Global Market for Artificial Intelligence (AI)
Dublin, May 26, 2022 (GLOBE NEWSWIRE) -- The "Artificial Intelligence (AI) - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The global market for Artificial Intelligence (AI) estimated at US$46.9 Billion in the year 2020, is projected to reach a revised size of US$341.4 Billion by 2027, growing at a CAGR of 32.8% over the analysis period 2020-2027.
Services, one of the segments analyzed in the report, is projected to grow at a 32.6% CAGR to reach US$142.7 Billion by the end of the analysis period.
After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Software segment is readjusted to a revised 30.4% CAGR for the next 7-year period. This segment currently accounts for a 37.9% share of the global Artificial Intelligence (AI) market.
The U.S. Accounts for Over 41.2% of Global Market Size in 2020, While China is Forecast to Grow at a 39.1% CAGR for the Period of 2020-2027
The Artificial Intelligence (AI) market in the U.S. is estimated at US$19.3 Billion in the year 2020. The country currently accounts for a 41.22% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$64.7 Billion in the year 2027 trailing a CAGR of 39.1% through 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 27.6% and 29% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 31.2% CAGR while Rest of European market (as defined in the study) will reach US$64.7 Billion by the year 2027.
Hardware Segment Corners a 19.9% Share in 2020
In the global Hardware segment, USA, Canada, Japan, China and Europe will drive the 36.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$7.7 Billion in the year 2020 will reach a projected size of US$68.5 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$46.7 Billion by the year 2027.
MARKET TRENDS & DRIVERS
Accelerating Pace of Digital Transformation to Benefit Demand for AI
Noteworthy Technological Trends to Watch-for in Artificial Intelligence Space
Machine Learning and AI-Assisted Platforms Personalize Customer Experiences in Marketing Applications
Ranking of Business Outcomes Realized through AI Application in Marketing
Businesses to Gain from Application of AI in Predictive Marketing Analytics and Demand Forecasting
Growing Role of AI in the Metaverse
AI Hosting at Edge to Drive Growth
AI-enabled Analysis and Forecasts Aid Organizations Make Profitable Decisions
AI-Powered Biometric Security Solutions Gain Momentum
New and Improved Concepts in ML and AI take Stage
IIoT & AI Convergence Brings in Improved Efficiencies
Increasing Adoption of AI Technology to Boost AI Chipsets Market
Combination of Robotics and AI Set to Cause Significant Disruption in Various Industries
AI Innovations Widen Prospects
Blockchain & Artificial Intelligence (AI): A Powerful Combination
Big Data Trends to Shape Future of Artificial Intelligence
AI in Retail Market: Multi-Channel Retailing and e-Commerce Favor Segment Growth
AI for a Competitive Edge for Retail Organizations
Online Retailers Eye on Artificial Intelligence to Boost Business in Post-COVID-19 Era
AI & Analytics Help Retailers Survive Economic & Operational Implications of COVID-19
AI for Fashion Retail and Beauty
AI for Grocery, Electronics, and Home & Furniture
Ecommerce Attracts Strong Growth
Detailed Insight into How e-commerce Makes use of AI
Financial Sector: AI and Machine Learning Offer Numerous Gains
Fintech Deploys AI to Target Millennials
AI in Media & Advertising: Targeting Customers with Right Marketing Content
Possibilities Galore for AI in Digital Marketing
AI-Enabled CRM Market: Promising Growth Opportunities in Store
Artificial Intelligence Set to Transform Delivery of Healthcare Services
AI to Play a Significant Role in Automation and Improving Clinical Outcomes
AI in Pharmaceutical Sector
COVID-19 Spurs New Developments and Expedites AI Adoption in Healthcare Industry
Artificial Intelligence Holds Potential to Accelerate Detection & Treatment of COVID-19
Rising Prevalence of Diabetes to Drive AI Adoption in Diabetes Management Market
Barriers Restraining AI Adoption in Healthcare Sector
Automotive AI Market: Need to Enhance Customer Experience Propels Growth
Demand Recovery in Automobile Sector Steers Growth Opportunities
Increasing Focus on Electric Vehicles and Autonomous Vehicles Provide the Perfect Platform to Shape Future Growth
Automakers Focus on Integrating AI-Powered Driver Assist Features in Vehicles
AI to Enhance Connectivity, Provide Infotainment and Enhance Safety in Vehicles
AI for Smart Insurance Risk Assessment of Vehicles
Artificial Intelligence Steps into Manufacturing Space to Transform Diverse Aspects
Industrial AI to Influence Manufacturing in a Major Way
Industrial IoT, Robotics and Big Data to Stimulate AI Implementations
AI as a Service Market: Obviating the Need to Make Huge Initial Investments
AI in Education Market to Exhibit Strong Growth
Education and K-12 Sectors
Focus on ITS, IAL and Chatbots Favors Market Growth
Agriculture Sector: A Promising Market for AI Implementations
AI Technologies Used in Agricultural Activities - A Review
AI Poised to Create Smarter Agriculture Practices in Post-COVID-19 Period
Food & Beverage Industry to Leverage AI Capabilities to Resolve Production Issues and Match Up to Customer Expectations
AI Adoption Gains Acceptance in Modern Warfare Systems in the Defense Sector
Energy & Utilities: Complex Landscape and High Risk of Malfunctions Enhances Need for AI-based Systems
COVID-19 Raises Demand for AI Technologies in Oil & Gas Sector
AI in Construction Sector: Need for Cost Reduction and Safety at Construction Sites Drive Focus onto the Use of AI-based Solutions
Artificial Intelligence Gains Significant Interest as Industries Expedite Digital Transformation Strategies
A Peek into Application of AI in War Against the Pandemic
Machine Learning Benefits Healthcare Organizations
COVID-19-Led Budgetary Reticence Dampens Spending, but AI Enjoys Resilient Interest in Banking Sector
Retailers Rely on AI to Stay Afloat & Embrace New Normal
Emphasis on Technology Adoption Elicits AI Implementation in Manufacturing Industry
AI Marketplace Characterized by Intense Competition
Growing Focus on AI by Leading Tech Companies with Huge Financial Resources
AI Presents Compelling Opportunities for Established & Startup Companies
Competitive Market Presence - Strong/Active/Niche/Trivial for 300 Players Worldwide in 2022 (E)
Funding Landscape Remains Vibrant in the AI Technology Space
AI Applications and Major Startups
Artificial Intelligence (AI): A Prelude
Technologies Enabling AI
Prominent Factors with Implications for Evolution & Future of Artificial Intelligence
Advances in Real World AI Applications Bolster Growth
Inherent Advantages of AI Technology to Accelerate Adoption in Varied Applications
Banking Sector Shows Unwavering Interest in AI
AI Reshapes the Future of Manufacturing Industry
AI-based Services Segment Captures Major Share of Global AI Market
Developed Markets Dominate, Asia-Pacific to Spearhead Future Growth
Deep Learning and Digital Assistant Technologies Present Significant Growth Potential
Major Challenges Faced in AI Implementation
Recent Market Activity
FOCUS ON SELECT PLAYERS (Total 865 Featured)
Advanced Micro Devices, Inc.
Amazon Web Services
Cisco Systems, Inc.
General Electric Company
International Business Machines Corporation (IBM)
Meta (Facebook company is now Meta)
Micron Technology, Inc.
Nippon Telegraph and Telephone Corporation
Nuance Communications, Inc.
Rockwell Automation, Inc.
Samsung Electronics Co., Ltd.
SAS Institute Inc.
For more information about this report visit https://www.researchandmarkets.com/r/unh5e2
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