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Artificial Intelligence (AI) Market Overview
Artificial Intelligence (AI) Market Size was valued at USD 93.5 billion in 2021. The Artificial Intelligence (AI) market industry is projected to grow from USD 128.1 billion in 2022 to USD 1,589.6 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 37.0% during the forecast period (2024 - 2032). 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.
Figure 1: Artificial Intelligence Market Size 2024-2030
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Latest Industry News of Artificial Intelligence (AI) Market
ImagenAI, a top supplier of AI-powered editing tools for pros, has announced a $30 million investment headed by Summit Partners, a global growth investor, with participation from current investor NFX. The funding will help Imagen continue to invest in strategic M&A and hiring, increase its SaaS offering, and accelerate its already rapid growth. By intelligently automating image editing at scale, Imagen was established in July 2020 to modernise and enhance the post-production process of professional photographers.
Increasing the uses of artificial intelligence market size will increase demand for it and, in turn, propel market expansion throughout the forecast period.
Covid-19 Analysis
Due to the required WFH (work-from-home) policy brought on by this pandemic, the COVID - 19 outbreak is anticipated to accelerate the market growth of next-generation tech fields, including artificial intelligence. For instance, the epidemic has resulted in a notable increase in new sign-ups across the entire product range of LogMeIn, Inc., a U.S.-based provider of SaaS (Software-as-a-Service) and cloud-based client interaction, remote connectivity, and collaboration services. In order to increase availability across the globe, tech companies are also increasing the range of products and services they offer. For instance, Google LLC introduced the Rapid Response Virtual Agent chatbot for call centres in April 2020. This chatbot is designed to address concerns clients may have regarding the coronavirus (COVID-19) outbreak via voice, chat, and other social media platforms.
Artificial Intelligence (AI) Market Trends
Growing Investments In Artificial Intelligence Systems
The ability of AI technology to effectively analyses the collected data and use to forecast future actions in real time with the use of sophisticated algorithms contributes in the growth of productivity. For instance, Netflix may suggest movies based on its users' prior viewing habits. By incorporating workflow management tools, trend forecasting, and other breakthroughs, AI has revolutionized company management in the contemporary business environment. These are the main factors influencing growing investment in machine learning and AI technology. In order to improve the efficiency of their value chains, numerous small startups and tech companies have invested in the adoption of open-source AI platforms. In addition, it is anticipated that the availability of low-cost, high-quality AI technology would help the AI industry grow.
Artificial Intelligence (AI) Market Segment Insights
Artificial Intelligence (AI) Component Insights
The Artificial Intelligence (AI) market segmentation, based on Component, includes Hardware, Software, and Services. With a revenue share of more than 38.0% in 2021, the software solutions category dominated the market. This significant proportion can be attributed to sensible improvements in data storage capacity, powerful computing, and parallel processing capabilities to provide high-end services. This segment was also well-positioned to take the largest share of the market thanks to its capacity for data extraction, real-time insight, and decision-making support. AI software in flexible end-use industries. Software for building and deploying artificial intelligence systems includes libraries for primitives, linear algebra, inference, sparse matrices, video analytics, and numerous hardware connection capabilities. Artificial intelligence software use is anticipated to increase throughout the forecast period as a result of the necessity for businesses to comprehend and analyse visual content in order to derive useful insights.
Figure 2: Artificial Intelligence Market Share By Component 2024 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Artificial Intelligence (AI) Technology Insights
In 2021: the deep learning market sector held the top spot and represented about 37.0% of total revenue. Its complex data-driven applications, such as text/content or speech recognition, are blamed for this rise. Deep learning offers lucrative investment opportunities as it helps overcome the challenges of high data volumes.
July 2020: In order to increase the accessibility of the latter's deep learning solutions in North America and broaden AI solutions to clinical care settings and new modalities, Zebra Medical Vision teamed with TELUS Ventures.
Artificial Intelligence (AI) Deployment Insights
The artificial intelligence market is divided into On-premises and Cloud based on deployment mode. Multiple advantages of the cloud deployment approach include lower operational expenses, easy implementation, and great scalability. The use of cloud-based natural language processing and machine learning tools in Al is anticipated to increase as people become more aware of their advantages. Given that many businesses have moved to the private or public cloud, all solution providers concentrate on creating reliable cloud-based solutions for their clients. Cloud technology gives businesses more operational flexibility and makes real-time deployment simple for those using real-time analytics. IBM, Microsoft, Amazon, and Google are significant providers of cloud-based Al systems.
December 2021: AWS announced the launch of AWS Cloud WAN, which enables companies to combine cloud and on-premises settings rapidly and simply by enabling them to construct, manage, and keep an eye on a single network. Using the centralized dashboard offered by AWS Cloud WAN, businesses can quickly connect their on-premises branch offices, data centers, and Amazon Virtual Private Clouds to the AWS network.
Artificial Intelligence (AI) Organization Size Insights
Based on Organization Size, the AI market is divided into Large Enterprises and SME. Large Enterprises are expected to hold a significant share during the forecast period owing to increasing investment in AI technology.
Artificial Intelligence (AI) Business Function Insights
Based on Business Function, the AI market is segmented into Finance, Security, Human Resources, Law, Marketing And Sales, and Others. By compiling information from prior employees in comparable tasks and crafting tailored interview questions, AI in human resources helps eliminate subjectivity. This puts more emphasis on the candidate's skill set, gives additional context for the job's requirements, and compares the candidate to roles in comparable firms.
