Artificial Intelligence (AI) Market Research Report - Forecast To 2030

Artificial Intelligence (AI) Market Research Report Information Information By Component (Hardware, Software, and Services), Technology (Machine Learning, Natural Language Processing, Context-Aware Computing, and Computer Vision), Deployment Mode (On-premises and Cloud), Organization Size (Large Enterprises and SMEs), Business Function (Finance, Security, Human Resources, Law, Marketing & Sales, and Others), Industry Vertical (BFSI, IT & Telecom, Healthcare, Retail, Automotive, Advertising & Media, Manufacturing, and Others), and By Region

ID: MRFR/ICT/0633-HCR | 100 Pages | Author: Aarti Dhapte | June 2023         

Artificial Intelligence Market Speak to Analyst Request a Free Sample

Artificial Intelligence (AI) Market Overview


Artificial Intelligence (AI) Market Size was valued at USD 93.5 billion in 2021. The Artificial Intelligence (AI) market industry is projected to grow from USD 128.1 billion in 2022 to USD 1,589.6 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 37.0% during the forecast period (2022 - 2030). The adoption of cutting-edge technology is being fueled by ongoing research and innovation carried out under the direction of the tech giants in sectors including manufacturing, healthcare, retail, and finance.


FIGURE 1: ARTIFICIAL INTELLIGENCE MARKET SIZE 2018-2030AI
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Latest Industry News of Artificial Intelligence (AI) Market:


ImagenAI, a top supplier of AI-powered editing tools for pros, has announced a $30 million investment headed by Summit Partners, a global growth investor, with participation from current investor NFX. The funding will help Imagen continue to invest in strategic M&A and hiring, increase its SaaS offering, and accelerate its already rapid growth. By intelligently automating image editing at scale, Imagen was established in July 2020 to modernise and enhance the post-production process of professional photographers.


Increasing the uses of AI will increase demand for it and, in turn, propel market expansion throughout the forecast period.


Covid-19 Analysis


Due to the required WFH (work-from-home) policy brought on by this pandemic, the COVID - 19 outbreak is anticipated to accelerate the market growth of next-generation tech fields, including artificial intelligence. For instance, the epidemic has resulted in a notable increase in new sign-ups across the entire product range of LogMeIn, Inc., a U.S.-based provider of SaaS (Software-as-a-Service) and cloud-based client interaction, remote connectivity, and collaboration services. In order to increase availability across the globe, tech companies are also increasing the range of products and services they offer. For instance, Google LLC introduced the Rapid Response Virtual Agent chatbot for call centres in April 2020. This chatbot is designed to address concerns clients may have regarding the coronavirus (COVID-19) outbreak via voice, chat, and other social media platforms.


Artificial Intelligence (AI) Market Trends


Growing Investments In Artificial Intelligence Systems


The ability of AI technology to effectively analyses the collected data and use to forecast future actions in real time with the use of sophisticated algorithms contributes in the growth of productivity. For instance, Netflix may suggest movies based on its users' prior viewing habits. By incorporating workflow management tools, trend forecasting, and other breakthroughs, AI has revolutionized company management in the contemporary business environment. These are the main factors influencing growing investment in machine learning and AI technology. In order to improve the efficiency of their value chains, numerous small startups and tech companies have invested in the adoption of open-source AI platforms. In addition, it is anticipated that the availability of low-cost, high-quality AI technology would help the AI industry grow.


Artificial Intelligence (AI) Market Segment Insights


Artificial Intelligence (AI) Component Insights


The Artificial Intelligence (AI) market segmentation, based on Component, includes Hardware, Software, and Services. With a revenue share of more than 38.0% in 2021, the software solutions category dominated the market. This significant proportion can be attributed to sensible improvements in data storage capacity, powerful computing, and parallel processing capabilities to provide high-end services. This segment was also well-positioned to take the largest share of the market thanks to its capacity for data extraction, real-time insight, and decision-making support. AI software in flexible end-use industries. Software for building and deploying artificial intelligence systems includes libraries for primitives, linear algebra, inference, sparse matrices, video analytics, and numerous hardware connection capabilities. Artificial intelligence software use is anticipated to increase throughout the forecast period as a result of the necessity for businesses to comprehend and analyse visual content in order to derive useful insights.


FIGURE 2: ARTIFICIAL INTELLIGENCE MARKET SHARE BY COMPONENT 2021 (%)
Artificial Intelligence (AI) Market
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Artificial Intelligence (AI) Technology Insights


In 2021, the deep learning market sector held the top spot and represented about 37.0% of total revenue. Its complex data-driven applications, such as text/content or speech recognition, are blamed for this rise. Deep learning offers lucrative investment opportunities as it helps overcome the challenges of high data volumes.


