According to the latest report by IMARC Group, titled “Artificial Intelligence Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global artificial intelligence market reached US$ 40.21 Billion in 2020. Artificial intelligence (AI) is a vast branch of computer science that involves using a computer to perform certain human-like tasks. AI-based programs simulate human intelligence for mimicking their thoughts and actions for further developing programmable machines. These systems are known to be capable of reasoning, learning, perceiving, problem-solving and language understanding, which assists in executing large volumes of tasks in a reliable manner. Their integration with several devices results in improved speed, reduced human errors, enhanced accuracy and additional precision. Consequently, they are widely used across numerous industries for automating repetitive tasks, processing vast amounts of data, and achieving accurate results through deep neural networks.
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Global Artificial Intelligence Market Trends:
The global market is majorly driven by the widespread adoption of cloud-based applications and services across numerous industry verticals. Supported by increasing digitization and significant growth in the information technology (IT) sector, numerous companies are now deploying AI-integrated systems in an attempt to streamline their work processes and improve operational efficiencies. The market is further driven by the rising need for reliable cloud computing infrastructures for numerous processes. These cloud-based solutions are increasingly integrated with AI tools to process accurate real-time data and improve the overall productivity, thereby gaining widespread prominence among the end users. Apart from this, various online platforms are deploying AI-based algorithms and tools to analyze vast data sets for extracting specific insights that are further utilized for enhancing customer engagement. For instance, multiple over-the-top (OTT) platforms are employing AI-driven data insights in their applications for providing suggestions to their users based on their previous viewing patterns. Other factors, such as the increasing popularity of AI-powered industrial and surgical robots, rising preference for intelligent virtual assistants, and the rapid expansion of 5G infrastructure on the global level, are also contributing to the market growth. On account of the aforementioned factors, the market is expected to witness robust growth during 2021-2026.
Breakup by Type:
- Narrow/Week Artificial Intelligence
- General/Strong Artificial Intelligence
Breakup by Offering:
- Hardware
- Software
- Services
Breakup by Technology:
- Machine Learning
- Natural Language Processing
- Context-Aware Computing
- Computer Vision
- Others
Breakup by System:
- Intelligence Systems
- Decision Support Processing
- Hybrid Systems
- Fuzzy Systems
Breakup by End-Use Industry:
- Healthcare
- Manufacturing
- Automotive
- Agriculture
- Retail
- Security
- Human Resources
- Marketing
- Financial Services
- Transportation and Logistics
- Others
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Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Alphabet Inc., Amazon Web Services Inc., Apple Inc., Baidu, Cisco Systems Inc., Facebook Inc., General Electric Company, Google LLC, International Business Machines, Intel Corporation, Micron Technology Inc., Microsoft Corporation, Nvidia Corporation, Oracle Corporation, Rockwell Automation Inc., Samsung Electronics Co. Ltd., SAP SE, Siemens AG, etc.
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