Impact Analysis of COVID-19 on Global Artificial Intelligence Market

Global Artificial Intelligence (AI) Market is projected to grow at a CAGR of 37.0% during the forecast period: MRFR

The Artificial Intelligence (AI) Market is predicted to reach USD 1,589.6 billion by 2030, registering a 37.0% CAGR during the forecast period, 2022–2030. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. The global Artificial Intelligence (AI) market is expected to witness substantial growth during the forecast period, primarily due to rising investment in AI technology and growing uses of AI.

For example, AI is being incorporated into nearly every instrument and software, from self-driving cars to critical life-saving medical equipment. AI has been demonstrated to be a crucial revolutionary component of the upcoming digital era. Amazon.com, Inc., Google LLC, Apple Inc., Facebook, International Business Machines Corporation, and Microsoft are all heavily investing in AI research and development. These firms are aiming to make artificial intelligence more accessible for enterprise use-cases. Furthermore, many businesses use AI technology to improve the customer experience. For example, in March 2020, McDonald's spent USD 300 million to buy AI start-up Tel Aviv in order to deliver a personalized customer experience using AI.

Segmental Analysis

The scope of the global Artificial Intelligence (AI) market has been segmented based on Component, Technology, Deployment Mode, Organization Size, Business Function, and Industry Vertical.

Based on component, the global Artificial Intelligence (AI) market is segmented into hardware, software, and services. The software segment is expected to hold a largest market share during the projected period.

Based on Technology, the global Artificial Intelligence (AI) market is segmented into Machine Learning, Natural Language Processing, Context-Aware Computing, and Computer Vision.

Based on Deployment Mode, the global Artificial Intelligence (AI) market is segmented into On-premises and Cloud. Cloud segment is expected to hold a largest market share in 2021 and is expected to register a highest CAGR.

Based on Organization Size, the global Artificial Intelligence (AI) market is segmented into Large Enterprises and SMEs.

Based on Business Function, the global Artificial Intelligence (AI) market is segmented into Finance, Security, Human Resources, Law, Marketing And Sales, and Others.

Based on Industry Vertical, the global Artificial Intelligence (AI) market is segmented into BFSI, IT & Telecom, Healthcare, Retail, Automotive, Advertising & Media, Manufacturing, and Others.

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Regional Analysis

Geographically, the global Artificial Intelligence (AI) market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

North America dominated the market, accounting for more than 42.0% of sales in 2021. This high percentage is due to favorable government initiatives to promote AI use across numerous industries. For example, in February 2019, U.S. President Donald J. Trump unveiled the American AI Initiative as the country's strategy for boosting artificial intelligence leadership. As part of this project, federal authorities have increased public trust in AI-based systems by developing guidelines for their development and real-world use in a variety of industrial sectors.

Key Players

The key players in the global Artificial Intelligence (AI) market are 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, IBM Watson Health, Intel Corporation, Iris.ai AS., Lifegraph, Microsoft, NVIDIA Corporation, Sensely, Inc., Zebra Medical Vision, Inc., and Others