July 2020: In order to increase the accessibility of the latter's deep learning solutions in North America and broaden AI solutions to clinical care settings and new modalities, Zebra Medical Vision teamed with TELUS Ventures.


Artificial Intelligence (AI) Deployment Insights


The artificial intelligence market is divided into On-premises and Cloud based on deployment mode. Multiple advantages of the cloud deployment approach include lower operational expenses, easy implementation, and great scalability. The use of cloud-based natural language processing and machine learning tools in Al is anticipated to increase as people become more aware of their advantages. Given that many businesses have moved to the private or public cloud, all solution providers concentrate on creating reliable cloud-based solutions for their clients. Cloud technology gives businesses more operational flexibility and makes real-time deployment simple for those using real-time analytics. IBM, Microsoft, Amazon, and Google are significant providers of cloud-based Al systems.


December 2021: AWS announced the launch of AWS Cloud WAN, which enables companies to combine cloud and on-premises settings rapidly and simply by enabling them to construct, manage, and keep an eye on a single network. Using the centralized dashboard offered by AWS Cloud WAN, businesses can quickly connect their on-premises branch offices, data centers, and Amazon Virtual Private Clouds to the AWS network.


Artificial Intelligence (AI) Organization Size Insights


Based on Organization Size, the AI market is divided into Large Enterprises and SME. Large Enterprises are expected to hold a significant share during the forecast period owing to increasing investment in AI technology.


Artificial Intelligence (AI) Business Function Insights


Based on Business Function, the AI market is segmented into Finance, Security, Human Resources, Law, Marketing And Sales, and Others. By compiling information from prior employees in comparable tasks and crafting tailored interview questions, AI in human resources helps eliminate subjectivity. This puts more emphasis on the candidate's skill set, gives additional context for the job's requirements, and compares the candidate to roles in comparable firms.


Artificial Intelligence (AI) Industry Vertical Insights


In 2021, the advertising and media category dominated the market with a revenue share of more than 20.0%. This large proportion can be attributed to the rapidly expanding AI marketing applications that have gained a lot of attention. However, it is projected that by 2030, the healthcare industry would take the lead. Based on use-cases, the healthcare market has been divided into categories such as robot-assisted surgery, dosage error reduction, virtual nursing assistants, clinical trial participant identification, hospital workflow management, preliminary diagnosis, and automated image diagnostic. Financial analysis, risk evaluation, and investment/portfolio management proposals are all included in the BFSI segment. The BFSI has seen a considerable increase in the use of artificial intelligence as a result of the industry's increasing demand for risk and compliance applications.


Artificial Intelligence (AI) Regional Insights


By Region, the study segments the market into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In 2021, North America accounted for a sizeable portion of the artificial intelligence (AI) market share, with the U.S. playing a prominent role due to growing government initiatives and investments in the sector. The existence of several market participants in the U.S. is anticipated to boost market expansion. The RELX Emerging Tech Executive Report 2021 states that 81% of Americans now use this technology, up over 33% from 2018. Retail, BFSI, manufacturing, healthcare, and other important sectors of the economy are making large investments in this technology.


During the projected period, Asia Pacific is anticipated to experience substantial expansion in the artificial intelligence market. The region's Al use cases are projected to grow as 5G technology is increasingly implemented in nations including China, South Korea, Japan, Singapore, and India. Many countries have developed steadfast plans to increase technology use across industries. For instance, the market growth is being fueled by initiatives like India's Al for All goal, China's Next Generation Artificial Intelligence Development Plan, Singapore's National Al Strategy, and Japan's Society 5.0 vision. Similar to Malaysia, Indonesia, Vietnam, the Philippines, Thailand, and other nations, these nations are heavily utilizing the technology across a range of applications.


Europe is expected to control a sizable portion of the artificial intelligence market. European Union nations are carefully putting money into technology. For instance, the European Investment Fund allocated USD 171 million funding for the enterprises around Europe, according to the European Commission's December 2020 report.


FIGURE 3: ARTIFICIAL INTELLIGENCE MARKET SHARE BY REGION 2021 (%)
AI
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Artificial Intelligence (AI) Key Market Players & Competitive Insights


There are a lot of new businesses entering the market. To provide specialized artificial intelligence solutions, these businesses are working with sectors like manufacturing, healthcare, and retail. While the major players in the market are concentrating on research and development to meet the growing demands of various industrial applications. These players are buying important start-ups all around the world in order to increase their footprint and improve their solution offerings. For instance, Apple Inc. increased the sophistication of its intelligent services by purchasing well-known businesses. Additionally, the knowledge of the engineers and technicians working for these startups aids in the creation of original solutions.


July 2021 - Qualcomm Technologies purchased assets from Twenty Billion Neurons GmbH, including an Al research team and video datasets used by the Al community.


