24-Jun-2021 | Facts and Factors
According to the latest title “Global Artificial Intelligence Market” published by Facts & Factors, the latest study provides a comprehensive and analytical overview of the complete market. The global artificial intelligence market is expected to witness a significant market value of USD 29.86 Billion in the year 2020 with a CAGR value of 35.6% and is projected to reach USD 299.64 Billion in the year 2026.
Artificial intelligence is the science and technological progress that is consumed in order to give computer systems the ability to attain problem-solving skills as humans with the aid of learning. Human intelligence is a combination of present consciousness and emotionality while AI attempts to emulate the latter using complex mathematical astute. The rising growth of the global artificial intelligence market can be contributed to the extended support offered by the latter to the healthcare sector during a time of rising COVID-19 cases.
Additional factors include a surge of data being handled by electronic health records due to the rising medical demand. AI algorithms can sort and quantify a huge quantity of data in an efficient and rapid form. This is said to increase the footprint of the artificial intelligence market during the forecast. Moreover, the rising adoption of AI for a range of advanced features such as augmenting messages, rapid sorting, and enquiring solutions, automated email and phone support, and management of support agents will further open new revenue opportunities for the market during the forecast.
Top Market Players
The key participants in the global artificial intelligence market are Alphabet (Google LLC), Apple, Inc., Baidu, Inc., IBM Corporation, IPsoft, Inc., Microsoft Corporation MicroStrategy, Inc., NVIDIA Corporation, Qlik Technologies, Inc., Verint Systems, Inc., SAP SE, Advanced Micro Devices, ARM Limited, AiCure, H2O.ai., and Intel Corporation and others.
Market Dynamics
The following developments are expected to change the dynamics of the global artificial intelligence market during the forecast:
- Apple, Inc. recently acquired Seattle-based low-power technology provider Xnor ai with the thought of people integrating their technology for a range of smartphones for security applications.
- Apple, Inc. acquired the machine-learning start-up Inductiv, Inc. for improving their speech recognition and smart assistant Siri which will further allow Siri to correctly identify the errors and cataloging.
On the basis of technology, the global artificial intelligence market can be split between deep learning, machine learning, natural language processing, and machine vision. The machine learning segment can be further divided into supervised learning, unsupervised learning, reinforcement learning, and other technology. Machine learning is expected to occupy the largest market share during the advent of the forecast owing to a wider range of applicable elements, especially in the healthcare sector.
On the basis of end-verticals, the global artificial intelligence market can be broken down into healthcare, retail, BSFI, automotive, advertising and media, manufacturing, agricultural, and others. The others segment can be further divided into government and education. The retail sector is expected to flourish during the forecast period owing to a rise in retail sales by using ML algorithms using advanced features such as customer recognition patterns and targeted advertisement using search engine recommendations.
North America Is Projected To Occupy The Largest Market Share During The Forecast Period
North America is expected to witness the largest market share during the advent of the forecast owing to the early adoption of artificial within its ecosystem and rising government support regarding the loosening of policies to name a few. Furthermore, the emergence of the United States as one of the world’s largest contributors of global revenue for artificial intelligence and the presence of key players in the region will further boost the growth of the market during the forecast.
Browse in full “Artificial Intelligence Market By Component (Hardware, Software, & Services), By Technology (Deep Learning, Machine Learning, Natural Language Processing, & Machine Vision), By Deployment (Cloud-Based & On-Premises), By End-Verticals (Healthcare, Retail, BSFI, Automotive, Advertising and Media, Manufacturing, Agricultural, & Others), And By Regions - Global Industry Perspective, COVID-19 Impact Analysis, Market Valuation, Business Strategies, Comprehensive Study, Latest Trends & Forecasts 2021 – 2026” report at https://www.fnfresearch.com/artificial-intelligence-market
Report Scope
Report Attribute |
Details |
Market Size in 2020 |
USD 29.86 Billion |
Projected Market Size in 2026 |
USD 299.64 Billion |
CAGR Growth Rate |
35.6% CAGR |
Base Year 2020 |
Forecast Years |
2021-2026 |
Key Market Players |
Alphabet (Google LLC), Apple, Inc., Baidu, Inc., IBM Corporation, IPsoft, Inc., Microsoft Corporation MicroStrategy, Inc., NVIDIA Corporation, Qlik Technologies, Inc., Verint Systems, Inc., SAP SE, Advanced Micro Devices, ARM Limited, AiCure, H2O.ai., and Intel Corporation and others. |
Key Segment |
By Component, By Technology, By Deployment, By End-Verticals, By Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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The global artificial intelligence market can be segmented into:
Global Artificial Intelligence Market: By Component Analysis
- Hardware
- Software
- Application Program Interface (API)
- Machine Learning Framework
- Services
Global Artificial Intelligence Market: By Technology Analysis
- Deep Learning
- Machine Learning
- Supervised Learning
- Unsupervised Learning
- Reinforcement Learning
- Other Technology
- Natural Language Processing
- Machine Vision
Global Artificial Intelligence Market: By Deployment Analysis
Global Artificial Intelligence Market: By End-Verticals Analysis
- Healthcare
- Retail
- BSFI
- Automotive
- Advertising and Media
- Manufacturing
- Agricultural
- Others
Global Artificial Intelligence Market: Regional Analysis
- North America
- Europe
- UK
- France
- Germany
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
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