The global Artificial Intelligence market size is expected to be worth around US$ 1.01 Trillion by 2030, according to a new report by Vision Research Reports.
The global Artificial Intelligence market size was valued at US$ 63.5 billion in 2020 and is anticipated to grow at a CAGR of 41.8% during forecast period 2021 to 2030.
|Market Size||US$ 1.01 Trillion by 2030|
|Growth Rate||CAGR of 41.8% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Solution, technology, end use|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Advanced Micro Devices; AiCure; Arm Limited; Atomwise, Inc.; Ayasdi AI LLC; Baidu, Inc.; Clarifai, Inc; Cyrcadia Health; Enlitic, Inc.; Google LLC; H2O.ai.; HyperVerge, Inc.; International Business Machines Corporation; IBM Watson Health; Intel Corporation; Iris.ai AS.; Lifegraph; Microsoft; NVIDIA Corporation; Sensely, Inc.; Zebra Medical Vision, Inc.|
Artificial Intelligence (AI) denotes the concept and development of computing systems capable of performing tasks customarily requiring human assistance, such as decision-making, speech recognition, visual perception, and language translation. AI uses layers of algorithms to understand human speech, visually recognize objects, and process information. These algorithms are used for data processing, calculation, and automated reasoning. The continuous research and innovation directed by the tech giants are driving the adoption of advanced technologies in industry verticals, such as automotive, healthcare, retail, finance, and manufacturing.
By Solution Analysis
Software solution led the artificial intelligence market and accounted for more than 38.0% share of the global revenue in 2020. This high share is attributed to the prudent improvements in information storage capacity, high computing power, and parallel processing capabilities to deliver high-end AI software in dynamic end-use verticals.
Artificial intelligence services include installation, integration, and maintenance & support undertakings. The segment is projected to grow at a significant rate over the forecast period.
By Technology Analysis
Deep learning led the market and accounted for around 38.0% share of the global revenue in 2020. This high share is attributed to its prominence because of its complicated data-driven applications, including text/content or speech recognition.
Machine learning and deep learning cover significant investments in AI. It includes both AI platforms and cognitive applications, including tagging, clustering, categorization, hypothesis generation, alerting, filtering, navigation, and visualization, which facilitate the development of advisory, intelligent, and cognitively-enabled solutions.
By End-use Analysis
The advertising and media segment led the market and accounted for more than an 18.0% share of the global revenue in 2020. This high share is attributable to the growing AI marketing applications with significant traction. However, the healthcare sector is anticipated to gain a leading share by 2028.
This segment has been segregated based on use-cases, such as robot-assisted surgery, dosage error reduction, virtual nursing assistants, clinical trial participant identifier, hospital workflow management, preliminary diagnosis, and automated image diagnosis.
BFSI segment includes financial analysis, risk assessment, and investment/portfolio management solicitations. Artificial intelligence has witnessed a significant share in the BFSI due to the high demand for risk & compliance applications in the sector.
verticals for artificial intelligence systems include retail, law, automotive & transportation, agriculture, and others. The conversational AI platform is one of the most used applications in every vertical.
By Regional Analysis
North America dominated the market and accounted for over 40.0% share of global revenue in 2020. This high share is attributed to favorable government initiatives to encourage the adoption of artificial intelligence (AI) across various industries.
The Asia Pacific region is anticipated to witness significant growth in the forthcoming years. This growth owes to the significantly increasing investments in artificial intelligence.
Advanced Micro Devices
Ayasdi AI LLC
International Business Machines Corporation
IBM Watson Health
Zebra Medical Vision, Inc.
Natural Language Processing (NLP)
Advertising & Media
Automotive & Transportation
Middle East & Africa (MEA)
The Artificial Intelligence market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Artificial Intelligence market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Artificial Intelligence market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Artificial Intelligence market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Artificial Intelligence market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Artificial Intelligence capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Artificial Intelligence by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Artificial Intelligence market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Artificial Intelligence market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Artificial Intelligence market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Artificial Intelligence industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Artificial Intelligence market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Artificial Intelligence market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Artificial Intelligence market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Artificial Intelligence market. These factors have benefited the growth of the global market for Artificial Intelligence. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Artificial Intelligence. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Artificial Intelligence are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
The study objectives of this report are: