According to IMARC Group’s latest report, titled “Artificial Intelligence Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,’ Offers a comprehensive analysis of the industry, which comprises insights on artificial intelligence market report.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The global artificial intelligence market reached a value of US$ 56.5 Billion in 2021. Artificial intelligence (AI) is an advanced technological solution that involves the simulation of human intelligence processes by machines. It includes machine learning (ML), natural language processing (NLP), speech recognition, context-aware computing, and machine vision and offers learning, reasoning, problem-solving, perception, and language understanding. It supports data ingestion, eliminates dull and monotonous tasks, helps predict natural disasters, and imitates human cognition, facial recognition, and chatbots. AI finds extensive applications in the automotive industry as it assists drivers in navigating traffic with ML and vision. Besides this, It is widely employed to handle complex issues in numerous industries, such as robotics, transportation, healthcare, marketing, business, gaming, banking, and agriculture.
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Market Trends
At present, significant growth in information technology (IT) and the increasing adoption of cloud-based services for analyzing data are among the primary factors positively influencing the market. In addition, rapid urbanization and the rising need for automation across numerous industries, such as healthcare, agriculture, retail, security, transportation and logistics, and marketing, are propelling the market growth. For instance, AI in healthcare is used for NLP applications that analyze unstructured clinical notes on patients, provide insights into treatment quality, and increase the ability of professionals to understand patient needs. Apart from this, AI-powered machines help farmers in determining the health of soil and crop, provide fertilizer recommendations, and monitor the weather. Additionally, the increasing use of AI in the banking, financial services and insurance (BFSI) industry for streamlining tasks, such as document handling, customer request, and claims processing, is creating a positive market outlook. Besides this, AI is extensively employed in the e-commerce industry in predictive analytic systems to convert raw data into actionable insights and achieve different market demographics and improve customer services, which is supporting the market growth. AI helps identify malicious behaviors and prevent unauthorized access. This, coupled with the rising adoption of AI in marketing to enhance customer experience through real-time personalization, is bolstering the growth of the market. Besides this, the escalating demand for AI in cybersecurity for automation, triaging, aggregating alerts, and automating responses is fueling the market growth. Moreover, the deployment of the fifth generation (5G) technology and the rising need for intelligent virtual assistants (VAs) across different industry verticals are driving the market. The increasing use of AI in the media and entertainment industry to deliver personalized content and enhance customer experience is also strengthening the market growth. In addition, the growing utilization of AI in surgical robots and the increasing investments to improve AI are anticipated to drive the market. Looking forward, IMARC Group expects the market to reach US$ 308.5 Billion by 2027, exhibiting at a CAGR of 31.9% during 2022-2027.
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List of Key Companies Covered in this Market Report:
- Amazon Web Services Inc. (NASDAQ: AMZN)
- Apple Inc. (NASDAQ: AAPL)
- Baidu (NASDAQ: BIDU)
- Cisco Systems Inc (NASDAQ: CSCO)
- Facebook Inc. (NASDAQ: META)
- General Electric Company (NYSE: GE)
- Google LLC (Alphabet Inc.) (NASDAQ: GOOGL)
- International Business Machines (NYSE: IBM)
- Intel Corporation (NASDAQ: INTC)
- Micron Technology Inc. (NASDAQ: MU)
- Microsoft Corporation (NASDAQ: MSFT)
- Nvidia Corporation (NASDAQ: NVDA)
- Oracle Corporation (NYSE: ORCL)
- Rockwell Automation Inc. (NYSE: ROK)
- Samsung Electronics Co. Ltd. (KRX: 005930)
- SAP SE (NYSE: SAP)
- Siemens AG (OTCMKTS: SIEGY)
Breakup by Type:
- Narrow/Weak Artificial Intelligence
- General/Strong Artificial Intelligence
Breakup by Offering:
- Hardware
- Software
- Services
Breakup by Technology:
- Machine Learning
- Natural Language Processing
- Context-Aware Computing
- Computer Vision
- Others
Breakup by System:
- Intelligence Systems
- Decision Support Processing
- Hybrid Systems
- Fuzzy Systems
Breakup by End-Use Industry:
- Healthcare
- Manufacturing
- Automotive
- Agriculture
- Retail
- Security
- Human Resources
- Marketing
- Financial Services
- Transportation and Logistics
- Others
Breakup by Geography:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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