Artificial Intelligence Market Opportunities for growth worth USD 567.45 Bn by 2029: Technological Advancements, Growth Hubs, Returns on Investment
Pune, 5, Dec, 2022: Digitization and rapid adoption by end-use industries is a major driver of the growth of Artificial Intelligence Market. The report on “Artificial Intelligence Market” analysed by Maximize Market Research covers a detailed competitive and regional analysis of the market. The Artificial Intelligence Market is expected to grow from USD 92.8 billion in 2021 to USD 567.45 billion in 2029, at a CAGR of 25.4 percent for the forecast period from 2022 to 2029.
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Artificial Intelligence Market Scope and Research Methodology
The report on Artificial Intelligence Market provides concise and accurate data and analysis on the Artificial Intelligence Market with current market highlights and industry trends. To get a better understanding of the dynamic market, the report covers the key insight such as market drivers, restraints, challenges and opportunities prevailing in the Artificial Intelligence Market. Regional analysis of the market is conducted at local, regional and global levels for a better understanding of the market penetration, competitive structure, pricing and demand analysis. The report also covers the strategies followed by key players and gives their analysis based on their growth in the last five years in the industry which helps investors and major companies formulate their investment and marketing strategies.
Since the Artificial Intelligence Market has a wide range of end-user industries, the report looks into the government initiatives offered and undertaken in various regions. The report also provides the opportunities prevailing in the Artificial Intelligence Market concerning entry in the market
For grasping the underlying factors that affect the growth and the fall of the Artificial Intelligence Market, a competitive analysis is presented. Key manufacturers in the market are profiled based on the revenue generated, region, financial status, portfolio, technological advancements adopted, mergers and acquisitions, joint ventures and strategic alliances. This helps clients to perceive their direct and indirect consumer base along with market penetration and demand and pricing analysis. It also aids clients to understand the new marketing tactics that are being used by their competitors, and new technological advances adopted by them.
For an in-depth analysis of the services being offered, a segment-wise analysis of the Artificial Intelligence Market is conducted by solution, technology and end-use. Data is collected employing both primary and secondary research methods. Surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs and marketing professionals were included in the primary methods. Secondary data was collected from a curated selection of sources for maximum reliability of the inferences. This includes official databases of various organisations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases.
SWOT, PESTLE and Porter’s Five Force analysis were conducted to understand the threats of substitution and entry with market gaps in the market. The qualitative methods of analysis present internal and external factors affecting the Artificial Intelligence Market. The report thus provides a comprehensive analysis of the Artificial Intelligence Market.
Artificial Intelligence Market Overview
Artificial intelligence is the science of making machines, computers and other programs intelligent. It uses big data and the fundamentals of computer science to enable problem-solving. It also employs its subsets- machine learning and deep learning to further sharpen the science of making predictions and classifications. The applications of AI can be endless which include speech recognition, customer service, virtual agents, AI-optimized hardware, decision management, biometrics, cyber defence, healthcare, automotive, image recognition, emotion recognition and marketing automation.
Artificial Intelligence Market Dynamics
A revolutionary factor responsible for the change in the way industries work over the decades has been digitization. It has led to major improvements and developments across industries. This increased the need for technology to not only keep up but boost this growth. The introduction of Artificial Intelligence has pushed markets to take advantage of big data and analytics has bestowed upon industries the ability to crunch big data to get reliable inferences for the development of their sectors. An example would be employing Artificial Intelligence in the automation industry for the use of industrial robotics, forming intelligent designs that increase efficiency and reduce human errors. This extent of digitization and adoption of Artificial Intelligence is expected to encourage Artificial Intelligence Market growth during the forecast period.
Large investments in research and innovation in the field are also expected to drive the Artificial Intelligence Market growth. Major developments in the Artificial Intelligence Market will lead to its adoption by industries such as aerospace, healthcare, manufacturing, automotive, oil & gas, and agriculture among major industries. This is expected to increase the Artificial Intelligence Market demand over the forecast period.
Artificial Intelligence Market Regional Insights
The Artificial Intelligence Market for 2021 was dominated by North America accounting for 40 percent of the market share. Government initiatives and regulations created favourable conditions for the growth of the Artificial Intelligence Market in the region. The growth in the region is also attributed to the extensive research and development conducted in the region to improve the efficiency of the technology. The concentration of several major industries in the region demanding sophisticated and technologically advanced software is also driving the Artificial Intelligence Market growth for the forecast period.
The Asia-Pacific region is expected to grow at a CAGR of 8.6 percent over the forecast period. Massive investments are being initiated in the region for the growth and development of Artificial Intelligence. Major giants in the region, especially in China are witnessing investments that are driving the regional growth of the Artificial Intelligence Market.
Artificial Intelligence Market Segmentation:
By Solution:
- Hardware
- Software
- Services
By Technology:
- Deep Learning
- Machine Learning
- Natural Language Processing (NLP)
- Machine Vision
By End-Use:
- Healthcare
- BFSI
- Law
- Retail
- Advertising & Media
- Automotive & Transportation
- Agriculture
- Manufacturing
- Others
Artificial Intelligence Market Key Competitors:
- Advanced Micro Devices
- AiCure
- Arm Limited
- Atomwise, Inc.
- Ayasdi AI LLC
- Baidu, Inc.
- Clarifai, Inc
- Cyrcadia Health
- Enlitic, Inc.
- Google LLC
- H2O.ai.
- HyperVerge, Inc.
- International Business Machines Corporation
- Intel Corporation
- Iris.ai AS.
- Lifegraph
- Microsoft
- NVIDIA Corporation
- Sensely, Inc.
- Zebra Medical Vision, Inc.
Key questions answered in the Artificial Intelligence Market are:
- What is Artificial Intelligence?
- What is the current growth rate of the Artificial Intelligence Market?
- What is the growth rate of Artificial Intelligence Market for the next five years?
- What is the nature of competition in Artificial Intelligence industry in developed and developing economies?
- Who are the key players in the Freight and Logistics Market?
- Who are the market leaders in Artificial Intelligence in Europe?
- Who are the market leaders in Artificial Intelligence in USA and Canada?
- Who are the market leaders in Artificial Intelligence in India, China, Japan and South Korea?
- What are the factors affecting growth in the Artificial Intelligence Market?
- Who held the largest market share in Artificial Intelligence Market?
- What are the factors for the growth of Asia-Pacific region in Artificial Intelligence Market?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by solution, technology, end-use and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading information technology and telecommunications research firm, has also published the following reports:
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