Artificial Intelligence Market: Summary
The Global Artificial Intelligence Market is projected to reach around USD 230 Billion by 2027 at a CAGR of around 39.3%.
Artificial Intelligence is a stream of computer science that used to replicate or simulate human intelligence in a machine, so machines can perform tasks that typically require human intelligence. These systems are powered by algorithms, using deep learning, machine learning, and rules. Machine learning algorithms feed computer data to AI systems, using statistical techniques to enable AI systems to learn.
Some programmable functions of AI systems include learning, planning, problem solving, decision making, and reasoning. Rising adoption of cloud-based services and advances in image and voice recognition are expected to drive the market during the forecast period. However, lack of trained and experienced staff is expected to hinder the growth of the market during the forecast period.
Artificial Intelligence Market: Drivers & Restraint
- Rising Adoption of Cloud-Based Application and Services
In the current scenario, the demand for cloud based applications and services are increasing because, Cloud computing offers businesses more cost savings, agility, and flexibility by hosting applications and data in the cloud. Moreover, Artificial intelligence capabilities are now layering with cloud computing and helping companies manage their data, look for patterns and insights in information, deliver customer experiences, and optimize workflows. AI technology mostly used in cloud based apps and services for improving data management, getting more done with AI-SAAS integration, utilizing dynamic cloud services, and powering a self-managed cloud. Hence, with the increase in use of cloud based applications and services, the AI market will be increase.
- Improving Operational Efficiency in Manufacturing Industry
The role of manufacturing in advanced and developing economies has shifted dramatically. Artificial intelligence helps manufacturers with real-time problem-solving. AI-enabled manufacturing will see higher production and high efficacy in overall operations. There are already a number of machines that are powered by AI and are capable of autonomously improving the efficiency of manufacturing processes. AI apps for manufacturing help them monitor quantities of material used, temperatures, lead times, errors, and downtime autonomously. Moreover, Manufacturers can harness the power of artificial intelligence for necessary quality checks and ensure delivery of products with utmost quality. This eliminates the need of numerous tests required to assure the desired quality. The system can analyze the data from manufacturing operations as well as existing test data and results and use AI-driven automated testing to cut down on test times
Artificial Intelligence Market: Key Segments
- By Technology: Machine Learning, Natural Language Processing, Image Processing, and Speech Recognition
- By Component: Hardware, Software, and Services
- By End Use Industry: Manufacturing, Gaming, Media & Entertainment, Automotive & Transportation, Healthcare, Security, Retail, Construction, Aerospace & Defense, Food & Beverages, and Others
- By Type: Artificial narrow intelligence (ANI), Artificial general intelligence (AGI), and Artificial superintelligence (ASI)
- Based on Region Covers: North America, South America, Europe, Asia-Pacific, and Middle East & Africa with individual country-level analysis.
Artificial Intelligence Market: Report Scope
The report on the artificial intelligence market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2020-2027 (2020 estimated year, forecasted up to 2027)
Technology, Component, End Use Industry, Type
North America, Asia-Pacific, Europe, Middle East & Africa, South Africa
Key Companies Covered
- Google LLC (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- IBM Corporation
- Qualcomm Technologies, Inc.
- Intel Corporation
- NVIDIA Corporation
- Renesas Electronics Corporation.
- GENERAL ELECTRIC
- Cisco Systems
- SAS Institute Inc.
- Salesforce.com, Inc.
- Kensho Technologies, LLC.
- Infosys Limited
- Other Key Companies
Artificial Intelligence Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Artificial Intelligence Market, by Technology
- Machine Learning
- Natural Language Processing
- Image Processing
- Speech Recognition
Artificial Intelligence Market, by Component
- AI Platforms
- AI Solutions
Artificial Intelligence Market, by End Use Industry
- Gaming, Media & Entertainment
- Automotive & Transportation
- Aerospace & Defense
- Food & Beverages
Artificial Intelligence Market, by Type
- Artificial narrow intelligence (ANI)
- Artificial general intelligence (AGI)
- Artificial superintelligence (ASI)
Artificial Intelligence Market, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
Key Questions Answered by the Report
- What are the prominent developments affecting the market globally and its growth?
- What will be the impact of the developments in the market on the industry and the market players in the future?
- What are the evolving variations of the market worldwide?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the world?
- How are the key players leveraging in the present market scenario globally?
- Artificial Intelligence Market Providers
- Artificial Intelligence Market Solution and Services Suppliers
- End-Users of Varied Segments of Artificial Intelligence Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE ARTIFICIAL INTELLIGENCE MARKET STUDY