The artificial intelligence market size to grow from USD 86.9 billion in 2022 to USD 407.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 36.2% during the forecast period. Major drivers for the market are the growth of data based AI and advancement in deep learning and the need to achieve robotic autonomy to stay competitive in global market. The major restraint for the market is the limited number of artificial intelligence expert. Critical challenges facing the artificial intelligence market include concerns regarding data security and privacy. Underlying opportunities in the artificial intelligence market includes the the rise in government initiatives and financial support for advanced artificial intelligence technology and Increased ethical AI development to accelerate the uptake of artificial intelligence technologies.
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As per verticals, the healthcare and life sciences segment to grow at highest CAGR during the forecast period
The artificial intelligence market is segmented on verticals into BFSI, IT/ITES, Telecommunication, Healthcare and Life Sciences, Manufacturing, Retail and eCommerce, Government and Defense, Automotive Transportation and Logistics, Energy and Utilities, and other verticals, such as travel and hospitality, and education. As per verticals, the healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. Healthcare and life sciences, as an industry, is growing at a good pace and is expected to contribute significantly to the globally artificial intelligence market. Applications for artificial intelligence in healthcare include patient data and risk analysis, medical imaging and diagnostics, precision medicine, drug discovery, and much more. Patient data is expanding as a result of the widespread use of electronic medical records, and the risk analysis market is also expanding because to benefits like risk management and predictive analytics provided by AI systems to payers and healthcare providers.
Cloud Segment to grow at the highest CAGR during the forecast period
As per deployment mode, cloud Segment to grow at the highest CAGR for the artificial intelligence market during the forecast period. The artificial intelligence market by deployment mode is segmented into cloud and on-premises. Various advantages, such as lower operational expenses, hassle-free deployment, and more, are provided by the cloud deployment approach. With increasing awareness of the advantages of cloud-based solutions, cloud adoption for Machine Learning and Natural Language Processing tools in AI is anticipated to increase. It gives businesses more operational flexibility and makes real-time analytics implementation easier for businesses.
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Some major players in the artificial intelligence market include Google Inc. (US), Microsoft Corporation (US), NVIDIA Corporation (US), Intel Corporation (US), Samsung Electronics Co., Ltd. (South Korea), IBM Corporation (US), Amazon Web Services, Inc. (US), Oracle (US), Meta (US), Salesforce (US), Cisco (US), Siemens (US), Huawei (China), SAP SE (Germany), SAS Institute (US), Baidu, Inc. (China), Alibaba Cloud (China), iFLYTEK (China), and Hewlett Packard Enterprise Development LP (US). These players have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the global artificial intelligence market.
Google is an American multinational company which is one of the most recognised brand in the world. It invested in infrastructure, security, data management, and artificial intelligence in addition to creating a cloud-based platform. The customer of Google is distributed throughout numerous industries, including BFSI, healthcare, manufacturing, and many more. It runs operations through 70 offices spread over more than 50 nations. Google offers a variety of products in the artificial intelligence sector, including the Google AI Platform, TensorFlow, Conversational AI, Recommendation AI, and more. The tools and solutions Google assist users in building artificial intelligence and machine learning models in the areas of computer vision, image processing, pattern recognition, natural language processing, machine learning, deep learning, and more.
Microsoft had a robust artificial intelligence portfolio that includes machine learning and natural language processing technologies, and it is expanding its reach across several industry sectors. Microsoft has bolstered its position in the global artificial intelligence industry with the development of new Azure Machine Learning, new Visual Studio tools for AI, Cognitive services, and enterprise AI solutions. Additionally, it creates software, services, products, and solutions to compete in the age of the intelligent edge and cloud. Microsoft operates in three business areas, including personal computers, intelligent clouds, and productivity and business processes.
IBM is a multinational technology and consulting corporation offering infrastructure, hosting and consulting services. Cognitive solutions, global business services, technological services and cloud platforms, systems, and international financing are some of the companys five main business segments. It offers products such as analytics cloud platform, a blockchain platform, a Watson IoT platform, and a Watson customer engagement solution. It provides a range of sector-specific solutions, system services, IT infrastructure, financing, and resilience services. IBM offers solutions for many different industry sectors. Through Watson, an AI-powered chatbot platform which can be used in a cloud or on-premises environment, in order serves the artificial intelligence market.
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