Global Artificial Intelligence (AI) Market Size USD 1596.86 Billion By 2030 | CAGR of 37.20%

Introduction

Artificial intelligence (AI), also known as machine intelligence, is a branch of computer science that focuses on developing and overseeing tools that can perform tasks and make decisions on behalf of people. Artificial intelligence algorithms are being tested against intelligence benchmarks humans cannot comprehend, such as Al applications in quantum and supercomputers. It is anticipated that these advancements in artificial intelligence technology will aid the industry's expansion over the forecast period.

Market Dynamics

Potential Research and Development into AI Systems Drives the Global Market

AI and artificial intelligence researchers are always trying to improve their algorithms for different uses. Efficiency and accuracy issues plague traditional algorithms. Manufacturers and technological innovators are focusing on developing standardized algorithms. For instance, the conventional GPUs from NVIDIA employed a machine-learning algorithm for voice recognition and picture identification. The accuracy and turnaround time of this strategy were weak points. The company combined big data and computational power in its algorithm modification to change these dynamics. The improvement in the accuracy of machines and devices, as a result, is what is driving the advancement of AI computing and artificial intelligence.

Growing Government Efforts and Investments to Use AI Technology Creates Tremendous Opportunities

Al technology has attracted the government's attention due to its expanding uses and straightforward deployment techniques, leading to increased government investments in Al and related technologies. Governmental organizations, non-profits, and public sector organizations have begun allocating funds for pilot Al-based projects for various uses, including traffic management, public safety, and record digitization. These factors are anticipated to create tremendous opportunities over the forecast period.

Regional Analysis

Asia-Pacific is the most significant shareholder in the global artificial intelligence (AI) market and is expected to grow at a CAGR of 49.3% during the forecast period. The use of artificial intelligence technology to protect banking and financial data has grown significantly in this area. For instance, Microsoft researchers collaborated with China Asset Management, a Chinese fund management firm, to develop an AI model in September 2019. This AI model analyzes a sizable amount of real-time financial transaction data. In addition, KRTI 4.0 is a machine learning-based AI platform offered by Infosys Limited, one of India's top IT service providers. It allows for wise choices to be made at all organizational levels. KRTI 4.0 is designed to act as an enterprise-wide decision-making support tool, facilitating the quick and seamless transfer of analytical knowledge from one facility to the entire organization.

North America is expected to grow at a CAGR of 33.20%, generating USD 476.48 billion during the forecast period. This region's growth will be fueled by consumer trends like online shopping and the widespread use of digital devices with voice and face recognition. Investments in North American companies that provide AI solutions and services have boosted the market. For instance, Scale Inc., a supplier of API used by manufacturers of autonomous vehicles, declared in August 2018 that it had raised USD 18 million to train data obtained from businesses like Embark and Lyft, Inc. The use of AI for voice and speech recognition is one of the most critical trends in the field. For instance, Sonos Inc. received access to the dialect and accent audio library from the American AI company Globalme Localization Inc. Before integrating the smart home assistants with its wireless speakers, Sonos Inc. gathered accent and speech data from its wireless speakers from three different countries. Through this integration, the business turned its speech recognition engines to produce higher-quality voices.

Key Highlights

• The global artificial intelligence (AI) market was valued at USD 92.7 billion in 2021. It is expected to reach USD 1596.86 billion by 2030, growing at a CAGR of 37.20% during the forecast period (2022–2030).
• Based on data type, the global artificial intelligence (AI) market is bifurcated into image, video, text, sound, time series, and point cloud. The image segment is the highest contributor to the market and is expected to grow at a CAGR of 41.4% during the forecast period.
• Based on the solution, the global artificial intelligence (AI) market is bifurcated into hardware, software, and services. The services segment owns the highest market share and is expected to grow at a CAGR of 49.2% during the forecast period.
• Based on technology, the global artificial intelligence (AI) market is bifurcated into deep learning, machine learning, NLP, and machine vision. The deep learning segment is the highest contributor to the market and is expected to grow at a CAGR of 36.8% during the forecast period.
• Based on end-user, the global artificial intelligence (AI) market is bifurcated into healthcare, BFSI, law, retail, advertising and media, automotive and transportation, agriculture, and manufacturing. The healthcare segment owns the highest market share and is expected to grow at a CAGR of 49.9% during the forecast period.
• Asia-Pacific is the most significant shareholder in the global artificial intelligence (AI) market and is expected to grow at a CAGR of 49.3% during the forecast period.

Competitive Players

1. Advanced Micro Devices
2. Aicure, Arm Limited
3. Atomwise, Inc.
4. Ayasdi Ai LLC
5. Baidu, Inc.
6. Clarifai, Inc
7. Cyrcadia Health
8. Enlitic, Inc.
9. Google LLC
10. Ai.
11. Hyperverge, Inc.
12. International Business Machines Corporation
13. IBM Watson Health
14. Intel Corporation
15. Ai As
16. Lifegraph
17. Microsoft
18. Nvidia Corporation
19. Sensely, Inc.
20. Zebra Medical Vision Inc

Recent Developments

• July 2022- AiCure, a company specializing in improving clinical trials through artificial intelligence (AI) and advanced data analytics, announced that the DHA PTSD-DT Program would use AiCure's AI platform in its post-traumatic stress disorder (PTSD) adaptive platform trial (APT) to compare the effectiveness of various PTSD treatments in both active-duty service members and veterans.
• August 2022- Atomwise, a pioneer in the application of artificial intelligence (AI) to the discovery of small molecule drugs, announced that it had formed an exclusive strategic research partnership with Sanofi. This partnership will use Atomwise's AtomNet platform for computational discovery and research of up to five drug targets.

Segmentation

1. By Data Type
   1. Image
   2. Video
   3. Text
   4. Sound
   5. Time Series
   6. Point Cloud
2. By Solutions
   1. Hardware
   2. Software
   3. Services
   4. Technology
   5. Deep Learning
   6. Machine Learning
   7. NLP
   8. Machine Vision
3. By End-User
   1. Healthcare
   2. BFSI
   3. Law
   4. Retail
   5. Advertising and Media
   6. Automotive and Transportation
   7. Agriculture
   8. Manufacturing