Dublin, May 26, 2022 (GLOBE NEWSWIRE) -- The "Artificial Intelligence (AI) - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The global market for Artificial Intelligence (AI) estimated at US$46.9 Billion in the year 2020, is projected to reach a revised size of US$341.4 Billion by 2027, growing at a CAGR of 32.8% over the analysis period 2020-2027.
Services, one of the segments analyzed in the report, is projected to grow at a 32.6% CAGR to reach US$142.7 Billion by the end of the analysis period.
After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Software segment is readjusted to a revised 30.4% CAGR for the next 7-year period. This segment currently accounts for a 37.9% share of the global Artificial Intelligence (AI) market.
The U.S. Accounts for Over 41.2% of Global Market Size in 2020, While China is Forecast to Grow at a 39.1% CAGR for the Period of 2020-2027
The Artificial Intelligence (AI) market in the U.S. is estimated at US$19.3 Billion in the year 2020. The country currently accounts for a 41.22% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$64.7 Billion in the year 2027 trailing a CAGR of 39.1% through 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 27.6% and 29% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 31.2% CAGR while Rest of European market (as defined in the study) will reach US$64.7 Billion by the year 2027.
Hardware Segment Corners a 19.9% Share in 2020
In the global Hardware segment, USA, Canada, Japan, China and Europe will drive the 36.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$7.7 Billion in the year 2020 will reach a projected size of US$68.5 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$46.7 Billion by the year 2027.
MARKET TRENDS & DRIVERS
- Accelerating Pace of Digital Transformation to Benefit Demand for AI
- Noteworthy Technological Trends to Watch-for in Artificial Intelligence Space
- Machine Learning and AI-Assisted Platforms Personalize Customer Experiences in Marketing Applications
- Ranking of Business Outcomes Realized through AI Application in Marketing
- Businesses to Gain from Application of AI in Predictive Marketing Analytics and Demand Forecasting
- Growing Role of AI in the Metaverse
- AI Hosting at Edge to Drive Growth
- AI-enabled Analysis and Forecasts Aid Organizations Make Profitable Decisions
- AI-Powered Biometric Security Solutions Gain Momentum
- New and Improved Concepts in ML and AI take Stage
- IIoT & AI Convergence Brings in Improved Efficiencies
- Increasing Adoption of AI Technology to Boost AI Chipsets Market
- Combination of Robotics and AI Set to Cause Significant Disruption in Various Industries
- AI Innovations Widen Prospects
- Blockchain & Artificial Intelligence (AI): A Powerful Combination
- Big Data Trends to Shape Future of Artificial Intelligence
- AI in Retail Market: Multi-Channel Retailing and e-Commerce Favor Segment Growth
- AI for a Competitive Edge for Retail Organizations
- Online Retailers Eye on Artificial Intelligence to Boost Business in Post-COVID-19 Era
- AI & Analytics Help Retailers Survive Economic & Operational Implications of COVID-19
- AI for Fashion Retail and Beauty
- AI for Grocery, Electronics, and Home & Furniture
- Ecommerce Attracts Strong Growth
- Detailed Insight into How e-commerce Makes use of AI
- Financial Sector: AI and Machine Learning Offer Numerous Gains
- Fintech Deploys AI to Target Millennials
- AI in Media & Advertising: Targeting Customers with Right Marketing Content
- Possibilities Galore for AI in Digital Marketing
- AI-Enabled CRM Market: Promising Growth Opportunities in Store
- Artificial Intelligence Set to Transform Delivery of Healthcare Services
- AI to Play a Significant Role in Automation and Improving Clinical Outcomes
- AI in Pharmaceutical Sector
- COVID-19 Spurs New Developments and Expedites AI Adoption in Healthcare Industry
- Artificial Intelligence Holds Potential to Accelerate Detection & Treatment of COVID-19
- Rising Prevalence of Diabetes to Drive AI Adoption in Diabetes Management Market
