The artificial intelligence market is expected to foresee significant growth. North America to lead the growth!

The artificial intelligence market is expected to grow at an exponential CAGR of 26% during the forecast period 2021-2027. The global artificial intelligence market is expected to witness robust growth mainly due to the favorable government initiatives and the country’s willingness to encourage the adoption of ai. the market has witnessed an increase in the demand for virtual assistants.

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Rising investments in research and development by large companies are playing a very significant role in the assimilation of AI Technologies, the current developments in the field of AI are also turning out to be a major driver in the artificial intelligence market. AI is not only focusing on giving better outcomes, but it is also focusing on the enhancement of the overall human experience. As the world of technology is growing rapidly, demand for better cyber security has also increased, now companies are focusing on integrating power AI into their cyber security. Companies are planning to automate their cyber security Via AI.

Soon after the declaration of the Covid 19 pandemic, World Health Organization announced that Artificial intelligence is going to play a vital role in the overall development of the healthcare sector. AI, the core technology is considered the fourth industrial revolution. AI can be used in the Healthcare sector in various ways, from monitoring cases to the prediction of future outbreaks. There has been a 49% increase in R&D Funding for AI in Cyber security after Covid 19., also post covid 87% of organizations are keen on implementing cloud migration.

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The Covid-19 pandemic has emerged as an opportunity for AI-enabled computer systems to fight against the epidemic as several tech giants and start-ups are working to prevent, mitigate, and contain the virus ¡ For instance, the Chinese tech giant Alibaba’s research institute Damo Academy has developed a diagnostic algorithm that can detect new coronavirus cases with the chest Computed Tomography (CT) scan ¡ COVID-19 outbreak is expected to stimulate AI market growth of next-generation tech domains, including AI, owing to the mandated work-from-home (WFH) policy due to this pandemic. Also, tech companies are expanding their product offerings and services to widen availability across the globe. For instance, in April 2020, Google LLC launched an AI-enabled chatbot, called Rapid Response Virtual Agent for call centers. This chatbot is built to respond to issues customers might be experiencing due to the coronavirus (COVID-19) outbreak over voice, chat, and other social channels.

Based on Technology, the Artificial intelligence market is segmented into deep learning, image processing, natural language processing, and speech recognition. In 2020, the deep learning segment dominated the market and is expected to maintain its dominance throughout the forecast period. This is mainly due to the advancements in data center capabilities, high computing power, and the ability to perform tasks without human interactions. However, NLP (Natural Language Processing) is one of the fastest-growing segments of the AI, it is used to analyze a large quantity of Patient Data.

Based on the industry vertical, AI is segmented into IT and Telecommunication, Retail and E-Commerce, BFSI, Healthcare, Manufacturing, Automotive, and Others. The healthcare segment grabbed the major market share in 2020. Healthcare gets most investments from companies like google apple amazon, etc., Also, the BFSI segment would witness a considerable CAGR during the forthcoming years as BFSI is in the process of replacing its human agents with chatbots.

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For a better understanding of the market, the report is analyzed based on different regions including 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. North America will dominate the market on account of the rising research and development initiatives, increasing overall demands for chatbots and data analysis.

Artificial intelligence market Segmentation

Market Insight, by Industry Vertical

• IT and Telecommunication
• Retail and E-Commerce
• BFSI
• Healthcare
• Manufacturing
• Automotive
• Others

Market Insight, by Technology

• Deep Learning
• Machine Learning
• Natural Language Processing
• Speech Recognition
• Others

Market Insight, by Component

• Software
• Hardware
• Services

Market Insight, by End-User

• Law
• Retail
• Advertising & Media
• Automotive & Transportation
• Agriculture
• Manufacturing
• HealthCare
• Education
• Others

Market Insight, by Region

• North America Artificial intelligence market
  • US
  • Canada
  • Rest of North America
• Europe Artificial intelligence market
  • Germany
  • UK
  • France
  • Italy
  • Rest of Europe
• Asia-Pacific Artificial intelligence market
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Rest of the World Artificial intelligence market

Top Company Profiles

• Amazon Web Services, Inc.
• Apple Inc.• Google LLC• IBM Corporation• Intel Corporation• Microsoft Corporation• Nvidia• Oracle Corporation• SAP SE• Siemens