As per the report published by Fior Markets, the global Artificial Intelligence market is expected to grow from USD 43.5 billion in 2020 to USD 572.16 billion by 2028, at a CAGR of 38% during the forecast period 2021-2028.
Increased investment in artificial intelligence technologies has resulted from an increase in the number of creative start-ups and technological breakthroughs. Furthermore, the need for artificial intelligence industrial services increases as the requirement for analyzing and understanding massive volumes of data grows. Additionally, advancements in dynamic artificial intelligence technologies and the development of more dependable cloud computing infrastructures have a significant influence on the AI market’s growth potential. However, a scarcity of well-trained and experienced workers may hamper the market’s growth.
The adoption of sophisticated technologies across industrial sectors such as automotive, healthcare, retail, finance, and manufacturing is being driven by tech companies’ ongoing research and innovation. However, technology has always been an important component of these sectors, but Artificial Intelligence (AI) has pushed it to the top. AI is being incorporated into nearly every device and software, from self-driving vehicles to life-saving medical equipment. AI has already been shown to be a major game-changer in the future digital world. Access to historical datasets is a critical factor in driving AI progress. Healthcare institutions and government organizations are creating unstructured data that is available to the research domain since data storage and recovery have become more cost-effective. Researchers now have access to a lot of data, ranging from historic rainfall patterns to clinical imaging.
Due to advancements like self-driving vehicles, space exploration, precise weather predictions, and others, the AI market has grown throughout the world. The capacity of AI technology to efficiently evaluate acquired data and make artificial intelligence market prediction judgments using critical algorithms aids productivity gains. AI has changed company management in the present corporate environment by integrating workflow management tools, brand buying advertising, trend forecasts, and other technologies. Additionally, many small businesses and IT firms have started investing in open-source AI platforms to improve the efficiency of their value chains. Furthermore, the increasing availability of low-cost, high-quality AI technology is projected to boost the AI market growth. However, many countries, particularly developing countries, lack software engineering skills, and significant expertise in distributed and concurrent programming or communication protocol debugging. As a result, a shortage of skilled employees is likely to hinder market growth.
Key players operating in the global Artificial Intelligence market include Accenture, Amazon Web Services, BIGO Technology, ByteDance Ltd, Cisco Systems Inc., Dell Technologies, Facebook Inc., General Electric Company, Google Inc., Habana Labs Ltd, Intel Corporation, International Business Machines Corporation (IBM), Microsoft Corporation, NetEase Fuxi Lab, Next IT Corporation, NICE inContact, Nuance Communications Inc., NVIDIA Corporation, Omron Robotics, and Safety Technologies Inc, Oracle Corporation, Rockwell Automation Inc., Salesforce.com Inc., Samsung Electronics Co. Ltd., Siemens AG, Smartron India Private Limited, The Hewlett-Packard Company, and Others.
The software segment dominated the market and held the largest market share of 39.5% in the year 2020
Based on components, the global Artificial Intelligence market is segmented into software, services, and hardware. The software segment dominated the market and held the largest market share of 39.5% in the year 2020, owing to the ability to offer high-end AI software in dynamic end-use sectors due to cautious advances in information storage capacity, high computing power, and parallel processing capabilities. In the forecasting period, the requirement for businesses to interpret and analyze visual material to acquire relevant insights is projected to drive the use of artificial intelligence software.
The deep learning segment dominated the market and held the largest market share of more than 35% in the year 2020
Based on technology, the global Artificial Intelligence market is segmented into deep learning, machine vision, machine learning, and natural language processing. The deep learning segment dominated the market and held the largest market share of more than 35% in the year 2020, owing to its complex data-driven applications, such as text/content or speech recognition.
The advertising & media segment dominated the market and held the largest market share of more than 19% in the year 2020
Based on end-use, the global Artificial Intelligence market is segmented into advertising & media, agriculture, automotive & transportation, BFSI, healthcare, manufacturing, and retail. The advertising & media segment dominated the market and held the largest market share of more than 19% in the year 2020, owing to the rapidly expanding AI marketing applications that are gaining momentum. However, owing to the huge volume of imaging data, the benefits given by AI systems to radiologists in diagnosis and treatment management, and the influx of a significant number of start-ups, the healthcare industry is expected to earn a dominant position in the coming years.