Artificial Intelligence Market In-depth Analysis by Manufacturers, Application and Forecast to 2030

Artificial Intelligence Industry Overview

The global artificial intelligence market size is expected to reach USD 1,811.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 38.1% from 2022 to 2030. Artificial Intelligence (AI) denotes the concept and development of computing systems capable of performing tasks customarily requiring human assistance, such as decision-making, speech recognition, visual perception, and language translation. AI uses algorithms to understand human speech, visually recognize objects, and process information. These algorithms are used for data processing, calculation, and automated reasoning.

Artificial intelligence researchers continuously improve algorithms for various aspects, as conventional algorithms have drawbacks regarding accuracy and efficiency. These advancements have led manufacturers and technology developers to focus on developing standard algorithms. Recently, several developments have been carried out for enhancing artificial intelligence algorithms. For instance, in May 2020, International Business Machines Corporation announced a wide range of new AI-powered services and capabilities, namely IBM Watson AIOps, for enterprise automation. These services are designed to help automate the IT infrastructures and make them more resilient and cost reduction.

Artificial Intelligence Market Segmentation

Grand View Research has segmented the global artificial intelligence market based on solution, technology, end use, and region:

Based on the Solution Insights, the market is segmented into Hardware, Software, and Services.

  • Artificial intelligence software solutions include libraries for designing and deploying AI applications, such as primitives, linear algebra, inference, sparse matrices, video analytics, and multiple hardware communication capabilities.
  • The software solutions segment led the market and accounted for a revenue share of more than 38.0% in 2021. This high percentage can be attributed to prudent advances in information storage capacity, high computing power, and parallel processing capabilities to deliver high-end services.
  • The segment is projected to grow significantly over the forecast period. AI hardware includes chipsets such as Graphics Processing Unit (GPU), CPU, Application-specific Integrated Circuits (ASIC), and Field-programmable Gate Array (FPGA).

Based on the Technology Insights, the market is segmented into Deep Learning, Machine Learning, Natural Language Processing (NLP), and Machine Vision.

  • The deep learning segment led the market and accounted for a revenue share of around 37.0% in 2021. This growth is attributed to its complicated data-driven applications, including text/content or speech recognition. Deep learning offers lucrative investment opportunities as it helps overcome the challenges of high data volumes.
  • Machine learning and deep learning cover significant investments in AI. It includes both AI platforms and cognitive applications, including tagging, clustering, categorization, hypothesis generation, alerting, filtering, navigation, and visualization, which facilitate the development of advisory, intelligent, and cognitively-enabled solutions.
  • NLP is becoming increasingly widely used in various businesses to understand better client preferences, evolving trends, purchasing behavior, decision-making processes, and more.

Based on the End-use Insights, the market is segmented into Healthcare, BFSI, Law, Retail, Advertising & Media, Automotive & Transportation, Agriculture, Manufacturing, and Others.

  • The advertising and media segment led the market and accounted for a revenue share of more than 20.0% in 2021. This high share is attributable to the growing AI marketing applications with significant traction.
  • The healthcare segment has been segregated based on use-cases, such as robot-assisted surgery, dosage error reduction, virtual nursing assistants, clinical trial participant identifier, hospital workflow management, preliminary diagnosis, and automated image diagnosis.
  • Other verticals for artificial intelligence systems include retail, law, automotive and transportation, agriculture, and others. The conversational AI platform is one of the most used applications in every vertical.

Artificial Intelligence Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

Key Companies Profile

Vendors in the market are focusing on increasing the customer base to gain a competitive edge. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions and partnerships. 

Some of the prominent players in the artificial intelligence market include:

  • Advanced Micro Devices
  • AiCure
  • Arm Limited
  • Atomwise, Inc.
  • Ayasdi AI LLC
  • Baidu, Inc.
  • Clarifai, Inc
  • Cyrcadia Health
  • Enlitic, Inc.
  • Google LLC
  • ai.
  • HyperVerge, Inc.
  • International Business Machines Corporation
  • IBM Watson Health
  • Intel Corporation
  • ai AS.
  • Lifegraph
  • Microsoft
  • NVIDIA Corporation
  • Sensely, Inc.
  • Zebra Medical Vision, Inc.

Order a free sample PDF of the Artificial Intelligence Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: [email protected]

Artificial Intelligence Industry Overview The global artificial intelligence market size is expected to reach USD 1,811.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 38.1% from 2022 to 2030. Artificial Intelligence (AI) denotes the concept and development of computing systems capable of…

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.