The global Artificial Intelligence market reached a value of about USD 192 Billion in 2021. The industry is projected to grow at a CAGR of around 23% in the forecast period of 2022-2027 to reach a value of about USD 664.86 Billion by 2027.
The global Artificial Intelligence industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The adoption of Artificial Intelligence is projected to be driven by several reasons, including the expansion of data-based AI and advancements in deep learning and the necessity to acquire robotic autonomy to remain competitive in a global market. In the industry report, the critical demand indicator is the highest category spender by region—North America.
Artificial intelligence (AI) is a wide field of computer science that concentrates on creating intelligent computers that can accomplish activities that generally need human intelligence. It is the analysis of intelligent mediators or techniques that recognise their environments and take measures that improve their chances of accomplishin their objectives. The AI industry report comprises segments by type (narrow/weak artificial intelligence, general/vital artificial intelligence), offering (hardware, software, services), technology (machine learning, natural language processing, context-aware computing, computer vision, others), system (intelligence systems, decision support processing, hybrid systems, fuzzy systems), end-use industry (healthcare, manufacturing, automotive, agriculture, retail, safety, human resources, marketing, financial services, transport and logistics, others), and region (Europe, North America, South America, Asia Pacific, and the Middle East, and Africa).
North America is leading the artificial intelligence market owing to its significant spending on artificial intelligence solutions in the government and public sector. Furthermore, using AI technology for the automation of industrial machinery is likely to boost the AI technology market.
The market for artificial intelligence is primarily being driven by the development of the information technology (IT) industry and the increasing global use of cloud-based applications. The expansion of the AI market is being aided by technological breakthroughs in the AI sector, such as quicker speech and natural language processing. Furthermore, the rising demand for intelligent virtual assistants and the expanding implementation of 5G infrastructure boost market growth. The expanding necessity for cloud-based intelligence services and the increasing trend of multi-cloud operating are further driving demand for the market. The rapid shift towards bots and digital assistants, machine learning frameworks, cognitive computing APIs, and fully managed machine learning services is leading the market growth.
However, the high cost of implementing artificial intelligence solutions is hampering industry growth.
The global artificial intelligence industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global artificial intelligence regions across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
AI allows the software to comprehend patterns or characteristics automatically in the data by combining massive volumes of data with quick, repeated processing and clever algorithms. AI is an extensive field of study encompassing many ideas, methodologies, technologies, and primary subfields. Machine learning automates the innovation of analytical models. It finds hidden insights in data using methods from neural networks, statistics, operations research, and physics without explicitly programming for where to look or what to infer. A neural network is a sort of machine learning, comprising of connected units (like neurons) that process data by reacting to outward inputs and transmitting information between them. To uncover relationships and draw meaning from undefined data, the method involves many runs at the data. Intense learning makes use of immense neural networks with numerous layers of processing units to learn complex patterns in enormous volumes of data, making use of increases in computer power and improved training procedures. Image and voice recognition are two common uses. Computer vision uses pattern recognition and deep learning to detect what's in a photo or video. When robots can process, analyse, and comprehend pictures, they can collect and interpret images and videos in real-time. The capacity of computers to analyse, understand, and synthesise human language, including speech, is known as natural language processing (NLP). Natural language interaction is the next level of NLP, which allows humans to engage with computers using daily language to execute tasks.
The widespread use of AI-integrated systems to analyse large amounts of data and extract insights about overall operational efficiencies and consumer experience in various industries, such as telecommunications, healthcare, automotive, banking, financial services, and insurance (BFSI) driving the market's growth. AI-driven automation is beneficial in various areas, including aviation, medicine, agriculture, energy, and material handling. Not only is AI being used to automate operations, but it is also being utilised to diagnose equipment failures and detect product irregularities. Access to historical datasets is a critical factor in advancing AI advancement. Healthcare institutions and government organisations are creating unstructured data available to the research domain since data storage and recovery has become more cost-effective.
Furthermore, advancements in deep learning and Artificial Neural Networks (ANN) have aided AI adoption across various industries, including aerospace, healthcare, manufacturing, and automotive. ANN is replacing traditional machine learning methods to develop precise and accurate versions. Digital image processing approaches have resulted from recent advances in computer vision technology, such as Generative Adversarial Networks (GAN) and Single Shot Multi-Box Detector (SSD). Images and movies captured in poor light or with low resolution, for example, can be turned into HD quality using these approaches. Computer vision research has paved the way for digital image processing in various industries, including security and surveillance, healthcare, and transportation.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
Global competitors in the artificial intelligence market are vying for a competitive advantage in a crowded marketplace. New firms are also finding momentum in the sector, such as Anodot AI. Reverie, and Dataiku. During the projection period, the fierce competition within the industry is likely to be intense. The number of businesses is continually growing, and there are various unique strategies for gaining a competitive advantage. As a result, the big players are pursuing several strategic initiatives, including mergers and acquisitions, partnerships, and other large corporations.
1. Executive Summary
2. Global Artificial Intelligence Market Snapshot
2.1. Artificial Intelligence Market Outlook
2.2. Regional Overview
2.2.1. North America
2.2.3. Asia Pacific
3. Impact of Recent Events
4. Artificial Intelligence Value Chain Analysis
5. Major Risk Factors in Sourcing
6. Artificial Intelligence Price Analysis
7. Key Demand Indicator Analysis
8. Key Price Indicator Analysis
9. Artificial Intelligence Market Dynamics
9.1. Drivers & Constraints
9.2. Industry Events
9.3. Innovations & Trends
9.4. SWOT Analysis
9.5. Porter’s Five Forces
9.5.1. Buyer Power
9.5.2. Supplier Power
9.5.3. Threat of New entrants
9.5.4. Threat of Substitutes
9.5.5. Industry Rivalry
10. Industry Best Practices
10.1. Sourcing Strategy
10.2. Procurement Model
10.3. Contract Structure
10.4. Negotiation Levers
10.5. Pricing Model
10.6. Key Factors Influencing the Quotation
11. Key Supplier Analysis
11.1. Google LLC
11.2. International Business Machines Corporation
11.3. Microsoft Corporation
11.4. Wipro Limited
11.5. Infosys Limited
The global Artificial Intelligence market size was valued at USD 192 Billion in 2021.
As per the end-uses provided, the marketing segment is anticipated to lead the market between the period 2022 – 2027.
The paramount need to acquire robotic autonomy to remain competitive in a global market is one of the essential drivers of the Artificial Intelligence market growth.
Google LLC, Microsoft Corporation, IBM Corporation, Intel Corporation, Cisco Systems, Inc., Apple Inc., and NVIDIA Corporation are some of the leading companies in the market.
The North American region of the Artificial Intelligence industry holds a significant share in the market.
The global Artificial Intelligence market attained a value of USD 192 Billion in 2021, driven by the development of the information technology (IT) sector and the growing usage of cloud-based applications throughout the world. Technological advancements in the AI industry, the ever-increasing need for intelligent virtual assistants and the expansion of 5G infrastructure, growing demand for cloud-based intelligence services, and the increasing trend of multi-cloud operations are boosting the market. Aided by the widespread use of AI-integrated systems in various industries such as telecommunications, healthcare, automotive, banking, financial services, and insurance (BFSI), the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 23%. The market is projected to reach USD 664.86 Billion by 2027.
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The global Artificial Intelligence market reached a value of about USD 192 Billion in 2021. The industry is projected to grow at a CAGR of around 23% in the forecast period of 2022-2027 to reach a value of about USD 664.86 Billion by 2027.Read More
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