- Barriers Restraining AI Adoption in Healthcare Sector
- Automotive AI Market: Need to Enhance Customer Experience Propels Growth
- Demand Recovery in Automobile Sector Steers Growth Opportunities
- Increasing Focus on Electric Vehicles and Autonomous Vehicles Provide the Perfect Platform to Shape Future Growth
- Automakers Focus on Integrating AI-Powered Driver Assist Features in Vehicles
- AI to Enhance Connectivity, Provide Infotainment and Enhance Safety in Vehicles
- AI for Smart Insurance Risk Assessment of Vehicles
- Artificial Intelligence Steps into Manufacturing Space to Transform Diverse Aspects
- Industrial AI to Influence Manufacturing in a Major Way
- Industrial IoT, Robotics and Big Data to Stimulate AI Implementations
- AI as a Service Market: Obviating the Need to Make Huge Initial Investments
- AI in Education Market to Exhibit Strong Growth
- Education and K-12 Sectors
- Focus on ITS, IAL and Chatbots Favors Market Growth
- Agriculture Sector: A Promising Market for AI Implementations
- AI Technologies Used in Agricultural Activities - A Review
- AI Poised to Create Smarter Agriculture Practices in Post-COVID-19 Period
- Food & Beverage Industry to Leverage AI Capabilities to Resolve Production Issues and Match Up to Customer Expectations
- AI Adoption Gains Acceptance in Modern Warfare Systems in the Defense Sector
- Energy & Utilities: Complex Landscape and High Risk of Malfunctions Enhances Need for AI-based Systems
- COVID-19 Raises Demand for AI Technologies in Oil & Gas Sector
- AI in Construction Sector: Need for Cost Reduction and Safety at Construction Sites Drive Focus onto the Use of AI-based Solutions
MARKET OVERVIEW
- Artificial Intelligence Gains Significant Interest as Industries Expedite Digital Transformation Strategies
- A Peek into Application of AI in War Against the Pandemic
- Machine Learning Benefits Healthcare Organizations
- COVID-19-Led Budgetary Reticence Dampens Spending, but AI Enjoys Resilient Interest in Banking Sector
- Retailers Rely on AI to Stay Afloat & Embrace New Normal
- Emphasis on Technology Adoption Elicits AI Implementation in Manufacturing Industry
- Competition
- AI Marketplace Characterized by Intense Competition
- Growing Focus on AI by Leading Tech Companies with Huge Financial Resources
- AI Presents Compelling Opportunities for Established & Startup Companies
- Competitive Market Presence - Strong/Active/Niche/Trivial for 300 Players Worldwide in 2022 (E)
- Funding Landscape Remains Vibrant in the AI Technology Space
- AI Applications and Major Startups
- Artificial Intelligence (AI): A Prelude
- Technologies Enabling AI
- Market Outlook
- Prominent Factors with Implications for Evolution & Future of Artificial Intelligence
- Advances in Real World AI Applications Bolster Growth
- Inherent Advantages of AI Technology to Accelerate Adoption in Varied Applications
- Banking Sector Shows Unwavering Interest in AI
- AI Reshapes the Future of Manufacturing Industry
- AI-based Services Segment Captures Major Share of Global AI Market
- Developed Markets Dominate, Asia-Pacific to Spearhead Future Growth
- Deep Learning and Digital Assistant Technologies Present Significant Growth Potential
- Major Challenges Faced in AI Implementation
- World Brands
- Recent Market Activity
FOCUS ON SELECT PLAYERS (Total 865 Featured)
- AIBrain, Inc.
- Advanced Micro Devices, Inc.
- Amazon Web Services
- Baidu, Inc.
- Cisco Systems, Inc.
- eGain Corporation
- General Electric Company
- Google, Inc.
- Intel Corporation
- International Business Machines Corporation (IBM)
- Meta (Facebook company is now Meta)
- Micron Technology, Inc.
- Microsoft Corporation
- Nippon Telegraph and Telephone Corporation
- Nuance Communications, Inc.
- NVIDIA Corporation
- Omron Corporation
- Oracle Corporation
- Rockwell Automation, Inc.
- Salesforce.com, inc.
- Samsung Electronics Co., Ltd.
- SAP SE
- SAS Institute Inc.
- Siemens AG
For more information about this report visit https://www.researchandmarkets.com/r/unh5e2
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