The report titled “Global Artificial Intelligence Market” addresses the worldwide market for Artificial Intelligence (AI) based on the type and end-use. A comprehensive report provides a detailed historical and future market size with trend analysis. The market share analysis, production capabilities of the top companies, an overview of the competition, strategic imperatives, potential growth areas, and competition analysis for the target players evaluated in the global AI market study are highlighted in the report.
Market Overview and Dynamics: Constant government support to drive the growth of the global AI market
The global artificial intelligence market is expected to grow at a CAGR of around 32% during the forecast period of 2022-2028. The growing usage of AI across numerous industrial sectors has drawn the government's interest, resulting in increased initiatives and investments. For example, the National Security Commission on AI (NSCAI) declared in 2022 will raise funding for basic research and development to ensure that the United States remains AI-ready.
Moreover, NSCAI declared that federal R&D expenditure on AI will be doubled every year until it reaches US$ 32 billion in 2026. Such favorable government assistance considerably increases the pool of opportunities for the growth of the global AI market.
Access to historical datasets is a critical factor driving the rate of AI advancement. Healthcare institutions and government entities are creating unstructured data that is available to the research domain now that data storage and recovery are more affordable. All these factors are expected to drive the demand for AI in the forthcoming years.
Moreover, with access to large datasets, next-generation computing architectures are driving information scientists and researchers to develop more quickly. Furthermore, advancements in deep learning and ANN (Artificial Neural Networks) have propelled AI adoption across a variety of industries, including aerospace, healthcare, manufacturing, and automotive.
In addition, the cost benefits of automation, advancements in deep learning leading to numerous use cases across sectors, and increased acceptance of IoT technology in everyday life are supporting the growth of the AI market globally. AI has gained traction in a variety of areas, including marketing, sales, manufacturing, corporate management, BFSI, and others. It allows the user to increase productivity without sacrificing quality, which results in lower expenses, better time management, and fewer supervisory responsibilities.
- Based on components, the software segment is expected to dominate the global AI market owing to awareness of recognizing fraud detection and preventing cyber-attacks.
- Based on the End-user, Banking, Financial Services & Insurance (BFSI) segment is anticipated to hold a dominant share in the market as Consumers look for banks which can provide security for their funds, especially in online transactions. AI has the ability to single-out irregularities which would otherwise go unnoticed by humans.
Competition Analysis: Increasing adoption from various industry verticals to drive the market demand
Due to the presence of many well-established companies in the Global AI market, there is intense competition. The Global AI market is expected to witness a pool of export opportunities due to the increased adoption of AI in various industry verticals.
Acquisitions, product launches, and partnerships are the identified industry trend in the Global AI market. Significant consolidation is expected in the Global market during the forecasting period 2022-2028.
- In August 2022, Amazon entered into a definitive merger agreement under which Amazon will acquire iRobot. iRobot builds innovative cleaning products for the home making the lives of households easier. The deal has been valued at about US$ 1.7 billion.
- In June 2022, Salesforce announced to expand financial services offerings built specifically for banking, wealth management, and insurance institutions. Salesforce for financial services will now offer more targeted and trusted automation and AI powered by Client 360.
Some of the prominent players that contribute significantly to the market include IBM Corp., Intel Corp., Google LLC, Microsoft Corp., Cisco Systems Inc., Oracle Corp., SAP SE, Meta, Salesforce Inc., Amazon.com Inc., Apple Inc., Nvidia Corp., Palantir Technologies Inc., C3.ai Inc., Micron Technology Inc., and others. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other rivals in the market. Mergers and acquisitions, product launches, partnerships and collaborations, and geographical expansions are some of the strategies adopted to strengthen their market presence.
RationalStat has segmented the global AI market on the basis of component, technology, organization type, end-user, and region.
- By Component
- By Technology
- Natural Language Processing (NLP)
- Image Processing
- Machine Learning (ML)
- Speech Recognition
- Others (Robotic Process Automation, Computer Vision)
- By Organization Type
- Large Enterprise
- Public Administration
- By End User
- Automobile & Transportation
- Retail & Warehousing
- Banking, Financial Services & Insurance (BFSI)
- Media & Entertainment
- IT & Telecom
- Others (Construction, Legal, Education, Energy & Power, etc.)
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
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