Artificial Intelligence Market: Current Analysis and Forecast (2021-2027)
Emphasis on Technology (Deep Learning, Natural Language Processing, Image Processing, Others), Components (Software, Hardware, Services), Industry Vertical (IT and Telecommunication, Retail & Ecommerce BFSI, Healthcare, Manufacturing, Automotive, Others), End-User (Law, Retail, Advertising & Media, Automotive & Transportation, Agriculture, Manufacturing, Healthcare, Education, Others) and Region/Country.
The artificial intelligence market is anticipated to display an elevated CAGR of 26% over the forecast period (2021-2027). The global Artificial intelligence market is expected to witness robust growth mainly due to the rising funding levels and a wide variety of applicability. Also, The COVID-19 pandemic has encouraged new applications and technological advancements within the sector. It has Fastened the adoption of AI in sectors such as healthcare. AI-based tools and solutions are being deployed at scale for responding to the crisis. Technology giants such as Microsoft, Google, Apple, Amazon, and Facebook are taking initiatives related to remote communications between patients and clinicians, contact tracing, and drug development. COVID – 19 outbreak is expected to stimulate the market growth of next-generation tech domains, including artificial intelligence, owing to the mandated WFH (work-from-home) policy due to this pandemic. For instance, LogMeIn, Inc., a U.S.-based company that provides SaaS (Software-as-a-Service) and cloud-based consumer engagement and remote connection and collaboration services, has experienced a significant increase in new sign-ups across its product portfolios amid the pandemic.
Insights Presented in the Report
“Amongst Technology, Deep Learning segment dominated the market in 2020”
Based on technology AI is segmented into deep learning, machine learning, natural language processing (NLP), speech recognition, and others. The deep learning segment grabbed the major market share in the global AI market and dominated the market in 2020. However, the considerable CAGR during the forthcoming years as, NLP gives computers the ability to understand the texts and spoken words; NLP is very significant for healthcare as it panders to a ginormous market of medical transcriptions.
“Amongst industry verticals, healthcare segment dominated the market in 2020”
Based on industry vertical, AI is fragmented into IT and telecommunication, retail and e-commerce, BFSI, healthcare, manufacturing, automotive, and others. The healthcare segment grabbed the major market share in 2020. The practice of AI in healthcare is growing progressively within the industry, from early-stage drug discovery to better comprehension of clinical trial data. However, the use of AI in BFSI is a very lucrative market, especially after the global acceptance of fintech. Also, the manufacturing industry is on its way, to adopting AI, it is believed that it will help them in improving efficiency
“Amongst components, software segment dominated the market in 2020”
Based on the component can be differentiated into hardware, software, and services. The software segment grabbed the major market share and dominated the market in 2020. The need for enterprises to understand and analyze visual content to gain meaningful insights is expected to spur the adoption of AI software over the forecast period. However, the services segment is expected to grow significantly during the forthcoming years.
“Amongst End Users, Healthcare category to witness fastest growth rate”
Based on End-User, AI is fragmented into law, retail, advertising & media, automotive & transportation, agriculture, manufacturing, healthcare, education, and others. The advertising & media segment grabbed the major market share in 2020 and dominated the market.
“North America will Dominate the Market During the Forecast Period”
For a better understanding of the Artificial intelligence, the market is analyzed based on its worldwide adoption in the countries such as North America (US, Canada, and the Rest of North America), Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia- Pacific), & Rest of World. North America grabbed the major market share and dominated the market in 2020. In 2019, U.S. President Donald J. Trump launched the American AI Initiative as the nation’s strategy for promoting leadership in artificial intelligence. However, the Asia-pacific region would witness a robust CAGR during the forthcoming years increasing investments in artificial intelligence are contributing to the growing market of the region.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
Customization Options:
The Artificial intelligence Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Analyzing the historical market, estimating the current market, and forecasting the future of the Artificial intelligence Market were the three major steps undertaken to create and analyze the demand for Artificial intelligence across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. The detailed methodology is explained below.
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the Artificial intelligence through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of Artificial intelligence, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are Technology, Component, and Industry Vertical. Further regional level analyses were conducted to evaluate the overall demand for Artificial intelligence in a global context.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as growing technological advancement in AI, etc. Historical trends and their year-on-year impact on the market size and share were analyzed. The demand and supply-side scenario were also thoroughly studied.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the market, and market shares of the segments and company. All the required percentage split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the bottom-up approach were applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the demand for Artificial intelligence across the major regions globally
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Artificial intelligence Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the Artificial intelligence market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of technology, component, industry vertical, end-user, and regions.
The main objective of the Artificial intelligence Market Study
The current & future market trends of the artificial intelligence market are pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Artificial intelligence in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments of the industry
- Segments in the study include technology, component, industry vertical, end-user, and regions
- Defined analysis of the regulatory framework for the Artificial intelligence industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors pertaining to the industry
- Analyze the current and forecast market size of Artificial intelligence across the globe. Major regions analyzed in the report include North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific); and Rest of World. Define and analyze the competitive landscape of the Artificial intelligence sector and the growth strategies adopted by the market players to sustain in the fast-growing market
Deep dive regional level analysis of the industry
Related Reports
Customers who bought this item also bought
Emotion Detection and Recognition Market: Current Analysis and Forecast (2021-2027)
Emphasis on Technology (Feature Extraction & 3D Modeling, Biosensors, Natural Learning Processing (NLP), and Others); Software Tools (Facial Expression & Emotion Recognition, Gesture & Posture Recognition, Voice Recognition); Application Area (Marketing & Advertising, Law Enforcement, Surveillance & Monitoring, Entertainment & Consumer Electronics, Others); Region/Country.
November 15, 2022
Generative AI Cybersecurity Market: Current Analysis and Forecast (2024-2032)
Emphasis on Deployment (On-Premise, Cloud-Based, Hybrid); Technology (Generative Adversarial Networks (GANs), Variational Autoencoders (VAEs), Reinforcement Learning (RL), Deep Neural Networks (DNNs), Natural Language Processing (NLP), Others); Application (Network Security, Endpoint Security, Cloud Security, Application Security, Others); End-User (Banking, Financial Services, And Insurance (BFSI), Healthcare, Retail, IT & Telecom, Government and Defense, Energy and Utilities, and Others); and Region/Country
November 4, 2024
