AI Market Scope:
The global artificial intelligence market is growing rapidly. Artificial intelligence is driving rapid transformations across the industrial landscape. Advancements in 5G and IoT technologies contribute to the artificial intelligence market growth. Moreover, growing government initiatives to drive the development of IoT-based modules create significant market opportunities. Artificial Intelligence (AI) market to grow from USD 128.1 billion in 2022 to USD 1,589.6 billion by 2030, at a CAGR of 37.0% by 2030.
Dominant Key Players on Artificial Intelligence Market Covered are:
- Amazon Web Services Inc. (US)
- IBM Corporation (US)
- Microsoft Corporation (US)
- Cape Analytics LLC (US)
- Acko General Insurance (India)
- Avaamo Inc (US)
- ZhongAn (China)
- Quantemplate (US)
- Shift Technology (France)
- BIMA (UK)
- Slice (US)
- Trov (Japan)
- Lemonade (US)
- Zurich Insurance Group (Switzerland)
- Wipro Limited (India)
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Market USP Exclusively Encompassed:
AI Market Drivers
As more digitization takes place, connected, advanced technologies like AI would gain significant prominence in the industrial spectrum. This, as a result, is likely to enable AI technology to emerge as a solution for large-scale data processing. As the demand for leading-edge AI technologies continues to surge, many industry players are fostering investments to stay ahead of the competition.
Rising uses of smart connected devices, digital transformation, and automation in manufacturing sectors are major trends impacting the market value positively. Additionally, the advent of 5G and industry 4.0 is expected to offer further growth opportunities. With advances in technologies and digitization, there is a need to have IoT systems incorporated into every industrial setup. Therefore, artificial intelligence markets worldwide are estimated to garner significant traction.
With several manufacturing companies embracing industry 4.0 regulations and the advent of industry 5.0., artificial intelligence technology is expected to become crucial for manufacturing sectors worldwide. Also, many industries are currently employing highly reliable low-latency wireless links that can power new and existing IoT applications.
AI technology has tremendous potential to transform smart cities and integrated digital homes. Hence, increasing smart city and smart home projects worldwide is another trend predominantly fostering the artificial intelligence industry. Besides, rising developments of built-in AI network chips are estimated to boost the AI market growth over the assessment period.
Segmentation of AI Market Covered in the Research:
The artificial intelligence market is segmented into components, technologies, deployments, applications, sectors, and regions. The component segment is bifurcated into software, hardware, and services. The technology segment is bifurcated into robotic automation, machine learning, deep learning, machine vision, and natural language processing (NLP).
The deployment segment is bifurcated into on-premise and on-cloud. The application segment is bifurcated into chatbots, risk management & compliance, claims processing, personalized recommendation, and others. The sector segment is bifurcated into auto insurance, health insurance, insurance, title insurance, and others. The region segment is bifurcated into the Americas, Asia Pacific, Middle East & Africa, Europe, and others.
Regional Analysis
North America accounts for the largest market for artificial intelligence globally. The strong presence of leading AI technology providers and increasing investments in infrastructure development bolster the region's market share. Moreover, the growing focus to build in-house development centers, alongside rising AI applications and preference for smart homes in the region, substantiates the market size.
High sales of AI-enabled wearable devices and medical instruments boost the AI market revenues. The US plays a significant role in developing the regional market and acquires the maximum market share early adoption of innovative technologies. The region is estimated to maintain its leading position in the future as well.
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COVID-19 Impact on the Global Artificial Intelligence Market
The outbreak of COVID-19 pandemic impacted the artificial intelligence market shares positively. The pandemic fostered digitization and automation across the manufacturing sectors globally. Increasing IT & telecom and digital transformations of economies influenced the already-competitive telecom and manufacturing sectors.
The automation boosted the need for improved Internet connectivity with high reliability, cloud-based apps, and connected devices & IoT services. Besides, the rising demand for artificial intelligence technology in industries like finance, education, logistics, transportation, and healthcare kept the market demand high. Resultantly, the AI market witnessed a constant uptick during 2020.
Security systems, speech recognition, recommendation systems, better supply-chain management, and medical imaging are the key areas. AI technology, with the tools, algorithms, and computing power, has enabled organizations to execute their work efficiently. Solution providers are making huge investments to foster R&D activities to develop and improve the technology.
Competitive Analysis:
The artificial intelligence market witnesses several strategic approaches, such as partnerships, collaboration, mergers & acquisitions, expansion, and product launches. Key industry players also make significant investments in research and development activities and expansions.
For instance, recently, on Dec.07, 2021, the Taiwanese government announced new AI HUB initiatives to position the country as a global leader in artificial intelligence. The government has adopted various measures to support industrial AI research and development (R&D) and encourage companies to introduce AI technology by executing subsidy and public-private partnership (PPP) programs.
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