Global artificial intelligence market value was USD 62.35 million in 2020. It is expected to grow at a compound annual rate (CAGR of 40.2%) between 2021 and 2028. Tech giants have been directing continuous research and innovation to drive the adoption of new technologies across a variety of industries, including automotive, healthcare, finance, and manufacturing. Technology has been an integral part of these industries for centuries, but Artificial Intelligence has put technology at the heart of many organizations. AI is now being integrated into almost every program and apparatus, from autonomous vehicles to life-saving medical equipment. AI has been proven to be the key element of the digital revolution. Technology giants such as Amazon.com, Inc., Google LLC, Apple Inc., Facebook, International Business Machines Corporation, and Microsoft have invested heavily in AI research and development. These companies are committed to making AI more accessible for enterprise use.
Access to historical data is key to accelerating innovation in the field. Healthcare institutions and government agencies have made unstructured data more accessible to researchers, as data storage and recovery has become cheaper. Researchers have access to rich datasets, including historical rain trends and clinical imaging. Researchers and information scientists are encouraged to invent faster with the next-generation computing architectures that have access to rich datasets.
A number of industries have also adopted AI, including aerospace, healthcare and manufacturing. ANN is replacing traditional machine learning systems in order to create precise and accurate versions. Digital image processing techniques have been developed thanks to recent advances in computer vision technology such as Generative Adversarial Networks and Single Shot Multi Box Detector (SSD). These techniques can transform low-resolution or low-light images into HD quality. Computer vision research has provided the basis for digital image processing in many sectors, including security, surveillance, healthcare, transportation and other. These new methods of machine learning will change the way AI versions are trained, deployed and used.
The World Health Organization (WHO), has declared the novel coronavirus outbreak (COVID-19), a pandemic. This will have a huge impact on business and humanity. The pandemic is an opportunity for AI-enabled computer system to combat the disease. Many tech companies and start-ups are working together to prevent, mitigate and contain the outbreak. Damo Academy, a Chinese tech giant, has created a diagnostic algorithm to detect new coronavirus cases using the Chest Computed Tomography (CT). The AI model has been trained using data from more than 5,000 coronavirus positive cases. Another example is Lunit's AI solution for chest x-ray analysis in June 2020. This AI solution was developed by Lunit to simplify the management of Covid-19 patients and provide assistance with monitoring, interpretation, and patient trial.
Due to the mandatory work-from-home policy, the COVID-19 pandemic is expected to spur market growth in next-generation tech domains including artificial intelligence. LogMeIn, Inc., a U.S. company that offers Software as a Service (SaaS), cloud-based customer engagement, remote connectivity, and collaboration services, saw a significant rise in sign-ups for all its product portfolios during the pandemic. Tech companies are also expanding their product and service offerings to increase availability around the world. Google LLC, for instance, launched an AI-enabled chatbot called Rapid Response Virtual Agent (for call centers) in April 2020. This chatbot was created to address customer issues that may arise from the COVID-19 epidemic via voice, chat and other social media channels.
Software solutions dominated the artificial intelligence market, accounting for over 38.0% of global revenue in 2020. This is due to prudent improvements in information storage capacity and high computing power. Parallel processing capabilities are used to deliver high-end AI software for dynamic end-use verticals. Libraries for artificial intelligence software include those for primitives and sparse matrixes. They can also be used to design and deploy applications. Artificial intelligence software adoption is expected to increase due to the need for enterprises to analyze and understand visual content in order to gain meaningful insights.
Services in artificial intelligence include integration, maintenance, and support. This segment is expected to grow at an impressive rate during the forecast period. AI hardware comprises chipsets like Graphics Processing Unit (GPU), CPU and application-specific integrated circuits. Due to their high computing power required for AI frameworks, GPUs and CPUs dominate the artificial intelligence hardware market. Atomwise partnered with GC Pharma in September 2020 to provide AI-based services for the former and to help develop new hemophilia treatments.
Deep learning dominated the market, accounting for 38.0% of global revenue in 2020. Its complex data-driven applications such as speech recognition and text/content are responsible for the market's high share. This technology allows for the resolution of data volume challenges and offers attractive investment opportunities. In July 2020, Zebra Medical Vision partnered with TELUS Ventures in order to increase the availability of deep learning solutions from the former in North America, and to expand AI solutions into clinical care settings and other modalities.
Deep learning and machine learning are important investments in AI. This includes AI platforms as well as cognitive applications. These include tagging and clustering, categorization and hypothesis generation. Alerting, filtering and navigation are all part of the AI platform. They allow for the creation of intelligent, advisory and cognitively-enabled solutions. It has been possible to expand the analytics platform due to the increasing use of cloud-based computing platforms as well as on-premises hardware equipment that allows for safe and secure data restoration. Leading players are investing in research and development to increase the adoption of artificial intelligence technologies.
Advertising and media dominated the market, accounting for over 18.0% of global revenue in 2020. The growing popularity of AI marketing applications is responsible for this high share. The healthcare sector will continue to hold a significant share of the market by 2028. This segment is divided according to use-cases. BFSI includes financial analysis, risk assessment and investment/portfolio solicitations. Due to the high demand in this sector for compliance and risk applications, artificial intelligence has seen a significant increase in the BFSI.
