According to new market research report "Artificial Intelligence Market by Offering (Hardware, Software, Services),
Technology (Machine Learning, Natural Language Processing), Deployment Mode,
Organization Size, Business Function (Law, Security), Vertical, and Region -
Global Forecast to 2026", published by MarketsandMarkets™, the global Artificial Intelligence Market size to grow from USD 58.3
billion in 2021 to USD 309.6 billion by 2026, at a Compound Annual Growth Rate
(CAGR) of 39.7% during the forecast period.
Various factors such as growth of data-based AI and advancement in deep
learning and need to achieve robotic autonomy to stay competitive in a global
market are expected to drive the adoption of the AI solutions and services.
Browse and in-depth TOC on
“Artificial Intelligence Market”
312 –
Tables
273 - Figures
427 – Pages
COVID-19 is disrupting the world, businesses, and economies, impacting
the livelihood of people, their interactions, education systems, and the way
people manage their businesses. The ability to sustain has become the new
normal as enterprises are concentrating on implementing drastic measures to
mitigate the impact of the COVID-19 pandemic. The development of AI solutions
has witnessed a slow growth in the first half of 2020 due to the global
lockdown. However, the adoption of AI solutions is expected to increase
tremendously during the forecast period. A wide range of tools and solutions
are being adopted during the pandemic to detect and enforce social distancing
and limit the spread of COVID-19. The competition among major AI companies is
expected to be furious as new opportunities for AI solutions have grown due to
remote work and remote education. New practices such as work from home and
social distancing are creating the need for remote monitoring, smart payment
technologies, and building the digital infrastructure for large-scale
deployments. With a sudden surge in remote workers and online learners, there
is an increase in the demand for advanced AI solutions and services.
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The services segment to hold higher CAGR during the
forecast period
Based on components, the Artificial
Intelligence Market is segmented into hardware, software, and
services. The software segment of the report is sub segmented into application
programming interface (API) and ML framework, the hardware segment is
bifurcated into processor, memory, and network, whereas the services segment is
segmented into deployment and integration, and support and maintenance. The
services segment is expected to account for higher CAGR during the forecast due
to the growing use of AI and analytics for policymaking, environmental
analysis, and real-time decision-making.
The ML segment to have larger market size during the forecast
period
The AI market has been segmented by technology into ML, NLP,
context-aware computing, and computer vision. The market share of ML technology
is higher attributed to the enormous availability of data, also called big
data, and the increasing adoption of ML by enterprises and federal agencies to
gain useful insights.
Healthcare and Life Sciences segment to have the higher CAGR
during the forecast period
The AI market by vertical has been categorized into 8 different
verticals, namely, BFSI, retail and ecommerce, automotive, government and
defense, healthcare and life sciences, telecom and IT, energy and utilities,
manufacturing, and others (education, media and entertainment, and travel and
hospitality). Factors such as the presence of a large volume of imaging data,
advantages offered by AI systems to radiologists in diagnosis and treatment
management, and the influx of a large number of start-ups in this segment are
fueling the growth of healthcare and life sciences segment in Artificial Intelligence Market.
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North America to account for larger market size during the
forecast period
The AI market is segmented into five geographic regions: North
America, Europe, APAC, MEA, and Latin America. Among these regions, North
America is projected to hold the largest market share during the forecast
period. The key factor supporting the growth of the AI market in this region is
the wide-scale adoption of AI technologies in several industries, such as
healthcare, automotive, agriculture, retail, marketing, and law.
Major vendors in the global Artificial Intelligence Market include Alphabet Inc. (US),
Microsoft Corporation (US), IBM Corporation (US), Baidu, Inc. (China), Intel
Corporation (US), Samsung Electronics Co., Ltd. (South Korea), Amazon Web
Services, Inc. (US), SAS Institute Inc. (US), Facebook, Inc. (US), SAP SE
(Germany), Salesforce.com, Inc. (US), NVIDIA Corporation (US), Oracle (US),
Cisco (US), Siemens (US), Huawei (China), Alibaba Cloud (China), iFLYTEK
(China), Hewlett Packard Enterprise Development LP (US), General Vision Inc.
(US), Graphcore (UK), Mellanox Technologies (US), Darktrace (UK), Cylance Inc.
(US), Didi Chuxing Technology Co. (China), Zoox (US), Face++ (China), Inbenta
(US), Zephyr Health Inc. (US), Butterfly Network (US), Atomwise Inc. (US),
Vicarious (US), Preferred Network Inc. (Japan), AIBrain LLC (US), Wave
Computing Inc. (US), Mythic (US), Adapteva (US), Koniku Inc. (US), KnuEdge Inc.
(US), SK Hynix Inc. (South Korea), Progress DataRPM (US), Descartes Labs (US),
Gamaya (Switzerland), EC2CE (Spain), Precision Hawk(US), Agribotix (US),
Neurala (US), Iris Automation (US), Pilot AI Labs Inc.(US), Sentient
Technologies (US), Applied Brain Research (Canada), Twitter (US), InsideSales
(US), Persado (US), Mariana (US), Drawbridge (US), Narrative Science (US),
Appier (Taiwan), Zensed (Sweden), and GumGum Inc. (US).
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