Pune, India, Sept. 13, 2022 (GLOBE NEWSWIRE) -- The global AI market size is projected to grow from USD 387.45 billion in 2022 to USD 1394.30 billion in 2029 at a CAGR of 20.1% in the forecast period. Growing investment in AI technology by enterprises of all sizes across industries to garner momentum in the next several years. Fortune Business Insights™ published this information in its recent report, titled “Artificial Intelligence Market Forecast, 2022-2029.” As per the report, the global market size was USD 328.34 billion in 2021.
The rising demand for artificial intelligence technology across various induce verticals such as a retail, BFSI, healthcare, food and beverages, automotive, and logistics is significantly contributing towards the growth of the global market.
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Key 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.
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 |
| AI 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 |
| AI 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 |
The growing applications and easy deployment modes have dragged the governments' attention toward AI technology, which led to the growing investments by governments in AI and its related technologies. Furthermore, progress in the profound learning and Artificial Neural Networks (ANN) has also fueled the adoption of Artificial intelligence (AI) in several industries, such as aerospace, healthcare, manufacturing, and automotive. Also, growth in the demand for analyzing and interpreting large amounts of data is boosting the demand for artificial intelligence industry solutions.
Heightened Demand from Healthcare led to 150% Surge in AI Market Growth
Artificial intelligence 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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Drivers & Restraints:
Growing focus towards developing autonomy in robots
AI technology is significantly driving the robotics industry. The rising competitiveness in the market has encouraged the businesses to adopt fully automated robots that can interact and perceive the surroundings. The deep learning, machine learning, and other AI technologies are gaining a rapid traction in the development of automated robots across the globe. The surging demand for the robotics across various end use verticals is expected to drive the growth of the artificial intelligence market during the forecast period.
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.
Highlights of the report:
- Detailed individual and collective study of all the market segments;
- Thorough analysis of the factors driving and retarding market growth;
- Comprehensive assessment of the regional developments influencing the market; and
- In-depth profiling and examination of the key market players and their dominant strategies.
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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.
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 start-ups 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 AI market will expand on account of increased federal funding in AI technology.
List of Key Companies Operating in the Artificial Intelligence Market are:
- 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 Points from 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
FAQs
How big is the AI market?
AI market size was USD 328.34 billion in 2021.
How fast is the AI market growing?
The AI market will exhibit a CAGR of 20.1% during the forecast period, 2022-2029
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