Retail, law, transportation, agriculture and other verticals are also possible for artificial intelligence systems. Conversational AI platforms are the most popular in each vertical. Google LLC, for instance, launched a Rapid Response Virtual Agent in April 2020 to assist call centers. The chatbot was created to address customer issues that may arise from the coronavirus epidemic via chat, voice, and other social media channels. Data mining and analytics are becoming more important due to the increasing amount of digital information, including text, audio, and images, from various social media sites.
North America was the dominant market, accounting for more than 40.0% of global revenue in 2020. This is due to government initiatives that encourage adoption of AI across different industries. As the United States' strategy to promote leadership in artificial intelligence, the American AI Initiative was launched by President Donald J. Trump in February 2019. Federal agencies created guidelines to guide the development of AI-based systems and their real-life implementation across many industries as part of this initiative.
In the coming years, significant growth is expected in Asia Pacific. The significant increase in investments in artificial intelligence is responsible for this growth. Baidu, Inc., a Chinese tech giant, announced in April 2018 that it had reached definitive agreements with investors regarding the divestiture its financial services group (FSG), which provides wealth management and consumer credit. Carlyle Investment Management L.L.C. is the investor. Tarrant Capital IP, LLC, is the investor with participation from ABC International and Taikang Life, among others. A growing number of AI-focused start-ups are also in the region, encouraging the adoption of AI to increase operational efficiency and allow process automation.
Alphabet Inc. and Amazon.com, Inc. were the top players in the global AI market for 2020. To gain an edge in the market, vendors in this market are focused on growing their customer base. The market's key players are taking strategic initiatives such as mergers and acquisitions. They also form partnerships and collaborate with major companies. Advanced Micro Devices, for example, announced in April 2020 a strategic alliance to Oxide Interactive LLC (a video game development company) to develop cloud gaming graphics technologies. Both companies plan to develop a range of tools and techniques that can be used to meet the demands of cloud-based gaming. In December 2019, Intel Corporation acquired Habana Labs Ltd. (Israel-based deep learning) company. This acquisition will strengthen Intel Corporation's AI portfolio, and increase its efforts in the AI silicon marketplace.
IBM Watson Health and Guerbet, France-based medical imaging firm, signed an agreement in September 2019 for the development of an AI solution for monitoring and cancer diagnosis. Their previous collaboration was related to live cancer monitoring and diagnostics. This partnership is an extension of that earlier partnership. In January 2019, Intel Corporation announced its partnership to Alibaba Group Holding Limited (China) to develop an AI-powered tracking technology for the Olympic Games 2020. This technology uses Alibaba's cloud computing technology, and Intel's hardware to run a deep learning application that extracts 3D forms from athletes during competition or training. The following are some of the major players in the artificial intelligence market:
Advanced 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.
Up Market Research published a new report titled “Artificial Intelligence Market research report which is segmented by Technology (Machine Learning, Deep Learning, Machine Vision, Natural Language Processing), by Solution (Services, Hardware, Software), by End Use (BFSI, Automotive & Transportation, Advertising & Media, Agriculture, Manufacturing, Retail, Healthcare, Law), By Players/Companies NVIDIA Corporation, Arm Limited, Intel Corporation, Cyrcadia Health, Lifegraph, Atomwise Inc, Enlitic Inc, International Business Machines Corporation, Google LLC, Sensely Inc, HyperVerge Inc, Microsoft, AiCure, Irisai AS, H2Oai, Baidu Inc, Ayasdi AI LLC, Zebra Medical Vision Inc, Advanced Micro Devices, Clarifai Inc, IBM Watson Health”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Artificial Intelligence Market Research Report |
By Technology | Machine Learning, Deep Learning, Machine Vision, Natural Language Processing |
By Solution | Services, Hardware, Software |
By End Use | BFSI, Automotive & Transportation, Advertising & Media, Agriculture, Manufacturing, Retail, Healthcare, Law |
By Companies | NVIDIA Corporation, Arm Limited, Intel Corporation, Cyrcadia Health, Lifegraph, Atomwise Inc, Enlitic Inc, International Business Machines Corporation, Google LLC, Sensely Inc, HyperVerge Inc, Microsoft, AiCure, Irisai AS, H2Oai, Baidu Inc, Ayasdi AI LLC, Zebra Medical Vision Inc, Advanced Micro Devices, Clarifai Inc, IBM Watson Health |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 210 |
Number of Tables & Figures | 147 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Technology (Machine Learning, Deep Learning, Machine Vision, Natural Language Processing), by Solution (Services, Hardware, Software), by End Use (BFSI, Automotive & Transportation, Advertising & Media, Agriculture, Manufacturing, Retail, Healthcare, Law).
Artificial Intelligence Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Artificial Intelligence Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
How you may use our products:
Reasons to Purchase the Artificial Intelligence Market Report:
Some other reports from this category!