Artificial Intelligence (AI) Industry Vertical Insights
In 2021, the advertising and media category dominated the market with a revenue share of more than 20.0%. This large proportion can be attributed to the rapidly expanding AI marketing applications that have gained a lot of attention. However, it is projected that by 2030, the healthcare industry would take the lead. Based on use-cases, the healthcare market has been divided into categories such as robot-assisted surgery, dosage error reduction, virtual nursing assistants, clinical trial participant identification, hospital workflow management, preliminary diagnosis, and automated image diagnostic. Financial analysis, risk evaluation, and investment/portfolio management proposals are all included in the BFSI segment. The BFSI has seen a considerable increase in the use of artificial intelligence as a result of the industry's increasing demand for risk and compliance applications.
Artificial Intelligence (AI) Regional Insights
By Region, the study segments the market into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In 2021, North America accounted for a sizeable portion of the artificial intelligence (AI) market share, with the U.S. playing a prominent role due to growing government initiatives and investments in the sector. The existence of several market participants in the U.S. is anticipated to boost market expansion. The RELX Emerging Tech Executive Report 2021 states that 81% of Americans now use this technology, up over 33% from 2018. Retail, BFSI, manufacturing, healthcare, and other important sectors of the economy are making large investments in this technology.
During the projected period, Asia Pacific is anticipated to experience substantial expansion in the artificial intelligence market. The region's Al use cases are projected to grow as 5G technology is increasingly implemented in nations including China, South Korea, Japan, Singapore, and India. Many countries have developed steadfast plans to increase technology use across industries. For instance, the market growth is being fueled by initiatives like India's Al for All goal, China's Next Generation Artificial Intelligence Development Plan, Singapore's National Al Strategy, and Japan's Society 5.0 vision. Similar to Malaysia, Indonesia, Vietnam, the Philippines, Thailand, and other nations, these nations are heavily utilizing the technology across a range of applications.
Europe is expected to control a sizable portion of the artificial intelligence market. European Union nations are carefully putting money into technology. For instance, the European Investment Fund allocated USD 171 million funding for the enterprises around Europe, according to the European Commission's December 2020 report.
Figure 3: Artificial Intelligence Market Share By Region 2024 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Artificial Intelligence (AI) Key Market Players & Competitive Insights
There are a lot of new businesses entering the market. To provide specialized artificial intelligence solutions, these businesses are working with sectors like manufacturing, healthcare, and retail. While the major players in the market are concentrating on research and development to meet the growing demands of various industrial applications. These players are buying important start-ups all around the world in order to increase their footprint and improve their solution offerings. For instance, Apple Inc. increased the sophistication of its intelligent services by purchasing well-known businesses. Additionally, the knowledge of the engineers and technicians working for these startups aids in the creation of original solutions.
July 2021 - Qualcomm Technologies purchased assets from Twenty Billion Neurons GmbH, including an Al research team and video datasets used by the Al community.
August 2021 - OpenAI, LLC updated the OpenAl Codex and launched a private beta programme through API that reads natural language commands and executes them on behalf of users.
Key Companies in the Artificial Intelligence (AI) market include
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Advanced Micro Devices
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AiCure
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Arm Limited
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Atomwise, Inc.
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Ayasdi AI LLC
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Baidu, Inc.
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Clarifai, Inc
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Cyrcadia Health
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Enlitic, Inc.
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H2O.ai.
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HyperVerge, Inc.
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International Business Machines Corporation
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Intel Corporation
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Iris.ai AS.
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Lifegraph
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NVIDIA Corporation
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Sensely, Inc.
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Zebra Medical Vision, Inc.
Artificial Intelligence (AI) Industry Developments
ImagenAI, a top supplier of AI-powered editing tools for pros, has announced a $30 million investment headed by Summit Partners, a global growth investor, with participation from current investor NFX. The funding will help Imagen continue to invest in strategic M&A and hiring, increase its SaaS offering, and accelerate its already rapid growth. By intelligently automating image editing at scale, Imagen was established in July 2020 to modernise and enhance the post-production process of professional photographers.
Increasing the uses of AI will increase demand for it and, in turn, propel market expansion throughout the forecast period.
Artificial Intelligence (AI) Market Segmentation
Artificial Intelligence (AI) Component Outlook
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Hardware
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Software
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Services
Artificial Intelligence (AI) Technology Outlook
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Machine Learning
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Natural Language Processing
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Context-Aware Computing
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Computer Vision
Artificial Intelligence (AI) Deployment Mode Outlook
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On-premises
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Cloud
Artificial Intelligence (AI) Organization Size Outlook
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Large Enterprises
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SMEs
Artificial Intelligence (AI) Business Function Outlook
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Finance
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Security
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Human Resources
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Law
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Marketing And Sales
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Others
Artificial Intelligence (AI) Industry Vertical Outlook
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BFSI
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IT & Telecom
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Healthcare
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Retail
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Automotive
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Advertising & Media
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Manufacturing
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Others
Artificial Intelligence (AI) Regional Outlook
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North America
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US
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Canada
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Mexico
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Europe
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Germany
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France
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UK
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Rest of Asia-Pacific
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Middle East & Africa
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South America
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