Global Artificial Intelligence Market - 2023-2030

Global Artificial Intelligence Market - 2023-2030

Global Artificial Intelligence Market reached US$ 139.1 billion in 2022 and is expected to reach US$ 1,399.0 million by 2030, growing with a CAGR of 33.5% during the forecast period 2023-2030.

Various AI researchers led to the creation of advanced algorithms and techniques, such as deep learning and reinforcement learning. The AI market demand increases from various sectors, including healthcare, finance, retail and manufacturing, which have recognized the potential of AI and started integrating AI solutions into their operations. This widespread adoption has created a positive feedback loop, driving further investment and advancements in AI technologies.

Asia-Pacific witnessed a rise in AI startups, which is fueled by entrepreneurs leading to a regional share of more than half. These startups are developing various innovations in the field of AI across various industries that include healthcare, finance, e-commerce and manufacturing. For instance, On 26 Jun 2023, Indian IT leaders are highly confident in the readiness of their IT infrastructure for AI technology, with 85% believing it can meet the demands of AI. The survey also reveals that AI adoption is on the rise across industries in India, with over 90% of IT decision-makers planning to use AI in various functions.

Market Dynamics

Government Initiatives for Adoption of AI

Governments witnesses AI as a key driver of economic development and innovation. As various industries heavily invest in AI research and development, governments aim to create a conducive environment for businesses to adopt AI technologies, attract investments and foster the growth of AI-driven industries.

Union Minister of Education and Skill Development and Entrepreneurship (India), Shri Dharmendra Pradhan, launched AI for India 2.0, For instance, On 15 July 2023, a free online training program on Artificial Intelligence, on World Youth Skills Day. The program, a joint initiative of Skill India and GUVI aims to provide frontier skills to the youth and is accredited by NCVET and IIT Madras.

Shri Pradhan emphasized the importance of technology courses in Indian languages to break language barriers and ensure inclusivity in technology education, particularly in rural areas. He praised India's technological advancements, such as the success of digital payments and commended GUVI for their efforts to educate the population in cutting-edge technologies. The program by GUVI offers AI learning in nine Indian languages, making it accessible across the nation.

Rise in Adoption of Autonomous Artificial Intelligence

Autonomous AI drivers have the potential to significantly improve human errors and eliminate distractions. Additionally, they also can optimize traffic flow, reduce congestion and enhance fuel efficiency, leading to a more sustainable transportation system. These factors will increase the demand for the AI market.

Huawei has introduced the Autonomous Driving Network (ADN) as a collaborative evolution of network and O&M intelligence. For instance, on 17 July 2023, The ADN is based on a three-layered open architecture that incorporates cloud intelligence, network intelligence and NE (Network Element) intelligence. This architecture aims to enable telecom operators to accelerate their digital transformation and achieve effective ADN.

Risks of Overreliance on AI Systems

Blindly relying on AI systems without human oversight can lead to overreliance and potential biases. Unchecked automation may perpetuate discriminatory outcomes or make critical decisions without appropriate human intervention. Developing and implementing AI technologies can be costly, making them less accessible to smaller organizations or developing regions.

Machines can process large amounts of text data and make predictions, but they struggle with understanding the complexities of human language. They may not grasp figurative language and struggle with context. Understanding idiomatic expressions and cultural references can also be challenging for AI.

COVID-19 Impact Analysis

COVID-19 has accelerated the adoption of automation and robotics in various industries. AI-powered robots have been deployed for tasks such as disinfection, delivery of medical supplies and monitoring compliance with safety protocols. Automation has also been utilized in industries like manufacturing and logistics to minimize human contact and ensure business continuity.

The pandemic has generated massive amounts of data related to COVID-19 cases, testing and vaccination. AI has been instrumental in analyzing this data to identify trends, make predictions and inform decision-making by healthcare authorities and policymakers. The pandemic raised the importance of AI usage including tracing and also generating algorithms for health care.

Russia-Ukraine War Impact

Political crises between Russia and Ukraine could disturb regional collaboration in the field of AI. Collaborative methods like joint research projects, sharing of resources and cross-border partnerships, may face delays due to strained diplomatic relations and geopolitical factors. The conflict can create uncertainty in the market, which could impact AI adoption and investment decisions. Businesses may hesitate to invest in AI technologies or establish partnerships with companies.

These conflicts may raise concerns about the stability and security of the region. Businesses considering investments in AI technologies may perceive higher risks associated with operating in conflict-affected areas. Geopolitical risks include factors like potential disruptions to supply chains, intellectual property theft, political interference and regulatory uncertainties. Such risks can make businesses hesitant to allocate resources and invest in AI initiatives within or in partnership with companies based in the conflict zone.

AI Impact Analysis

Artificial Intelligence (AI) has been revolutionizing industries and transforming the way businesses operate across the globe. The impact of AI on the AI market itself has been profound, shaping its growth, adoption and technological advancements. Automation is one of the key drivers of AI adoption. AI-powered automation solutions have helped businesses streamline operations, reduce costs and increase productivity. This, in turn, has fueled the growth of the AI market, especially in industries seeking to optimize processes.

The impact of AI on the market includes an increasing focus on ethical and regulatory considerations. As AI becomes more pervasive, concerns about data privacy, bias and transparency have prompted the development of AI ethics frameworks and regulations that shape the AI market landscape.

Segment Analysis

The global artificial intelligence market is segmented based on component, technology, end-user and region.

Advancements in AI have Revolutionized Virtual Assistants

Integration of AI with other advanced technology such as natural language processing, computer vision and sentiment analysis has expanded its capabilities for virtual assistants. Advancement in technology in virtual assistance which performs various tasks such as generating reports, analyzing data and recognizing the emotions of an individual. The growing advancements are expected to create future growth prospects for the segment-leading it to cover more than 33.3% in the forecast period.

The rise in the advancement of artificial intelligence has led to growth in the development of virtual assistants Call Annie, For instance, On 26 April 2023, an AI-powered chatbot that offers users an always-available virtual assistant. These chatbots are capable of performing various tasks and improving human experiences in areas such as language learning, customer service and disease diagnosis.

Geographical Penetration

Rise in Research and Development Boost the Growth of AI in Asia Pacific

Asia-Pacific witnessed a large number of research institutes and leading universities in countries like China, India and Japan. As they play a vital role in driving advancements in AI technology leading these countries to contribute more than 65.5% in the region. Collaboration between various institutes boosts the growth and development of the artificial intelligence market.

China has issued new regulations for generative artificial intelligence (AI), making it one of the first countries to provide guidelines for this technology. For instance, On 14 July 2023, The Chinese government encourages the innovative use of generative AI and supports the development of secure and trustworthy infrastructure. The rules also urge platforms to contribute to the formulation of international standards for generative AI.

Competitive Landscape

The major global players include AT and T Inc., Google Inc, Facebook, Inc., IBM Corporation., Apple Inc., Intel Corporation., Salesforce., Ayasdi Inc., Nuance Communication., Digital Reasoning Systems, Inc.

Why Purchase the Report?
• To visualize the global artificial intelligence market segmentation based on component, technology, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of artificial intelligence market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global artificial intelligence market report would provide approximately 61 tables, 66 figures and 181 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies