According to a new report by Emergent Research, the global Artificial Intelligence Market is expected to reach USD 348.99 billion by 2027. One of the major factors driving the market growth is the growing need to understand consumer needs and market trends. Furthermore, widespread smartphone adoption, as well as the popularity of social media, will drive market growth in the coming years. One of the notable characteristics of AI is the ability and support it gives machines to react, act, learn, and think like humans. Because of the aforementioned characteristics, it proves to be an effective decision-making and data analytics tool that aids in decision-making based on historical data and identified patterns.
Cloud deployment mode is expected to grow at the fastest CAGR in the artificial intelligence market during the forecast period. The artificial intelligence market is divided into cloud and on-premises deployment modes. The cloud deployment approach offers numerous benefits, including lower operational costs, hassle-free deployment, and more. Cloud adoption for Machine Learning and Natural Language Processing tools in AI is expected to grow as people become more aware of the benefits of cloud-based solutions. It increases operational flexibility and makes real-time analytics implementation easier for businesses.
The most recent company research report, “The Worldwide Artificial Intelligence Market,” offers a unique perspective on the global market. The report’s most valuable asset is its ability to provide organizations with a thorough examination of COVID-19’s impact on their operations. The report examined the market driving 50 countries at the same time and demonstrated their market potential. This report categorizes the Artificial Intelligence Market in North America, Europe, China, Southeast Asia, and India based on production, apparent consumption, export, and import.
Key Report Highlights
- Machine learning has a wide range of applications in a variety of industries, including banking and finance, healthcare, retail, publishing, and social media, among others. It is used to assess the relevance of advertisements and content based on the preferences of users. In 2019, it had a market share of 32.6%.
- The software segment’s revenue is derived from the extensive use of these tools in analyzing hidden data sets and data patterns from large datasheets.
- In a variety of ways, artificial intelligence can assist in lowering construction costs. For example, virtual reality goggles and mini-robots are used in construction buildings to track the progress of the work. Today, artificial intelligence is also used to design the routing of electrical and plumbing systems in modern buildings. Artificial intelligence is also useful in the development of workplace safety systems, which reduces the risks of hazards and accidents.
- Among the key players are Samsung Electronics, Intel, Xilinx, NVIDIA, IBM, Micron Technology, Microsoft, Amazon Web Services (AWS), Google, and Facebook.
For this report, Emergen Research has segmented the global Artificial Intelligence Market based on offering, technology, end-user industry, and region:
Offering Outlook (Revenue, USD Billion; 2017-2027)
- AI Platforms
- AI Solutions
- Deployment & Integration
- Support & Maintenance
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Machine Learning
- Deep Learning
- Supervised Learning
- Unsupervised Learning
- Reinforcement Learning
- Generative Adversarial Networks (GANS)
- Natural Language Processing (NLP)
- Context-Aware Computing
- Computer Vision
End-User Industry Outlook (Revenue, USD Billion; 2017-2027)
- Human Resources
- Supply chain
- Food and Beverage
- Media and Entertainment
- Oil and Gas
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- the U.S.
- the UK
- Rest of Europe
- the Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA