Global Artificial Intelligence (AI) Market Size, Trends & Growth Opportunity and By Type (Narrow/Weak AI and General/Strong AI), By Technology (Machine Learning, Natural Language Processing, Context-Aware Computing, and Computer Vision), By Solution (Soft

Global Artificial Intelligence (AI) Market Size, Trends & Growth Opportunity and By Type (Narrow/Weak AI and General/Strong AI), By Technology (Machine Learning, Natural Language Processing, Context-Aware Computing, and Computer Vision), By Solution (Software, Hardware, and Services), By Region and Forecast till 2027.

Global Artificial Intelligence (AI) Market

The Global Artificial Intelligence (AI) Market is expected to grow from US$ 387.09 Billion in 2021 to US$ 11,287 Billion by 2027; it is estimated to grow at a CAGR of 75.44% from 2021 to 2027.

Artificial intelligence is a broad term that describes a collection of computer-based procedures that mimic human intelligence by weighing different options, taking into account fresh information and incorporating it into existing data structures, and drawing novel conclusions from qualitative, quantitative, or probability-based estimates. Depending on their autonomy and level of automation, AI routines differ in how much they rely on human input or solicit it before making judgments or incorporating information. They use a variety of technologies. Among the most important are artificial neural networks, big data analytics, and machine learning more specifically. Massive amounts of data are gathered from numerous sources and analysed using specific queries and statistical analysis techniques by big data analytics. Data collection and analysis are automated by artificial intelligence.

Drivers: The recent expansion of the global artificial intelligence industry has been considerably aided by the quick uptake of digital technologies and the internet. The massive research and development expenditures made by the IT behemoths are continually accelerating technical development across a wide range of businesses. The growing demand for artificial technology across a range of end-use industries, including manufacturing, banking & finance, healthcare, automotive, food & beverage, retail, and logistics, is anticipated to significantly fuel the growth of the global artificial intelligence market in the years to come. The majority of sectors have traditionally placed a high priority on technological advancements.

Impact of Covid-19

As numerous IT companies attempt to avoid, mitigate, and contain the COVID-19 virus, the pandemic has presented an opportunity for AI-enabled computer systems to combat the outbreak. For instance, the Face Mask Detection System, which uses artificial intelligence to identify people who are not wearing masks, and the Human Presence System, which allows for remote patient monitoring, are two technology solutions provided by LeewayHertz, a U.S.-based custom software development company. Additionally, a U.S.-based artificial intelligence startup called Voxel51 Inc. created the Voxel51 PDI (Physical Distancing Index) to track how the global pandemic has affected social behaviour in various countries.

Segmentation By Type: Artificial Intelligence (AI) Market is classified on the basis of Type into Narrow/Weak AI and General/Strong AI.

Segmentation By Technology: Artificial Intelligence (AI) Market is classified on the basis of Technology into Machine Learning, Natural Language Processing, Context-Aware Computing, and Computer Vision.

Segmentation By Solution: Artificial Intelligence (AI) Market is classified on the basis of Solution into Software, Hardware, and Services. In 2021, the software segment's contribution was the largest. The main factors driving the AI market's software segment are advances in parallel processing, data storage, and computer power.

Segmentation By Region: Artificial Intelligence (AI) Market is classified on the basis of Region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2021, North America will hold the greatest market share. The market for artificial intelligence has grown tremendously as a result of favourable government policies that encourage industries in North America to use AI and increased demand for automated and technologically advanced hardware and software across a variety of end-use verticals.

Competitive Landscape: The key players of Artificial Intelligence (AI) Market are Intel Corporation (U.S.), Amazon.com, Inc. (U.S.), Google LLC (U.S.), Microsoft Corporation (U.S.), Nvidia Corporation (U.S.), Oracle Corporation (U.S.), IBM Corporation (U.S.), Samsung (South Korea), LLamasoft Inc. (U.S.), SAP (Germany), General Electric (U.S.), Deutsche Post AG DHL (Germany), Xilinx (U.S.), Micron Technology, Inc. (U.S.), FedEx (U.S.), and ClearMetal, Inc. (U.S.).

Industrial Development

To create AI software for cancer diagnostics and monitoring, Guerbet, a French company specialising in medical imaging, and IBM Watson Health signed a contract in September 2019. Their past collaboration with live cancer diagnosis and monitoring has been extended by this agreement.

To bolster its AI portfolio, Intel finalised the acquisition of Habana Labs, an Israeli deep learning company, in December 2019.

Mulesoft, a Salesforce company, and HDFC teamed together in July 2022. Because of its innovative API-led integration methodology and low code integration capabilities, HDFC would be able to quickly innovate in the field of system connectivity and help to create new experiences.

Market Taxonomy

By Type

Narrow/Weak AI

General/Strong AI

By Technology

Machine Learning

Natural Language Processing

Context-Aware Computing

Computer Vision

By Solution

Software

Hardware

Services

By Region

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

Key Questions Addressed by the Report

What are the Key Opportunities in Artificial Intelligence (AI) Market?

What will be the growth rate from 2021 to 2027.

Which segment/region will have highest growth?

What are the factors that will impact/drive the Market?

What is the competitive Landscape in the Industry?

What is the role of key players in the value chain?