthcare
    • Robot Assisted Surgery
    • QVirtual Nursing Assistants
    • Hospital Workflow Management
    • Dosage Error Reduction
    • Clinical Trial Participant Identifier
    • Preliminary Diagnosis
    • Automated Image Diagnosis
  • Advertising & Media
  • Manufacturing
  • Automotive and Transportation
  • Others
  • By Business Function
  • Marketing and Sales
  • Security
  • Finance
  • Law
  • Human Resource
  • Other
  • By Deployment Mode
  • Cloud
  • On-premises
  • By Organization Size
  • Large enterprises
  • Small and medium-sized enterprises (SMEs)
  • By System Type
  • Artificial Neural Networks
  • Digital Assistant
  • Automotive Robotics System
  • Embedded System
  • By Geography
  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Malaysia
    • Philippines
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC
    • North Africa
    • South Africa
    • Rest of the Middle East & Africa

Competitive Analysis

The key competitors in the artificial intelligence market are Intel Corporation, Microsoft, IBM, Google, Amazon Web Services, Baidu, Inc., NVIDIA Corporation, H2O.ai., Lifegraph, Sensely, Inc., Enlitic, Inc., AiCure, HyperVerge, Inc., and Arm Limited.

  • Intel Corporation
  • Microsoft
  • IBM
  • Google
  • Amazon Web Services
  • Baidu, Inc.
  • NVIDIA Corporation
  • H2O.ai.
  • Lifegraph
  • Sensely, Inc.
  • Enlitic, Inc.
  • AiCure
  • HyperVerge, Inc.

Arm Limited