Pune, India, April 06, 2022 (GLOBE NEWSWIRE) -- The worldwide Artificial Intelligence Market hit USD 328.34 billion in 2021. The market valuation is slated to increase from USD 387.45 billion in 2022 to USD 1,394.30 billion by 2029, expanding a 20.1% CAGR during the forecast duration. The market is expected to garner momentum in the next several years, driven by growing investment in AI technology by enterprises of all sizes across industries. The technology is being rapidly integrated into corporate processes across the world to accelerate business operations and improve customer experience. Future developments in AI will be influenced by rise of automation, cloud computing, 5G, and expanding databases, says Fortune Business Insights™, in its report titled “Artificial Intelligence (AI) Market, 2022-2029."
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Competitive Landscape:
Key Players Emphasize R&D and Acquisitions to Deliver Customized Solutions
The booming AI market is witnessing rapid emergence of new startups that are collaborating with different industries to deliver customized solutions. Leading market players are investing in R&D to cater to the evolving needs of various industrial applications. A key strategy adopted by several companies is the acquisition of AI startups and emerging players. Highlighting a recent instance, Apple Inc. Expanded its smart products offerings with the takeover of emerging AI startups in the market.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 20.1% |
| 2029 Value Projection | USD 1394.30 Billion |
| Base Year | 2021 |
| Artificial Intelligence Market Size in 2021 | USD 328.34 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 160 |
| Segments covered | Component, Function, Deployment, Industry and Geography |
| Artificial Intelligence Market Growth Drivers | Key Players Emphasize R&D and Acquisitions to Deliver Customized Solutions |
| Heightened Demand from Healthcare led to 150% Surge in Market Growth during 2020 | |
| Advancing Landscape of Artificial Internet of Things (AIoT) to Open Up New Growth Opportunities | |
| North America generated USD 143.49 Billion in 2021 and will Grow Substantially through 2029 |
Heightened Demand from Healthcare led to 150% Surge in AI Market Growth during 2020
Artificial Intelligence (AI) market growth experienced an upward trend during the COVID-19 pandemic, as AI adoption surged across healthcare. Compared to 2019, a staggering 150% increase in market growth was observed during 2020. AI has emerged as a highly sought-after technology in healthcare during COVID-19, from tackling pandemic-related challenges to providing efficient and reliable models for improved outcomes. Drug discovery is also an important area of application for AI technology. Recently, Facebook AI and Tata Consultancy Services were seen utilizing AI to better understand the coronavirus and identify potential molecules against the pandemic. Apart from healthcare, retail, ecommerce, logistics, and transportation have been among the leading adopters of the technology.
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Market Segments:
In terms of component, the artificial intelligence market share is segmented into software, hardware, and services.
By function, the market share is broken down into marketing & sales, human resources, product/service deployment, risk, service operation, supply-chain management, and others. The others segment is bifurcated into corporate finance and strategy.
Based on deployment, the market share is split into on-premises and cloud.
According to industry, the market share is divided into healthcare, IT & telecom, retail, BFSI, advertising & media, automotive, manufacturing, and others.
Region-wise, the market share is segregated into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa.
Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Advancing Landscape of Artificial Internet of Things (AIoT) to Open Up New Growth Opportunities
Although the adoption of IoT has increased tenfold in recent years, connected devices have comparatively lower memory, making it more complex to collect and analyze data in real-time. Consequently, Artificial Intelligence of Things (AIoT) is gaining rapid traction across the world. The technology helps boost operational efficiency, improve IoT scalability, improvise solutions and services, improve risk management, and cut down unplanned downtime and associated costs. New AIoT solution are constantly entering the market. Citing a recent instance, in May 2021, Bosch unveiled The Phantom Edge – a new AIoT platform that provides real-time data on energy consumption at manufacturing facilities.
However, despite the increasing penetration of AI, its application could be limited due to factors such as data protection and privacy concerns.
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Regional Insights:
North America generated USD 143.49 Billion in 2021 and will Grow Substantially through 2029
North America dominated the global artificial intelligence market share in 2020 with, recording USD 143.49 billion in annual revenue. Led by the U.S., the region is slated to show similar trends over the forthcoming years. The presence of established AI companies and emergence of new startups will strengthen the regional outlook.
The market in Asia Pacific is slated to grow at the fastest CAGR over 2022-2029, led by the increasing 5G deployment in China, Japan, South Korea, India, and Singapore. Meanwhile, the European market will expand on account of increased federal funding in AI technology.
Notable Industry Development:
April 2021 – Microsoft Corporation, the U.S. based multinational tech major, announced the acquisition of Nuance Communications, Inc., a leading AI and cloud software provider. Nuance primarily caters to the healthcare industry, and its acquisition would support Microsoft Cloud for Healthcare.
The Report Lists the Key Players:
- Amazon, Inc. (Washington, U.S.)
- IBM Corporation (New York, U.S.)
- Microsoft Corporation (Washington, U.S.)
- Salesforce.com Inc. (California, U.S.)
- Alphabet Inc. (Google LLC) (California, U.S.)
- NVIDIA Corporation (California, U.S.)
- Baidu, Inc. (Beijing, China)
- SAP SE (Walldorf, Germany)
- Oracle Corporation (Texas, U.S.)
- Hewlett Packard Enterprise Company (Texas, U.S.)
- SAS Institute Inc. (North Carolina, U.S.)
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Major Table of Contents:
- Global AI Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Hardware
- Software/Platform
- Services
- By Function (USD)
- Human Resources
- Marketing & Sales
- Product/Service Deployment
- Service Operation
- Risk
- Supply-Chain Management
- Others (Strategy and Corporate Finance)
- By Deployment (USD)
- Cloud
- On-premises
- By Industry (USD)
- Healthcare
- Retail
- IT and Telecom
- BFSI
- Automotive
- Advertising & Media
- Manufacturing
- Others
- By Region (USD)
- North America
- Europe
- Middle East & Africa
- Asia Pacific
- Latin America
- North America Artificial Intelligence Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Hardware
- Software/Platform
- Services
- By Function (USD)
- Human Resources
- Marketing & Sales
- Product/Service Deployment
- Service Operation
- Risk
- Supply-Chain Management
- Others (Strategy and Corporate Finance)
- By Deployment (USD)
- Cloud
- On-premises
- By Industry (USD)
- Healthcare
- Retail
- IT and Telecom
- BFSI
- Automotive
- Advertising & Media
- Manufacturing
- Others
- By Country (USD)
- United States
- By Component
- Canada
- By Component
- United States
- Europe Artificial Intelligence Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Hardware
- Software/Platform
- Services
- By Function (USD)
- Human Resources
- Marketing & Sales
- Product/Service Deployment
- Service Operation
- Risk
- Supply-Chain Management
- Others (Strategy and Corporate Finance)
- By Deployment (USD)
- Cloud
- On-premises
- By Industry (USD)
- Healthcare
- Retail
- IT and Telecom
- BFSI
- Automotive
- Advertising & Media
- Manufacturing
- Others
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