August 2021 - OpenAI, LLC updated the OpenAl Codex and launched a private beta programme through API that reads natural language commands and executes them on behalf of users.


Key Companies in the Artificial Intelligence (AI) market include




  • 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.




Artificial Intelligence (AI) Industry Developments


ImagenAI, a top supplier of AI-powered editing tools for pros, has announced a $30 million investment headed by Summit Partners, a global growth investor, with participation from current investor NFX. The funding will help Imagen continue to invest in strategic M&A and hiring, increase its SaaS offering, and accelerate its already rapid growth. By intelligently automating image editing at scale, Imagen was established in July 2020 to modernise and enhance the post-production process of professional photographers.


Increasing the uses of AI will increase demand for it and, in turn, propel market expansion throughout the forecast period.


Artificial Intelligence (AI) Market Segmentation


Artificial Intelligence (AI) Component Outlook




  • Hardware




  • Software




  • Services




Artificial Intelligence (AI) Technology Outlook




  • Machine Learning




  • Natural Language Processing




  • Context-Aware Computing




  • Computer Vision




Artificial Intelligence (AI) Deployment Mode Outlook




  • On-premises




  • Cloud




Artificial Intelligence (AI) Organization Size Outlook




  • Large Enterprises




  • SMEs




Artificial Intelligence (AI) Business Function Outlook




  • Finance




  • Security




  • Human Resources




  • Law




  • Marketing And Sales




  • Others




Artificial Intelligence (AI) Industry Vertical Outlook




  • BFSI




  • IT & Telecom




  • Healthcare




  • Retail




  • Automotive




  • Advertising & Media




  • Manufacturing




  • Others




Artificial Intelligence (AI) Regional Outlook




  • North America






  • US




  • Canada




  • Mexico






  • Europe






  • Germany




  • France




  • UK




  • Rest of Europe






  • Asia-Pacific






  • China




  • Japan




  • India




  • Rest of Asia-Pacific






  • Middle East & Africa




  • South America





Report Scope:

Report Attribute/Metric Details
Market Size 2021 USD 93.5 billion
Market Size 2022 USD 128.1 billion
Market Size 2030 USD 1,589.6 billion
Compound Annual Growth Rate (CAGR) 37.0% (2022-2030)
Base Year 2021
Forecast Period 2022-2030
Historical Data 2018-2020
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Component, Technology, Deployment Mode, Organization Size, Business Function, and Industry Vertical.
Geographies Covered North America, Europe, Asia Pacific, Middle East & Africa, and South America
Countries Covered The U.S, Canada, Mexico, Germany, France, UK, China, Japan, India, Australia, South Korea, UAE, and Brazil
Key Companies Profiled 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
Key Market Opportunities Growth In Ethical Ai Development To Boost Adoption Of Ai Technology Increase In Government Initiatives And Growth In Investments To Leverage AI Technology
Key Market Dynamics Growth Of Data-Based AI And Advancement In Deep Learning Growing Focus Towards Developing Autonomy In Robots Big Data Fueling Ai And Machine Learning Profoundly Growing Investments In Artificial Intelligence Systems


Frequently Asked Questions (FAQ) :

Artificial Intelligence (AI) market was USD 93.5 Billion in 2021

Artificial Intelligence (AI) market is USD 1,589.6 Billion in 2030

The growth rate of the Artificial Intelligence (AI) market is 37.0%

North America is the region held the largest market share in the Artificial Intelligence (AI) market

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

Key Questions Answered

  • ✅ Global Market Outlook
  • ✅ In-depth analysis of global and regional trends
  • ✅ Analyze and identify the major players in the market, their market share, key developments, etc.
  • ✅ To understand the capability of the major players based on products offered, financials, and strategies.
  • ✅ Identify disrupting products, companies, and trends.
  • ✅ To identify opportunities in the market.
  • ✅ Analyze the key challenges in the market.
  • ✅ Analyze the regional penetration of players, products, and services in the market.
  • ✅ Comparison of major playersโ€™ financial performance.
  • ✅ Evaluate strategies adopted by major players.
  • ✅ Recommendations
Request Free Sample

Why Choose Market Research Future?

  • ✅ Vigorous research methodologies for specific market.
  • ✅ Knowledge partners across the globe
  • ✅ Large network of partner consultants.
  • ✅ Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • ✅ Trusted by fortune 500 companies/startups/universities/organizations
  • ✅ Large database of 5000+ markets reports.
  • ✅ Effective and prompt pre- and post-sales support.
Speak to Analyst
Leading companies partner with us for data-driven Insights.
Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo

Kindly complete the form below to receive a free sample of this Report

Please fill in Business Email for Quick Response
Invalid